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Reverse solicitation: Is this the end to license-free provision of financial services?
Renate Prinz

Renate Prinz Partner at McDermott Will & Emery LLP

Reverse solicitation: Is this the end to license-free provision of financial services?

The reverse solicitation rule has become increasingly important in the cross-border financial services sector since Brexit. In short, it enables the cross-border provision of financial services or the granting of loans without the necessary authorisation in the recipient country if the service is requested at the customer’s exclusive initiative. F...

/regulation

Open banking next step: A request for public input on how to structure the 'Future Entity'
Chris Holmes

Chris Holmes Peer at House of Lords

Open banking next step: A request for public input on how to structure the 'Future Entity'

The Joint Regulatory Oversight Committee (JROC) consists of the Financial Conduct Authority (FCA), Payments Systems Regulator (PSR), HM Treasury (HMT) and the Competition and Markets Authority (CMA), and is tasked with realising the full potential of open banking. To this end, they have published recommendations for the next phase of open banking...

/regulation

The ICO’s new regulations on biometric technology in the workplace
Chris Cook

Chris Cook Partner at SA Law LLP

The ICO’s new regulations on biometric technology in the workplace

When someone mentions biometric technology, many of us still visualise the futuristic utopias popularised in movies such as Minority Report, or Blade Runner. Yet biometric technology is very much commonplace in today’s world – particularly from a consumer perspective. We are using facial recognition systems to gain access to our smartphones, voice ...

/regulation

Understanding ethical AI: Why financial services are leading the charge
Hamish Monk

Hamish Monk Senior Reporter at Finextra

Understanding ethical AI: Why financial services are leading the charge

Unlike the preceding technological revolutions of history – perhaps with the exception of the third, computation – artificial intelligence has the potential to move into almost any industry and, critically, supplement or replace white collar work. There is no precedent for a technological development of this size, which is why the battle plans of ...

/regulation

Apple’s digital wallet monopoly: The juicy drama
Sehrish Alikhan

Sehrish Alikhan Reporter at Finextra

Apple’s digital wallet monopoly: The juicy drama

Digital banking is at the core in the war against Apple’s monopolisation of smartphones that has been occurring on a global scale. In the last few years, tech giant Apple has been hit by multiple lawsuits for monopolising the smartphone market by blocking third-party apps from offering contactless payments on their devices. Russia and US pushback ...

/regulation

Generative AI: How to manage banking risks
Simon Treacy

Simon Treacy Senior Associate at Linklaters

Generative AI: How to manage banking risks

Like all businesses, banks are exploring how to use GenAI (generative artificial intelligence) effectively and safely. However, banks are different from most businesses. Even where AI-specific rules have yet to enter the scene, banks must make sure that their use of the technology complies with existing rules for financial services. Taking a risk-...

/regulation

UK AI regulation: Second reading of the AI Bill
Chris Holmes

Chris Holmes Peer at House of Lords

UK AI regulation: Second reading of the AI Bill

Lord Christopher Holmes presented the following speech for the House of Lords on March 21, 2024. I believe if we are to secure the opportunities and control the challenges of artificial intelligence, it's time to legislate AI systems that are principles-based, outcomes-focused, input-transparent, and permissioned, that are paid for and understood. ...

/regulation

2024 is the UK's landmark year for stablecoin regulation
Arjun Lakhani

Arjun Lakhani Managing Associate at Linklaters LLP

2024 is the UK's landmark year for stablecoin regulation

The UK has already made some important strides to regulate the cryptoasset sector over the last few years, focusing on consumer protection and anti-money laundering initiatives. This includes the UK’s Financial Conduct Authority (FCA) prohibiting the sale of crypto-derivatives to retail consumers, the application of the Money Laundering Regulation...

/regulation

The Spring Budget: How does it impact fintech?
Níamh Curran

Níamh Curran

The Spring Budget: How does it impact fintech?

Jeremy Hunt, UK chancellor of the exchequer, presented his Spring Budget to a raucous House of Commons earlier today. It has been speculated this is the last budget this government will present, with the potential of a UK General Election looming. From a fintech perspective, Hunt said the UK is on track to become the world’s next Silicon Valley. Th...

/regulation

Non-Performing Loans are now subject to regulation: What it means
Renate Prinz

Renate Prinz Partner at McDermott Will & Emery LLP

Non-Performing Loans are now subject to regulation: What it means

Let’s take a moment to remember the time after the financial crisis of 2007 and 2008: credit institutions tried at all costs to get rid of their huge non-performing-loan (NPL) portfolios. In our daily legal work, we repeatedly supported those institutions, explaining what was possible, how it could be done and, above all, what was not possible for...

/regulation

Spotify is David, Apple is Goliath, and the DMA could be its slingshot
Sehrish Alikhan

Sehrish Alikhan Reporter at Finextra

Spotify is David, Apple is Goliath, and the DMA could be its slingshot

The EU’s Digital Markets Act (DMA) is coming into action on March 7, 2024, and it’s making Big Tech sweat. The new antitrust EU regulation’s aim is to make digital markets more equitable and competitive, and is doing so by categorising certain big monopolising companies as ‘gatekeepers’. Gatekeepers are defined as having core platform offerings in...

/regulation

What is PSD3? An overview of changes and timelines
Dominique Dierks

Dominique Dierks Senior Content Manager at Finextra

What is PSD3? An overview of changes and timelines

In June 2023, the European Commission announced plans to modernise the Payment Services Directive, ushering in the third Payment Services Directive (PSD3). The long-awaited proposal outlines changes designed to adapt the directive to developments in the European payments market and ongoing digitisation of payments. PSD3 will have a significant im...

/regulation

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