COVID-19 represents one of the greatest ever shocks to our economies and, in consequence, to the business models of financial institutions and the way they do business. While many changes to business processes and operations were already taking place prior to the pandemic, COVID-19 has given many added impetus and…
The use of technology in industrial mining has been developing since its inception: dynamite helped clear tunnels and reach greater depths at a much faster rate than could be done with a pick and hammer; the industrial revolution catalyzed the mechanization of equipment; and electric conveyor belts made it easier…
The European Commission (EC) released a White Paper entitled “On Artificial Intelligence — A European approach to excellence and trust” in February 2020, detailing policy options and calling for debate on issues pertinent to Artificial Intelligence (AI) and data. It explores the strong human element involved in understanding how best…
The UK’s financial regulator, the Financial Conduct Authority, has issued a “Call for Input” in respect of its vision to extend Open Banking to financial services more generally (under the label of Open Finance). Unlike Open Banking, which is concerned with bank accounts and payment services only, the impact of…
As 2020 comes into view, what can we expect to be at the top of regulators’ agendas? Key themes that are new from last year are ESG and an increased focus on operational resilience. Both EU and UK authorities are looking at how buy and sell-side firms should embed ESG…
A UK Government-backed, industry-led initiative has published an expert legal statement recognising cryptoassets as property and smart contracts as enforceable agreements under English law. The statement is published by the UK Jurisdiction Taskforce (UKJT), a taskforce of the UK’s Lawtech Delivery Panel. The report concludes that: Cryptoassets are, in principle,…
The EBA outsourcing guidelines came into effect on 30 September 2019. They are more prescriptive than the previous guidance and have a broader scope, applying to payment and e-money companies for the first time. All new outsourcing agreements entered into, reviewed or amended after 30 September 2019 should follow the…