Banking & Finance

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Recent Articles

  •  
    26.09.2023
    Luxembourg

    New bill of law to enhance the resilience of critical entities

    On 1 September 2023, a bill of law implementing directive 2022/2557 on the resilience of critical entities (the “Bill of Law”) was filed with the Parliament.The Bill of Law aims at enhancing the resilience of critical entities, notably in the field of cyber security. Critical entities provide essential services in the maintenance of vital societal functions or economic activities in the sectors of energy, transports, banking, financial market infrastructure, health, drinking water, waste water, digital infrstructure, public administration, space, and production, processing and distribution...
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  •  
    26.09.2023
    United Kingdom

    FCA introduction of new regulatory gateway for firms which approve financial promotions

    BackgroundUnder section 21 of FSMA, currently any firm that is authorised under the Financial Services and Markets Act 2000 (FSMA), may approve a financial promotion by another unauthorised person. However, the government is concerned that the current framework is no longer sufficient and gives rise to risks. The FCA is particularly concerned with the promotion of high-risk investments and ‘Buy-Now Pay Later’ (BNPL) products. The FCA has seen examples of promotions that do not warn consumers of the risks, such as the taking on of debt, missed payments and other consequences. The FCA...
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  •  
    19.09.2023
    International

    Trading of crypto-assets in detail

    The Markets in Crypto-Assets Regulation (MiCAR) sets down a harmonised regulatory framework for service providers known as crypto-asset service providers (CASPs), which carry out activities with crypto-assets that fall within the regulation's scope. The following article describes the MiCAR requirements applicable to persons providing services related to crypto-asset trading.DefinitionMiCAR introduces enhanced legal requirements that will apply to service providers carrying out professional activities related to trading crypto-assets. The crypto-assets trading activities that MiCAR identifies as...
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  •  
    08.09.2023
    Czech Republic

    Preventive restructuring finally arrives in the Czech Republic—and it may affect you more than you realise

    After more than two years of delay, preventive restructuring has finally become available to companies in financial difficulties in the Czech Republic. Czech companies can now seek to restructure their troubled businesses outside formal insolvency proceedings with the help of new rules specifically designed to keep their viable business operating and to prevent insolvency. The new rules implement a dedicated EU directive on preventive restructuring that should have been implemented by member states by summer 2021.The lack of preventive restructuring protection had been widely criticised in the...
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  •  
    05.09.2023
    Europe

    Contemplated new framework to modernise payment services

    On 28 June 2023, the European Commission published a Proposal for a Directive on payment services and electronic money services in the internal market (the “Draft PSD3”) and a Proposal for a Regulation on payment services in the internal market (the “Draft PSR”).The Draft PSD3 and the Draft PSR aim at adapting the legislation to new providers of payment services or electronic payment services (the “Services”) in an open-banking context, while enhancing consumers’ protection via new requirements regarding the strong customer authentication.We will briefly...
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  •  
    31.08.2023
    United Kingdom

    AI in financial services – Autumn 2023 update

    Over the course of 2023, artificial intelligence (“AI”) has continued to rise up the regulatory and business agenda. Ahead of several important policy announcements in Autumn/Winter 2023, we have prepared an update on recent regulatory developments in AI and upcoming milestones for the financial services sector.  The update includes a summary of the UK Government AI White Paper consultation, which is due to report back by the end of September, an overview of recent areas of focus for the UK financial services regulators in relation to AI, an update on the current status...
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