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  •  
    10/06/2024
    Europe

    ESMA issues first formal guidance on use of AI in retail financial services

    The European Securities and Markets Authority (ESMA) recently released a public statement on the use of artificial intelligence (AI) in the provision of retail investment services. The statement provides initial guidance to investment firms and credit institutions using, or planning to use, AI so they can ensure compliance with their obligations under MiFID II. It also outlines live use cases and ESMA’s understanding of the “known challenges” currently facing firms in adopting AI.Emerging ESMA approach?While this is by no means ESMA’s first publication or statement on AI,...
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  •  
    06/06/2024
    United Kingdom

    Market outages: IOSCO good practices and key findings from global survey

    On 5 June 2024, the International Organization of Securities Commissions (IOSCO) published its Final Report on Market Outages, setting out good practices for trading venues and market participants in the event that a trading venue experiences technical problems or operational issues.The Final Report includes a survey of the global legislative and regulatory framework for market outages, as well as the results of IOSCO’s survey of recent market outages from 2018 to 2022. IOSCO found that, out of its members surveyed, which includes the UK Financial Conduct Authority (FCA) and US Securities...
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  •  
    05/06/2024
    United Kingdom

    2024 UK EMIR Refit: finalisation of Q&A-style guidance

    On 30 September 2024, significant changes to the UK’s derivatives reporting framework will come into effect known as the “2024 UK EMIR refit”. Counterparties are in the process of finalising implementation projects to reflect the revised Article 9 reporting requirements under the UK version of the European Market Infrastructure Regulation (“UK EMIR”), having negotiated similar changes in relation to EU EMIR, which took effect on 29 April 2024. The UK Financial Conduct Authority (“FCA”) and Bank of England (“BoE”) (together the “Supervisory...
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  •  
    03/06/2024
    United Kingdom

    Ancillary Activities Exemption – a change in approach for commodity derivatives and emission allowances firms

    On 29 May 2024, the Financial Services and Markets Act 2000 (Commodity Derivatives and Emission Allowances) (Amendment) Order 2024 (SI 2024/719) (the “2024 Order”) was published alongside an explanatory memorandum. The 2024 Order omits prospective amendments to the UK regulated activities perimeter, with the effect that the planned changes to the ancillary activities regime for firms trading commodity derivatives or emission allowances have been indefinitely delayed. This followed significant concerns from industry that moving to a qualitative approach to determining whether firms require...
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  •  
    31/05/2024
    Scotland

    Blockchain technology in the Scottish food and drink sector: against the grain?

    IntroductionScotland’s food and drink sector is reported to be a c. £15 billion industry. However, while the importance of the sector to the Scottish (and wider UK) economy is unlikely to change, the technology available to producers in terms of how they run their businesses is constantly evolving. In this Law-Now, we outline various ways in which businesses operating in the food and drink industry may be able to make use of fintech to maximise the potential of this vibrant sector. Use casesGiven the current success of the Scottish food and drink sector, producers may question...
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  •  
    28/05/2024
    United Kingdom

    A guide to the regulators’ joint consultation on implementing and operating the Digital Securities Sandbox

    On 3 April 2024, the Financial Conduct Authority (“FCA”) and Bank of England (“BoE”) published CP24/5, a joint consultation paper (“Consultation Paper”) on a suggested approach to implementing and operating the Digital Securities Sandbox (“DSS”).The DSS offers firms the opportunity to test and innovate with new technologies like distributed ledger technology (“DLT”) in relation to certain financial services activities, such as issuing, trading, and settling securities. Firms approved to participate in the DSS can operate under a tailored...
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