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Global Payments Newsletter, May 2021 | Hogan Lovells


Surveys and Reports
Regulatory Developments
United Kingdom: Financial Services Act 2021 becomes law
On 29 April 2021, the Financial Services Bill 2019-21 received Royal Assent. In a press release, HM Treasury described the Financial Services Act 2021 (the Act) as a ‘major milestone in shaping a regulatory framework for UK financial services outside of the EU.’ The Act makes significant amendments to key legislation, including the Financial Services and Markets Act 2000 (FSMA) and onshored EU financial services regulation.
Sections of particular relevance include the following:
Section 29 requires the FCA to consult on whether it should make rules providing that authorised persons owe a duty of care to consumers. The consultation was launched on 14 May 2021 (see the separate item below). The FCA must publish the results of its analysis before 1 January 2022 and make final rules by 1 August 2022; ....

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Financial institutions general regulatory news, April 2021 # 3 | Hogan Lovells


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Recent regulatory developments of interest to most financial institutions, including updates from the UK government, PRA, FCA, JMLG and the European Commission. 
Contents
UK FinTech and financial services plans
LC&F compensation scheme and complaints to FCA
Lessons from Greensill Capital: Treasury Committee inquiry
Diversity: BoE launches Meeting Varied People initiative
PRA authorisations: updates on rule waivers and modifications and CRR and Solvency II permissions
UK Investment Firms Prudential Regime: FCA second consultation CP21/7
FCA transformation programme: update to HM Treasury
FCA appoints sustainability and technology directors
FCA regulated fees and levies for 2021/22: CP21/8 ....

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To advance climate action, MIT seeks partnerships beyond industry


Massachusetts Institute of Technology
MIT is uniquely positioned to lead the way on the technological advances and policy options needed to address climate change. At the second MIT Climate Engagement Forum of the semester, students, faculty, alumni, and staff described the many ways they are engaging an array of organizations to bring real solutions to the climate crisis. Several participants in the discussion offered suggestions from their own personal and professional experiences on how the Institute can make tackling the climate crisis part of its core mission. “The problems are too big and too interconnected for any institution, even this one, to solve alone,” said Maria Zuber, MIT’s vice president for research, in opening remarks. ....

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Is the Bank of England's CBDC announcement overdue?


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Editorial | what does this mean?
This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.
Is the Bank of England’s CBDC announcement overdue?
5 hours ago
Chancellor Rishi Sunak
recently announced several significant updates to enhance the UK’s competitive advantage in fintech, one of which pertains to exploration of a retail central bank digital currency (CBDC).
A CBDC is a central bank-issued digital money, denominated in the national unit of account, representing a liability of the central bank and would be available for use by households and businesses. The idea is generating significant interest from central ....

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