The PRA, FCA and the Bank of England (the Regulators) have identified, for some time, the growing dependency of the UK finance sector on critical third parties who supply services to the finance sector (CTPs), including, in particular, the largest cloud service providers. The Regulators have
Continue Reading Operational Resilience in the UK Financial Services Sector: Proposed ‘Critical Third Party’ Regulations
It appears as if 2023 could be quite rocky from an economic perspective. In such circumstances, both customers and suppliers of technology and business process related services will be looking at both their existing and proposed contracts, and considering what they might need to do to safeguard their interests. The
Continue Reading Contracting in turbulent times
Following the publication of the Financial Services and Markets Bill (“FSM Bill”) on 20 July 2022, the Prudential Regulatory Authority (“PRA”), the Financial Conduct Authority (“FCA”) and the Bank of England (“BoE”) (together, the “Supervisory Authorities”) on 21 July 2022 published their Discussion Paper P3/22 (the “DP”) that sets out
Continue Reading Operational resilience in the UK financial services sector: New requirements aimed at ‘critical third parties’ to be introduced
The UK High Court’s ruling in CISGIL v IBM has been overturned by the Court of Appeal. The judgment of Soteria Insurance Limited (formerly CIS General Insurance Limited) v IBM United Kingdom Limited [2022] EWCA Civ 440 was handed down on 4 April 2022, in which Coulson, LJ declared that
Continue Reading CISGIL v IBM: The Court of Appeal decision
The pace of movement towards cloud based service solutions seems to be unrelenting, and encompasses solutions of increasing value and criticality. There is accordingly a lot more discussion and negotiation concerning the contract terms which would govern such services. However, whilst much attention will understandably focus upon important themes such
Continue Reading Hidden Challenges of Enterprise Cloud Engagements
The introduction of the new investment screening regime will mark a watershed moment for the UK Government’s powers to intervene in corporate transactions.
DLA Piper’s new podcast series Understanding the UK National Security & Investment Regime guides listeners though what is driving the new regime, how it will operate in
Continue Reading What is the impact of the UK National Security & Investment Regime on the Tech Sector
INTRODUCTION
Operational resilience is a key focus area for regulators across Europe, at both the domestic and European level. The banking crisis prompted regulators to strengthen the financial sector’s ability to weather financial risks. But as the financial sector has become increasingly dependent on outsourced and third-party service providers, regulators
Continue Reading Draft Digital Operational Resilience in the Financial Sector Regulation: the contractual aspects
DLA Piper’s Technology and Strategic Sourcing team recently completed a circa £275 million transformative networks and telephony deal for one of its key clients (one of the UK’s largest financial institutions), which utilised an innovative negotiation method known as ‘applied game theory’ in order to carry out the final negotiation
Continue Reading Applied Game Theory – the future of procurement?
Since the 1990s, one of the great success stories in India has been the growth of the IT and outsourcing services sector. Building first from the shortage of specialized IT resources required to address the Y2K bug in the run-up to the new millennium (for those old enough to remember!),
Continue Reading COVID-19 and the India services sector
AI is disrupting outsourcing. Lawyers and those involved in the contracting process need to understand that this means revisiting the way that contracts address various issues, and revising them accordingly.
It is a rare outsourcing project these days that does not have automation or AI/machine learning as an important –
Continue Reading Automation and outsourcing: A seismic shift?
