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 European Securities and Markets Authority (ESMA) has released a working paper on financial stability risks from cloud outsourcing, accessible here. Overall, it notes that cloud can increase resilience for financial services firms, but the paper is a timely reminder that a single outage could generate simultaneous
Continue Reading Mitigating the risks of outsourcing IT infrastructure to Cloud Service Providers

The UK’s Financial Conduct Authority/FCA has recently published its three-year strategy for 2022-2025 to improve outcomes for consumers and in markets throughout the UK.

For the first time the strategy sets out the outcomes that the FCA expects from businesses across all markets. To guard against inconsistent regulation the FCA’s
Continue Reading UK Financial Conduct Authority new three-year strategy

This month’s Digital Law Alert brings you a selection of tech law news from March 2022:

  • Full text of the UK Online Safety Bill introduced to Parliament
  • AI regulation: Recent developments
  • UK/Singapore Digital Economy Agreement
  • EU Digital Markets Act agreed by European Parliament
  • Summary of responses to the UK’s Plan


Continue Reading Digital Law Alert – March

IBM’s coming spinoff of its Global Technology Services division into a newly created, publicly traded company called Kyndryl is raising an array of concerns for the company’s existing clients.

Kyndryl, IBM says, will focus on client-owned infrastructures and offer “hosting and network services, services management, infrastructure modernization and migrating and
Continue Reading IBM’s planned spinoff of Global Technology Services division raises concerns

By: Tony Samp, Steven R. Phillips, Charles Dent and Nathaniel J. Bell

The House and Senate have voted to send this year’s National Defense Authorization Act – which includes the most substantial legislation addressing artificial intelligence (AI) approved by Congress to date – to President Trump, who has
Continue Reading Landmark AI legislation advances toward becoming law

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