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    UK Special Insolvency Regime for Payment and Electronic Money Institutions prioritises return of customer funds
    2024-04-08

    A special administration regime for Payment and Electronic Money Institutions (PIs and EMIs) was established in The Payment and Electronic Money Institution Insolvency Regulations 2021 (the Regulations).

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Taylor Wessing, Insolvency, Financial Conduct Authority (UK), HM Treasury (UK), Bank of England, Payment Systems Regulator (UK)
    Authors:
    Kirsten Fulton-Fleming , Charlotte Witherington
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    The Payments Newsletter including Digital Assets & Blockchain, November 2023
    2023-12-06

    Key developments of interest over the last month include: IOSCO publishing its final Policy Recommendations for Crypto and Digital Asset (CDA) Markets; the UK government publishing a response to its previous consultation and call for evidence on proposals for the future financial services regulatory regime for digital assets as well as the FCA and Bank of England publishing proposals on the UK stablecoins regulatory regime; the European Parliament's ECON Committee publishing draft reports on the proposed PSD3 and Payment Services Regulation; and the UK government publishing a Future of Paym

    Filed under:
    European Union, Global, United Kingdom, Banking, Capital Markets, Compliance Management, Insolvency & Restructuring, IT & Data Protection, White Collar Crime, Hogan Lovells, Blockchain, Fintech, Cryptocurrency, Open banking, Anti-money laundering, Anti-bribery and corruption, Financial Conduct Authority (UK), European Commission, European Parliament, European Banking Authority, International Organization of Securities Commissions, HM Treasury (UK), Airbnb, HSBC, Amazon.com, LinkedIn, Bank of England, European Central Bank, Payment Systems Regulator (UK), PayPal, Bank of Italy, Financial Services and Markets Act 2000 (UK), Banking Act 2009 (UK), Financial Services and Markets Act 2023 (UK)
    Authors:
    Virginia Montgomery , Grace Wyatt
    Location:
    European Union, Global, United Kingdom
    Firm:
    Hogan Lovells
    Cryptoasset regulation: UK regulators give the industry a further glimpse of the future
    2023-11-27

    On 30 October 2023, HM Treasury (HMT) published three documents setting out how the UK government plans to regulate cryptoassets going forward:

    Filed under:
    United Kingdom, Banking, Capital Markets, Insolvency & Restructuring, IT & Data Protection, Freshfields Bruckhaus Deringer, Cryptocurrency, Anti-money laundering, Non-fungible tokens, Financial Conduct Authority (UK), HM Treasury (UK), Bank of England, Payment Systems Regulator (UK), Prudential Regulation Authority (UK), Financial Services and Markets Act 2000 (UK), Financial Services and Markets Act 2023 (UK)
    Authors:
    Cyrus Pocha , Christopher Bernard , Noah Schmidt
    Location:
    United Kingdom
    Firm:
    Freshfields Bruckhaus Deringer
    HM Treasury Publishes Response to Consultation on Managing Failure of Systemic Digital Settlement Asset Firms
    2023-11-03

    HM Treasury has published a response to its consultation on managing the failure of systemic digital settlement asset firms.

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, IT & Data Protection, A&O Shearman, Cryptocurrency, Financial Conduct Authority (UK), HM Treasury (UK), Bank of England, Insolvency Act 1986 (UK), Financial Services and Markets Act 2000 (UK)
    Authors:
    Barnabas (Barney) Reynolds , Chloe Barrowman
    Location:
    United Kingdom
    Firm:
    A&O Shearman
    UK Cryptoasset Regulation: Three Key Updates
    2023-11-02

    On 30 October 2023, HM Treasury (“HMT”) published 3 key updates on its proposed approach to regulating cryptoassets under the UK’s financial services regulatory framework, namely:

    Filed under:
    United Kingdom, Banking, Capital Markets, Insolvency & Restructuring, IT & Data Protection, CMS Cameron McKenna Nabarro Olswang LLP, Blockchain, Mediation, Cryptocurrency, Anti-money laundering, Non-fungible tokens, Financial Conduct Authority (UK), HM Treasury (UK), Bank of England, Payment Systems Regulator (UK)
    Authors:
    Chris Glennie , Sam Robinson , Mike Ringer , Susann Altkemper , Yasmin Johal , Justin Kwik
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    UK Government policy updates: Regulation of fiat-backed stablecoins and failure of systemic DSA firms
    2023-11-01

    On 30 October 2023, the UK government published an update on its legislative approach for regulating fiat-backed stablecoins, following on from its consultation on the UK regulatory approach to cryptoassets and stablecoins in January 2021, and the response to that consultation in April 2022. Alongside this, it published a response to its consultation on the approach to managing the failure of systemic digital settlement asset (DSA) (including stablecoin) firms.

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, IT & Data Protection, Hogan Lovells, Cryptocurrency, Financial Conduct Authority (UK), HM Treasury (UK), Bank of England, Payment Systems Regulator (UK), Financial Services and Markets Act 2000 (UK), Banking Act 2009 (UK)
    Authors:
    John Salmon , Christina Wu , Virginia Montgomery
    Location:
    United Kingdom
    Firm:
    Hogan Lovells
    What is the purpose? A landmark ruling in Hong Kong on Quistclose trusts and insolvency
    2024-07-08

    Introduction

    What happens when monies are loaned for a specific purpose but that purpose fails? Should those monies fall within the general assets of the recipient upon bankruptcy or insolvency?

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, Charles Russell Speechlys, Barclays, HM Treasury (UK)
    Authors:
    Stephen Chan , Clement Chui
    Location:
    Hong Kong
    Firm:
    Charles Russell Speechlys
    UK introduces write-down procedure for insurers’ policyholder liabilities
    2023-09-14

    FSMA 2023 includes a court procedure for failing insurers to temporarily write-down liabilities, with implications for counterparties.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Insurance, Litigation, Latham & Watkins LLP, Insolvency, HM Treasury (UK), Prudential Regulation Authority (UK), Solvency II Directive (2009/138/EU), Financial Services and Markets Act 2000 (UK)
    Authors:
    Victoria Sander , Tim Scott
    Location:
    United Kingdom
    Firm:
    Latham & Watkins LLP
    A boost for UK financial services
    2023-07-31

    The U.K. Financial Services and Markets Act 2023

    Filed under:
    European Union, United Kingdom, Banking, Capital Markets, Compliance Management, Insolvency & Restructuring, Public, Trade & Customs, A&O Shearman, Corporate governance, Fintech, Due diligence, Carbon neutrality, Cryptocurrency, Anti-money laundering, Financial Conduct Authority (UK), European Commission, HM Treasury (UK), House of Lords, Bank of England, European Securities and Markets Authority, Prudential Regulation Authority (UK), MiFID, Solvency II Directive (2009/138/EU), Financial Services and Markets Act 2000 (UK), Banking Act 2009 (UK), UK Supreme Court
    Authors:
    Barnabas (Barney) Reynolds , Thomas Donegan , Wilf Odgers , Elias Allahyari , Nicholas Ormondroyd , Sandy Collins , Chloe Barrowman , Michael Scargill
    Location:
    European Union, United Kingdom
    Firm:
    A&O Shearman
    Silicon Valley Bank - what happens now?
    2023-03-14

    This article provides information regarding what will now happen to the operations and business of the UK arm of Silicon Valley Bank (SVB UK) after the sale (the Sale) of SVB UK to HSBC’s ring-fenced UK subsidiary, HSBC UK Bank plc (HSBC).

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Macfarlanes LLP, Financial Conduct Authority (UK), Federal Deposit Insurance Corporation (USA), HM Treasury (UK), HSBC, Bank of England, Prudential Regulation Authority (UK), Silicon Valley Bank, Banking Act 2009 (UK)
    Authors:
    Paul Keddie , Jatinder Bains , Richard Fletcher
    Location:
    United Kingdom
    Firm:
    Macfarlanes LLP

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