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Avoiding legal and regulatory pitfalls in digital transformation projects
This article first appeared in the September 2024 issue of Financier Worldwide.
United Kingdom | Publication | October 2022
On October 17, 2022, Parliament published a letter dated October 14, 2022, from the chairs of the House of Lords Economic Affairs Committee and Industry and Regulators Committee to the chief executive of the FCA, Nikhil Rathi.
The letter refers to the Bank of England's (BoE) emergency bond-buying programme and the correspondence between the committee chairs and both the governor of the BoE, Andrew Bailey, and the chief executive of the Pensions Regulator, Charles Counsell, asking how the regulators have monitored risks relating to the use of derivatives by DB pension schemes. The referenced (but apparently unpublished) responses appear to have highlighted the FCA's role as the regulator of pension investment managers.
In this connection, the committee chairs ask Mr Rathi for more information about:
They request a written response from Mr Rathi as soon as possible.
The BoE's Financial Policy Committee considered the vulnerabilities exposed by recent gilt market dysfunction at its meeting on September 30, 2022. It reported that the BoE will work with the Regulator and the FCA to ensure strengthened standards are put in place.
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This article first appeared in the September 2024 issue of Financier Worldwide.
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The Digital Markets, Competition and Consumers Act (DMCC Act) received Royal Assent on 24 May 2024 and is generally expected to come into force in autumn this year.
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On 26 July 2024, the People’s Bank of China (PBOC) and the State Administration of Foreign Exchange (SAFE) jointly released revised rules in respect of the investments into China’s financial market through the Qualified Foreign Institutional Investor and Renminbi Qualified Foreign Institutional Investor (collectively, QFII) regime (the New Rules).
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