FinReg Focus

In this episode, host Jenny Lee, partner at Reed Smith, speaks with guest Jonah Krane, partner at Klaros Group, about the hottest topics in fintech regulation, including how regulators can be more innovative when drafting their regulations. They discuss the latest interagency guidance on bank-fintech partnerships, the CFPB's innovation office, open banking and consumer data access, and how the Volcker rule ended up being 1,000 pages. They also cover how a principles-based approach to regulation (e.g., UDAAP) is not light touch, but actually sets a high bar (relative to prescriptive standards). And they delve into the reasons why an outcomes-based approach to consumer finance regulation should prevail, addressing the constitutional, political, or other barriers that may stand in the way.

UK regulators are cracking down on misleading advertising that encourages investment in high-risk products. David Calligan and Tim Dolan discuss the Financial Conduct Authority's tough new rules on financial promotions and how they fit in with the new Consumer Duty.

David Calligan, Tim Dolan and Nick Breen discuss social media influencers promoting financial services products and the rules and regulations that apply, both from financial regulators and consumer protection laws. For more information, please visit Reed Smith's Financial Regulatory page.

The FCA's Investment Firms Prudential Regime takes a new approach to liquidity requirements for investment firms. Reed Smith's David Calligan and Karen Butler are joined by Kroll's Andrew Lowin to discuss the minimum amount of liquid assets required to be held by investment firms and to help firms understand those requirements, especially as for some it will be the first time they have been subject to the requirement. For more information, please visit Reed Smith's Financial Regulatory page.

David Calligan, Karen Butler and David Ashmore discuss the recently published FCA consultation paper on remuneration under the new UK Investment Firms Prudential Regime, and what changes are needed to remuneration policies and employment contracts. They will review the new approach to governance, how firms can determine how the regime applies to them and how to develop and implement processes and policies to address new requirements. For more information, please visit Reed Smith's Financial Regulatory page.

In this episode of FinReg Focus, Cryptoassets – Back to Basics, Reed Smith financial regulation lawyers Hannah Sheikh and Alex Murawa unravel cryptoassets and blockchain, breaking down what they are, how they are used and what high-level regulatory requirements there are to keep in mind. Please note this podcast was recorded on 16 March 2021 and therefore does not account for any legal developments after that date. Please note that whilst this podcast discusses prices and trends it does not contain and is not intended to constitute investment advice. For more information, please visit Reed Smith's Financial Regulatory page.

Mark Pring and Doug Cherry discuss the UK Supreme Court's recent judgment of the FCA business interruption test case, the role of the regulator in those proceedings, and implications for policyholders. They also provide practical tips on handling claims that policyholders can tailor to their circumstances. This episode is a sequel to our previous session, the FCA Business Interruption test case - What's next for policyholders in the UK? For more information, please visit Reed Smith's Financial Regulatory page.  

Reed Smith Senior Advisor David Calligan is joined by Reed Smith Partner Karen Butler and Duff & Phelps Director Andrew Lowin to discuss the new Investment Firm Prudential Regime requirements for prudential consolidation, and why it's not just regulated firms that need to be aware of the requirements under the new regime. For more information, please visit Reed Smith's Financial Regulatory page.

Join London partners Mark Pring and Doug Cherry as they discuss a business interruption test case brought by UK's Financial Conduct Authority. They will discuss the regulator's role, and the implications of the test case. They will also highlight differences between the UK and U.S. financial regulatory bodies. For more information, please visit Reed Smith's Financial Regulatory page.

Reed Smith partner Karen Butler interviews fellow partners Claude Brown, Joe Kohler and Doug Cherry on IBOR reform and UK regulatory milestones that will affect businesses. With the transition date drawing closer, it is important for organisations to be aware of how to best comply with the regulatory milestones, how to understand regulators' expectations and likely enforcement actions, and what the Financial Services Bill does. For more information, please visit Reed Smith's Financial Regulatory page.

2020 saw the UK's Financial Conduct Authority increase its use of Skilled Persons in regulatory inquiries.  In this podcast episode, Reed Smith partners Tim Dolan and Doug Cherry with associate Hannah Sheikh share insights on the rise in Skilled Persons reports and key themes those reports focus on, as well as how Skilled Person firms are chosen, and how long the reports can take.  They will provide pointers on how firms should work with the Skilled Person and the FCA to attain best results, and give insights into some good (and bad) experiences with Skilled Persons reports. For more information, please visit Reed Smith's Financial Regulatory page.

In Part II of our conversation on the UK's new Investment Firms Prudential Regime (IFPR), Reed Smith partners David Calligan and Claude Brown, along with Andrew Lowin of Duff & Phelps, review the three ‘risk to the firm' K-factors. They discuss the measurement and calculation of the requirements for trading counterparty default, concentration risk and daily trading flow. They provide practical tips on how to use netting to mitigate the capital requirements and how you and your organisation can prepare for these new K-factors. Please note that since the podcast was recorded, IFPR's implementation date was moved from June 2021, and the regime is now expected to apply from January 2022. For more information, please visit Reed Smith's Financial Regulatory page.  

Reed Smith partners David Calligan and Karen Butler join Andrew Lowin of Duff & Phelps to discuss the UK's new Investment Firms Prudential Regime (which comes into force in January 2022). They review why the new K-factors were introduced, and what firms need to know about them and their differing requirements. They also address the detail of the four client risk K-factors and the two market risk K-factors. For more information, please visit Reed Smith's Financial Regulatory page.