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The government is looking to ditch EU-era short selling rules and will scrap a requirement for individual investors to reveal their bets against companies as part of a post-Brexit push to scrap red tape in the City.
Finance groups have called for regulators to report on a new range of metrics to ensure they are meeting their statutory obligations. After the Financial Services and Markets Bill passed into law last week, regulators will have hugely increased responsibility for adapting and amending onshored EU regulations. As part of the Bill, regulators will have [...]
The Financial Services and Markets Bill received royal assent yesterday, securing the passage into law of the government’s landmark overhaul of financial services regulation. The government claims the reforms enable the UK to capitalise on ‘Brexit freedoms’, unlocking billions of pounds which could be directed to investment in the UK. In short, the act empowers [...]
Microsoft president Brad Smith has reiterated that the UK needs to prioritise AI safety in its quest to become a global leader in new technologies. “Let’s get the companies under control”, Smith said, speaking at a packed Chatham House event on Wednesday afternoon, where he argued that a licensing regime is necessary on both a [...]
An influential European banking regulator has called for more powers to help it address risks in the system revealed after the collapse of Silicon Valley Bank (SVB) and Credit Suisse earlier this year. Speaking to the Financial Times, Dominique Laboureix, chair of the European Union’s Single Resolution Board (SRB), said European authorities needed to return [...]
The Bank of England’s Lee Foulger warned there needed to be “increased levels of resilience” in the shadow bank space to avoid risks to financial stability. With increased regulation of the traditional financial sector since the financial crisis, Foulger, a director, financial stability, strategy and risk. said “it is no surprise that over that time [...]
The UK must not let safety concerns about the use of artificial intelligence (AI) fall by the wayside as it pushes for a pro-innovation model for regulating the technology, tech bosses have warned. Chancellor Jeremy Hunt has reportedly told ministers to speed up the adoption of AI across the private and public sector, including the [...]
UK businesses must brace themselves to adhere to new EU artificial intelligence (AI) standards if they plan to trade in the bloc, lawyers and industry experts have said. It comes as members of the European Parliament voted overwhelmingly last week to adopt the Artificial Intelligence Act, which aims to encourage “human-centric and trustworthy” AI. Tamara [...]
The UK’s financial regulators will be in focus as lawmakers consider a range of proposals to boost the accountability of watchdogs. A range of amendments to the Financial Services and Markets Bill have been put forward, focusing on the scrutiny of regulators as the Bill returns to parliament this week. Regulatory scrutiny has been a [...]
Banks in the UK have just two months to prepare for the incoming Consumer Duty, with some prominent bankers suggesting the new regulatory standards will prompt widespread changes in the industry. The Financial Conduct Authority’s (FCA) flagship Consumer Duty, which will come into effect on 31 July, requires firms to deliver good outcomes for retail [...]
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