The DSA has a broad scope and regulates many aspects of digital services. By Gail E. Crawford, Jean-Luc Juhan, Susan Kempe-Mueller, Deborah J. Kirk, Lars Kjølbye, Elisabetta Righini, Sven Völcker, Ben Leigh, Victoria Wan, and Amy Smyth The Digital Services Act (DSA) is a key part of the EU’s digital regulation strategy, which seeks to … Continue Reading
The directives aim to assist claimants in proving the causation of damages and product defectiveness in complex AI systems, creating legal certainty for providers. By Deborah J. Kirk, Thomas Vogel, Grace E. Erskine, Ben Leigh, Alex Park, and Amy Smyth On 28 September 2022, the European Commission issued two proposed directives to reform and clarify … Continue Reading
The UK government and regulators have taken several steps to implement a 10-year strategy published last year outlining the government’s pro-innovation national approach to AI. By Deborah J. Kirk, Laura Holden, Nara Yoo, and Amy Smyth The UK Department of Digital, Culture, Media and Sport (DCMS) published its 10-year National AI Strategy for the regulation … Continue Reading
The proposed Regulation will be the first EU legal framework specifically focused on the rapidly accelerating landscape of AI. By Deborah J. Kirk, Elisabetta Righini, Laura Holden, Luke Vaz, and Amy Smyth The feedback period for the European Commission (EC) proposal for the Regulation of artificial intelligence (AI) (COM (2021)206) (proposed Regulation) closed on 6 … Continue Reading
UK strives to “be a leader in AI technology” as it sets out its next steps for the regulation of artificial intelligence. By Deborah J. Kirk, Laura Holden, and Victoria Wan On 23 March 2021, the UK Intellectual Property Office (IPO) published the outcome of its consultation last year on artificial intelligence (AI) and intellectual … Continue Reading
The long-awaited update to the e-Commerce Directive proposes new obligations for online platforms and changes to the ‘safe harbours’ from liability for infringing content. By Jean-Luc Juhan, Deborah J. Kirk, Elisabetta Righini, Thies Deike, Grace E. Erskine, Alain Traill, and Amy Smyth On 15 December 2020, the European Commission released a set of long-awaited proposals … Continue Reading
As IT vendors grapple with the impacts and risks of COVID-19, how can customers manage exposure when contracting for new services? By Alain Traill, Christian F. McDermott, and Andrew C. Moyle COVID-19 has — temporarily or otherwise — disrupted the status quo. For IT vendors the situation is no different, with many being forced to … Continue Reading
Insights from Latham’s flagship event: Managing the risk and promise of digitisation in financial services Authors: Andrew Moyle, Nicola Higgs, Christian McDermott, and Kirsty Watkins. The financial services industry is leading the way in outsourcing, with contract values in excess of US$10.7 billion in 2018, causing regulators to focus more than ever on the associated … Continue Reading
With the explosion of AI applications, private equity houses and their portfolio companies must understand where key opportunities lie. By Tom Evans, Kem Ihenacho, David Walker, Laura Holden, Hector Sants, Claudia Sousa, Catherine Campbell, and Patricia Kelly Artificial intelligence (AI) developments provide increasing opportunities for private equity, including deal sourcing and portfolio company analysis/enhancement, particularly in businesses that can adopt … Continue Reading
UK publishes White Paper with hard-hitting regulatory proposals to tackle online harms. By Alain Traill, Stuart Davis, Andrew Moyle, Deborah Kirk and Gail Crawford On 8 April 2019, the Home Office and the Department for Culture, Media and Sport (DCMS) published an “Online Harms White Paper”, proposing a new compliance and enforcement regime intended to … Continue Reading
The guidelines create new obligations for financial, payment, and electronic money institutions that will impact cloud outsourcing and deployment of FinTech. By Fiona M. Maclean and Laura Holden On 25 February 2019, the European Banking Authority (EBA) published a final report on its draft guidelines on outsourcing arrangements (Guidelines). The report followed the EBA’s publication … Continue Reading
Regulatory guidance on cryptoassets and digital currency companies may lead to a legitimisation of crypto-businesses as an investable asset class. By Stuart Davis, Sam Maxson, David Walker, Tom Evans, and Catherine Campbell Recent and upcoming regulatory guidance on cryptoassets and the regulation of companies engaged in digital currency, such as issuers, crypto-exchanges, crypto-custodians, crypto-brokers, and … Continue Reading
From August 2019, certain existing FCA rules and guidance will extend to payment service providers and e-money issuers in a signal that the FCA wants a consistent approach to consumer protection. By Rob Moulton, Brett Carr, and Frida Montenius The FCA has published a Policy Statement extending certain rules and guidance to the payment services … Continue Reading
The PSR will not review the fees and rules set by Visa and Mastercard, but will look at the practice of bundling, and will examine effects on innovation in card-acquiring services. By Brett Carr, Stuart Davis, and Christian McDermott Following the publication of its Draft Terms of Reference in July 2018, the PSR has now … Continue Reading
The EBA’s draft guidelines on outsourcing will impact cloud outsourcing and institutions’ deployment of FinTech. By Fiona Maclean, Charlotte Collins, and Terese Saplys On 4 September 2018, a wide audience of interested individuals gathered at Canary Wharf for a public hearing (Public Consultation) to listen to what the European Banking Authority (EBA) had to say in relation … Continue Reading
FCA Chair hints that new regulation addressing data ethics in the FinTech space may be on the horizon. By Nicola Higgs, Fiona Maclean and Terese Saplys Will societies of the future be ruled by algocracy, in which algorithms decide how humans are governed? Charles Randell, Chair of the Financial Conduct Authority (FCA) and Payment Systems … Continue Reading
The FCA has outlined its approach to implementing key standards under the revised Payment Services Directive. By Christian McDermott, Stuart Davis, Brett Carr, and Charlotte Collins The FCA has published a statement on its website relating to the European Banking Authority’s (EBA’s) Opinion and draft Guidelines of 13 June 2018 on the Regulatory Technical Standards … Continue Reading
Both the FCA and the PRA have written to firms to warn about certain risks associated with exposures to crypto-assets, and to advise firms of the measures they should consider implementing to mitigate such risks. By Stuart Davis and Charlotte Collins The FCA and the PRA have each written a “Dear CEO” letter to firms, … Continue Reading
Buyers of businesses that produce military or dual-use goods, certain aspects of computing hardware, or quantum technology for supply in the UK should carefully assess the risk of governmental intervention if their targets fall within the scope of the new regime. By Jonathan D. Parker and Calum M. Warren On 11 June 2018, the UK … Continue Reading
England may become an increasingly attractive forum for follow on damages claims, particularly those involving indirect cartelised product purchases initially acquired outside EEA the in wake of iiyama decisions. By Oliver E. Browne and Hayley M. Pizzey Summary The English Court of Appeal has held iiyama’s two claims against cathode ray tube (CRT) cartelists and … Continue Reading
Many auto advisers and automated discretionary investment managers risk poor outcomes for customers by falling short of FCA expectations. By Nicola Higgs and Brett Carr The Financial Conduct Authority (FCA) has issued a statement outlining its expectations of firms providing automated online discretionary investment management (ODIM) services and retail investment auto advisers (auto advisors). The … Continue Reading
The consolidation of UK payment system operators marks another big step in delivering on the New Payments Architecture. By Stuart Davis and Brett Carr What happened? Operational responsibility for the Bacs and Faster Payments systems, which process a combined £6.3 trillion worth of payments annually, has transferred to the New Payment System Operator (NPSO). The … Continue Reading
New EU anti-money laundering measures have been approved by European legislators. By Stuart Davis and Charlotte Collins The European Parliament and Council have finally signed off on the text of the fifth Anti-Money Laundering Directive (known as MLD5). Overview The new directive is of particular interest to the FinTech sector as, amongst other things, MLD5 … Continue Reading
By Christian McDermott In recent years, PE firms have been paying to play in the payment processing sector. From Worldpay and Nets, to Bambora and Paysafe, payment processing companies have proven to be attractive investments for European PE. In our view, a wave of regulation in the FinTech sector will unleash further growth potential, and … Continue Reading
