Regulation & Compliance - Long Reads, News, Articles & Research: Finextra

How net zero frameworks can be guided by national policy

ESG and broader financial sustainability efforts have been major industry trends in the financial services sector in the last few years, with an increasing number of financial institutions adapting to ESG standards and implementing sustainable objectives to maintain transparency and accountability as climate change continues to wreak havoc on the ...

08 November 2023 /regulation

What is the EU AI Act? Understanding Europe’s first regulation on artificial intelligence

Dominique Dierks Content Manager at Finextra

What is the EU AI Act? Understanding Europe’s first regulation on artificial intelligence

Artificial intelligence has rapidly evolved over the last couple of decades. Yet while AI innovation and adoption offers numerous benefits, it has so far been largely unregulated. This is about to change as the European Commission presses on with the EU AI Act. Signifying the first global piece of AI regulation, the proposed framework is drafted t...

03 November 2023 /regulation

Economic Crime and Corporate Transparency Act: What banks need to know

Níamh Curran Senior Reporter at Finextra

Economic Crime and Corporate Transparency Act: What banks need to know

The Economic Crime and Corporate Transparency Act (ECCTA) received royal assent last week and affects the way financial institutions manage economic crime. The bill is part of the UK Government’s wider economic crime plan, which was detailed earlier this year by MP Suella Braverman. The bill aims to limit the “dirty” money coming into the UK marke...

02 November 2023 /regulation

Why Biden’s Executive Order on AI signals increased scrutiny on AI policy, business and regulation

Scott Hamilton Contributing Editor at Finextra Research

Why Biden’s Executive Order on AI signals increased scrutiny on AI policy, business and regulation

US President Joe Biden’s Executive Order on Artificial Intelligence (AI), introduced on the 30th of October, recommends wide parameters be applied to the management of this fast-emerging technology. Though the order itself has no real ‘teeth,’ or legal enforcement power, it highlights several areas where the chief executive and his cabinet believe...

01 November 2023 /regulation /ai

What to expect from the EU's new PSD3, PSR and FIDA regulations

Renate Prinz Partner at McDermott Will & Emery LLP

What to expect from the EU's new PSD3, PSR and FIDA regulations

This article was co-authored by Annabelle Rau, associate at McDermott, Will & Emery. In November 2015 the Payment Services Directive II (PSD2) on payment services in the internal market came into force, most of the rules are applicable under the according Member State laws since January 2018. PSD2 led to much turmoil among payment service prov...

30 October 2023 /regulation

Artificial intelligence, data and technology adoption – a balancing act

Dominique Dierks Content Manager at Finextra

Artificial intelligence, data and technology adoption – a balancing act

This is an excerpt from The Future of Digital Banking in North America 2024 report. Safe and accurate data is a foundation for financial companies. Enriching and authenticating data between parties will enable institutions to use their data more intelligently, make better decisions, address real customer needs and offer embedded finance. Yet in re...

26 October 2023 /regulation

UK-US Data Bridge: An extension to EU-US data privacy framework

Pilar Arzuaga Senior Associate at MWE

UK-US Data Bridge: An extension to EU-US data privacy framework

This piece was co-authored by Pilar Arzuaga, senior associate, Sharon Lamb, partner, and Michaela Novakova, associate. The UK government has published the Data Protection (Adequacy) (United States of America) Regulations 2023 (SI 2023/1028), the UK-US Data Bridge Regulations, which adopted an adequacy decision for the US (the UK-US Data Bridge) a...

25 October 2023 /regulation

How will the PSR's new APP fraud rules impact banks' inbound transaction processing?

Nick Fleetwood Head of Data Services at Form3

How will the PSR's new APP fraud rules impact banks' inbound transaction processing?

In September 2022, the Payment Systems Regulator (PSR) consulted on a number of measures to address Authorised Push Payment (APP) fraud within the UK’s faster payments system. Now that the Financial Services and Markets Act (FSMA) House of Lords has achieved royal assent, the PSR now has the authority to enact a number of proposals to tackle APP ...

17 October 2023 /regulation

Data protection watchdog seeks constraints on EU open finance plans

Andreas Carney Partner at Pinsent Masons

Data protection watchdog seeks constraints on EU open finance plans

The European Data Protection Supervisor (EDPS) has urged EU law makers to adopt tighter restrictions on the type of ‘customer data’ that is proposed to come within new data sharing schemes for the financial services sector, as well as how such data can be accessed. The EDPS is an independent European supervisory authority mandated to monitor and e...

05 October 2023 /regulation

Why the Electronic Trade Documents Act is the most important law you have never heard of

Chris Holmes Peer at House of Lords

Why the Electronic Trade Documents Act is the most important law you have never heard of

On 20th September, the Electronic Trade Documents Act came into force. I have written here before about why the Electronic Trade Documents Bill was one of the most important bills you had never heard of: “Not only will this bill make trade faster, cheaper, and greener, it is an English law model of how to legislate for technology through specific ...

26 September 2023 /regulation

Consumer Duty: It's just the beginning of the process

Níamh Curran Senior Reporter at Finextra

Consumer Duty: It's just the beginning of the process

Consumer Duty finally came into full force this week, with the FCA publishing a 14-point plan to boost cash savings interest rates. The aims of Consumer Duty are clear: a higher standard for customer protection across financial services. The FCA laid out that customers should expect: helpful and accessible customer support, so it's as easy to sor...

02 August 2023 /regulation

Industry calls for clarity on the PSR’s APP fraud proposals

Paige McNamee Senior Reporter at Finextra

Industry calls for clarity on the PSR’s APP fraud proposals

The UK is grappling with the notoriously complex challenge of reducing Authorised Push Payment (APP) fraud, where a scammer tricks someone into sending a payment to an account outside of their control. These insidious scams drained £485.2 million from UK individuals and businesses during 2022 alone . UK Finance’s Annual Fraud report for 2023 foun...

26 July 2023 /regulation

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