Europe

Fintech / Regtech

UK FCA Outlines Plans for Regulating AI and Big Tech

By Manesh Samtani | 16/07/2023

The FCA will address competition issues raised by Big Tech firms and potentially expand the SMCR to apply to “the most senior individuals managing AI systems”.

Fintech / Regtech

France Agrees to Accept UPI Payments from Indian Travellers

By Editors | 15/07/2023

Indian tourists will be able to use the UPI system to make payments in Indian rupees while visiting France.

AML / KYC

Euroclear Faces $2b Lawsuit from Russian Fund Manager

By Editors | 14/07/2023

Russian asset manager First AM says its lawsuit is intended to protect the rights and interests of clients whose assets were frozen.

UK Supreme Court Rules for Barclays in APP Fraud Case

By Manesh Samtani | 14/07/2023

Customer argued Barclays owed her a duty to not comply with her instructions if the bank suspected she was being defrauded.

Enforcement

UK FCA Fines Bastion Capital Over Cum-Ex Trades

By Mark Johnston | 13/07/2023

The UK FCA imposed a GBP 2.45 million fine on a former broker that executed over GBP 70 billion worth of fraudulent trades.

Crypto / Digital Assets

UK Treasury Consults on Digital Securities Sandbox

By Sanday Chongo Kabange | 13/07/2023

The proposed Digital Securities Sandbox will enable firms to test issuance and trading of digital securities.

Securities / Derivatives

UK Seeks to Undo EU Restrictions on Short-Selling Gilts

By Editors | 13/07/2023

HM Treasury proposes to eliminate EU-mandated rules that govern investors’ short positions in government debt and credit-default swaps.

Market Infrastructure

UK to Reverse MiFID II Research Unbundling Rules

By Manesh Samtani | 12/07/2023

The move is aimed at enhancing the appeal of the UK’s financial services sector and foster a more vibrant and competitive research environment.

Sanctions

UK to Strengthen Sanctions Regime to Target Iran

By Editors | 09/07/2023

The move is a response to “more than 15 credible threats” by the Iranian regime to “kill or kidnap British or UK-based individuals”.