Howard Womersley Smith

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Final report from the European Banking Authority regarding security risk management and ICT released

Last week (28 November 2019), the European Banking Authority (EBA) released the final version of its report entitled ‘EBA Guidelines on ICT and security risk management’ (the Guidelines) (link here) on the mitigation and management of financial institutions’ (FIs) information and communication technology (ICT) and security risks. We highlight below some of the key takeaways. … Continue Reading

Basel Committee on Banking Supervision publishes report on implications of open banking

On 19 November 2019, the Basel Committee on Banking Supervision (BCBS) published its report on open banking and its implications for banks and banking supervision. The report builds on the BCBS’ previous findings on open banking and application programming interfaces (APIs) in its 2018 report (“Sound practices on the implications of FinTech developments for banks and bank supervisors”). We … Continue Reading

Reed Smith handles DBS Bank – Google payments processing partnership

Reed Smith successfully represented DBS, Southeast Asia’s largest bank,  in structuring and closing a strategic business partnership with Google. The arrangement will see Google make DBS payment systems available on Google’s G Pay platform, which will allow DBS customers using that platform to send and receive funds, and pay merchants. The transaction was led by a Reed … Continue Reading

Reed Smith Partner Publishes Article in FinTech Futures on Hot Topics in Financial Regulation

Howard Womersley Smith, a Partner in Reed Smith’s FinTech practice recently published an article regarding EBA Outsourcing Guidelines and Operational Resilience, and gives his suggestions on what FinTech companies should be prioritizing in this current market. Read the full article on FinTech Futures.… Continue Reading

Consultation Paper published by UK Jurisdiction Taskforce to clarify the legal status of cryptoassets and smart contracts

The UK Jurisdiction Taskforce (UKJT) recently published a consultation paper requesting submissions from stakeholders working with, or interested in, cryptoassets, distributed ledger technology (DLT) and smart contracts. Submissions will inform a legal statement by UKJT which will aim to settle questions on the legal status of cryptoassets and smart contracts. UKJT is drawn from industry, government and … Continue Reading

R. Raphael & Sons plc fined over £1.8 million by FCA and PRA for their card services programme

R. Raphael & Sons plc (Raphaels) has received fines totalling £1,887,252 from the FCA and PRA for repeated failings in relation to inadequate systems and controls supporting the oversight and governance of its outsourcing arrangements. Raphaels outsourced certain functions that supported payment services for its prepaid and charge card programmes in the UK and Europe to … Continue Reading

European Banking Authority revised Guidelines on Outsourcing – Quickfire Briefing

Background – the European Banking Authority (EBA) issued at the end of Feb 2019 its revised Guidelines on Outsourcing arrangements (Guidelines). These are the first wholesale update since 2006 when the guidelines applied exclusively to credit institutions.  They now apply to a broader range of in-scope financial institutions (FIs). Timings – the Guidelines will apply … Continue Reading

UK Treasury Committee to appoint special advisor to oversee financial services technology shortcomings

At the end of 2018 the UK Treasury Committee announced that it would launch an inquiry into information technology (IT) failures in the financial services sector. The Treasury Committee has stated that it will appoint a specialist advisor to help provide analysis and aid the inquiry. The past 18 months have seen numerous IT failures in the … Continue Reading

99 days to go… before London loses its FinTech dominance

As much as there can be tradition in something that is less than five years old, London has ‘traditionally’ been considered to be the capital of financial technology (FinTech). London provides a haven in which FinTechs have been able to grow operational expertise, supported by the combination of significant and sophisticated investment, tech-skilled talent, tech-minded … Continue Reading

Mark Carney’s backdoor to the European financial system

Every month is probably a busy month for the Governor of the Bank of England, Mark Carney, but September and October seemed especially so. The quiet Remainer was asked in September by the Chancellor, Philip Hammond, to extend his tenure for a further seven months, which Mr Carney responded positively to. From Mr Hammond’s perspective, … Continue Reading

September report details UK digital currency regulations

Last month (September 2018), the House of Commons Treasury Committee issued a report on its inquiry into the regulation of crypto-assets. The inquiry examined, amongst other subjects, the role of digital currencies in the UK; the impact of distributed ledger (blockchain) technology; and how these should be regulated. The report recommends improvements to consumer and anti-money … Continue Reading

Bank of England Governor backs FinTech

In a speech delivered at Mansion House on 21 June 2018, Mark Carney, the Governor of the Bank of England (BofE), made the case for a modernised financial services sector, which would be underpinned by a thriving FinTech sector, especially in the area of payments. The remarks reinforce the BofE’s plan for FinTech in central … Continue Reading
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