Financial services

October 2022  |  SPECIAL REPORT: FINANCIAL SERVICES

Financier Worldwide Magazine

October 2022 Issue


Financial services

Q&A: Managing AI in the financial services sector

FIs can have a difficult time scaling AI internally, because switching to AI may require decommissioning core legacy systems. Regulators expect FIs to assess the potential impact of using AI to support key functions, including the risk of disruption to those functions. FW discusses AI management in the financial services sector with Zayed Al Jamil, Caroline Dawson, Jamal El-Hindi, Ling Ho and Andrea Tuninetti Ferrari at Clifford Chance.

Facing unexpected events in the US financial markets: advice for regulated and unregulated entities

Cadwalader Global regulators and market participants demonstrated resiliency throughout the pandemic and came out on the other side with better, stronger BCDR plans and a heightened ability to face the next crisis.

US SEC updates regulatory strategic plan – global capital markets impact

Latham & Watkins LLP Current regulatory activity by the SEC has been described by some as using enforcement cases as an expression of regulatory policy, and, by others, as lacking clear policy direction.

The EU’s Payment Services Directive: following a road well-travelled

Cleary Gottlieb Steen & Hamilton LLP On 20 October 2021, the European Commission sent a ‘call for advice’ to pan-EU banking regulator the European Banking Authority, with the objective of gathering evidence on the application and impact of the PSD2.

The Financial Services and Markets Bill: a mixed bag of regulatory reform

Womble Bond Dickinson The most pressing reason for the new law, and probably the main driver behind its publication, is to sort out UK financial services laws and requirements in the wake of Brexit.

A new era for moveable transactions in Scotland

Burges Salmon Practitioners’ and funders’ patience has been rewarded, with the final proposals recommending a major modernisation of the law in this area, better suited to the needs of UK businesses and the UK financial market in 2022.

The outsized impact of blockchain on finance

Proskauer Rose LLP Though some developing financial applications are still in their nascent stage and have yet to see widespread adoption or success, many are about to change the way traditional finance industry functions have been handled for many years.

The regulation of cryptoassets: EU agrees new regulatory framework

Taylor Wessing LLP MiCA aims to create a harmonised framework for the regulation of cryptoassets in the EU and is intended to address a broad range of concerns.

Why the metaverse and AI are a double-edged sword

CMS The challenge is to understand how the benefits can be harnessed without repeating the same mistakes of ‘web2’ or opening new technological avenues for criminals to exploit.

Stakes deals – investments in alternative asset managers

Simpson Thacher & Bartlett Stakes deals were uncommon 10 years ago, but today have grown into a consistent component of the alternative asset manager landscape.

Q&A: Financial services disputes

There is no sign of the FS disputes landscape quietening down over the months ahead. Existing topics will continue to keep firms busy for some time. FW discusses financial services disputes with Nathan Willmott at Ashurst, Susy Bullock at Gibson, Dunn & Crutcher LLP and John Rhie at Quinn Emanuel Urquhart & Sullivan LLP.


CONTRIBUTORS

Ashurst

Burges Salmon

Cadwalader

Cleary Gottlieb Steen & Hamilton LLP

Clifford Chance

CMS

Gibson, Dunn & Crutcher LLP

Latham & Watkins LLP

Proskauer Rose LLP

Quinn Emanuel Urquhart & Sullivan LLP

Simpson Thacher & Bartlett

Taylor Wessing LLP

Womble Bond Dickinson


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