Perkins Coie LLP (LexBlog United Kingdom)

Last week, the UK’s Online Safety Bill received royal assent and became law. With this development, Ofcom, the regulator for the new Online Safety Act, has published a roadmap to explain how the act will be implemented over the next two years. Ofcom has made it clear that it will move quickly to implement the...

The UK Online Safety Bill was passed by Parliament earlier this week and is expected to soon become law through royal assent. The Online Safety Act (UK OSA) will impose a series of sweeping obligations, including risk assessment, content moderation, and age assurance requirements, on a variety of online services that enable user-generated content, including...

This is the second in a series of updates addressing the bilateral data access agreement (Data Access Agreement or agreement) between the United States and the United Kingdom under the Clarifying Lawful Overseas Use of Data Act (CLOUD Act). The agreement, which entered into force on October 3, 2022, is designed to facilitate cross-border criminal investigations involving communications data....

Weekly Fintech Focus Democratic senators urge CFPB to focus on bank liability for fraud occurring on P2P payment platforms. CFPB and OCC issue $225M fine to a bank for failures related to unemployment benefits payments. UK financial regulators open consultation on oversight of financial institutions’ third-party service providers. Dem Senators Urge CFPB Focus on P2P...

Weekly Fintech Focus Democratic senators urge CFPB to focus on bank liability for fraud occurring on P2P payment platforms. CFPB and OCC issue $225M fine to a bank for failures related to unemployment benefits payments. UK financial regulators open consultation on oversight of financial institutions’ third-party service providers. Dem Senators Urge CFPB Focus on P2P...

Weekly Focus: BitMEX CEO to Surrender on AML Charges Twitter Scammer Agrees to Three Years’ Jail Time Irish Central Bank Expanding AML Enforcement to Cryptocurrency Companies European Regulators Warn Investors of “High Risk,” Non-Regulated Crypto Assets UK Watchdog ASA Banned Advertisement for Cryptocurrency Company Visa to Allow Merchants to Accept Bitcoin as Payment US Regulatory...

Weekly Fintech Focus The UK published a report calling for the urgent regulation of BNPL products. The OCC postponed publication of the Fair Access to Financial Services rule. The Acting Director of the CFPB is putting a renewed emphasis on issues of racial equity with a push to enforce fair lending violations. The new administration...

Weekly Focus The OCC clarifies that banks can provide crypto custody services. The FDIC seeks comments on developing a certification process for new technologies to be used by banks. The UK looks at restricting crypto promotions. A group of crypto exchanges is working together to comply with FATF travel rule standards. US Developments OCC Issues...

The insurance industry in the United States continues to thwart legislative solutions for disputed COVID-19-related losses under property/business interruption policies and resists efforts to group lawsuits together into multi-district federal litigation or class actions. Meanwhile, the independent regulator of insurers in the United Kingdom, the Financial Conduct Authority (FCA), is trying to...

Weekly Fintech Focus The FFIEC updates its guidance on pandemic planning in response to COVID-19, and many other financial regulators issue similar guidance. The California DBO issues a proposed rule to clarify its broad agent of the payee exemption. The UK launches a consultation on auditing AI systems for compliance and fairness. FFIEC Updates Guidance...

On Monday, June 24, 2019, U.S. Securities and Exchange Commission Chairman Jay Clayton, U.S. Commodity Futures Trading Commission (“CFTC”) Chairman J. Christopher Giancarlo, and U.K. Financial Conduct Authority Chief Executive Andrew Bailey issued a joint statement (“Joint Statement”) regarding collaboration to monitor the credit derivatives markets.  The Joint Statement states, in part, that:...

Below is a summary of some of the significant legal and regulatory actions that occurred over the past weeks. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of publicly-reported news that may be of particular interest. U.S. Developments U.S. CFTC and UK’s FCA Agree to...

For coverage of this week’s regulatory news, be sure to visit Bitcoin Week in Review. This week’s update discusses the Financial Action Task Force’s latest publication on the risks of virtual currencies, the amendments to California’s proposed digital currency bill, as well as the newsworthy virtual currency stories from the UK and Brazil.

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of publicly-reported news that may be of particular interest. International Developments UK. A section of The Digital Disruption:...

While the primary domestic anti-bribery statute, the FCPA, has been on the books for nearly four decades, the UK’s principal anti-bribery law, the UK Bribery Act, is merely an infant, having become effective in July 2011.  Recently, however, the UK Bribery Act took a step toward maturity as the UK’s Serious Fraud Office (“SFO”), the...