July 6, 2022

Volume XII, Number 187

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July 05, 2022

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UK Government Launches Fintech Sector Strategy

On March 22, the UK government held its second annual International Fintech Conference. The Conference forms part of the UK’s plans to maintain its world leading position in technology-enabled innovation in financial services (FinTech).

The Conference follows the launch of the European Commission’s FinTech Action Plan.

At the Conference, the UK government announced a number of initiatives to foster FinTech. Key highlights include:

  1. launching a “cryptoassets task force,” consisting of HM Treasury, the Bank of England and the UK Financial Conduct Authority (FCA), to assess the risks and benefits relating to cryptoassets and future regulation;

  2. investigating the use of machine-readable rules to automate regulatory compliance, termed “robo-regulation;”

  3. creating a new “FinTech bridge” with Australia—; and

  4. establishing regional envoys for different parts of the United Kingdom to ensure that the benefits of FinTech are felt nationwide.

In addition, the FCA has published an enhanced cooperation agreement that forms part of the broader FinTech bridge, enhancing and superseding the terms of the cooperation agreement entered into between the FCA and the Australian Securities and Investments Commission (ASIC) in March 2016.

The UK government’s Fintech Sector Strategy document, published at the Conference, is available here.

The UK government’s news release summarizing its FinTech strategy and the Conference agenda is here.

©2022 Katten Muchin Rosenman LLPNational Law Review, Volume VIII, Number 82
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About this Author

John Ahern, Financial Attorney, London, Katten Law Firm
Partner

John Ahern, partner at Katten Muchin Rosenman UK LLP and head of the London Financial Services group, focuses his practice on banking, financial services, UK and European financial markets, and related regulations. His background in private practice and as in-house counsel at a global investment bank provides him with perspective on the unique regulatory issues facing the wholesale and private banking sectors. John advises multilateral trading facilities, broker-dealers and banks on trading, clearing and settlement as well as custody of securities—both physical and...

+44 (0) 20 7770 5253
Carolyn H. Jackson, International Attorney, Katten Muchin law firm
Partner

Carolyn Jackson is a partner in Katten Muchin Rosenman UK LLP and is a Registered Foreign Lawyer. She provides US financial regulatory legal advice to a broad range of market participants, including commercial banks, investment banks, investment managers, broker-dealers, electronic trading platforms, clearinghouses, trade associations and over-the-counter derivatives service providers.

Carolyn guides clients in the structuring and offering of complex securities, commodities and derivatives transactions and in complying with US securities and commodities laws...

+44 0 20 7776 7625
Nathaniel Lalone, Katten Muchin Law Firm, Financial Institutions Attorney
Senior Associate

Nathaniel Lalone, a partner at Katten Muchin Rosenman UK LLP, has a broad range of experience in the regulation of financial products and financial markets, and frequently provides regulatory and compliance advice to trading venues, clearing houses and buy-side firms active in the over-the-counter (OTC) derivatives, futures and securities markets. He is actively involved in advising clients on the implementation of MiFID 2 and MiFIR in the European Union as well as the international reach of US financial services regulation. He also has significant experience with structuring...

+44 0 20 7776 7629
Neil Robson, private equity fund managers counselor, Katten Law Firm, London
Partner

Neil Robson, a regulatory and compliance partner with Katten Muchin Rosenman LLP, focuses his practice on counseling hedge and private equity fund managers and other investment advisers on operational, regulatory and compliance issues. He regularly addresses Financial Conduct Authority (FCA) and EU authorization and compliance under both the EU Alternative Investment Fund Managers Directive (AIFM Directive) and MiFID, cross-border issues in the financial services sector, market abuse, anti-money laundering and regulatory capital requirements, formations and buyouts of...

44-0-20-7776-7666
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