A recent poll revealed that only 1% of firms have completed their annual Consumer Duty Board report. With the deadline of July 31, 2024, fast approaching, it's crucial for firms to expedite their efforts to avoid non-compliance and potential FCA sanctions.

The proposed market abuse rules for crypto-assets under MiCA are based heavily on the existing TradFi rules set out in MAR. Potential challenges facing crypto firms operating in the EU include: the expansive scope of Persons Professionally Arranging or Executing Transactions (PPAETs); prohibition of certain business practices (e.g. MEV); and difficulty attributing responsibility for STOR submission.

The FCA has written to CEOs of Annex 1 firms setting out findings from recent assessments of how firms are complying with money laundering regulations

Singapore launched its first Model Governance Framework on traditional AI in 2019, later revising it in 2020. Updating the framework again is necessary amid emerging concerns and threat scenarios surrounding the use and development of generative AI. The main aim of the new Framework is to promote public understanding and trust in technologies enabling end-users to access generative AI confidently and safely.

Public offering and issuance of crypto-assets under MiCA

On 8th October 2023, the UK's Financial Promotion (Amendment) Order 2023 comes into effect, transforming the advertising and promotion of cryptoassets in the UK

ESMA has opened its first round of consultation on technical standards under the Markets in Crypto-Assets (MiCA) Regulation, seeking feedback from industry practitioners by September 20, 2023. Topics covered include: CASP authorisation process, conflicts of interest, complaints handling and change of control.

Braithwate analyses the UK Government’s White Paper on "A pro-innovation approach to AI regulation", identifying sharp contrasts with the EU AI Act: The UK intends to implement a more "flexible" principles-based approach, informed by sectoral regulators’ domain expertise

Braithwate analyses the FCA’s review of firms’ implementation of the Investment Firms Prudential Regime (IFPR) and highlights steps firms should take to avoid penalty capital buffers.

The use of AI in finance is under increased regulatory scrutiny. This article outlines key opportunities and risks associated with AI across EU securities markets, specifically in the areas of asset management, trading and advisory services.

If you are working on an AI-driven process or product and not sure how AI risks may impact your firm, please 👋 reach out for an initial consultation. At Braithwate and Holistic AI we have proven tools and methodologies to help you adopt AI with confidence.

Braithwate and HAI share insights on AI bias risk posed by the adoption of automated Identity Verification solutions as part of increasingly digitised customer onboarding journeys. In order to mitigate AI bias risk and continue to deliver fair customer outcomes, we recommend firms review their technical and qualitative approaches to AI bias risk management.