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18.01.2024

Blog

The Market in Crypto-Assets Regulation: a Deep Dive

The first comprehensive European regulation pertaining to the crypto-market was approved in May 2023 and is known as the Market in Crypto-assets Regulation (MiCaR). With the Fifth AML Directive, the Union had already regulated crypto-assets in the AML space, albeit under a different name: virtual currency.

07.12.2023

Blog

Risk and Compliance in the Digital Age - Assessing the Impact of the European AI Act

Many believe that artificial intelligence (AI) will be the "next big thing" in the digital era. Customers and businesses are increasingly using this technology to complete tasks that were previously limited to human operators and to solve problems.

08.11.2023

Blog

The clock is ticking on the Basel IV implementation – Are you ready?

On 27 October 2021, the European Commission (EC) published its legislative package, implementing the finalisation of the Basel III reforms, widely recognised as Basel IV. The Capital Requirements Regulation 3 (CRR III) and the Capital Requirements Directive 6 (CRD VI) were put in place to signify a new era of banking and financial compliance.

08.11.2023

Blog

DORA: The clock is ticking!

The Digital Operational Resilience Act (DORA), entered into force on the 16th of January 2023 and will be applicable from the 17th of January 2025. Its main purpose is to enhance and strengthen the cybersecurity practices of entities across the EU financial sector and to harmonise key requirements and reporting obligations.

07.08.2023

Blog

RAISING THE BAR: HM TREASURY’S CONSULTATION TO REFORM THE UK'S AML/CTF SUPERVISORY REGIME

On 30 June 2023, HM Treasury published a consultation on reform of the anti-money laundering and counter-terrorism financing (AML/CTF) supervisory. The consultation proposes four possible models and seeks respondents’ feedback on the potential benefits and drawbacks of each reform. Feedback and responses to the consultation must be submitted by 30 September 2023.

02.08.2023

Blog

European Court of Auditors' Findings on the ECB'S Supervision of Banks' Credit Risk: A balanced view

On May 12, the European Court of Auditors (“ECA”) published a special report on European Union (“EU”) supervision of banks’ credit risk. It concluded that the European Central Bank (“ECB”) has stepped up its efforts but more is needed to increase assurance that credit risk, in particular non-performing loans (“NPLs”), is properly managed and covered.

02.08.2023

Blog

Trading wind-down: expectations and considerations

In a move to improve the resilience of the UK financial sector, the Prudential Regulation Authority (PRA) issued Supervisory Statement (SS) 1/22 in May 2022. This statement delineates the expectations for certain firms involved in trading activities that could pose significant adverse effects on the stability of UK’s financial sector.

27.06.2023

Blog

IMPLEMENTING THE CONSUMER DUTY FOR ASSET MANAGEMENT FIRMS

The Duty sets the standard of care that firms should provide to customers in retail financial markets. The FCA has introduced a new principle, Principle 12, known as the Consumer Principle. This principle requires firms to act in a way that delivers good outcomes for retail customers.

19.06.2023

Blog

The Future of Trading Books: Incorporating Climate Risk in Prudential Frameworks

On October 2022, the International Swaps and Derivatives Association (ISDA) released a report titled "Climate Risk Scenario Analysis for the Trading Book", which provides guidance for banks and financial institutions on how to assess climate risk in their trading books.

08.02.2023

Blog

CONSUMER DUTY: THE COUNTDOWN BEGINS

On 25 January 2023, the FCA published the findings from its review of firms’ plans to embed the Consumer Duty (the “Duty”) within their businesses. These implementation plans should have been agreed by firms’ Boards by the end of October 2022.

05.12.2022

Blog

2022 Annual Cyclical Scenario (ACS): What is new?

On 26 September 2022, the Bank of England (BoE) published details of the return to its 2022 Annual Cyclical Scenario (ACS). The ACS was not performed over the past two years during Covid-19 and postponed in March 2022 due to Russia’s invasion of Ukraine.

12.11.2021

Blog

Transforming Data Collection – The joint transformation programme

On Wednesday the 13th October 2021, the Bank of England (BoE) and the Financial Conduct (FCA) have announced the launch of the joint transformation programme on Transforming Data Collection, officially kicked off at the beginning of July 2021: this initiative follows the letter published on 23 February 2021 from the two authorities.

23.04.2021

Blog

From Operational Resilience
to Operational Excellence

At Reply, we support, guide and advise our clients in their Operational Resilience to Operational Excellence journey through our deep industry experience, leading strategic partnerships and proven framework.

15.10.2020

Blog

Negative Interest Rates - Are Banks Ready?

On 12th October, the BoE asked banks about their operational readiness and the challenges associated with the potential implementation of negative rates, particularly in terms of technological capabilities. Here, we contextualise this recent announcement against the BoE direction of travel over the summer and identify key areas of impact for banks.

12.10.2020

Blog

The Data Religion: Dataism in Financial Services

In my latest blog I reflect on Yuval Noah Harari's celebrated book, Homo Deus, delving into Harari’s fresh angle on the role of data in our day-to-day life. As I was contemplating Harari's spellbinding book it occurred to me that Dataism is, to a large extent, already the religion of the financial services industry.

01.10.2020 / Cloud Computing

Blog

Around the Cloud in Eighty Days – The Sixth Leg of the Journey: Cloud Regulation

This is Part 6 of our ten-legged journey to explore how the Cloud can enable productivity, innovation, and scalability in financial services.

21.09.2020 / Cloud Computing

Blog

Around the Cloud in Eighty Days – The Fifth Leg of the Journey: Cloud Security

This is Part 5 of our ten-legged journey to explore how the Cloud can enable productivity, innovation, and scalability in financial services.

12.08.2020

Blog

Refining MREL – preparing to fail The

The EBA has published a consultation paper, seeking industry feedback on proposed changes to MREL requirements. Their intent is to better approximate the capital requirements & capital buffers inputs into the MREL calculation for firms whose banking groups are different from their resolution groups.

27.07.2020 / New banking applications

Blog

The Long Road to the Level Playing Field

The Bank of England has published two key documents in relation to the banking landscape in the UK for non-systemic banks. These proposals are a step in the right direction, but do they go far enough?

03.07.2020 / Cloud Computing

Blog

Around the Cloud in Eighty Days: The Fourth Leg of the Journey: Operating Model and Governance

This is Part 4 of our ten-legged journey to explore how the Cloud can enable productivity, innovation, and scalability in financial services.

29.06.2020 / Cloud Computing

Blog

Around the Cloud in Eighty Days: The Third Leg of the Journey: Architecture

This is Part 3 of our ten-legged journey to explore how the Cloud can enable productivity, innovation, and scalability in financial services.

11.06.2020 / Cloud computing

Blog

Around the Cloud in Eighty Days: The Second Leg of the Journey: Infrastructure

This is part two of our ten-legged journey to explore how the Cloud can enable productivity, innovation, and scalability in financial services.

05.06.2020 / Cloud Computing

Blog

Around the Cloud in Eighty Days: The First Leg of the Journey

Jules Verne authored the novel Around the World in Eighty Days, Le tour du monde en quatre-vingts jours in its native French, which was published serially in 1872. It would presumptuous of me to rescript the story of the unflappable Phileas Fogg’s trip around the world, but allow me to take you on a ten-legged journey to explore how the Cloud can enable productivity, innovation, and scalability in financial services.

28.05.2020 / Fintech Magazine

Blog

Technology Enablement across the Wealth Management Value Chain: The Mass Affluent Opportunity

Market conditions are forcing financial institutions to find new models for growth. One of the largest identified gaps for growth is the underserved and overlooked mass affluent segment.

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