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The traditional centralised insurance industry has historically been slow to act when new innovations come around the corner. There are a number of reasons why this is, but the main one centres around the fact that insurers have to think about future liability for past writes. What does this mean? This means that insurers need to try and predict where they may have a claim for the businesses that they currently insure. With new and emerging technologies, this is hard to do.
Banks are increasingly coming under pressure to adopt new business practises and offer alternative products and services as financial markets evolve and further embrace technology, both at an institutional and retail level. With our lives becoming increasingly digitised, there is a growing dependency on IT and machine-based processing as opposed to many of the paper-based analogue systems that historically have been the backbone of banking systems and procedures.
Proposed reform of UK wholesale market rules – What does this mean for commodity derivative markets?
On 1 July 2021, Her Majesty’s Treasury launched a Consultation on proposals to reform the UK’s wholesale markets regulatory framework.
On 11 October 2021, Her Majesty’s Treasury published the UK Government’s response to its call for evidence to the Payments Landscape Review.
While self-sovereign identity sounds like an unfamiliar concept for some, others are actively leveraging the technology to address industry-specific challenges – take the KYC trial of the Financial Conduct Authority or the IATA Travel Pass.
Central Bank of Ireland – Enforcement action against Irish management company concerning governance and advertent investment restriction breaches
On 27 September, 2021, the Central Bank of Ireland, in accordance with its administrative sanctions procedure, reprimanded and fined an Irish domiciled UCITS management company in the amount of EUR385,000 in respect of four admitted breaches of investment funds regulations, including advertent investment restriction breaches and breaches related to oversight of delegates and governa
On 23 September 2021, the UK Government’s GBP10 billion inaugural green gilt (bond) was listed on the Sustainable Bond Market of the London Stock Exchange (LSE). In addition to being the largest sovereign green bond to list on the LSE, it is also the largest inaugural sovereign issuance to date.
The market for Non-Fungible Tokens (NFTs) has boomed over the past year. Businesses and asset owners have been creating and selling NFTs representing a range of assets, whether digital or physical, including internet memes, digital images, event tickets and memorabilia.
This article sets out some of the key legal risks to be aware of for those thinking of investing in NFTs.