Global Director of Financial Services Knowledge, Innovation and Product
Norton Rose Fulbright LLP
Simon Lovegrove is Global Head of Financial Services Knowledge based in London. His practice focuses on financial services and markets regulation.
Simon has designed regulatory change training programs for internal and external stakeholders including the Financial Conduct Authority (FCA) when it assumed responsibility for consumer credit regulation from the Office of Fair Trading. His clients are financial institutions and corporates, with regards to compliance with FCA and PRA requirements as well as the implementation of financial services legislation such as MiFID II, EMIR, BRRD, CRD IV, CRR and the AIFMD.
Recent Articles & Comments
The Bank of England's Deputy Governor has also weighed in with a pointedly titled speech——laying out how the UK is gearing up for responsible financial innovation amid rapid technological change. The US may be grabbing headlines on stablecoins, but don't overlook the UK's momentum: the FCA issued in May a detailed consultation on stablecoin requirements, and a further consultation is coming later this year on rules for sterling-denominated stablecoins used in systemic payment systems. Taken…
The Final Notice from the PRA is a reminder of the regulator’s expectations for those third country firms operating in the UK via a third country branch. Shoib Khan, Director of Insurance Supervision for the PRA has warned that such branches need to “fully engage and comply with the UK regulatory framework”.
This includes a branch maintaining proper governance that is proportionate to the nature, scale and complexity of its operations. A firm’s systems and controls must also be “…
Like domestic regulators, the international regulators have not let a good crisis go to waste and have produced/are producing various papers and pieces of guidance. Of particular interest will be the FSB's analyses of various issues which is expected in October.
The comment that resolvability will never be 'done' features in almost all regulatory regimes and it's a key point that institutions need to take on board as the next crisis will have different features to the previous one. From a U.S. perspective, the Federal Reserve's 2023 review of the supervision and regulation of Silicon Valley Bank made a similar point, "As risks in the financial system continue to evolve, we need to continuously evaluate our supervisory and regulatory framework and be…