In July, the Financial Conduct Authority (FCA – the financial regulatory body in the United Kingdom) issued a paper titled “Considerations for firms thinking of using third-party technology (off-the-shelf) banking solutions” (the Considerations). The Considerations contain about five pages of checklist “Areas of interest” and related notes, which are stated…
The UK financial services regulator, the Financial Conduct Authority (FCA), has launched a guidance consultation in order to clarify and confirm its approach to the supervision of financial promotions in social media, including the use of character-limited forms (Examples of character-limited formats are Twitter (which limits tweets to 120 characters)…
In May earlier this year, the European Union’s top court held in favor of an individual who requested that Google remove the search results associated with his name. In this particular case, a Spanish citizen requested that Google Spain remove an auction notice of his repossessed home from its search…
Ofcom has published a call for input, entitled “Promoting investment and innovation in the Internet of Things“, regarding issues that might affect the development of the emerging Internet of Things (IoT) sector in the United Kingdom. Ofcom is the UK’s independent regulator and competition authority for the UK communications industry.…
The General Affairs Council, on 23 July 2013, adopted a regulation of the European Parliament and of the Council on electronic identification and trust services for electronic transactions in the Internal Market. Until the new regulation, the E-Signatures Directive (1999/93/EC) provided the only EU rules relating to e-signatures and said…
At a recent conference, the Twelfth Annual Corporate Accountability Conference, 12 June 2014, Cercle National Des Armées, Paris, Pierre Poret, Counsellor, Directorate for Financial and Enterprise Affairs at the The Organisation for Economic Co-operation and Development, told the audience, referring to the OECD’s Risk Management and Corporate Governance report, that…
The head of the UK’s Financial Conduct Authority, Chief Executive Martin Wheatley, used a speech at Bloomberg, London given on 3 June 2014 to promote the FCA’s Project Innovate (the drafted text of Martin Wheatley’s speech can be read at http://www.fca.org.uk/news/making-innovation-work). The FCA is the regulatory body that, following reforms…
In Part 1, we noted that financial institutions could find themselves potentially liable for committing an alleged Unfair, Deceptive, or Abusive Act or Practice (UDAAP) as a result of the actions of certain types of external service providers, particularly those that interface directly with customers. In this Part 2, we…
The security community has been abuzz this week with the US. District Court of New Jersey’s April 7 ruling in Federal Trade Commission v. Wyndham Worldwide Corporation, et al. (see http://www.adlawaccess.com/wp-content/uploads/sites/137/2014/04/Opinion.pdf). Wyndham had asserted in a motion to dismiss that the Federal Trade Commission (“FTC”) did not have the authority…
Much has been said about the EU “Cookie” laws introduced by an amendment to the Privacy and Electronic Communications Directive in 2011. Companies with European customers (including those in the US) have grappled with the law’s requirement to obtain informed consent from visitors to their websites before cookies can be…