Judgment in the Cloud: The future of risk and regulation with James Lord, Google Cloud
To get new products and services to the UK market, there are critical regulatory hurdles to overcome: authorisations for start-ups and new entrants (including foreign firms), variations of permission for existing firms and change in control notifications for firms acquiring or increasing their control in a UK authorised firm.
Our unique integrated legal and consulting model, supported by our global network, provides clients with effective, commercially focused support to help them achieve their regulatory objectives.
Working with you across the full development cycle – from assessing whether you need authorisation or can rely on exemptions, to choosing the best regulatory route to authorisation, our teams can assist with drafting the necessary legal materials and preparing all required product, policy and business documentation required as part of your authorisation. Our consulting team are also able to work alongside your internal teams to support business readiness and operational stand-up.
Our experienced regulatory consultants, fully integrated with our renowned legal practices, can provided tailored support to help you with the heavy lifting on policies, procedures, program management, prudential and conduct risk, and bespoke readiness training.
We regularly assist a range of clients with applications for new registrations or changes of permission, including:
- Banks (including international firms establishing UK regulated businesses, whether through a subsidiary or a branch)
- Technology firms (including start-ups and fintechs)
- Electronic money institutions
- Payment service providers
- Investment firms (including both retail and wholesale-oriented businesses)
- Crypto asset providers
- Insurers
- Asset managers
- Consumer credit providers
- Market infrastructure operators (including exchanges, clearing houses and central securities depositories, among others)
Relevant expertise
Our consulting team combines deep, hands-on experience with a strong track record of managing regulatory relationships across areas such as financial crime, market infrastructure regulation (including MAR and MiFID), and regulatory change delivery.
With regulators increasingly expecting applicants to demonstrate a sophisticated understanding of these complex areas, we are exceptionally well-placed to guide clients through the authorisation process with confidence and clarity.
Representative experience
Advised Goldman Sachs on establishing Marcus, the UK digital retail bank, including assisting with the regulatory approval process, policies and procedures, and producing customer documentation.
Advised a global online e-commerce platform in obtaining authorisation with the FCA for carrying out credit broking activities in the UK and advising on new arrangements for the launch of a cobrand credit card.
Advised a global financial institution in successfully obtaining a variation of permission to launch a now well-established digital retail bank. We supported the client with insightful guidance and assisted with the design and drafting of a comprehensive regulatory business plan.
Advised on the establishment and authorisation of a repo / securities lending and total return swap multilateral trading facility (MTF). Supported through the authorisation process, including policy and process design, and advice on a wide range of regulatory requirements including MTF-specific platform requirements.
Advised a leading European investment group, already authorised by the FCA on widening the scope of their investment activities, through a variation of permission. We provided extensive support in the design and drafting of the regulatory business plan to explaining all the changes clearly which resulted in minimal regulatory scrutiny following submission and a successful application.
Provided full scope support to a client with a UK change in control process, including preparing all required forms and documentation, and advising the client on the level of detail and content to include. This was achieved through project managing the overall process clearly and minimising the effort required by the client to achieve a successful submission.
Delivered clear and considered support to a client for the UK change in control notification of a complex multi-jurisdiction intra group change in control, including practical guidance on FCA expectations, which resulted in a successful approval delivered well ahead of the standard timeline with no additional scrutiny by the regulator.
Advised a global exchange on Benchmark Regulation authorisation requirements and supporting the exchange in preparing its detailed application for authorisation as a benchmark administrator.
Supported firms in the development of clear and defined roles and responsibilities statements for senior management roles and prepare for regulator interviews. Provided guidance on the onboarding process for senior management, induction materials and regulatory awareness requirements. This included providing understanding of the expectations of board members and regulatory requirements.
Developed regulatory training for front line staff in readiness for consumer credit authorisation and product launch. Provided guidance on content delivery, competency attainment and ongoing assurance models.
Supported a global firm through the Variation of Permission application in order to launch a digital retail bank. Support included; regulatory business plan preparation, co-ordination of inputs from business teams, support with the development of governance and control frameworks, guidance on the development of operational processes, review of key firm policies and uplifts, preparing new product terms, marketing materials and undertaking appropriate product governance and testing.
