Threat information sharing and GDPR | A lawful activity that protects personal data

In a white paper prepared for the Financial Services Information Sharing and Analysis Center (FS-ISAC), Mark Taylor and Matthew Sharkey of Osborne Clarke LLP, together with Rick Borden and Josh…

Blockchain and GDPR: beyond the right to be forgotten

In September 2018, the French data protection authority (CNIL) issued a report considering Blockchain technology from a personal data protection perspective. Although not binding guidance, the report represents one of…

New Deal for Consumers: European Data Protection Supervisor concerned reforms could undermine GDPR

In an Opinion published on 5 October 2018, the European Data Protection Supervisor has raised concerns and made some significant recommendations on one of the key planks of the EU's…

Criminal convictions checks under the GDPR

Following the implementation of the EU General Data Protection Regulation (GDPR) and the UK Data Protection Act 2018 (DPA), UK businesses need to revisit their policies for carrying out criminal…

100 days of GDPR | Session 5: Security and data incidents

With increased fines for data breaches under GDPR, how have companies responded to potential data security issues?

100 days of GDPR | Session 4: HR risk

Consent, data and diversity - how has GDPR been applied in HR?

Data Protection Impact Assessments under GDPR

A Data Protection Impact Assessment (DPIA) is a way of systematically analysing data processing activities to assess whether the processing is necessary and proportionate, and identify and minimise any potential…

100 days of GDPR | Session 3: AI and a look into the future

Profiling and automated decision-making under GDPR

Profiling and automated decision-making (or ADM) are two areas of the GDPR that have caused a fair degree of confusion for businesses, often with perceived negativity and assumptions that the…

100 days of GDPR | Session 2: Data Protection Officers

Appointing a Data Protection Officer: has your business got its risk assessment right?

The EU General Data Protection Regulation (GDPR) laid out the job description for a new role, that of Data Protection Office (DPO), and made the appointment mandatory in some cases.…

Lead supervisory authority: The one stop shop

For companies active across multiple countries in the EU, the so called “one stop shop” principle in the GDPR is potentially helpful in providing focus and clarity on which data…

Blockchain and GDPR: beyond the right to be forgotten

In September 2018, the French data protection authority (CNIL) issued a report considering Blockchain technology from a personal data protection perspective. Although not binding guidance, the report represents one of…

Taxation of cryptocurrencies in Europe: an overview

What is cryptocurrency? The term "cryptocurrency" emerged as a reference to a Bitcoin-style digital currency whose ownership (at issue and following any subsequent transfers) is recorded as a chain of…

The Digital Revolution: Blockchain – the legal issues

Blockchain is already presenting new opportunities for businesses in a range of sectors - but how will it be regulated?

The Digital Revolution: How blockchain works

Blockchain is emerging as a candidate for one of the major disruptive technologies of our time – but what is it exactly, and how does it work in practice?

The other side of the (bit)coin: the prudential treatment of crypto-assets

Much has been written on the topic of crypto-asset regulation from an issuer / intermediary perspective - is the crypto asset a specified (i.e. regulated) investment? Does the token constitute…

English law and smart contracts: primed and ready?

The UK's Law Commission is conducting a review to ensure the English legal and regulatory framework facilitates the use of smart contracts. Initial research has commenced and the review will…

Hong Kong Regulators take action against cryptocurrency exchanges

On 9 February 2017, just before the Chinese New Year holidays, the Hong Kong Securities and Futures Commission (SFC) released a statement which, amongst other things, disclosed that the territory’s…

UK lawmakers’ inquiry into digital currency seeks balance between protecting consumers and stifling innovation

On 22 February 2018, the UK House of Common’s Treasury Committee launched an inquiry into digital currencies and blockchain, the distributed ledger technology which underpins them. The Committee is chaired by…

Planning for the revolution | Is blockchain going to disrupt the property planning process?

It is widely acknowledged that issues such as speed, transparency and cost hamper the planning system in England and Wales. The disruptive technology of blockchain holds the potential to revolutionise…

Blockchain in the financial services sector: what’s on the regulator’s agenda?

Late in 2017, the UK Financial Conduct Authority published a Feedback Statement on its Discussion Paper (DP 17/03) on distributed ledger technology (DLT), otherwise known as blockchain. The Feedback Statement…

Blockchain in finance: what are the most promising uses?

Blockchain has continued to grab column inches in technology publications, financial services industry press and more recently in the mainstream media. In this article, we look at some of the…

Blockchain and identity: a solution without a problem?

When did you last need to prove your identity? Not just remember a PIN number to use a credit card – though that is, in a way, a proof of…

Regulatory Outlook | February 2019 | What would a ‘no deal’ Brexit mean for UK business regulation?

With less than two months until the UK leaves the EU, a 'no deal' Brexit still remains the default outcome.

Marketinglaw Update | November 2018

Welcome to your update from Osborne Clarke's Marketing Law team, with the usual eclectic mix of marcomms law and regulatory developments. This month’s coverage includes amongst other things an update…

Regulatory Outlook | Product Regulation | July 2018

Current issues Drone regulation Pending the UK's draft Drone Bill (which is anticipated by the end of summer 2018), interim measures are in place via an amendment to the Air…

Regulatory Outlook | Regulated Procurement | July 2018

Current issues Central government to include 'social value' as criteria in awarding contracts The UK government has announced a package of measures in response to the collapse of Carillion, following…

Regulatory Outlook | Payments | July 2018

Current issues New requirements for secure communication among payment service providers The European Banking Authority’s Regulatory Technical Standards (RTS) on common and secure communication (CSC) and strong customer authentication (SCA)…

Regulatory Outlook | Health and Safety | July 2018

Current issues Fire safety standards in high rise buildings Following the Grenfell Tower disaster, an Independent Review of Building Regulations and Fire Safety led by Dame Judith Hackitt has was…

Regulatory Outlook | Food Law | July 2018

Current issues Welsh Assembly: Minimum Unit Pricing for Alcohol Bill The Welsh Assembly has agreed the wording of the Minimum Unit Pricing for Alcohol Bill. It is expected that a…

Regulatory Outlook | Export Control and Sanctions | July 2018

Current issues Sanctions and Anti-Money Laundering Act The Sanctions and Anti-Money Laundering Act received royal assent in May 2018 and represents the first substantive piece of sanctions-related legislation covering Brexit.…

Regulatory Outlook | Employment and contingent workforce | July 2018

Current issues Gender pay The next gender pay reporting deadline falls on 4 April 2019. Gender pay reporting requirements require employers with 250 or more employees to publish prescribed gender…

Regulatory Outlook | Environment | July 2018

Current issues Brexit consultation on new Environmental Principles and Governance Bill On 10 May 2018, the UK government launched its consultation on the development of the Environmental Principles and Governance…

Regulatory Outlook | Data Protection | July 2018

Current issues EU-UK data transfers post-Brexit The UK and the EU have not yet reached agreement on an arrangement that would preserve cross-border data flows post-Brexit. The EU's chief negotiator,…

Regulatory Outlook | Cyber Security | July 2018

Current issues Effect of GDPR on ICO approach to cyber security The GDPR, which came into effect on 25 May 2018, is the most important change to the regulation of…

UK confirms how protection for EU registered rights will be maintained in the UK in a ‘no deal’ Brexit

The UK government has published another piece of draft legislation that aims to ensure protection for EU registered rights will be maintained in the event of a 'no-deal' Brexit. The…

Regulatory Outlook | February 2019 | What would a ‘no deal’ Brexit mean for UK business regulation?

With less than two months until the UK leaves the EU, a 'no deal' Brexit still remains the default outcome.

Brexit | What would be the impact on UK firms seeking to implement SCA-RTS?

Since early 2018, firms subject to the revised Payment Services Directive (PSD2) have been preparing for new European regulatory technical standards for strong customer authentication and for common and secure…

No deal Brexit | How will the UK Temporary Permissions Regime for the financial services sector work?

At the point that the UK leaves the EU, in a no deal scenario, it will become a "third country" to the EU. This means that any incoming EEA firm…

No deal Brexit | UK government sets out changes to regulated procurement regime

On 13 December 2018, the Cabinet Office laid a draft Statutory Instrument (The Public Procurement (Amendment etc.) (EU Exit) Regulations 2019), which will come into force on exit day. The…

What changes do lenders need to make to customer-facing documentation before 29 March 2019 in the event of a no-deal Brexit?

In the event that the UK leaves the EU without a deal on 29 March 2019, lenders will need to ensure that certain amendments are made to the documentation provided…

Brexit Business Brief | An extension of the Article 50 period?

Welcome to Brexit Business Brief, our regular newsletter looking at Brexit developments in a legal and business context.

How will State aid be regulated in the UK in the event of a no deal Brexit?

The UK government has published legislation establishing the new legal regime governing State aid.

Brexit – what do staffing and recruitment companies need to do now about contract wording, immigration and data protection?

As the currently scheduled Brexit date gets closer, and uncertainty continues about exactly what deal if any will be implemented by the UK and the EU, many businesses feel they…

Brexit Business Brief | Deal. No deal. Managed no deal

Welcome to Brexit Business Brief, our regular newsletter looking at Brexit developments in a legal and business context.

What will Brexit mean for the Life Sciences sector – in a deal or a no deal scenario?

With less than four months until the UK officially leaves the EU, amid confidence votes and delayed votes in the UK Parliament, the uncertainty around what exactly Brexit will look…

Business immigration: looking beyond Brexit

In September, the Migration Advisory Committee (MAC) published its long-awaited report in to the proposed UK immigration systems post-Brexit. Despite immigration being one of the hot topics in the referendum…

New Deal for Consumers: European Data Protection Supervisor concerned reforms could undermine GDPR

In an Opinion published on 5 October 2018, the European Data Protection Supervisor has raised concerns and made some significant recommendations on one of the key planks of the EU's…

Proposed copyright Directive: European Parliament adopts its position

On 12 September 2018, the European Parliament adopted the final draft text of the EU’s copyright Directive, as part of the European Commission’s Digital Single Market strategy.

Controversial copyright reform approved by the European Parliament

The European Parliament has today (12 September 2018) voted to approve reforms to the EU's copyright rules as part of the Commission's Digital Single Market initiative.

European Parliament votes down controversial copyright reform – for now

The European Parliament voted yesterday (5 July 2018) to reject the draft revised Copyright Directive, which as we reported, had been recently adopted (by a narrow margin) by the EU…

Copyright Directive: EU parliamentary committee votes through controversial reform

On 20 June 2018, the EU Parliament Committee on Legal Affairs (JURI) voted (by a tight margin) to adopt an amended version of the proposed EU Directive on Copyright in…

New regulations to ensure online platforms and search engines deal fairly with other businesses

The European Commission has announced the first piece of cross platform regulation which aims to ensure that online platforms and search engines deal fairly with other businesses. Context The European…

Private copy levy system: how do recent developments in Spain compare with other EU jurisdictions?

In a judgment given on 10 November 2016, the Spanish Supreme Court annulled the existing private copy levy system which replaced the previous “fee” system on all suitable devices. We…

Agreement reached on EU portability regulation

What’s happened? After 14 months of negotiation, the European Parliament, Council and the Commission have finally reached agreement on the portability regulation. This will require providers of online content services,…

The cross-border portability of online content: progress report on the EU draft Portability Regulation

The European Commission published its draft Regulation on the cross-border portability of online content back in December 2015 (see here for our comments on the draft regulation at the time). It…

E-commerce ‘sweep’: regulatory action taken across the EU against non-compliant transactional consumer websites

The European Commission recently co-ordinated one of its compliance ‘sweeps’ across 743 EU, Icelandic and Norwegian websites in multiple market sectors. The results showed that almost two-thirds of those were…

Digital Assembly 2016: a summary by Osborne Clarke

What better way to celebrate “Digital Week” than to attend the Digital Assembly 2016, organised by the European Commission in cooperation with the Slovak Presidency of the EU Council? And…

Online platforms under investigation in the Netherlands: Is data collected by online platforms a source of market power?

One of the key themes in the European Commission’s Digital Single Market (DSM) strategy is the role of online platforms (see here for the Commission’s page on platforms). The Commission…

Public beneficial ownership registers coming to Caymans, BVI and Bermuda

British Overseas Territories (BOTs) will have to create public beneficial ownership registers for companies registered in their jurisdiction by 31 December 2020.  BOTs are being mandated to introduce public beneficial…

Latest details about beneficial ownership register for non-UK entities holding UK real estate and public procurement contracts

The UK government has set out its thinking on how the forthcoming beneficial ownership register for overseas entities holding UK real estate and public procurement contracts will work ahead of…

New UK law to create ‘world’s first’ public register of overseas property owners and public contract bids

The UK government has set out a timetable for a new law which will require overseas entities that own UK property or bid for UK public procurement contracts to disclose…

Beneficial owners of UK property and bidders for UK public procurement contracts to be disclosed under laws planned for 2018

Entities that hold UK property or enter into UK public procurement contracts will have to register their beneficial ownership information in a public register under government plans.  Legislation is scheduled…

Extension of PSC register: UK AIM companies are now in scope

UK AIM companies are now within scope of the persons with significant control (PSC) register regime, as a result of changes which came into force on 26 June 2017.  Changes…

Extension of PSC register: what do funds with Scottish LPs in their structure need to know?

Scottish limited partnerships (Scottish LPs) are now within scope of the persons with significant control (PSC) register regime, as a result of changes which came into force on 26 June…

PSC register changes came into force this week

Changes to the register of people with significant control (PSC) regime came into force on 26 June 2017.  The changes were expected for some time, but not confirmed until late…

Changes to the PSC register regime coming in June 2017

Companies House has published some details about the changes to the “people with significant control” (PSC) register regime due to take effect on 26 June 2017. The changes are being…

PSC register data under the spotlight

The UK’s people with significant control register – a register which records the beneficial owners of UK companies and limited liability partnerships – has been public since June 2016.  So…

UK beneficial ownership register for trusts confirmed for Summer 2017 | Q&A

The UK government has confirmed that a beneficial ownership register for trusts will operate from Summer 2017. The register is being created as part of the UK’s implementation of the…

UK government plans beneficial ownership register for trusts

The UK government has published a consultation on the introduction of a beneficial ownership register for trusts administered in the UK and non-resident trusts with a UK source income. The…

Changes to the PSC register regime, including an extension to Scottish limited partnerships and possibly to AIM companies

The UK government has today published a consultation on proposed changes to the “people with significant control” (PSC) register regime which are necessary to implement the 4th Money Laundering Directive…

PSD2 authorisation and registration – clarity at the EU and UK level?

Hot on the heels of the EBA publishing its final report setting out guidelines on the information to be provided by applicants intending to obtain authorisation as a payment institution…

PSD2: FCA consults on approach to monitoring and enforcing Payment Services Regulations 2017

On 13 April 2017, the FCA published its consultation paper on the implementation of PSD2. The paper proposes a revised Approach Document which will set out the FCA’s approach to…

Payments Services: Regulatory Timeline

The next couple of years will see a range of legislative and regulatory developments affecting those in the payment services industry. Our timeline sets out some of the key dates…

PSD2: HM Treasury consultation

On 2 February, we finally saw the HM Treasury consultation paper on the implementation of PSD2 and the draft regulations. The paper confirms that the government’s default approach for implementing…

PSD2: Expected timing for UK consultations

During the PSD2 Stakeholder Liaison Group meeting held on 1 December 2016, the Financial Conduct Authority (FCA) discussed its provisional consultation timing and sought views on industry readiness. The FCA…

Payments Law Update: Autumn 2016

Welcome to the latest edition of Osborne Clarke’s Payments Law Update. We hope that you find it interesting. If you would like to discuss any of the content, or have…

PSD2: EBA regulatory technical standards consultation paper published on strong customer authentication

Pursuant to its mandate under the second Payment Services Directive (PSD2), the European Banking Authority (EBA) issued a consultation paper and draft Regulatory Technical Standards (RTS) on strong customer authentication and…

Banking without barriers: how changes to the payments industry affect your business

Payments are at the heart of commerce: every business makes and receives payments and wants to do so reliably, promptly and without excessive administrative burdens or costs. The payments sector…

FCA ‘Call for Input: the FCA’s approach to the current payment services’

The Financial Conduct Authority has sought stakeholder views on the guidance it provides to payment service providers, and those firms seeking to become authorised for such, on the regulatory regime…

Paul Anning talks to Finextra about PSD2 at the NextGen Banking Event

On 3 March 2016, Finextra hosted a one-day event bringing together more than 200 people to hear the thoughts of industry expert speakers – incuding challenger banks, established banks, fintech…

PSD2: EBA discussion paper on strong customer authentication and secure communication

The European Banking Authority (“EBA”) issued a discussion paper on strong customer authentication and secure communication on 8 December 2015. Responses to this discussion paper will inform the development of…

European Parliament adopts PSD2

What’s new?  The European Parliament has now adopted a European Commission proposal for a revised Directive on Payment Services (PSD2) to replace the original Directive from 2007. It is expected…