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Omar Salem

Financial Regulation Partner @ Fox Williams | Ex-Fintech GC & Linklaters

Omar Salem is a regulatory partner in the financial services and FinTech team at Fox Williams, based in London, England, United Kingdom.1 He has over 500 connections on LinkedIn and specializes in financial regulation and FinTech.1 Recently, Omar participated in a discussion with Leaders Plus Alumni & Mentors about the future of work and how to make workplaces more inclusive.2 He also commented on new FCA and PRA guidance regarding the change in control regime, demonstrating his expertise in financial regulation.3

Highlights

Sep 2 · linkedin

With only a few months until DORA becomes applicable in the EU, there has naturally been a lot of focus on it. However, it's worth remembering that, in the UK, the end of the transitional provisions for the FCA's Operational Resilience requirements is impending, while the FCA's and PRA's Critical Third Parties regime is being finalised.

By 31 March 2025, the FCA's Operational Resilience requirements will mean that firms will need to be able to remain within the impact tolerances they have set for each of their important business service. Firms should have already (by 31 March 2022!) carried out mapping and scenario testing to identify their important business services, set impact tolerances and identify any vulnerabilities in their operational resilience.

In addition, the FCA and PRA are continuing to develop the Critical Third Parties regime, which will extend regulation to certain service providers that FCA and PRA regulated firms rely on. With the consultation on the proposals having closed in March, we should expect the final policy statement and rules to be published soon.

So, while DORA might be getting a lot of attention at the moment, it's also important not to forget about the UK's own Operational Resilience and Critical Third Party requirements!


Photo by Towfiqu Barbhuiya on Unsplash.

Aug 12 · linkedin

Interesting mood music from HM Treasury on the PSR’s APP fraud reimbursement 7 October deadline….

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Omar Salem
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Location

London, England, United Kingdom