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International In-house Counsel Journal logoInternational In-house Counsel Journal logo

Impact of Financial Regulations on Information and Communication Technology Providers

Abstract

The digitalization of financial services is supporting the simplification of day-to-day life, making financial services available round the clock and easily accessible to the most remote parts of the globe. Online banking, digital signatures, appID authentication, digital wallets and a cash free culture, to name a few of the practical examples of how life has moved on with a distinct cultural change underpinning most, if not all, aspects of our lives. Most customers use digital products as a matter of course nowadays; gone are the days when digital account opening was seen as an exciting innovation. In addition, the flexibility that digitalization provides in the daily work life is playing an important role when it comes to recruiting and retaining employees.

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Authors

Portrait image of Sofia Skroubi
Sofia Skroubi
Senior Associate General Counsel, Nasdaq , Sweden

Sofia Skroubi has an LLB, Hons in English & European Laws and a Masters (LLM) on International Trade Law & Finance, from Essex University and she holds an HNC in Business & Finance. She is admitted as a Solicitor of the Senior Courts of England & Wales and as an Attorney at Law of the Athens Bar Association. She started her career in private practice as an asset finance Associate, specializing mainly in shipping finance. She moved in-house in 2006 as a financial services lawyer, initially with J P Morgan Chase Bank and later with the Bank of New York Mellon and HSBC Bank. She has held various senior positions within legal teams, specialising in securities services and specifically: global custody and clearing, network management, triparty and derivatives collateral management, securities financing, and liquidity management. Throughout the years she was primarily based in London, however also supported business activities in New York, Asia, and Paris, with relevant on-site secondments. She is currently based in Stockholm and employed by Nasdaq as a Senior Associate General Counsel and leading from a legal perspective on EU cloud initiatives across all Nasdaq EU regulated entities. Sofia is a certified full Member of the Chartered Institute of Securities & Investments (CISI) since 2015. She is also a member of the Foreign Lawyers in Sweden network.

Portrait image of Andreas Gustafsson
Andreas Gustafsson
Senior Advisor, Nasdaq, Sweden

Andreas Gutafsson has studied Law and Business at the University of Uppsala. He started his career as a Legal Counsel with the Swedish Supervisory Authority where he held positions within the legal department for investment firms and the supervisory department for marketplaces. During his time with the Swedish FSA he participated in working groups within the EU supervisory authorities and regulatory bodies and the Swedish Ministry of Finance and was seconded to the UK FSA within the Policy Unit of the marketplace department. During that time, he was also a member of the Swedish governmental implementation group for MiFID II. Since 2005 he has been employed by Nasdaq where he has held various positions: VP and Head of Nordic & Baltic Legal, including a secondment to the Washington DC office, Chief Counsel Europe, and most recently Senior Vice President and General Counsel Europe, leading a team of approximately 100 lawyers, compliance officers and surveillance employees, as well as governmental relations. He is a Member of CityUK´s International Regulatory Strategy Group, the Corporate Governance Code group in Sweden and was a Member of ESMA´s Securities and Markets Stakeholders Group during 2019 and 2020.

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