Europe

The civil and criminal penalties and forfeitures will resolve a decade-long scheme to bribe foreign officials in seven countries and an oil price manipulation conspiracy.

Without early action, the UK's largest banks and insurers would suffer climate-related losses worth $418bn by 2050.

MAS and SIF will work towards enabling data flows (including personal information) within financial groups, supported by free choice of location for data storage and processing.

New non-tradable EUR-denominated reference rates and real-time indices for Bitcoin and Ether will be published starting 6 June.

Banks would be required to report all off-exchange trades in aluminium, copper, nickel, tin and zinc on a weekly basis.

ESMA found that reported trade activity data could be used to track the evolution of Archegos’ positions in individual stocks and analyse the mark-to-market value of its portfolio of swaps.

Foreign banks could fall under US sanctions if they provide material support to a person or entity sanctioned by the US.

Details on the SDRs were omitted from a new financial services bill outlined during the Queen’s Speech last week.

The agenda includes support for safe crypto adoption, stronger powers to tackle illicit finance, and better fraud protections for consumers.

Ari Redbord outlines what crypto-asset service providers need to understand as discussions continue on an EU-wide regulatory framework for crypto.