Europe

Capital / Liquidity

EU Banks Will Have to Meet 1,250% Crypto Risk Weight Early

By Manesh Samtani | 19/02/2023

A draft law confirms that the 1,250% risk weight set by the BCBS will apply to crypto asset exposures. But EU banks are asked to comply before the rule is legally binding.

Enforcement

US, UK Sanction Bulgarian Nationals for Corruption Offences

By Editors | 19/02/2023

The UK issued sanctions under its Global Anti-Corruption Sanctions Regime. The US sanctions were imposed under the Magnitsky Act.

Market Infrastructure

UK CCPs Directed to Update Outsourcing Agreements by Feb 2024

By Mark Johnston | 19/02/2023

New supervisory statement requires UK CCPs to update legacy outsourcing agreements by by 9 February 2024.

AML / KYC

All Crypto ATMs Operating in the UK Are Illegal: FCA

By Editors | 18/02/2023

No crypto ATM operators currently have FCA registration, but the locations of several such machines have been established by authorities.

Crypto / Digital Assets

Siemens Issues First Blockchain-based Digital Bond

By Editors | 17/02/2023

Siemens said it sold the bond directly to investors without engaging CSDs, and the transaction was completed within two days.

Fintech / Regtech

UK Proposes Draft Legislation to Regulate BNPL Products

By Editors | 15/02/2023

The legislation will bring BNPL products under the FCA’s regulatory remit, and require BNPL providers to conduct affordability checks.

Crypto / Digital Assets

EU Commission Launches Regulatory Sandbox for DLT Innovators

By Editors | 15/02/2023

The sandbox establishes a pan-European framework for regulatory dialogue to increase legal certainty for innovative blockchain solutions.

AML / KYC

EU Adds Four Countries to List of Uncooperative Tax Jurisdictions

By Editors | 15/02/2023

BVI, Costa Rica, Marshall Islands and Russia were added to the list. Hong Kong and Malaysia were granted an extension to complete reforms.

Big Picture

ECB Concerned with Russia Exposures, Bad Debt Risks

By Editors | 14/02/2023

The ECB says it would welcome more exits from Russia by eurozone banks, and that higher borrowing costs could lead to a build-up of bad loans.