Europe

EU Considers Ban on Inducements for Selling Retail Investment Products

By Editors | 11/01/2023

A ban on banks paying inducements to distributors, brokers and investment advisors would fundamentally change banking business models.

AML / KYC

UK FCA Fines Nigeria’s Guaranty Trust Bank for AML Weaknesses

By Editors | 11/01/2023

The FCA said the bank’s behaviour mirrored previous misconduct, for which it was also fined in 2013 and had restrictions imposed in 2018.

ESG / Sustainability

Thai SEC Signs New Financial Services MoU with UK

By Editors | 11/01/2023

The MoU will focus on developing the FinTech sector, promoting sustainable finance, and increasing awareness of sustainable investment in Thailand and other ASEAN countries.

Market Infrastructure

BaFin Orders Deutsche Börse Entities to Remedy Deficiencies

By Editors | 10/01/2023

Business organisation and risk management deficiencies were identified at Eurex Clearing, Clearstream Banking and Clearstream Holding.

Crypto / Digital Assets

ECB Seeks Experts to Help Draft CBDC Rulebook

By Editors | 09/01/2023

The Rulebook Development Group will commence work in February 2023, comprising Eurosystem staff and market representatives with relevant experience.

Crypto / Digital Assets

UK Adds Cryptoassets to Investment Manager Exemption

By Editors | 08/01/2023

Global investors using UK investment managers will not be subject to UK tax if they include cryptoassets within their portfolios.

Market Infrastructure

RBI Working to Mitigate Risks from ESMA Decision on Indian CCPs

By Mark Johnston | 05/01/2023

The RBI said it is engaging with European regulators and discussing “alternate arrangements” to avert a market disruption that could result from ESMA’s derecognition of Indian CCPs.

AML / KYC

Dutch Banks Start Charging Customers for AML Checks

By Editors | 04/01/2023

Companies, associations, charities and churches, among others, are being charged a monthly levy to cover the rising cost of AML checks.

Market Infrastructure

China, Switzerland Mutually Recognise Audit Standards as Equivalent

By Editors | 02/01/2023

The equivalence decision is expected to reduce audit costs, improve audit efficiency, and deepen Sino-Swiss economic, trade and financial cooperation.