Europe

Emerging Prudential Risks

UK Considers Use of Climate Risk Capital Buffers

By Editors | 31/10/2021

The Bank of England is exploring whether to use capital add-ons or scalars to address weaknesses in climate risk management.

Capital Adequacy

EU Defers Full Basel III Implementation to January 2025

By Manesh Samtani | 29/10/2021

The EU’s Basel III package of rules includes requirements for banks to under climate stress testing as well as identify, disclose and manage ESG risks.

Structural Regulation

S&P-IHS Deal Wins Regulatory Approval in Europe

By Ranamita Chakraborty | 28/10/2021

The European Commission accepted commitments by S&P Global and IHS Markit to divest businesses that raised competition concerns.

Payments & Settlements

EBA Clearing, SWIFT, TCH Collaborate on Cross-Border Payments

By Mark Johnston | 12/10/2021

A POC has been completed that uses existing payment systems in the US and Europe to achieve synchronised settlements in cross-border payments.

Anti-Money Laundering

Germany’s BaFin Fines N26 Over Weak AML Controls

By Editors | 07/10/2021

The €4.25mn fine was paid in July but only made public by BaFin on 29 September. N26 says it already addressed the problems.

Data Privacy

EDPB Issues Opinion on Adequacy of Korea Data Protection Regime

By Editors | 07/10/2021

The EDPB says Korea’s data protection framework presents “numerous similarities” to Europe’s, but certain aspects may require “a closer look and clarification”.

Fraud, Scams & Cybercrime

US to Gather 30 Countries to Coordinate Ransomware Response

By Editors | 06/10/2021

The Counter-Ransomware Initiative is aimed at improving law enforcement collaboration and stemming the illicit use of cryptocurrency.

Structural Regulation

FCA Consults on Permitted Use of Synthetic LIBOR Rates

By Manesh Samtani | 29/09/2021

The FCA proposes to permit legacy use of synthetic GBP and JPY LIBOR in all contracts except cleared derivatives for the duration of 2022.

Sustainable Finance

China, EU to Publish Common Taxonomy by Year-End

By Sanday Chongo Kabange | 29/09/2021

The China-EU common taxonomy for sustainable finance will make it easier for other countries to recognise China’s green financial assets, PBOC officials say.