Europe

Sanctions

Western Allies Announce New Sanctions to Deter Russia

By Manesh Samtani | 21/07/2023

US sanctions include Russian metal producers and financial institutions. Canada targeted Russia’s military-industrial complex. UK, Australia and EU also have new targets.

Capital / Liquidity

European Parliament Advances ESG Update to Solvency II

By ESG Investor | 21/07/2023

The position to update Solvency II includes provisions for transition planning aligned to CSRD and explicit integration of ESG risks into insurers’ risk management processes.

Securities / Derivatives

Shanghai, Shenzhen Bourses Tighten Rules on GDR Listings

By Manesh Samtani | 20/07/2023

The new rules are aimed at preventing Chinese investors participating in GDR offerings from exploiting home market price differences.

AML / KYC

US Fed Fines Deutsche Bank for Slow Remediation of AML Deficiencies

By Editors | 20/07/2023

The Fed Board said Deutsche Bank made “insufficient remedial progress” under 2015 and 2017 consent orders and still has deficient AML internal controls and governance processes.

Market Infrastructure

EU Commission Seeks to Further Extend Transition Period for Third-country Benchmarks

By Manesh Samtani | 20/07/2023

The European Commission says the extension is necessary to avoid destabilising the asset management sector and financial stability risks.

UK FCA Proposes New Guidance to Tackle Unlawful Social Media Promotions

By Editors | 18/07/2023

The guidance discusses how the use of ‘finfluencers’ and memes on social media could potentially breach the FCA’s rules on financial promotions.

AML / KYC

EU Commission Takes Action Against Cyprus for 5AMLD Implementation Failures

By Editors | 18/07/2023

The European Commission says it has identified multiple instances of incorrect transposition of 5AMLD, despite Cyprus declaring full compliance with the directive.

ESG / Sustainability

UK Lawmakers Launch Inquiry into Sexism in Finance

By Editors | 17/07/2023

The inquiry will examine the progress made in removing gender pay gaps, and measures to combat sexual harassment and misogyny in the industry.

Sanctions

UK Issues Sanctions Over Forced Deportation of Ukrainian Children by Russia

By Mark Johnston | 17/07/2023

The UK has imposed 14 new sanctions on Russian officials for their role in the forced deportation of Ukrainian children to Russia-based re-education camps.