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Europe
Enforcement
Former London Trader Allowed to Appeal LIBOR Rigging Conviction
By Editors | 07/07/2023
Tom Hayes was the first person to be convicted of rigging LIBOR. He was released from jail in 2021 after serving half of an 11-year sentence.
Market Infrastructure
EBA Publishes Validation Requirements for Initial Margin Models
By Editors | 06/07/2023
The standards include a “pragmatic and simplified” supervisory procedure applicable to smaller counterparts as well as easier documentation, governance and outsourcing requirements.
Capital / Liquidity
More Foreign Banks in UK May Have to Convert Branches to Subsidiaries
By Editors | 06/07/2023
The BOE is considering reducing the thresholds for requiring foreign banks to set up subsidiaries, as part of a review prompted by SVB’s collapse.
AML / KYC
Upper House of UK Parliament Approves Economic Crime Bill
By Editors | 05/07/2023
The bill will boost corporate transparency, enable more effective seizure and recovery of crypto assets, and introduce new ‘failure to prevent’ offences.
Enforcement
European Commission Proposes Rules to Enhance GDPR Enforcement Efficiency
By Editors | 04/07/2023
The GDPR Procedural Regulation aims to streamline cooperation between data protection authorities by harmonising some administrative procedures in cross-border cases.
Fintech / Regtech
EU Proposes Measures to Enable ‘Open Finance’ and Tackle Payments Fraud
By Editors | 02/07/2023
Payment service providers will gain a legal basis to voluntarily share payment fraud related information via dedicated IT platforms.
AML / KYC
UK to Further Restrict Russian Access to Legal Services
By Editors | 30/06/2023
New law will prevent lawyers from advising Russian companies in international money lending and trade deals.
Enforcement
UK: Financial Services and Markets Act Receives Royal Assent
By Editors | 29/06/2023
The Act sets a path to reform Solvency II, gives the FCA regulatory powers over crypto, and provides stronger protections for victims of APP fraud.
Crypto / Digital Assets
EU Commission Issues Legislative Proposal to Introduce CBDC
By Editors | 29/06/2023
The ECB will decide whether to move to the next phase of the project after its investigation phase is concluded in October.
Crypto / Digital Assets
BIS Releases Interim Report on Project Mariana
By Editors | 29/06/2023
Project Mariana is studying the use of DeFi automated market makers and wholesale CBDC for cross-border foreign exchange transactions.
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