Europe

Structural Regulation

UK Treasury Consults on Digital Securities Sandbox

By Sanday Chongo Kabange | 13/07/2023

The proposed Digital Securities Sandbox will enable firms to test issuance and trading of digital securities.

Trading & Investment

UK Seeks to Undo EU Restrictions on Short-Selling Gilts

By Editors | 13/07/2023

HM Treasury proposes to eliminate EU-mandated rules that govern investors’ short positions in government debt and credit-default swaps.

Anti-Money Laundering

EU Central Banks Making Progress in Money Laundering Fight

By Ranamita Chakraborty | 12/07/2023

The European Banking Authority (EBA) called upon EU central banks and financial regulators to do more to tackle money laundering/terrorist financing risk despite having made tangible progress through prudential supervision.

Structural Regulation

UK to Reverse MiFID II Research Unbundling Rules

By Manesh Samtani | 12/07/2023

The move is aimed at enhancing the appeal of the UK’s financial services sector and foster a more vibrant and competitive research environment.

PEPs & Sanctions

UK to Strengthen Sanctions Regime to Target Iran

By Editors | 09/07/2023

The move is a response to “more than 15 credible threats” by the Iranian regime to “kill or kidnap British or UK-based individuals”.

Market Abuse

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.

Model Risk

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.

Structural Regulation

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.

Anti-Money Laundering

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.