Europe

AML / KYC

EU Council Formally Adopts New Legal Framework for Crypto

By Sanday Chongo Kabange | 17/05/2023

New rules under MiCA cover issuers of utility tokens, asset referenced tokens, stablecoins, service providers such as trading venues, and wallets where crypto-assets are held.

AML / KYC

EU Enters Trilogue Discussions on Proposed New AML Authority

By Mark Johnston | 17/05/2023

The new Anti-Money Laundering Authority would directly supervise high-risk financial entities and coordinate national authorities and FIUs.

Enforcement

ECB Fines Goldman Sachs for Miscalculating RWA

By Editors | 17/05/2023

Goldman’s European unit reported lower RWA for credit risk than it should have done for eight consecutive quarters.

ESG / Sustainability

Stewardship Dialogue Must be Ongoing – FCA

By ESG Investor | 13/05/2023

UK regulator seeks evidence of barriers to collaborative engagement, expects consultation responses to feed into review of ‘macro’ stewardship.

Fintech / Regtech

Key Committees in EU Parliament Vote to Adopt “AI Act”

By Editors | 13/05/2023

The rules are aimed at supporting AI innovation while also protecting rights, strengthening oversight, and ensuring mature governance and enforcement.

EU Backtracks on Financial Advice Inducement Ban – Report

By Editors | 13/05/2023

The new plan is to limit the proposed ban on inducement payments to “execution-only” sales of investment products where no financial advice is delivered.

Sanctions

EU Commission Proposes Sanctions Against Chinese Companies

By Editors | 09/05/2023

The proposals also include sanctions on Iranian companies, measures to restrict sales of certain products to third countries, and powers to ban oil tankers that conceal their location.

Fintech / Regtech

BIS to Test Quantum Resistant IT Environments for Financial System

By Editors | 09/05/2023

“Project Leap” will test the ability of a quantum-resistant algorithm to maintain the confidentiality of payment messages transmitted between Banque de France and Deutsche Bundesbank.

Enforcement

UK FCA Fines Banque Havilland for Alleged Manipulative Trading

By Sanday Chongo Kabange | 06/05/2023

Banque Havilland employees including the CEO created and distributed a document containing “manipulative trading strategies” aimed at harming Qatar’s economy.