Europe

Structural Regulation

HSBC Forms New ‘Innovation Banking’ Division Out of SVB UK Acquisition

By Sanday Chongo Kabange | 13/06/2023

The new ‘HSBC Innovation Banking’ brand will roll out globally in the coming months, with innovation-focused teams in the UK, US, Israel and Hong Kong.

Resolution & Recovery

UBS Closes Credit Suisse Deal, Imposes ‘Red Lines’ on Bankers

By Manesh Samtani | 13/06/2023

FINMA said its intensive supervision will “definitely continue”. MAS said it expects both banks to handle the implications for jobs “responsibly”.

Cryptocurrency

UK: New Rules for Advertising Crypto to Take Effect in October

By Editors | 11/06/2023

All cryptoasset firms marketing to UK consumers, including firms based overseas, will need to comply with the new rules.

Resolution & Recovery

Credit Suisse Rescue Deal to Undergo Parliamentary Probe

By Editors | 11/06/2023

UBS has meanwhile finalised a guarantee agreement with the Swiss government and is now expected to close its Credit Suisse acquisition on Monday (12 June).

PEPs & Sanctions

EU Council Seeks to Criminalise Sanctions Circumvention

By Editors | 10/06/2023

EU member states would be obligated to criminalise sanctions circumvention, including activities to help bypass an EU travel ban or trade in sanctioned goods.

Cryptocurrency

MiCA Text Published in EU Official Journal

By Karen Ng | 10/06/2023

The provisions on stablecoins will be enforced from 30 June 2024. The provisions for crypto asset service providers will be enforced starting 30 December 2024.

Fraud, Scams & Cybercrime

In Global First, UK to Require Banks to Reimburse Fraud Losses

By Karen Ng | 08/06/2023

The Payment Systems Regulator will make it mandatory for banks, building societies and payment firms to reimburse victims of APP fraud.

Cryptocurrency

Russia Drops Plan to Establish National Crypto Exchange

By Mark Johnston | 06/06/2023

The country now plans to create rules that will enable multiple crypto trading platforms to be established and conduct cross-border transactions.

Reporting & Disclosures

EU Watchdogs Settle on Greenwashing Definition

By ESG Investor | 06/06/2023

The EBA, EIOPA and ESMA have put forward a common high-level definition of greenwashing applicable to banking, insurance and pensions and financial markets.