The EU has introduced Delegated Regulation (EU) 2025/1190, establishing the first harmonized standards for threat-led penetration testing ("TLPT") across the financial sector. The regulation aims to strengthen the cyber...more
7/31/2025
/ Credit Institutions ,
Cybersecurity ,
Digital Operational Resilience Act (DORA) ,
Enforcement ,
EU ,
EU Directive ,
Financial Institutions ,
Financial Services Industry ,
G-SII ,
Harmonization Rules ,
Regulatory Requirements ,
Risk Management ,
Technical Standards
The European Union Anti-Money Laundering ("AML") package includes Regulation (EU) 2024/1620 of the European Parliament and of the Council of May 31, 2024, establishing the Authority for Anti-Money Laundering and Countering...more
7/28/2025
/ AML/CFT ,
Anti-Money Laundering ,
Enforcement ,
EU ,
Financial Crimes ,
Financial Institutions ,
Financial Services Industry ,
Money Laundering ,
New Regulations ,
Regulatory Authority ,
Regulatory Oversight ,
Regulatory Requirements
The European Union ("EU") Anti-Money Laundering ("AML") package adopted by the European Parliament and the Council on May 31, 2024, represents a major shift in the fight against money laundering and terrorist financing at the...more
DORA, the first EU regulation designed to establish a unified and robust digital resilience standard for the financial sector, becomes directly applicable on January 17, 2025, introducing significant penalties and...more
Against the backdrop of the comprehensive recast of European Union ("EU") banking legislation, the EU legislator is increasingly focused on Environmental, Social, and Governance ("ESG") risks. In this context, ad hoc...more
The Situation: Prior to the enactment of Capital Requirements Directive ("CRD") VI, corporate governance rules for the financial services industry were not harmonized across EU Member States....more
The Situation: The European Union ("EU") banking legislation has been substantially reviewed and provides notably for a new regime applicable to cross-border activities from non-EU jurisdictions....more
In 2022, anti-money laundering ("AML") and sanctions controls were at the center of regulatory and enforcement activities in the United States and abroad. Globally, governments have continued to recognize the impact of AML...more
An interest group of EU banks that was formed to assist European financial institutions with their use of public cloud technology recently suggested model terms for the compliant use of cloud technology.
On May 17, 2021,...more
The Development: New Regulation (EU) 2020/2176 (the "Regulation") provides regulatory capital relief, allowing certain software assets to be considered when calculating Common Equity Tier 1 ("CET1") capital. It entered into...more
The Situation: On June 3, 2020, the European Securities Market Authority ("ESMA") published a consultation paper on Outsourcing to Cloud Service Providers ("Proposed Guidelines"), which will apply to any institution under the...more
The Situation: The European Banking Authority ("EBA") issued its Action Plan on Sustainable Finance ("Action Plan") on December 6, 2019, setting forth an outline for its deliverables and activities related to environmental,...more
The Situation: The European Banking Authority ("EBA") published its Final Report on EBA Draft Guidelines on Outsourcing Arrangements ("Guidelines") on February 25, 2019, which will eventually replace the existing CEBS...more
The Situation: In response to recent cases of money laundering in European banks, the European Union has released an action plan to reinforce its recently proposed anti-money laundering ("AML") and Countering Financing of...more
The EU Commission is proposing measures to increase financial sector supervision in the wake of money laundering incidents.
The European Commission recently proposed expanding the Europe Banking Authority’s ("EBA") mandate...more
10/2/2018
/ Amended Legislation ,
Anti-Money Laundering ,
Cross-Border ,
EU ,
European Banking Authority (EBA) ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
European Supervisory Authorities (ESAs) ,
Financial Institutions ,
Member State ,
Risk Assessment
The Situation: The European Central Bank ("ECB") has announced that it will set bank-specific supervisory expectations for the provisioning of non-performing loans ("NPLs") in a consistent way across comparable banks, which...more
The Situation: Delayed by two months, the long-awaited bill of President Macron's government relating to economic reforms and simplification of companies' day-to-day operations was tabled to the Cabinet on June 22, 2018....more
7/2/2018
/ Capital Markets ,
Cryptocurrency ,
EU ,
Financial Collateral Directive (FCD) ,
Financial Institutions ,
Financial Markets ,
Financial Regulatory Reform ,
Financial Services Industry ,
Foreign Investment ,
France ,
Initial Coin Offering (ICOs) ,
President Macron ,
Privatization ,
Proposed Legislation ,
Regulatory Agenda ,
Risk Management ,
UK Brexit
President Trump has signed into law the Economic Growth, Regulatory Relief, and Consumer Protection Act ("Act"), with the principal goals of promoting U.S. economic growth, recalibrating burdensome rules, and strengthening...more
6/11/2018
/ Banks ,
Dodd-Frank ,
Economic Growth Regulatory Relief and Consumer Protection Act ,
Federal Reserve ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Mortgage Loan Originators ,
Mortgages ,
Popular ,
Trump Administration ,
Volcker Rule
The Situation: The second EU Payment Services Directive requires banks to give third-party payment service providers ("TPPs") access to the bank accounts of their customers (with their consent), in order to enable TPPs to...more
As the interest in blockchain technology grows, companies will be confronted with numerous decisions, challenges, and legal issues pertaining to its adoption. Relevant matters include the overall design and control of...more
9/6/2017
/ Australia ,
Blockchain ,
China ,
Cybersecurity ,
Distributed Ledger Technology (DLT) ,
Financial Institutions ,
Foreign Jurisdictions ,
France ,
Germany ,
Hong Kong ,
Japan ,
Patents ,
Popular ,
Securities and Exchange Commission (SEC) ,
Singapore ,
Smart Contracts ,
Supply Chain ,
UK