WORD OF THE DAY® – Clean-Up Call
The European Banking Authority (EBA) has released an ESG dashboard, accompanied by a press release, establishing a comprehensive framework to improve the monitoring of climate-related risks within the EU/EEA banking sector...more
The value of European banking M&A hits its highest point in a decade as lenders hunt for growth across the continent - A potential ramping-up in European banking M&A has become a hot topic as a lower net interest margin...more
The first two instalments of the EU’s much anticipated omnibus packages of simplification were published on 26 February. The Commission proposes amendments to the Corporate Sustainability Reporting Directive (CSRD), the...more
The Digital Operational Resilience Act (DORA) establishes a harmonised and comprehensive framework for information and communication technology (ICT) risk management in the financial sector. It is a directly applicable EU...more
Many governments are grappling with the question of how to regulate artificial intelligence to ensure it is adopted safely and used responsibly without hampering innovation. Governments have generally indicated similar...more
UK & European Financial Services M&A: Sector Trends H2 2023 | H1 2024 - 3 key drivers of bank M&A: - Arrival of long-awaited mammoth consolidation deals: Italy’s UniCredit and Spain’s BBVA sound the charge. - “Challenger”...more
The Irish government has been supportive of the development of the financial services sector in Ireland and this extends to fintech. The government’s strategy for the development of Ireland’s international financial services...more
In this week’s edition, our focus remains on carbon credits where the first ever set of “Core Carbon Principles”-labelled carbon credits were approved. The three European supervisory authorities publish their final reports on...more
In our previous alert “Acquiring or Investing in EU Crypto-Asset Businesses: MiCA’s Impact,” we discussed the impact of the European Union (EU) Markets in Crypto-Assets Regulation (MiCA) on the acquisition or investment in EU...more
Crypto Custody Providers Launch Institutional Focused Offerings - According to a recent press release by BitGo, a major U.S. cryptocurrency custody provider, BitGo’s GoNetwork and Copper’s ClearLoop have entered into a...more
On 17 October 2023, the European Securities and Markets Authority (ESMA) published a statement (the Statement) clarifying the timeline for implementation of the Regulation on Markets in Cryptoassets ((EU) 2023/1114) (MiCA)...more
The securitisation industry is already very familiar with data reporting requirements. The growing need for disclosure supporting sustainability credentials will only add to this. We discuss below issues relating to ESG...more
Crypto Firms Announce New Product Launches in Custody, Stablecoins, Wallets - According to a recent press release, Prometheum Capital has received the first-ever approval from the Financial Industry Regulation Authority...more
April 19, 2023- The U.S. House Committee on Financial Services Subcommittee on Digital Assets held a hearing entitled, "Understanding Stablecoins' Role in Payments and the Need for Legislation."...more
March 7, 2023- The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, "The Semiannual Monetary Policy Report to the Congress." March 7, 2023- U.S. Senator Ben Cardin (D-MD), Chairman of...more
November 14, 2022- The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC), alongside the U.S. Department of State, sanctioned a transnational network procuring technology that supports the Russian...more
Major Developments- Justice Department Announces Enforcement Action Charging Six Individuals with Cryptocurrency Fraud Offenses in Cases Involving Over $100 Million in Intended Losses...more
Major Developments- Federal Reserve Board- Federal Reserve Board releases results of annual bank stress test- June 23, 2022- The Federal Reserve Board released the results of its annual bank stress test....more
Major Developments- Federal Reserve issues FOMC statement- June 15, 2022- The Federal Reserve issued a statement regarding the Federal Open Market Committee meeting held June 14-15.-...more
Of particular note this week, HM Treasury published a policy paper on ‘Greening Finance: A Roadmap to Sustainable Investing’ which sets out the UK government’s ambition to support the financial services sector to align with...more
Key developments of interest over the last month include: Europe: EBA consults on proposed guidelines on limited network exclusion under PSD2 UAE: Central bank issues Retail Payment Services and Card Schemes Regulation United...more
UK and Singapore Financial Partnership on financial services HM Treasury has announced that it has agreed a new "Financial Partnership" between the UK and Singapore which will support increased financial services between the...more
Our weekly update on key regulatory topics affecting the financial services sector....more
ANTITRUST AND COMPETITION - The European Commission Opens a New Investigation in the Pharma Sector - On 4 March 2021, the European Commission (Commission) has opened a formal investigation into alleged misuses of patent...more
CRD V and BRRD II-derived UK legislation: PRA statement on application of temporary transitional power - The UK Prudential Regulation Authority (PRA) has published a statement on the application of its temporary...more