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Circular Economy: Commission welcomes Council final adoption of new rules on single-use plastics to reduce marine plastic litter

23 May 2019

The Council of the EU adopted the ambitious measures proposed by the Commission to tackle marine litter coming from the 10 single-use plastic products most often found on European beaches, as well as abandoned fishing gear and oxo-degradable plastics. The rules on Single-Use Plastics items and fishing gear envisage different measures to apply to different product and place the EU at the forefront of the global fight against marine litter. Where alternatives are easily available and affordable, single-use plastic products will be banned from the market, such as cutlery, plates and straws. For other products, the focus is on limiting their use through a national reduction in consumption; on design and labelling requirements; and waste management/clean-up obligations for producers. Continue reading…

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Working group on euro risk-free rates seeks feedback on EONIA to €STR legal action plan

22 May 2019

The working group on euro risk-free rates has launched a public consultation on its draft recommendations to address the legal implications for new and legacy contracts referencing the euro overnight index average (EONIA) as a result of the proposed transition from EONIA to the euro short-term rate (€STR). The EONIA legal action plan addresses two events: (i) the proposed change to the methodology for computing EONIA on 2 October, whereby it will become €STR plus a spread; and (ii) the discontinuation of EONIA at the end of 2021. Continue reading…

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FSB Americas group discusses regional vulnerabilities, market fragmentation, SME finance and correspondent banking

21 May 2019

The Financial Stability Board (FSB) Regional Consultative Group (RCG) for the Americas met in Buenos Aires at a meeting hosted by the Central Bank of Argentina. FSB Chair Randal K. Quarles joined RCG members for the meeting. The group received an update on the FSB’s work programme and the deliverables to the June G20 meetings in Japan. The FSB’s work programme in 2019 is focused on new and emerging vulnerabilities and how they may be addressed; finalising and operationalising post-crisis reforms; evaluating the effects of the reforms; and enhancing the FSB’s transparency and external outreach. Continue reading…

Α renewed partnership with Central Asia

20 May 2019

The European Union outlined its vision for a renewed partnership with Central Asia, updating its strategy on relations with the region first set out in 2007. The new Joint Communication adopted by the European Commission and the High Representative of the Union for Foreign Affairs and Security Policy Federica Mogherini sets out a fresh vision for a stronger partnership with the five countries of Central Asia: Kazakhstan; the Kyrgyz Republic; Tajikistan; Turkmenistan; and Uzbekistan. It comes at a key moment of fast-developing Euro-Asian connectivity, reform and opening up in some of the countries of the region, and new momentum for regional cooperation. Continue reading…

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Role as foreingn exchange Cartels costs five Banks a fine of 1.07 billion euro’s

17 May 2019

The European Commission fined Citigroup, Barclays, JPMorgan Chase, Mitsubishi UFJ Financial Group and the Royal Bank of Scotland a combined 1.07 billion euro’s ($1.2 billion), for their roles in foreign exchange trading cartels. Individual traders at the five banks involved formed two cartels, said the European Commision and these traders manipulate the spot foreign exchange market for 11 currencies, including the dollar, the euro and the pound. Continue reading…

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Malthouse launches £8.5 million fund to help communities deliver discounted homes

16 May 2019

A multi-million-pound support package to deliver thousands of discounted homes was launched by Housing Minister Kit Malthouse MP. Volunteer groups will be able to apply from Monday for between £10,000 and £50,000 to help identify suitable sites for discounted homes, get planning permission for them and to provide other technical support. Further free specialist advice and guidance will also be made available for those who participate in the pilot. Continue reading…

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FCA publishes Decision Notices against three firms and five individuals for acting without integrity in relation to their pension advice business and misleading the FCA

15 May 2019

The Financial Conduct Authority (FCA) has published Decision Notices in respect of three firms (Financial Page Ltd, Henderson Carter Associates Limited and Bank House Investment Management Limited) and five individuals (Andrew Page, Thomas Ward, Aiden Henderson, Robert Ward and Tristan Freer). Andrew Page, Thomas Ward, Aiden Henderson, Robert Ward, Tristan Freer and BHIM have referred their Decision Notices to the Upper Tribunal where the parties will present their respective cases. Any findings in the Decision Notices are therefore provisional and reflect the FCA’s belief as to what occurred and how it considers their behaviour should be characterised. Continue reading…

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EU leaders send a message of unity and confidence in their future joint actions

14 May 2019

European Commission President Jean-Claude Juncker participated in the Informal meeting of EU27 heads of state or government in Sibiu, Romania, where leaders celebrated Europe Day focusing on strategic plans for the Union in the coming years. At the press conference President Juncker said that today EU leaders demonstrated solid unity underlining that “we have achieved a lot together: we agreed on 348 proposals, 90% of them through unanimity; unemployment and deficits are down compared to 2014 and growth is up. Unity matters and this is our way to the future.” Continue reading…

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Basel Committee reports on Basel III implementation progress

13 May 2019

The Basel Committee on Banking Supervision issued the Sixteenth progress report on adoption of the Basel regulatory framework. As noted by the Group of Central Bank Governors and Heads of Supervision (GHOS), the Committee’s oversight body, its members expect full, timely and consistent implementation of the finalised Basel III reforms by member jurisdictions. The progess report sets out the adoption status of Basel III standards for each Committee member jurisdiction as of end-March 2019. It includes the Basel III post-crisis reforms published by the Committee in December 2017 and the finalised market risk framework published in January 2019. These reforms will take effect from 1 January 2022. Continue reading…

financial stability

FSB RCG for the MENA discusses market fragmentation, reforms to interest rate benchmarks and financial stability surveillance frameworks

10 May 2019

The Financial Stability Board (FSB) Regional Consultative Group (RCG) for the Middle East and North Africa (MENA) met in Istanbul. Members of the FSB RCG MENA received an update on the FSB’s work programme and deliverables to the June G20 meetings next month in Japan. The FSB’s work programme in 2019 is focused on new and emerging vulnerabilities, including potential financial stability issues arising from market fragmentation and FinTech, and how they may be addressed; finalising and operationalising post-crisis reforms; evaluating the effects of the reforms on, for example, financing to small and medium-sized enterprises;correspondent banking; and reinforcing outreach to stakeholders. Continue reading…