New liability rules on products and AI to protect consumers and foster innovation

05 October 2022

On September 28, the Commission adopted two proposals to adapt liability rules to the digital age, circular economy and the impact of global value chains. Firstly, it proposes to modernise the existing rules on the strict liability of manufacturers for defective products (from smart technology to pharmaceuticals). The revised rules will give businesses legal certainty so they can invest in new and innovative products and will ensure that victims can get fair compensation when defective products, including digital and refurbished products, cause harm. Secondly, the Commission proposes for the first time a targeted harmonisation of national liability rules for AI, making it easier for victims of AI-related damage to get compensation. Continue reading…

President von der Leyen on a new package of restrictive measures against Russia

04 October 2022
Knowledge Base

On September 28, President von der Leyen made a statement on a new package of restrictive measures against Russia. We wanted to present together the eighth package of sanctions. Last week, Russia has escalated the invasion of Ukraine to a new level. The sham referenda organised in the territories that Russia occupied are an illegal attempt to grab land and to change international borders by force. The mobilisation and Putin’s threat to use nuclear weapons are further steps on the escalation path. We do not accept the sham referenda nor any kind of annexation in Ukraine. And we are determined to make the Kremlin pay for this further escalation. So today, we are together proposing a new package of biting sanctions against Russia. Continue reading…

Teemu Salmi: “We are going to put Nixu on the European map much more clearly from now on”

03 October 2022
Knowledge Base

by Michel Klompmaker

We recently spoke in the Amsterdam office of Nixu Corporation with the new CEO Teemu Salmi, also a Nasdaq Helsinki-listed international player in the field of cybersecurity. Nixu is a household name and absolute market leader in the mother country of Finland and now desires to grow further, including in the Benelux. Firstly, let’s provide some background on Nixu and its new CEO. Nixu is not a software supplier, but a cybersecurity services company with the mission to protect businesses against cyber attacks, so that business continuity is and remains assured. Continue reading…

Migrant smugglers using private aircrafts grounded in Belgium and Italy

29 September 2022

Supported by Eurojust and Europol, judicial and law enforcement authorities in Austria, Belgium, Germany, France, Italy and the United States dismantled a criminal network involved in migrant smuggling, document fraud and money laundering. The migrants, mainly Iraqi and Iranian of Kurdish origin, boarded private aircrafts in Türkiye carrying false diplomatic passports. However, the official destinations of the trips (usually the Caribbean) were never reached. During the stopovers at different European airports, including in Austria, France and Germany, the migrants left the plane, disposed of their false passports and systematically applied for asylum. The suspects charged up to EUR 20 000 per smuggled person. Continue reading…

ECB provides details on how it aims to decarbonise its corporate bond holdings

28 September 2022
Knowledge Base

The European Central Bank (ECB) has on 19 September published further details on how it aims to gradually decarbonise the corporate bond holdings in its monetary policy portfolios, on a path aligned with the goals of the Paris Agreement. One goal is to reduce the Eurosystem’s exposure to climate-related financial risk, following the Governing Council’s July 2022 decision to tilt the Eurosystem’s corporate bond purchases towards issuers with a better climate performance. Furthermore, these measures support the green transition of the economy in line with the EU’s climate neutrality objectives. Continue reading…

FCA sets out potential interventions to reform multi-occupancy buildings insurance market

27 September 2022
Knowledge Base

The Financial Conduct Authority (FCA) has on 21 September set out a range of recommendations and other potential remedies designed to give leaseholders greater protections from high prices and ensure the buildings insurance market operates better for leaseholders. Since the Grenfell tragedy leaseholders have been faced with substantially increased costs of insurance. In light of this, the FCA was asked to carry out a review into the market for multiple-occupancy residential buildings insurance and explore ways to provide better value cover for leaseholders.  Continue reading…

Why Voice Recording is Important in Compliance Monitoring for the Finance Industry

26 September 2022
Knowledge Base

by Nigel Cannings

Financial Institutions that fall foul of compliance regulations were fined $2.7 billion in 2021 globally, according to Forbes. This included violations of Anti-Money Laundering (AML) rules, Know Your Customer (KYC) checks and operating guidelines. As financial regulation increases to ensure the safety and security of the financial system and to protect consumers, financial institutions must consider how they can best protect themselves from compliance-related fines. Continue reading…

Equipping Europe with a robust toolbox to preserve free movement and availability of relevant goods and services

23 September 2022
Knowledge Base

On 19 September, the Commission is presenting the new Single Market Emergency Instrument (SMEI). This crisis governance framework aims to preserve the free movement of goods, services and persons and the availability of essential goods and services in the event of future emergencies, to the benefit of citizens and businesses across the EU. While the Single Market has proven to be our best asset in crisis management, the COVID-19 pandemic has highlighted structural shortcomings hampering the EU’s ability to effectively respond to emergency situations in a coordinated manner. Unilateral measures caused fragmentation, worsening the crisis and affecting particularly SMEs. Continue reading…



Top Trends in RegTech – Shaping Financial Services With Regulatory Technology

21 September 2022

The total value of money laundering is estimated to be at 2 to 5% of the global Gross National Product (GNP). That amounts to hundreds of billions of euros per year. In the fight against money laundering, national and international supervisors are imposing more and more rules on financial institutions and banks in order to curb money laundering practices. These rules have the disadvantage, which is that well-intentioned and bona fide customers are repeatedly harassed and have to prove their identity again and / or explain where their money comes from. However, this can be arranged differently using RegRech.

This new white paper from Hyarchis takes a closer look at the five most important trends and discusses them one by one in greater detail. The five trends described in the white paper are, first of all, Customer Due Diligence, where there is a risk of high fines if not executed properly. The second trend is transaction monitoring, in which Artificial Intelligence and Machine Learning play an important role. The third trend mentioned is Platformication, in which the existing infrastructure is preserved, but at the same time it is flexible enough to integrate new products via external service providers. The fourth trend that is discussed is Cloud Security, or in other words, cybersecurity today that comes into play. The fifth and final trend discussed in this white paper is Regulatory Reporting, where the integrated reporting obligations imposed by regulators in particular are an enormous challenge.

Download this white paper now for free.

ESAs warn of rising risks amid a deteriorating economic outlook

20 September 2022

The three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) have on 12 September issued their Autumn 2022 joint risk report. The report highlights that the deteriorating economic outlook, high inflation and rising energy prices have increased vulnerabilities across the financial sectors. The ESAs advise national supervisors, financial institutions and market participants to prepare for challenges ahead. Continue reading…