Australia and EU sign partnership on sustainable critical and strategic minerals

30 May 2024

The EU and Australia signed today a Memorandum of Understanding (MoU) for a bilateral partnership to cooperate on sustainable critical and strategic minerals.The MoU was signed on behalf of the EU by Executive Vice-President and Commissioner for Trade Valdis Dombrovskis, and Commissioner for Internal Market, Thierry Breton. The signatories for Australia were Resources and Northern Australia Minister Madeleine King, and Minister for Trade and Tourism Don Farrell. This partnership aims to support several common objectives, while based on mutual benefits. In particular, it seeks to enable the EU to diversify its supplies of materials necessary for the green and digital transitions, whilst contributing to the development of Australia’s domestic critical minerals sector. The partnership covers the entire critical and strategic minerals value chain: exploration, extraction, processing, refining, recycling, and processing of extractive waste. Continue reading…

FSB introduces new global standard to support the orderly resolution of a central counterparty (CCP)

29 May 2024

The Financial Stability Board (FSB) has recently published a report on financial resources and tools for CCP resolution. The availability of adequate resources and tools for CCP resolution remains critical for financial stability and for ensuring confidence in the financial system. Progress in implementing the G20 regulatory reforms agreed after the 2008-09 financial crisis, including the central clearing mandate, has increased the systemic importance of CCPs. While material advances have been achieved to enhance the resilience and recovery of CCPs, it is also necessary to ensure that adequate financial resources and tools are available in resolution to maintain the continuity of critical functions and safeguard financial stability, should resolution become necessary. Continue reading…

Thousands of judicial cases opened against perpetrators of genocide in Rwanda since 1994

28 May 2024
Knowledge Base

Since the genocide against the Tutsi and other massacres against moderate Hutu in Rwanda in 1994, judicial authorities in Europe, Rwanda and a UN tribunal have opened thousands of formal investigations and court cases against alleged perpetrators. In addition to the over 10 000 individuals tried by the Rwandan authorities, the International Criminal Tribunal for Rwanda has opened 93 cases and EU Member States judicial authorities have opened over 100 cases.
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FCA confirms anti-greenwashing guidance and proposes extending sustainability framework

27 May 2024
Knowledge Base

Ahead of the anti-greenwashing rule coming into force on 31 May, the FCA is supporting industry with guidance to help them meet the standard. The new rule is designed to protect consumers by ensuring sustainable products and services they are sold are accurately described. Results from the latest Financial Lives survey shows significant consumer interest in sustainable finance as 81% of adults surveyed would like their investments to do some good as well as provide a financial return. This work supports the long-term growth and competitiveness of the sector by helping businesses meet this demand and ensuring consumers who invest in sustainability-related financial products can make informed decisions. Continue reading…

New sanctions against disinformation and war propaganda

24 May 2024

The Commission welcomes the Council decision to suspend the broadcasting activities of four more media outlets (Voice of Europe, RIA Novosti, Izvestia and Rossiyskaya Gazeta) in the EU or directed at the EU, in view of their role supporting and justifying Russia’s war of aggression against Ukraine. Russia has engaged in continuous and concerted propaganda as well as information manipulation actions targeted at civil society in the EU and neighbouring countries, gravely distorting and manipulating facts. Continue reading…

Three Lines of Defense: No more D in 3LOD

23 May 2024
Knowledge Base

by Elena Pykhova

The three lines of defence (3LOD) model, which had its origins in military planning and sports management, is now firmly engrained into the DNA of financial services firms. It is widely viewed as an important factor in the successful embedding of enterprise risk management. Designed by the Institute of Internal Auditors (IIA), the model distinguishes between the three groups (or lines) involved in effective risk management:

functions that own and manage risks; functions that oversee risks; functions that provide independent assurance.

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TrustQuay Viewpoint appoints Guy Harrison as new CEO to spearhead global strategy to digitalise the Trust and Corporate Services sector

22 May 2024

TrustQuay Viewpoint (TQVP), the SaaS technology solution provider of choice for the trust and corporate services market, has on 7 May announced the appointment of Guy Harrison as Chief Executive Officer (CEO). This key leadership appointment is aimed at driving the company’s global growth and supporting the digital transformation in the Trust and Corporate Service Provider (TCSP) industry. Continue reading…

Basel Committee publishes report on the digitalisation of finance

21 May 2024

The Basel Committee on Banking Supervision has on 16 May published a report that considers the implications of the ongoing digitalisation of finance on banks and supervision. The report builds on the Sound Practices: implications of fintech developments for banks and bank supervisors published in 2018, and takes stock of recent developments in the digitalisation of finance. Continue reading…

‘Finfluencers’ charged for promoting unauthorised trading scheme

17 May 2024
Knowledge Base

The Financial Conduct Authority (FCA) has brought charges against nine individuals in relation to an unauthorised foreign exchange trading scheme promoted on social media. Emmanuel Nwanze has been charged with running an unauthorised investment scheme and issuing unauthorised financial promotions. The FCA alleges that, between 19 May 2018 and 13 April 2021, Mr Nwanze and Holly Thompson used an Instagram account (@holly_fxtrends) to provide advice on buying and selling contracts for difference (CFDs) when they were not authorised to do so. CFDs are a high-risk investment product used to bet on the price of an asset, in this case the price of foreign currencies. The FCA also alleges that Mr Nwanze paid Biggs Chris, Jamie Clayton, Lauren Goodger, Rebecca Gormley, Yazmin Oukhellou, Scott Timlin and Eva Zapico to promote the @holly_fxtrends Instagram account to their millions of Instagram followers. Ms Thompson, Mr Chris, Mr Clayton, Ms Goodger, Ms Gormley, Ms Oukhellou, Mr Timlin and Ms Zapico each face one count of issuing unauthorised communications of financial promotions. Continue reading…

Ecological risk now one of the top issues threatening the food and beverage industry

16 May 2024
Knowledge Base

New research from regulatory compliance expert, Ideagen, reveals that almost half (48%) of food and beverage businesses now cite one or more ecological issues as a risk to their operations. This puts a combined group of planetary woes in fourth place among a ranking of all risks facing the sector. In analysis of the challenges businesses mention in their Risks and Uncertainties statements, weather is mentioned by 18%, climate change by 14%, environmental risk by 11% and sustainability by 5%. Added together, these become the single biggest risk other than financial worries for the first time. Continue reading…