The European Banking Authority (EBA) has recently published a Report on the treatment of incoming third country branches (TCB) under the national law of Member States. The Report, which is addressed to the European Parliament, the Council and the Commission, illustrates the results of a stock-taking exercise conducted with competent authorities about their national regulatory law/regulations and supervisory practices and a mapping of the TCBs established in the Member States. Considering the increased volume of activities carried out by TCBs in a context of regulatory fragmentation across the EU, the Report lays down 14 high-level policy recommendations for further harmonisation of EU law. Continue reading…

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has published its Annual Report, which reviews its achievements in 2020 against its priorities and objectives in meeting its mission of enhancing investor protection and promoting stable and orderly financial markets in the European Union. The Report provides an overview of the work carried out by ESMA in 2020, following the entry into force of the revised ESMA Regulation and the amendments to the European Market Infrastructure Regulation (EMIR 2.2), updating ESMA’s governance and introducing new mandates for the organisation, which are shifting ESMA’s focus towards supervisory convergence. In addition to fulfilling its mandates, ESMA had to respond to the combined effects on financial markets of the COVID-19 pandemic and the United Kingdom’s withdrawal from the European Union. Continue reading…

The Belgian court of Antwerp has recently sentenced three suspects in the so-called fipronil egg contamination case to prison sentences ranging from one year effective to 18 months suspended for endangering public health. The court awarded millions of EUR in of damages to the civil parties as well. In April this year, two Dutch suspects were sentenced to one year in prison for the illegal sale of the potentially harmful insecticide fipronil to poultry farms. Eurojust assisted with investigations into the case in 2017 and provided assistance in setting up and operating a joint investigation team (JIT) between Belgium and the Netherlands, to support judicial action against the suspects. Continue reading…

The Commission is today laying out a vision to build a new Joint Cyber Unit to tackle the rising number of serious cyber incidents impacting public services, as well as the life of businesses and citizens across the European Union. Advanced and coordinated responses in the field of cybersecurity have become increasingly necessary, as cyberattacks grow in number, scale and consequences, impacting heavily our security. All relevant actors in the EU need to be prepared to respond collectively and exchange relevant information on a ‘need to share’, rather than only ‘need to know’, basis. First announced by President Ursula von der Leyen in her political guidelines, the Joint Cyber Unit proposed today aims at bringing together resources and expertise available to the EU and its Member States to effectively prevent, deter and respond to mass cyber incidents and crises. Cybersecurity communities, including civilian, law enforcement, diplomatic and cyber defence communities, as well as private sector partners, too often operate separately. With the Joint Cyber Unit, they will have a virtual and physical platform of cooperation: relevant EU institutions, bodies and agencies together with the Member States will build progressively a European platform for solidarity and assistance to counter large-scale cyberattacks.
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Margarita Delgado, Deputy Governor of the Bank of Spain, recently gave a speech at the Banking Law Conference, organised by the Malaga Lawyers’ Association on 4 June 2021. The subject chosen for this conference is highly topical and relevant. Transparency is certainly needed for there to be effective competition between banks, and it is a central feature of the framework of conduct that should govern the relationship between banks and their customers. Clearly, too, banks’ massive dealings and business formalised through standard form contracts call for legal certainty to be ensured. Further, the necessary standardisation and speed of dealings must always be compatible with maintaining a high degree of protection for the end-customer, especially where individuals are concerned. Continue reading…

Between 1990 and 2016, cross-border cartels affected sales of over $51 trillion worldwide. Indicatively, more than 100,000 companies were found liable for international price-fixing, with estimated gross overcharges exceeding $1.5 trillion. In light of the data provided, it becomes apparent that international cartels have a great impact, not only on consumer welfare, but also on economies as they deprive the latter of the benefits from international trade. On Thursday, May 20th 2021, the Economic Crime Series: International Cartels – Recommendations for an overall proportional punishment and a realignment of competition law event was held online, organised by Dr. Branislav Hock and chaired by Penelope Giosa who are both lecturers at the University of Portsmouth. Given the context of the seminar, speakers Dr. Marek Martyniszyn and Dr. Pieter Huizing presented their research work to shed light on the ways that existing regulatory gaps could be narrowed and an overall proportional punishment could be achieved in the area of international cartels. The Risk & Compliance Platform Europe has also covered this seminar via its website. This is part two, which will focus on Dr. Huizing’s presentation. Continue reading…

by Caroline Raat

It is not hard to believe that fraud, money laundering, corruption and human rights violations mainly take place ‘on the other side of the world’. But since we all live – depending on our perspective – ‘on the other side’, this paradigm is not very helpful when looking at integrity, wrongdoings and those who try to prevent and report them. This is especially so in a globalised society. Instead, it is time to acknowledge that people are people and that integrity violations take place all over the world. And that retaliation of reporters is universal: violators or organisations that failed to act on them do not like to be exposed. They are usually in a position where they can threaten whistleblowers, or worse. Violation and retaliation may vary in size and character, and in this blog, that common ground is our starting point. Whistleblowers need the best protection and legal and financial support. Not only for their sake, but because reporting wrongdoings is in the general interest. Continue reading…

On June 2, 2021, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned three Bulgarian nationals due to their extensive roles in corruption in Bulgaria, as well as their network of 64 entities. The administration believes that corruption will lead to a break down in the rule of law, weaken the economy and economic growth, undermine democracy, perpetuate conflicts, and deprive innocent civilians of their basic human rights. The recent action is the largest anti-corruption action to date, indicating that the Ministry of Finance is working tirelessly to hold those involved in corruption accountable. The US government will continue to impose tangible and significant consequences on those involved in corruption and commit to protecting the global financial system from abuse. Continue reading…

Now perhaps more than ever, governance and legal teams are being asked to do more with less. By automating recurring and routine tasks, you empower your team to focus on more strategic initiatives, and in doing so, you also create a competitive edge. In a 30-minute speed learning webinar held on Tuesday, 8 June 2021, moderator Matthieu Chollet, Regional Sales Director for France from Diligent was joined by speaker Luc van Daele, Owner at Legadex to discuss the ways that companies can boost operational efficiency and collaboration among dispersed teams; ways legal teams can become more strategic and claim the business advisor role; and how to use Alternative Legal Service Providers (ALSPs) and legal-tech to help achieve your company’s goals in a post-Covid economy. Continue reading…

Between 1990 and 2016, cross-border cartels affected sales of over $51 trillion worldwide. Indicatively, more than 100,000 companies were found liable for international price-fixing, with estimated gross overcharges exceeding $1.5 trillion. In light of the data provided, it becomes apparent that international cartels have a great impact, not only on consumer welfare, but also on economies as they deprive the latter of the benefits from international trade. On Thursday, May 20th 2021, the Economic Crime Series: International Cartels – Recommendations for an overall proportional punishment and a realignment of competition law event was held online, organised by Dr. Branislav Hock and chaired by Penelope Giosa who are both lecturers at the University of Portsmouth. Given the context of the seminar, speakers Dr. Marek Martyniszyn and Dr. Pieter Huizing presented their research work to shed light on the ways that existing regulatory gaps could be narrowed and an overall proportional punishment could be achieved in the area of international cartels. The Risk & Compliance Platform Europe has also covered this seminar via its website. This is part one of two articles on this event, which will focus on Dr. Martyniszyn’s presentation. Continue reading…