Genesis Market has been taken down in an operation involving judicial and law enforcement authorities in the United States, nine European Union countries, Australia, Canada and the United Kingdom. Genesis Market was a criminal marketplace accessible on the dark web and clear web that sold packages of account access credentials – including usernames and passwords for email, bank accounts, and social media. The credentials had been stolen from malware-infected computers around the world and were subsequently used by cybercriminals to commit cyber-enabled fraud. In a coordinated action supported by Eurojust and Europol, the infrastructure and operations of Genesis Market were dismantled and law enforcement in 13 countries conducted more than 100 arrests and more than 200 searches of Genesis Market customers who had purchased stolen access credentials.

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On 30 March, President Ursula von der Leyen gave a speech on EU-China relations to the Mercator Institute for China Studies and the European Policy Centre. Ladies and Gentlemen, it is a real pleasure to be here at this very special event co-hosted by two of Europe’s most knowledgeable and independent-minded think tanks. In a time when global affairs are becoming harder to decrypt – and in an era where facts are routinely challenged – the work that you do at these think tanks has never been more important for Europe. Because it is only by having a deeper understanding of the world as it really is – not as we may wish it to be – that we can develop better informed policies. This is why I believe think tanks are an essential part of our democracy. Continue reading…

On 29 March, the European Commission adopted a proposal for a Directive making it easier for companies to expand the use of digital tools and processes in EU company law. The proposal aims to facilitate cross-border companies’ operations and to increase business transparency and trust by making more information about companies publicly available at EU level. It will also cut red tape for cross-border businesses, saving around €‎437 million of administrative burden per year, thanks to an EU Company Certificate or the application of the “once-only principle”. The proposal will contribute to further digitalisation of the single market and help companies, in particular, small and medium-sized ones to do business in the EU. Continue reading…

In the second year of its three-year strategy, the FCA plans to accelerate four areas of its work over the next 12 months through further investment and increased resources. In its Business Plan 2023/24, the FCA has set out an ambitious programme for the next 12 months to achieve better outcomes for consumers and markets, in line with its three-year strategy.    Continue reading…

by Saeed Patel

The Credit Suisse banking debacle continues to make headlines. While some are now suggesting that the market is calming, only time will tell if this is the calm before another storm. UBS has agreed to pick up the tab for Credit Suisse to the tune of $3.2 billion. However, the fall of Credit Suisse, a bank founded in 1856, has left ripples of fear, uncertainty, and doubt across the banking sector and beyond. Here is a look at the backstory of Credit Suisse and the demise of this once giant in the banking sector. This is a tale of scandal, fraud, poor risk management, and bad decisions. The fall of Credit Suisse has been a long time coming, as a history of scandals has plagued the bank. One of the possible drivers of this is that Swiss banks are typically associated with privacy because of the stringent banking secrecy laws in the country. As such, Swiss banks have historically been chosen by specific individuals and organisations to protect financial transactions and, in some cases, avoid taxation in their own country. Continue reading…

The European Banking Authority (EBA) published on 28 March, for the first time, a new set of indicators, which aim at identifying detriment to consumers arising from the misconduct of financial institutions offering retail banking products in the EU. The indicators show consumers’ experience with financial services and will complement other sources of information that the EBA already uses to decide on its consumer protection priorities. Continue reading…

Composite cost-of-borrowing indicator for new loans to corporations increased by 22 basis points to 3.85%; indicator for new loans to households for house purchase increased by 14 basis points to 3.24%, both driven by interest rate effect. Composite interest rate for new deposits with agreed maturity from corporations increased by 30 basis points to 2.31%; interest rate for overnight deposits from corporations increased by 8 basis points to 0.31%, both driven by interest rate effect. Composite interest rate for new deposits with agreed maturity from households increased by 28 basis points to 1.92%, driven by interest rate effect. And the interest rate for overnight deposits from households were broadly unchanged, at 0.12%.

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A currency swap line is an agreement between two central banks to exchange currencies. This allows a central bank to obtain foreign currency liquidity from the central bank that issues it – usually because they need to provide this to domestic commercial banks. For example, the swap line with the US Federal Reserve System enables the ECB and all the national central banks in the euro area (Eurosystem) to receive US dollars from the Fed in exchange for an equivalent amount of euro provided to the Federal Reserve. These agreements have been part of central banks’ set of monetary policy instruments for decades.

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The tenth meeting of the EU-UK Joint Committee and the second meeting of the EU-UK Partnership Council took place in London last Friday.  Vice-President Maroš Šefčovič represented the European Union, while UK Foreign Secretary, James Cleverly, represented the United Kingdom. The Joint Committee adopted last Friday a decision laying down the arrangements relating to the Windsor Framework. This decision covers, amongst others, the arrangements for the movement of goods not at risk of entering the Single Market, the “Stormont Brake”, and VAT and excise-related solutions, including the establishment of the Enhanced Coordination Mechanism for VAT and excise. A series of Recommendations, Joint Declarations and Unilateral Declarations have also been published, clarifying how different aspects of the Windsor Framework will work in practice, e.g. State aid or market surveillance.
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The seven national authorities participating in the Eurojust supported joint investigation team (JIT) on alleged core international crimes committed in Ukraine have signed a Memorandum of Understanding (MoU) with the United States Department of Justice. This MoU will enhance the coordination between the JIT partner countries and the US authorities in their respective investigations in connection with the war in Ukraine. The MoU was signed on Friday 3 March by high-level representatives of the prosecution services of the seven JIT partner countries and United States Attorney General Merrick B. Garland. Continue reading…