Following dialogues with the Commission and the network of national consumer protection (CPC) authorities, multinational e-commerce business Shopify has committed to making several improvements to make shopping safer for customers, bringing it in line with EU rules. The dialogue first originated following the receipt of numerous complaints, which peaked during the COVID-19 pandemic, through the European Consumer Centres. The complaints mainly related to web stores hosted by the platform, found to have engaged in illegal practices, such as making fake offers and fake scarcity claims, supplying counterfeit goods or not providing their contact details. The Commission, together with the CPC, and led by Belgium’s Directorate General for Economic Inspection, launched a dialogue with Shopify in July 2021, aimed at introducing changes to address the illegal practices of traders in its platform. Continue reading…

As disruptive forces roil today’s financial sector, banking execs are scrutinising the evolving role of banks in the most competitive market they’ve ever faced. What does the future hold? And how can they meet the challenges ahead to forge a brighter future – both for the industry and the greater world? Such is the focus of a new future of banking study, Banking in 2035: three possible futures, by Economist Impact. Continue reading…

Specialised public prosecutors from the United States and EU Member States will step up their cooperation to tackle major cross-border and intercontinental environmental crime. During a dedicated liaison meeting, hosted by Eurojust, officials devised a process to set environmental crime priorities for operational action, criminal intelligence sharing, and developing cooperation tools and mechanisms to exchange information and best practices. Continue reading…

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has published the second Trends, Risks and Vulnerabilities (TRV) Report of 2022. The Russian war on Ukraine against a backdrop of already-increasing inflation has profoundly impacted the risk environment of EU financial markets, with overall risks to ESMA’s remit remaining at its highest level. In the first half of 2022 financial markets saw faltering recoveries, increasing volatility and likelihood of market corrections. Separately, crypto-markets saw large falls in value and the collapse of an algorithmic stablecoin, highlighting again the very high-risk nature of the sector. Continue reading…

The Basel Committee on Banking Supervision (BCBS), the Bank for International Settlements’ Committee on Payments and Market Infrastructures (CPMI) and the International Organisation of Securities Commissions (IOSCO) (the standard setters) has on September 29 published the report Review of margining practices. The report feeds into the Financial Stability Board’s work programme to enhance the resilience of the non-bank financial intermediation sector. It looks at margin calls during the high market volatility and “dash for cash” in March and April 2020. It also reviews margin practices transparency, predictability and volatility across various jurisdictions and markets, as well as market participants’ preparedness to meet margin calls. Continue reading…

The Commission welcomes the Council’s adoption of an eighth package of hard-hitting sanctions against Russia for its aggression against Ukraine. This package – which has been closely coordinated with our international partners – responds to Russia’s continued escalation and illegal war against Ukraine, including by illegally annexing Ukrainian territory based on sham “referenda”, mobilising additional troops, and issuing open nuclear threats.
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The Financial Conduct Authority (FCA) is concerned that as pressure mounts on household budgets some customers may cut-back on the insurance they need, leaving them without protection. The government has announced further support for consumers and businesses for energy costs and in the September fiscal event, including a two-year energy-price guarantee for households. While this will help tackle the pressure on household budgets, some people may still consider cutting back on insurance cover. The FCA is taking action to support households, by writing to insurance industry CEOs to make sure their customers are protected from unnecessary products or add-ons and unfair penalties. Where poor practise is found, the FCA will quickly intervene to protect customers from harm.  Continue reading…

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…

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…

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…