Cybersecurity Attack Attempts More Than Doubled, Increasing 104% in 2023

30 January 2024
Knowledge Base

Armis, the asset intelligence cybersecurity company, recently announced, The Anatomy of Cybersecurity: A Dissection of 2023’s Attack Landscape. The 2023 analysis of Armis’ proprietary data offers critical insight into the multifaceted challenges global organisations face when it comes to protecting the entire attack surface. Report findings serve as a blueprint to help security teams worldwide prioritise efforts to reduce cyber risk exposure in 2024. Continue reading…

45+ Stats About Big Tech’s Carbon Footprint (Part 2)

29 January 2024
Knowledge Base

by Tom Read

In the first part of the article that was published recently (see the related items section), Tom took a close look at 23 stats on big tech’s carbon footprint. He did so by first providing an overview of Tech’s Co2 emissions. He then talked about some stats about the best and worst among the Tech industry and consumer electronics. In this second part, he will take closer look at consumer media, search engines and artificial intelligence, emissions in FinTech and e-commerce, and the road to lower emissions.  Continue reading…

The EBA revises reporting requirements for market risk

25 January 2024

The European Banking Authority (EBA) has published amendments to the reporting requirements for market risk. As the implementation of the Fundamental Review of the Trading Book (FRTB) in the EU approaches, the EBA revised the information to be reported on the own funds requirements under the alternative approaches, and adds reporting on reclassifications of instrument between the regulatory books. Continue reading…

Individual charged with fraud over unauthorised investment scheme

24 January 2024

The Financial Conduct Authority (FCA) has launched criminal proceedings against Guy Flintham for committing fraud by false representation and for carrying out regulated activity without authorisation. The FCA alleges that between January 2016 and November 2021, Mr Flintham, based in Blackburn, Lancashire, defrauded around 240 investors by making false representations to persuade them to invest approximately £19m in an investment scheme operated by him. Mr Flintham made a number of fraudulent claims to investors, including about how the scheme was operated and the profits they could and were making via the scheme. He falsified documents in order to support some of his claims.
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Lieve Lowet

Lieve Lowet

EU Affairs consultant and lobbyist

A silent masterstroke: The Berne Financial Services Agreement (1/2)

23 January 2024
Knowledge Base

After more than 2 years of negotiating, just a few days before Christmas, on 21 December 2023, Karin Keller-Sutter, the head of the Swiss Federal Department of Finance, and Jeremy Hunt, the UK Chancellor of the Exchequer, signed the Agreement between the Swiss Confederation and the United Kingdom of Great Britain and Northern Ireland on Mutual Recognition in Financial Services, also called the Berne Financial Services Agreement. According to both parties, the Agreement is unique in the world in the area of financial services in terms of scope – encompassing a broad range of financial services sectors – and also in terms of approach: a two-way, and not a one-way, equivalence recognition. It sends a strong signal for open and resilient financial markets, according to the Parties. The Agreement was borne out of a desire of both countries to establish a framework for mutual recognition of each other’s regulatory and supervisory frameworks applicable to certain financial services, while taking account of their respective constitutional, legal and regulatory systems. Parties want to achieve this (1) through the removal of obstacles to the provision of financial services and the reduction of regulatory frictions for cross-border activity, based on and safeguarded by mutual recognition as well as (2) close regulatory and supervisory cooperation. Continue reading…

45+ Stats About Big Tech’s Carbon Footprint (Part 1)

22 January 2024
Knowledge Base

by Tom Read

Since the beginning of the Industrial Revolution in the 18th century, the world has increasingly relied on technologies that emit greenhouse gasses. In the 20th century, economies shifted away from mechanical technologies and toward digital technologies that permeate nearly every industry and aspect of life. This large-scale adoption has caused greenhouse gas emissions to increase exponentially. These gasses have dangerously altered the Earth’s atmosphere, causing global temperatures to rise an average of more than 1C, and sea levels to rise 8-9 inches (21-24 cm). Continue reading…

The Inevitable Human Rights Anchor for Compliance Professionals in Finance

18 January 2024
Knowledge Base

by Simon Lelieveldt

We live in challenging times. A range of natural, macro-economic, technical and geopolitical factors influence the world we are living in. These developments shaped prior laws and the behaviour of regulators, supervisors and private companies and will continue to do so. Somewhere along the line, we can see a board member with the task to ensure adherence to law. He or she is responsible for compliance and has a range of compliance managers, advisors, business lines and experts available to help out. Continue reading…

EU banks’ liquidity coverage ratio declined but remains well above the minimum requirement

17 January 2024

The European Banking Authority (EBA) has published its report on liquidity measures, which monitors and evaluates the liquidity coverage requirements currently in place in the EU. Between June 2022 and June 2023, the EU banks’ liquidity coverage ratio (LCR) declined but remained comfortably above the minimum requirement. However, within this review period there were important fluctuations in the components of the ratio, driven mostly by changes in the banks’ allocation of funding deposits and the ongoing reduction of central bank liquidity. Unlike the LCR in domestic currency, EU banks’ LCR in foreign currencies remained below 100%.  Continue reading…

Data Act enters into force: What it means for you

16 January 2024
Knowledge Base

The EU’s Data Act has entered into force on 11 January, improving access to data in the EU market for individuals and businesses. In recent years, the Internet of Things has fuelled rapid growth in the amount of data out there. The new rules will encourage the use of data and ensure it is shared, stored and processed in full respect of European rules.  Continue reading…

Banks remain robust but higher interest rates could impact their asset quality, the EBA finds

15 January 2024

The European Banking Authority (EBA) has recently published its Q3 2023 quarterly Risk Dashboard (RDB) together with the Risk Assessment Questionnaire (RAQ). The publication also includes information on minimum requirement for own funds and eligible liabilities (MREL). EU/EEA’s banks remained highly profitable, well capitalised and maintained robust liquidity. Banks expect the asset quality to deteriorate as higher interest rates affect borrowers. Continue reading…