FTC Announces Settlements with Four Companies Related to Allegations they Deceived Consumers over Participation in the EU-U.S. Privacy Shield

04 December 2019

The Federal Trade Commission has reached settlements with four companies that allegedly misrepresented their participation in the EU-U.S. Privacy Shield framework, which enables companies to transfer consumer data legally from European Union countries to the United States. The FTC also alleged that two of the companies failed to comply with Privacy Shield requirements.

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Benoît Cœuré appointed to head BIS Innovation Hub

02 December 2019

The Board of Directors of the Bank for International Settlements (BIS) appointed Benoît Cœuré as Head of the new BIS Innovation Hub on Sunday, set up to foster international collaboration among central banks on innovative financial technology. Mr. Cœuré will start his new role on 15 January 2020 for a five-year term. Mr. Cœuré has since 2013 chaired the Committee on Payments and Market Infrastructures, the global standard-setter for payment, clearing and settlement services. He also led the Group of Seven working group on global stablecoins and co-chairs a related Financial Stability Board working group. Continue reading…

Basel Committee consults on Pillar 3 disclosure templates

29 November 2019

The Basel Committee on Banking Supervision published today two consultative documents related to Pillar 3 disclosure. The first document proposes a set of revised disclosure requirements related to the market risk framework finalised in January 2019. The second document consults on voluntary disclosure templates related to banks’ sovereign exposures. Revisions to market risk disclosure requirements set out a set of adjustments to the Pillar 3 templates for the revised market risk framework to reflect changes introduced in Minimum capital requirements for market risk in January 2019. In addition to these changes, the Committee proposes to enhance disclosure of the trading desk structure of banks using the internal models approach by reinforcing a materiality threshold to determine the scope of individual trading desks subject to the requirement. Continue reading…

Guiding principles for the operationalisation of a sectoral countercyclical capital buffer

28 November 2019

The Basel Committee on Banking Supervision’s (BCBS) Basel III standard includes a countercyclical capital buffer (CCyB) regime. National authorities can implement a CCyB requirement to ensure that the banking system has an additional buffer of capital to protect against potential future losses related to downturns in the credit cycle.

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Court orders Alstom Network UK Ltd to pay £16.4 million

27 November 2019

Alstom Network UK Ltd has been ordered to pay a total of £16.4 million for conspiracy to corrupt relating to a contract to supply trams in Tunisia. This sentence comprises £15 million in fines and £1.4 million in costs. The company was convicted in April 2018 of conspiracy to corrupt, having paid an intermediary called Construction et Gestion Nevco Inc. (Nevco) €2.4 million to secure an €79.9 million contract with Transtu, the company responsible for running the Tunis Metro. To satisfy internal compliance checks and make its agreement with Nevco appear a legitimate contract for services, Alstom helped to produce paperwork as ‘evidence’ of services rendered.

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Lieve Lowet

Lieve Lowet

EU Affairs consultant and lobbyist

EIOPA proposes further steps to close the European natural catastrophes protection gap

26 November 2019

In his inspired keynote speech at the opening of the 9th Annual EIOPA conference titled “Insurance and Pensions: leading the future”, Gabriel Bernardino, EIOPA’s chairman, called upon the sector to do right for the next generation and to show leadership. “No one should suffer because we are too complacent to act.” All have a powerful role in mitigating the impact of climate change and ensuring a gradual transition to a more sustainable and resilient economy. For insurers and pension funds, this is especially true in the area of asset management. In underwriting, insurers should consider the impact of their underwriting practices. Risk mitigation and loss prevention can make a significant difference, while maintaining the fundamental principles of sound risk-pricing. However, this is only relevant if there is protection being bought. There is an important European protection gap due to climate change in the area of natural catastrophes (NATCAT) with a considerable disparity in terms of insurance penetration, catastrophe exposure and disaster preparedness. The very large majority of EU Member States don’t even have a NATCAT scheme, and governments are budget tight. Will governments continue to play their role as insurer of last resort? Continue reading…

Autumn Fiscal Package: Commission adopts Opinions on euro area Draft Budgetary Plans

25 November 2019

The European Commission has presented its Opinions on euro area Member States’ 2020 Draft Budgetary Plans, taken steps under the Stability and Growth Pact and adopted the fourth Enhanced Surveillance Report for Greece. Since July this year and for the first time since 2002, no euro area Member State is under the Excessive Deficit Procedure. The euro area debt-to-GDP ratio is expected to continue its declining path of recent years and to fall from about 86% in 2019 to about 85% in 2020. This is happening against the backdrop of a weakening European and world economy.

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