The European Commissioner for Digital Economy Mariya Gabriel announces an ambitious target to increase EU competitiveness in AI and try to catch up with the China and US in terms of investment. She proposed an investment objective of € 20 billion annually for the period 2021-2027, using the new EU funding programmes Horizon Europe and Digital Europe.
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The European Central Bank (ECB) has decided to revise its supervisory expectations for prudential provisioning of new non-performing exposures (NPEs) specified in the “Addendum to the ECB Guidance to banks on non-performing loans” (hereafter the “Addendum”). The decision was made after taking into account the adoption of a new EU regulation that outlines the Pillar 1 treatment for NPEs. The new regulation, which entered into force on 26 April 2019, complements existing prudential rules and requires a deduction from own funds when NPEs are not sufficiently covered by provisions or other adjustments.
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by Giacomo Luca Aleo

On June 18, 2019 Facebook announced the birth of its own cryptocurrency: Libra, whose name is inspired by Roman unit of measurement, deriving from balance Latin name; the debut is expected for the first half of 2020. The announcement caused, on one hand, a general uproar and, on the other, the value increase of the other cryptocurrencies. The “Libra Association” (no-profit organization) will manage Libra. It currently counts 28 heterogeneous founding partners (with the goal of reaching 100), representing business giants: from Mastercard and Visa to operators of payment system (PayPal, PayU, Stripe), from telecommunications operators (Vodafone and Iliad) to consumer companies (including Booking, eBay, Spotify, Uber), from venture capital such as Andreessen Horowitz to a global exchange Coinbase. Managing Libra actually means manage the Libra Blockchain: it is a permissioned ledgers model, i.e. the management and the validation of transactions is prerogative of a single node, which – in this case – is collective and represented by the Libra Association. The blockchain will record the entire history of the transactions by replicating them in the node; therefore, the transactions will be transparent to all participants of the Libra Association.
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The Securities and Exchange Commission charged New York-based broker-dealer AOC Securities LLC, and its former chief executive officer, Ronaldo Gonzalez, with failing to supervise an AOC broker who provided inflated price quotes for certain securities to a significant customer of AOC. According to the SEC’s orders, Frank Dinucci Jr., a broker at AOC, provided inflated price quotes to a New York-based investment adviser, Premium Point Investments LP. 

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Following a request for assistance from Greece, rescEU assets have been mobilised to tackle forest fires ravaging several areas of Greece. As an immediate response, the European Union has already helped to mobilise 3 forest fighting planes from rescEU reserve from Italy and Spain to be dispatched swiftly to the affected regions. RescEU is the EU’s strengthened EU Civil Protection Mechanism, whose reserve includes firefighting planes and helicopters. Through rescEU, the EU reinforces its collective ability to respond to disasters that affect European countries. This is the first ever deployment of the rescEU assets.

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Following contested proceedings, the Upper Tribunal has found that Andrew Tinney, the former Chief Operating Officer (COO) of Barclays Wealth and Investment Management (Barclays Wealth), breached his obligation as an approved person to act with integrity.
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The Securities and Exchange Commission announced fraud charges against a Brooklyn individual and two entities under his control who allegedly engaged in a fraudulent scheme to sell digital securities to investors and to manipulate the market for those securities.  The court entered an emergency freeze to preserve at least $8 million of the $14.8 million the defendants raised in 2017 and 2018 in an offering of digital securities.
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The European Banking Authority (EBA) published clarifications to a fifth set of issues that had been raised by participants of its Working Group (WG) on APIs under PSD2. The clarifications respond to issues raised on the measurement of response times of the dedicated interface, the machine-readability of the EBA register, reliance on eIDAS certificates and various issues related to the contingency measures, including the identification of third party providers through ‘guest books’, the data that can be accessed and documentation.

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