Coordinated action against international investment fraud network

14 September 2021
Knowledge Base

In the morning of 8 September, coordinated searches and witness hearings in Palma de Mallorca (Spain), the Netherlands, Sweden and Denmark took place to halt the activities of a criminal group committing large-scale investment fraud, causing damages amounting to over EUR 55 million to a large number of victims across Europe. The action followed a complex, three-year-long investigation, which was led by the Public Prosecution Office (PPO) of Dresden and the State Office of Criminal Investigations of Saxony in Germany and coordinated through Eurojust. Continue reading…


Marta Andreeva

Global Compliance Program Specialist at since July 2020
Marta is passionate about developing a culture of compliance, increasing awareness and coaching and mentoring others.

Theodoros Kringou

Founder and Managing Director, Infocredit Group Ltd and ICG Middle East Commercial Services DMCC (Dubai, U.A.E.)
Theodoros Kringou, a self-made entrepreneur is the Founder and Managing Director of Infocredit Group Ltd and ICG Middle East Commercial Services DMCC (Dubai, U.A.E.).

Ken van Ierlant

Digital Thought Leader
Member of the Board of Directors of UpGen. Experienced CEO / CDO / CIO in the field of transformation processes within internationally oriented companies.

Basel III and global cooperation: Where do we go from here?

13 September 2021
Knowledge Base

Carolyn Rogers, Secretary General of the Basel Committee on Banking Supervision, recently delivered a keynote speech at the The Kangaroo Group virtual debate on 8 September 2021. When she received the invitation, the name of the group caught her attention: she had to admit to needing to do a bit of research to find out what possible interest a group interested in kangaroos would have in bank regulation. But she was pleased to discover that the organisation has a lot in common with the Basel Committee. Continue reading…

EU banks’ funding plans to return to a pre-pandemic funding composition by 2023

10 September 2021

The European Banking Authority (EBA) recently published its annual update on EU banks’ funding plans, which helps EU supervisors assess the sustainability of banks’ main sources of funding. The results of the funding plans assessment show the impact the pandemic had on EU banks’ funding composition. The plans point to a gradual ‘normalisation’ of banks’ sources of funding over the next three years. This implies in particular a partial replacement of central bank funding with market-based funding. Continue reading…

Foundation SOMI starts collective investigation into 533 million leaked Facebook accounts

08 September 2021
Knowledge Base

As of today, the SOMI Foundation makes it possible for all European consumers to check via its SOMI app whether they have become a victim of the Facebook data leak from April this year. It can also reveal which of their personal data is circulating on the Dark Web. In total, personal data of more than 533 million Facebook accounts were leaked in April 2021, including 96.7 million European accounts. After verifying their own data, consumers can participate in the foundation’s legal investigation and possible collective claim against Facebook, which requires collection of evidence of GDPR violation from the data breach. The foundation is offering a total of €10,000 to anyone who can prove with their personal data that Facebook has violated the GDPR. Continue reading…

Photo: 18-01-2018, amsterdam, ict recht, Partners Arnoud Engelfriet en Steven Ras foto en copyright leonard faustle

Arnoud Engelfriet: “We are going to innovate the legal market and make it more efficient”

06 September 2021
Knowledge Base

by Michel Klompmaker

We recently spoke with Arnoud Engelfriet in the heart of Amsterdam about Lynn Legal’s legal tech solution. Lynn Legal is actually a kind of cross between a modern IT company and a legal consultancy. Founders Arnoud Engelfriet and Steven Ras (see photo from left to right) are convinced that legal processes can be organised more intuitively and efficiently thanks to the application of modern technology. Their lawyer bots have already reviewed more than 14,000 NDAs and more than 1,000 data processing agreements since the beginning of 2021. In total, more than 50,000 legal problems have been spotted and resolved. We spoke with Arnoud about the background, the present and the future. Continue reading…

The lessons we are learning from the COVID-19 pandemic: An FSB perspective

03 September 2021

Dietrich Domanski, Secretary General, Financial Stability Board recently delivered a keynote speech at the Asian Banker Finance China 2021 Conference: New Era, new finance and new collaboration. Thank you for inviting me to Finance China 2021. I am sorry I am unable to attend in person, but I am optimistic that we will be able to travel more regularly and meet in person soon. Vaccines are rolling out across the globe, even though at different pace across countries and regions. And while there are mounting signs of global recovery, some risks to financial stability still remain elevated. Economic uncertainty is still high and negative surprises could test the liquidity of financial markets. Continue reading…

Lieve Lowet

Lieve Lowet

EU Affairs consultant and lobbyist

The supervision of run-off undertakings

01 September 2021
Knowledge Base

On 23 July 2021, EIOPA issued a consultation on a potential new supervisory statement, focusing this time on the supervision of run-off undertakings. The aim of any supervisory statement is to ensure the application of high-quality and convergent supervision. Run-off undertakings or portfolios are unabridged subject to the Solvency II (SII) prudential framework in which no specific provisions are foreseen for these “insurance undertakings”. In a dynamic and competitive European insurance market where it should be possible for players to come and go, a clear framework for run-off undertakings seems logical. In addition, there is an increasing interest in the acquisitions of run-off portfolios and run-off undertakings by other insurance undertakings and specialised investment entities such as private equity. Therefore, one could argue that, because the SII framework is lacking a specific regulation, this void needs to be filled. Does this mean that the proportionality principle is not specific enough to deal with particularities of nature, size and complexity?  Continue reading…

FCA stops BDSwiss offering contracts for differences (CFDs) to UK customers

26 August 2021

The FCA has acted to stop a Cypriot-based firm, BDSwiss Holding Plc, and other members of the BDSwiss Group from offering high risk contracts for differences (CFDs) to UK investors. The BDSwiss Group trades using the brands BDSwiss, Swissmarkets and BDS Trading. The BDSwiss Group used the fact that one of its firms was regulated in the UK to convey legitimacy on the group as a whole. However, 99% of UK consumers taken on by the group traded through the group’s overseas entities. These overseas firms had no authorisation to provide regulated services in the UK, and consumers who traded with the overseas firms lost the protections given to consumers who trade with an authorised firm. In particular, the overseas firms did not comply with the FCA’s restrictions on the marketing and sale of CFDs to retail consumers. Continue reading…