CPMI and IOSCO publish a report on access to central clearing and portability

19 September 2022

The Bank for International Settlements’ Committee on Payments and Market Infrastructures (CPMI) and the International Organisation of Securities Commissions (IOSCO) have on 8 September published the report Client clearing: access and portability, which aims to increase common understanding of new access models that enable clients to directly access CCP services, and of effective porting, or transferring, practices for their positions. The client clearing process facilitates access to CCPs, particularly for firms – known as ‘clients’ – that are not direct participants in a CCP and must rely on intermediaries to indirectly clear their trades. Since some entities cannot, or choose not to, directly participate in a CCP, improving access to client clearing is critical to the success of the G20’s objective to have all standardised over-the-counter derivatives contracts cleared through CCPs. Continue reading…

Takedown of online investment fraud responsible for losses of several million euros

17 September 2022

With the support of Eurojust, authorities in Finland, Germany, Belgium and Latvia have succeeded in striking a blow against the operators of various fraudulent online investment platforms that have defrauded victims from 11 different countries out of several million euros. During an action day, two suspects were arrested and 12 locations were searched. According to the investigation, victims were directed to seemingly reputable online trading platforms in search of offers for lucrative investments. Through these platforms, they were promised enormous profits in a short time by trading in cryptocurrency, foreign exchange or shares. Continue reading…

European Commission endorses the Netherlands’ €4.7 billion recovery and resilience plan

15 September 2022

The European Commission has on 8 September given a positive assessment of the Netherlands’ recovery and resilience plan. This is a key step paving the way for the EU to disburse €4.7 billion in grants to the Netherlands under the Recovery and Resilience Facility (RRF). This financing will support the implementation of the crucial investment and reform measures outlined in the Netherlands’ recovery and resilience plan. It will play a crucial role in enabling the Netherlands to emerge stronger from the COVID-19 pandemic. The RRF is the key instrument at the heart of NextGenerationEU, which will provide up to €800 billion (in current prices) to support investments and reforms across the EU. The Netherlands’ plan forms part of an unprecedented, coordinated EU response to the COVID-19 crisis, to address common European challenges by embracing the green and digital transitions, to strengthen economic and social resilience and the cohesion of the Single Market. Continue reading…

Lieve Lowet

Lieve Lowet

EU Affairs consultant and lobbyist

Finally, a new European mutual sees the light

14 September 2022

Years ago, in 2013, when the Commission consulted on its Green Paper on the insurance of natural and man-made disasters, I pointed already to the potential creation of mutual insurers as part of a solution: “One important way to guarantee availability and coverage is the diversity and resilience of the insurance sector. Consumers insured by an insurance sector uniquely composed of large groups moving capital and business to where the best ROE is to be found may be at risk if returns are not at the desired level. Can it be argued that insurers which do not have an ROE as corporate finality could be a welcome buffer between the return-focused insurance market on the one hand and the government as solution of last resort on the other hand, at the cross-road between long term solidarity and short-term market demanded profit?“ The discussions on catnat have come even more to the forefront since then, joined by other and increasing protection gaps. In the area of cyberinsurance, for example, the industry has been crying for capacity. Time to dust off the image of mutual insurance? 

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Disinformation: New EU regulation may force Member States like the Czech Republic to act (Part II)

13 September 2022
Knowledge Base

by Michal Pleticha

The Czech Republic is at a crossroad in deciding how to regulate disinformation. In order to adopt the Strategy to Combat Disinformation (see Part I.), it’s necessary for the Government to draft and push a large number of amendments through both chambers of the Czech Parliament and the Presidential Office. Since disinformation is a sensitive political subject, capable of deepening the current split in politics and society, it could be the beginning of fierce political battle. Continue reading…

Three examples where whistleblowing could have made a difference

12 September 2022
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by Daniel Vaknine

Although whistleblowing is often represented as huge scandals in the media or on TV, it is often not quite as dramatic in reality. The majority of whistleblower cases are handled internally and concern the incorrect treatment of employees or negative working conditions. However, there have been huge scandals that have occurred at very large corporate companies. Scandals that could have been prevented with the help of whistleblowing. In this post, we therefore take a closer look at 3 occasions that whistleblowing could have made a difference. Continue reading…

Eurojust supports action against large-scale VAT fraud to the EU

09 September 2022
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Authorities in Hungary, Austria, the Czech Republic and Poland have dismantled a criminal network involved in a large-scale VAT fraud concerning tobacco smuggling. The estimated damage caused by the tax evasion to the European Union budget amounts to over EUR 8 750 000. In an action supported by Eurojust and Europol, one suspect was arrested. Over EUR 750 000, 7 high-value cars and 49 very high-value wristwatches were seized. Continue reading…

Disinformation: New EU regulation may force Member States like the Czech Republic to act (Part I)

07 September 2022
Knowledge Base

by Michal Pleticha

A threatening phenomenon appeared in Czech society: another desperate family discovers that one of its members became a different person. Someone who literally detached himself from reality and became an angry and hostile person with an aggressive attitude to common topics of conversation. It is likely that such a person succumbed to the phenomenon of “disinformation”, which changed his perception of reality and his personality. He is obsessed with the delusion of the “hidden truth” which comes up on the surface only thanks to the uncensored free media (meaning specialised websites, social media groups and citizen journalists. Well-established and quality public media are allegedly censored and spread only lies and manipulation. Continue reading…

FCA appoints new Director of International

06 September 2022

The FCA has appointed Ruairi O’Connell, OBE, as the new Director of International. Ruairi will join the FCA from the Home Office where he is Director, International. Ruairi has extensive experience in both the Home Office and the Foreign Office, including as British Ambassador to Kosovo. He will be responsible for helping to shape the FCA’s international strategy as well as, overseeing our international engagement including matters arising from the UK withdrawal from the EU. Ruairi’s appointment follows the appointment of six new Directors in July as the FCA expands its headcount to meet its growing remit and the ambitious three year-strategy launched in April. Continue reading…

Valérie Urbain from Euroclear: “We must make the Financial Services Industry attractive to the future generation”

05 September 2022
Knowledge Base

During the last International Risk Congress in Brussels, with a theme on Combating Financial Economic Crime, moderator and presenter Dina-Perla Portnaar spoke with Valérie Urbain from Euroclear. Valérie has been working at Euroclear since July 2021. Within her role as Chief Business Director & Executive Director, she has the total overview of all activities, as well as the responsibilities that go with it. The interview took place at the Euroclear headquarters in Brussels and was conducted in English. How will we be able to combat Financial Economic Crime? Which types of crimes lie ahead of us? What strategies have already been deployed in the public and private sectors? What types of solutions are most desirable and necessary? Are we combating FEC in an effective and concerted manner? What does Euroclear do in terms of diversity and inclusivity?

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