Political agreement on a new economic governance framework fit for the future

13 February 2024
Knowledge Base

The Commission welcomes the agreement between the European Parliament and the Council on the most ambitious and comprehensive reform of the EU’s economic governance framework since the aftermath of the economic and financial crisis. The Commission presented its reform proposals in April 2023. The main objectives of the framework are to strengthen Member States’ debt sustainability, and promote sustainable and inclusive growth in all Member States through growth-enhancing reforms and priority investments. The framework will help make the EU more competitive and better prepared for future challenges by supporting progress towards a green, digital, inclusive and resilient economy. The reforms address shortcomings in the current framework. They seek to ensure that the framework is simpler, more transparent and effective, with greater national ownership and better enforcement. They take into account the need to reduce increased public debt levels, including as a result of the COVID-19 pandemic, in a realistic, gradual and sustained manner. The new framework also builds on the lessons learned from the EU policy response to the financial crisis where a lack of investment hampered a swift economic recovery.
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Project Hertha: identifying financial crime patterns while preserving user privacy within a real-time payment system

12 February 2024

Protecting payment systems from financial crime, while upholding user privacy, is an important challenge in delivering the future of payments. BIS Innovation Hub’s Project Hertha will explore how network analytics could help identify financial crime patterns, whilst utilising a minimum set of data points. The project is a collaboration between the Hub’s London Centre and the Bank of England. Continue reading…

Judgment on appeal postponed for tenth time, but Reggie de Jong keeps faith in good outcome

09 February 2024
Knowledge Base

by Michel Klompmaker

The appeal judgment between De Jong et al. v. Airbus – Deutsche Bank – Deutsche Börse – Clearstream and InsingerGilissen (part of Quintet Private Bank) known as case number 200,289,627/01, was postponed for the tenth time. The appeal hearing took place on May 18, 2022 and the new roll date for the judgment is now set for April 2, 2024. Now that the second anniversary is over and there is still no judgment, there are question marks as to why there is yet again a postponement, now for the tenth time. We spoke with concerned Reggie de Jong, former swimming champion, wherein she made the comparison between her swimming career and this fraud case. Continue reading…

Spain to the Court of Justice of the European Union for failure to apply the waste management requirements

08 February 2024

The European Commission decided to refer Spain to the Court of Justice of the European Union for failure to comply with the requirements of the Waste Framework Directive (Directive 2008/98/EC). The Waste Framework Directive requires Member States to take all necessary measures to ensure that waste management does not endanger human health or harm the environment. Member States also need to ensure that waste is safely disposed of, and that original waste producers treat the waste themselves or ensure that the treatment is properly handled. Spain has failed to take the necessary measures to comply with these requirements of the Waste Framework Directive. The persistence of, at least, 195 illegal landfills that have not yet been closed, sealed and restored since 2008 is causing significant harm to the environment while endangering human health.  Continue reading…

Ajay Katara

Ajay Katara

Consulting Partner and Head the RegTech Portfolio in Banking Risk Management area at Tata Consultancy Services (TCS)

Unraveling Risk and Compliance Trends in 2024

07 February 2024
Knowledge Base

Over the last few years, risk and compliance function has been a top priority for many banks and financial services organisations, with initiatives spanning across adoption of newer regulatory compliances, stress testing, model risk management, and focus on emerging risks like climate risk, to name a few. Come 2024, as per industry reports, the spend in risk and compliance is expected to grow by 14% in 2024 with the spotlight around heightened regulatory scrutiny, newer regulatory initiatives, and technological adoptions to drive optimisation and efficiencies within the function which will eventually help to meet the business demands and expectations for 2024 and beyond. Continue reading…

15 arrested for arranging 133 sham marriages in Cyprus

06 February 2024
Knowledge Base

Judicial and law enforcement authorities in Cyprus, Portugal and Latvia have dismantled a criminal network suspected of organising 133 sham marriages in Cyprus to facilitate illegal immigration into the European Union. During a joint action day carried out on 29 January, 15 suspects were arrested: 13 in Cyprus, one in Latvia and one in Portugal. According to the investigations, the criminal network was also involved in human trafficking and money laundering activities, as well as forcing victims into bogus marriages for immigration purposes. Continue reading…

BCBS-CPMI-IOSCO publish consultative report on transparency and responsiveness of initial margin in centrally cleared markets

05 February 2024

The Basel Committee on Banking Supervision (BCBS), the Bank for International Settlements’ Committee on Payments and Market Infrastructures (CPMI) and the International Organisation of Securities Commissions (IOSCO) has recently jointly published a consultative report Transparency and responsiveness of initial margin in centrally cleared markets – review and policy proposals. Interested parties are invited to comment on this report. The ten policy proposals in the report aim to increase the resilience of the centrally cleared ecosystem by improving participants’ understanding of CCPs’ initial margin calculations and potential future margin requirements. Continue reading…

Six steps to ensure compliance in a work-anywhere world

02 February 2024
Knowledge Base

by Robert Houghton

The battle about operating at home, in the office or other locations continues to rage in financial services. Yet in many ways, the debate is irrelevant. The genie is out of the bottle. Ignoring it – even if very few people work from home in an organisation – simply increases risk. This stems from regulators’ calls for a level playing field across home and office when it comes to compliance. In the UK, the Financial Conduct Authority (FCA) says remote workers must not affect a firm’s ability to continually meet regulations1. Continue reading…

Lieve Lowet

Lieve Lowet

EU Affairs consultant and lobbyist

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

01 February 2024
Knowledge Base

The Swiss Confederation and the United Kingdom of Great Britain and Northern Ireland signed an agreement on mutual recognition in financial services, also called the Berne Financial Services Agreement, on 21 December 2023. It has several sectoral annexes, each dealing with the details for a particular financial sector. Annex 4 deals with insurance. The purpose of the Agreement, the mutual recognition, is reiterated in the annex: “Covered Financial Services Suppliers are permitted to provide Covered Services to Covered Clients from the territory of one Party into the territory of the other Party, as set out and specified in the Sectoral Annexes”. The covered services for both Parties in the insurance field are not entirely the same. Continue reading…