Eurojust has supported the Italian authorities to stop an elaborate fraud scheme involving the import of new and used cars from Germany. In total, 60 suspects have been identified, who defrauded the Italian tax authorities of at least EUR 6.3 million in avoided VAT levies. Furthermore, over 200 vehicles were falsely registered in Italy and sold at below market price, creating unfair competition on the car market. Eurojust set up a coordination centre and helped with the execution of European Investigation Orders to Bulgaria, the Czech Republic and Germany. Continue reading…

The European Banking Authority (EBA) recently launched a public consultation on new Guidelines on the role, tasks and responsibilities of anti-money laundering and countering the financing of terrorism (AML/CFT) compliance officers. The Guidelines also include provisions on the wider AML/CFT governance set-up, including at the level of the group. Once adopted, these Guidelines will apply to all financial sector operators that are within the scope of the AML Directive. This consultation runs until 2 November 2021. Continue reading…

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has recently issued a Public Statement on the prospectus disclosure and investor protection issues raised by special purpose acquisition companies (SPACs). The statement, in view of both the complexity and the diversity of SPAC transactions, sets out ESMA’s expectations on how issuers should satisfy the specific disclosure requirements of the Prospectus Regulation to enhance the comprehensibility and comparability of SPAC prospectuses. Continue reading…

Swift and forceful action from central banks and governments has limited the economic damage from the Covid-19 pandemic, and as policymakers look ahead to the next phase of the recovery they must prepare for different but no less formidable challenges, the Bank for International Settlements (BIS) said in its Annual Economic Report 2021.  In its flagship economic publication, the BIS describes the global recovery so far as incomplete and uneven, with some countries and sectors bouncing back quickly and others lagging. The uneven recovery could generate headwinds for emerging market economies (EMEs) in particular, due to tighter financial conditions as advanced economies transition more quickly. Continue reading…

The SOMI Foundation submits the largest European collective data request recently to three tech giants: TikTok, Zoom and Palantir. According to the GDPR, companies are obliged to comply with the request for stored personal data. SOMI requests the personal data on behalf of its participants as part of the investigation into the possible violation of the GDPR by the international companies. The GDPR prescribes that companies that are active in Europe are obliged to provide access to stored personal data on request. In addition, it must be clearly stated how the personal data is stored and with whom it is shared. However, it is often not clear how such a request should be submitted to the company, if the option is offered at all. There is also no explicit way of supplying the stored personal data, which makes it difficult for consumers to understand which data is stored and used, and how it can be modified or deleted. Continue reading…

How many insurers were subject to winding-up proceedings since the introduction of Solvency II on 1/1/2016? In part I, we revealed that based on the OJ publications about 20-30 insurers have been subject to winding-up proceedings. But is 23 (or 34) the true story? Would the findings of the second source, the data of the national supervisory authorities, corroborate these revelations? Continue reading…

The Covid-19 pandemic continues to impact the way people live and work, and while progress is being made toward recovery, much uncertainty remains about the outlook for the virus and the evolution of mobility and travel restrictions this year. In light of this, and after consulting widely with our customers and partners, SWIFT has taken a decision to keep Sibos a free, digital-only event for 2021 to ensure the safest and best possible experience for the global Sibos community.

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by Lieve Lowet

It must be the best kept secret in town (apart from EIOPA’s Supervisory Handbook) how many insurers and reinsurers went bankrupt since the introduction of the Solvency II framework directive (SII FD). Trying to piece together the answer on the basic question of  how many insurers went belly up since the introduction of Solvency II on 1/1/2016 proved to be a Sherlock Holmes story. But here is what I found. Continue reading…