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Market Infrastructure
EBA Clearing, SWIFT, TCH Collaborate on Cross-Border Payments
By Mark Johnston | 12/10/2021
A POC has been completed that uses existing payment systems in the US and Europe to achieve synchronised settlements in cross-border payments.
AML / KYC
Germany’s BaFin Fines N26 Over Weak AML Controls
By Editors | 07/10/2021
The €4.25mn fine was paid in July but only made public by BaFin on 29 September. N26 says it already addressed the problems.
Market Infrastructure
EDPB Issues Opinion on Adequacy of Korea Data Protection Regime
By Editors | 07/10/2021
The EDPB says Korea’s data protection framework presents “numerous similarities” to Europe’s, but certain aspects may require “a closer look and clarification”.
Market Infrastructure
FCA Consults on Permitted Use of Synthetic LIBOR Rates
By Manesh Samtani | 29/09/2021
The FCA proposes to permit legacy use of synthetic GBP and JPY LIBOR in all contracts except cleared derivatives for the duration of 2022.
Market Infrastructure
China, EU to Publish Common Taxonomy by Year-End
By Sanday Chongo Kabange | 29/09/2021
The China-EU common taxonomy for sustainable finance will make it easier for other countries to recognise China’s green financial assets, PBOC officials say.
Securities / Derivatives
FINMA Grants Approval Allowing SIX to Deal in Digital Securities
By Editors | 16/09/2021
SIX Digital Exchange is approved to act as a CSD and its associated company SDX Trading to act as a stock exchange.
AML / KYC
German Finance, Justice Ministries Raided in Probe of FIU
By Sanday Chongo Kabange | 15/09/2021
The probe was launched following complaints that the FIU had not acted on millions of euros of suspect transactions between 2018 and 2020.
Big Picture
EU Regulators Warn of Cyber Risk, Credit Losses, Market Exuberance
By Sanday Chongo Kabange | 12/09/2021
The EBA, ESMA and EIOPA warn of increasingly sophisticated cyber-attacks, deteriorating credit quality, and possible exuberance in markets.
Enforcement
Global Regulators Heighten Scrutiny Over ESG Mislabelling – Reports
By Sanday Chongo Kabange | 09/09/2021
Increased scrutiny from US, EU and UK regulators have forced asset managers to review current practices for classifying funds as ESG-focused.
Enforcement
BaFin Joins US SEC, DOJ in Probing Collapsed Allianz Funds
By Ranamita Chakraborty | 07/09/2021
Allianz is facing probes from BaFin, SEC and DOJ, as well as 25 investor lawsuits, over last year’s collapse of its Structured Alpha Funds.
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