Europe

Market Infrastructure

Credit Sensitive Alternatives to RFRs Have Limited Durability: Bailey

By Manesh Samtani | 17/05/2021

Non-financial borrowers may not want their cost of borrowing to be driven by thin liquidity in CP and CD markets, says BOE governor Andrew Bailey.

AML / KYC

US DOJ Penalises Swiss Life for Facilitating Tax Evasion

By Editors | 16/05/2021

Swiss Life and its subsdiaries created and marketed insurance products specially designed for US persons seeking to hide offshore assets and evade tax.

Market Infrastructure

UK Exchange Derivatives to Switch to SONIA on 17 June

By Editors | 14/05/2021

The FCA and BOE are encouraging market participants to prepare for and implement changes to standard trading conventions on 17 June.

Market Infrastructure

Working Group Publishes Recommendations on EURIBOR Fallbacks

By Editors | 13/05/2021

Although EURIBOR is not scheduled to be discontinued, the recommendations will provide legal certainty and help users comply with BMR fallback obligations.

AML / KYC

EBA Consults on Proposals for Central AML/CFT Database

By Editors | 12/05/2021

The central database will serve as an early warning tool to enable competent authorities to act before ML/TF risks crystalise and faciltiate inspections and monitoring.

Crypto / Digital Assets

UPDATED – BaFin Says Binance Stock Tokens Violate Securities Laws

By Sanday Chongo Kabange | 05/05/2021

The tokens require the publishing of a prospectus, “minimum information required by law” for the sale of an investment product.

AML / KYC

BaFin Orders Deutsche Bank to Further Enhance AML Controls

By Sanday Chongo Kabange | 04/05/2021

Deutsche Bank is asked to further bolster safeguards against financial crime, including in its correspondent banking relationships and transaction monitoring.

Fintech / Regtech

EIB Issues First Digital Bond on Public Blockchain

By Sanday Chongo Kabange | 04/05/2021

The digital bond issuance was carried out using a distributed ledger for registration and a CBDC for settlement.

Securities / Derivatives

FCA Proposes Rule Changes to Encourage SPAC Listings

By Sanday Chongo Kabange | 03/05/2021

The FCA proposes to exempt SPACs that identify an acquisition target from being suspended, if they have certain investor protections in place.