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Europe
Market Infrastructure
EU Reaches Agreement on Rule Enhancements for Investment Funds
By Editors | 25/07/2023
AIMA’s deputy CEO Jiri Krol said some restrictions are “difficult to justify” but that AIMA has worked with policymakers to ensure they are “better defined and calibrated”.
Sanctions
EU Imposes Seventh Round of Sanctions on Myanmar
By Editors | 25/07/2023
The EU imposed sanctions on six individuals and one entity for “continuing escalation of violence” and human rights violations.
Capital / Liquidity
EBA Initiates Consultation on Climate Risk Data Collection
By Editors | 24/07/2023
EBA initiates climate data consultation with EU banks for Fit-for-55 climate risk analysis in collaboration with ESAs, ECB, and ESRB.
Crypto / Digital Assets
UK Rejects Proposal to Regulate Crypto as Gambling
By Mark Johnston | 21/07/2023
The UK government and Treasury have rejected a parliamentary committee’s suggestion to regulate crypto trading and investment as gambling.
AML / KYC
BaFin Appoints Special Monitor to Oversee AML Improvements at N26
By Mark Johnston | 21/07/2023
BaFin fined N26 in 2021 but says it still has deficiencies. N26 will be restricted to onboarding no more than 50,000 new customers per month until the deficiencies are resolved.
Sanctions
Western Allies Announce New Sanctions to Deter Russia
By Manesh Samtani | 21/07/2023
US sanctions include Russian metal producers and financial institutions. Canada targeted Russia’s military-industrial complex. UK, Australia and EU also have new targets.
Capital / Liquidity
European Parliament Advances ESG Update to Solvency II
By ESG Investor | 21/07/2023
The position to update Solvency II includes provisions for transition planning aligned to CSRD and explicit integration of ESG risks into insurers’ risk management processes.
Securities / Derivatives
Shanghai, Shenzhen Bourses Tighten Rules on GDR Listings
By Manesh Samtani | 20/07/2023
The new rules are aimed at preventing Chinese investors participating in GDR offerings from exploiting home market price differences.
AML / KYC
US Fed Fines Deutsche Bank for Slow Remediation of AML Deficiencies
By Editors | 20/07/2023
The Fed Board said Deutsche Bank made “insufficient remedial progress” under 2015 and 2017 consent orders and still has deficient AML internal controls and governance processes.
Market Infrastructure
EU Commission Seeks to Further Extend Transition Period for Third-country Benchmarks
By Manesh Samtani | 20/07/2023
The European Commission says the extension is necessary to avoid destabilising the asset management sector and financial stability risks.
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