Europe

Securities / Derivatives

UK Seeks to Undo EU Restrictions on Short-Selling Gilts

By Editors | 13/07/2023

HM Treasury proposes to eliminate EU-mandated rules that govern investors’ short positions in government debt and credit-default swaps.

Market Infrastructure

UK to Reverse MiFID II Research Unbundling Rules

By Manesh Samtani | 12/07/2023

The move is aimed at enhancing the appeal of the UK’s financial services sector and foster a more vibrant and competitive research environment.

Sanctions

UK to Strengthen Sanctions Regime to Target Iran

By Editors | 09/07/2023

The move is a response to “more than 15 credible threats” by the Iranian regime to “kill or kidnap British or UK-based individuals”.

Enforcement

Former London Trader Allowed to Appeal LIBOR Rigging Conviction

By Editors | 07/07/2023

Tom Hayes was the first person to be convicted of rigging LIBOR. He was released from jail in 2021 after serving half of an 11-year sentence.

Market Infrastructure

EBA Publishes Validation Requirements for Initial Margin Models

By Editors | 06/07/2023

The standards include a “pragmatic and simplified” supervisory procedure applicable to smaller counterparts as well as easier documentation, governance and outsourcing requirements.

Capital / Liquidity

More Foreign Banks in UK May Have to Convert Branches to Subsidiaries

By Editors | 06/07/2023

The BOE is considering reducing the thresholds for requiring foreign banks to set up subsidiaries, as part of a review prompted by SVB’s collapse.

AML / KYC

Upper House of UK Parliament Approves Economic Crime Bill

By Editors | 05/07/2023

The bill will boost corporate transparency, enable more effective seizure and recovery of crypto assets, and introduce new ‘failure to prevent’ offences.

Enforcement

European Commission Proposes Rules to Enhance GDPR Enforcement Efficiency

By Editors | 04/07/2023

The GDPR Procedural Regulation aims to streamline cooperation between data protection authorities by harmonising some administrative procedures in cross-border cases.

Fintech / Regtech

EU Proposes Measures to Enable ‘Open Finance’ and Tackle Payments Fraud

By Editors | 02/07/2023

Payment service providers will gain a legal basis to voluntarily share payment fraud related information via dedicated IT platforms.