Europe

Enforcement

UK: Financial Services and Markets Act Receives Royal Assent

By Editors | 29/06/2023

The Act sets a path to reform Solvency II, gives the FCA regulatory powers over crypto, and provides stronger protections for victims of APP fraud.

Crypto / Digital Assets

EU Commission Issues Legislative Proposal to Introduce CBDC

By Editors | 29/06/2023

The ECB will decide whether to move to the next phase of the project after its investigation phase is concluded in October.

Crypto / Digital Assets

BIS Releases Interim Report on Project Mariana

By Editors | 29/06/2023

Project Mariana is studying the use of DeFi automated market makers and wholesale CBDC for cross-border foreign exchange transactions.

Market Infrastructure

Refinitiv Consults on Features of Term €STR Rate

By Editors | 29/06/2023

Following the consultation and pending necessary approvals, Refinitiv intends to transition the prototype rate into a regulated production rate.

Sanctions

OFAC, OFSI Issue Sanctions Guidance on Humanitarian Assistance

By Editors | 28/06/2023

The guidance provides clarity on authorisations available for humanitarian, agricultural and medical support provided to regions impacted by Russia’s war in Ukraine.

Crypto / Digital Assets

UK Law Commission Offers Recommendations on Digital Assets

By Manesh Samtani | 28/06/2023

The Law Commission suggests the introduction of a distinct category of personal property to better recognise and protect the unique features of digital assets.

Capital / Liquidity

EU Reaches Provisional Agreement on Basel III Implementation

By Manesh Samtani | 28/06/2023

Elements of the final Basel III reforms would be phased in starting in January 2025, two years after the globally agreed deadline.

ESG / Sustainability

EU ESG Ratings Rules Risk Regulatory Fragmentation

By ESG Investor | 28/06/2023

Proposed framework aims to tackle conflict of interest concerns, but fails to address “quality of raw ESG data”.

AML / KYC

UK Banks to Pilot AML Data Sharing from October – Report

By Editors | 26/06/2023

One pilot will allow banks to share data if they suspect financial crime. Another pilot will involve the launch of a database for suspected economic crime.