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UK-based foreign banks face new information rules

The Prudential Regulation Authority has made changes to proposed regulations for international banks operating in the UK after consultation feedback urged against burdensome information requirements.

28 July 2021

EBA set to classify MMFs as shadow banks

The European Banking Authority has called on financial market participants to consider money market funds as shadow banks, as division emerges over fellow EU regulator the European Securities and Markets Authority’s proposal to revamp their liquidity buffers.

28 July 2021

OCC appoints climate risk officer

The United States’ acting comptroller of the currency has continued reorganising his agency with a newly-created climate risk role, as it becomes the latest US federal regulator to join the Network for Greening the Financial System.

28 July 2021

From cliff-edge to glide path: BoE MREL proposals smooth way for challenger banks

The Bank of England has proposed to ease growing lenders into the process of raising “bail-in” capital by introducing a “stepped glide path” for their MREL obligations.

26 July 2021

FRC critiques “unacceptable” KPMG bank audits

The Financial Reporting Council’s annual review of the UK’s audit sector has highlighted “specific concerns” over the quality of KPMG’s bank audits for the third year running.

26 July 2021

Supreme Court petitioned to block SEC “power grab”

The Securities and Exchange Commission overstepped its statutory authority when it enforced anti-money laundering regulations in the Bank Secrecy Act, according to a petition before the US Supreme Court.

22 July 2021

FSB official casts doubt on functionality of G20 reforms during pandemic

The Financial Stability Board’s secretary general Dietrich Domanski has said the pandemic has shown that certain elements of the post-financial crisis reforms may not be working as intended and “warrant further examination”.

22 July 2021

Mayer Brown hires from White & Case

Mayer Brown has hired White & Case partner Francisco García-Naranjo González in its Mexico City office.

22 July 2021

AML gets a new face

The EU is set to get a new anti-money laundering authority, a single EU rulebook, and tightened oversight of cryptocurrency transactions as part of a package of wide-spreading proposals to reform the its AML controls.

21 July 2021

ECJ upholds “inherently opaque” SRB contribution order

The European Court of Justice has upheld a ruling that the EU’s resolution authority should recalculate a German bank’s contribution to the bloc’s resolution fund, after its original calculation method was labelled “inherently opaque”.

21 July 2021

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