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Federal Reserve bans own officials from trading

The United States Federal Reserve will ban its top officials from holding individual stocks, and outlaw all trading activity during periods of heightened financial stress, as it responds to a controversy that saw two of its bank chiefs step down.

22 October 2021

US regulators define “new” Libor contracts in latest guidance

Federal regulators in the United States have laid out the boundaries of what a “new” Libor contract constitutes, ahead of the benchmark’s forthcoming end date this December.

22 October 2021

Banks should be legally bound on climate plans, ECB’s Elderson says

The “vast majority” of EU banks are not carrying out necessary climate analysis and should be legally required to adopt climate transition plans, according to a European Central Bank board member.

20 October 2021

BaFin caps N26 growth

Germany’s regulator has intervened to slow the growth of digital bank N26, imposing a cap on new customers, as counsel from Osborne Clarke, White & Case and Freshfields advise on a funding round positioning it as the highest-valued fintech in the German market.

20 October 2021

Two brave new AML/CTF worlds

With the UK and EU issuing new AML/CTF packages within days of one another over the summer, Anna Bradshaw, partner at Peters & Peters in London, warns banks to prepare for ever more complexity.

18 October 2021

“Regulation that is fit for purpose”: Coinbase calls for dedicated crypto regulator

Crypto platform Coinbase has called for a new US regulator to oversee cryptoassets, weeks after withdrawing a planned crypto lending platform in the face of threatened litigation from the SEC.

18 October 2021

ESMA’s Ross to step up, FCA’s Randell to step down

Charles Randell, chair of the UK’s Financial Conduct Authority and Payment Systems Regulator, has announced an early departure from both regulators, while the European Securities and Markets Authority has named executive director Verena Ross as its new chair.

18 October 2021

Sullivan & Cromwell & Wachtell Lipton advising on latest US bank merger

Sullivan & Cromwell and Wachtell Lipton Rosen & Katz are advising on the latest significant banking merger in the US market, with Pacific Northwest entities Columbia State and Umpqua set to combine.

14 October 2021

FINRA to sweep SPACs

The United States’ brokerage regulator has announced a sweep of special-purpose acquisition companies, asking firms to detail conflicts of interest as more regulators begin to closer scrutinise the blank-cheque arena.

13 October 2021

Heads Up: with Damian Carolan at Allen & Overy – Part 2

“There’s an open question of what is the right structural model for regulation and policymaking in the UK.” In the second of GBRR’s two-part interview with Allen & Overy’s UK head of financial regulation Damian Carolan, we discuss distributed ledger technology, Brexit, ESG, and the drivers of regulatory divergence around the world.

13 October 2021

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