Topic: Bank regulation

SocGen sells Russian arm to oligarch-owned Interros

French bank Société Générale will sell its banking activities in Russia back to Interros, a holding company controlled by Russian billionaire Vladimir Potanin, the latest in a stream of international banks to exit the country.

14 April 2022

EU banks set to disclose “adverse impacts” under new SFDR standards

The European Commission has become the latest body to address climate risk reporting at banks, less than a week after the ISSB issued its draft global standards for sustainability disclosures.

07 April 2022

Greensill litigation may take five years to conclude, says Credit Suisse

Credit Suisse has told shareholders that some investors may not be able to recover money lost in the Greensill collapse, and that litigation to recoup funds could take “around five years”.

06 April 2022

SEC targets SPACs

The US securities regulator is set to apply heavier disclosure restrictions to special purpose acquisition companies, issuing a clutch of measures that a dissenting commissioner has warned will reduce SPAC transactions to just another form of IPO.

31 March 2022

UK competition regulator hands open banking to FCA

The UK’s competition regulator will cede control of its open banking unit to the Financial Conduct Authority, following criticisms of its governance and a bullying scandal last year.

29 March 2022

RCB exits banking following Russian invasion

Cyprus-based RCB, until recently part-owned by Russia’s VTB, is planning to wind down its operations, the first European bank with Russian links to make the voluntary move since Russia’s invasion of Ukraine.

24 March 2022

Regulators must address gamification and social media, IOSCO says

The global securities regulators’ association has called for an expanded regulators’ “toolkit” for dealing with emerging issues including gamification, which it says an “overwhelming majority” of its members are struggling to deal with.

23 March 2022

EU lawmakers adopt fresh MiCA draft and reject proof-of-work ban

The European Parliament has voted to advance a cryptocurrency bill without a clause that would have banned proof-of-work mechanisms, and called for digital assets to be dealt with in the EU’s sustainable taxonomy.

21 March 2022

“White noise and no real substance”: ECB’s Elderson criticises banks’ climate-risk disclosures

Frank Elderson, vice-chair of the ECB supervisory board, has criticised banks for “issuing a great volume of information” around green topics to compensate for the “poor quality” of their climate-related and environmental disclosures.

17 March 2022

SEC unveils “aggressive” new cybersecurity protocol for banks

The United States’ securities watchdog has released new cybersecurity rules mandating public companies to disclose all cyber-attacks within four days – posing a “significant burden” on banks, according to practitioners.

14 March 2022

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