News

Dubai establishes world’s first dedicated crypto regulator

The Emirate of Dubai has announced a legal framework for virtual assets alongside a tailor-made regulator to oversee the sector.

10 March 2022

“Banking is on the front lines now”: OCC’s Hsu links geopolitical and climate risk at IIB summit

The United States’ acting comptroller of the currency Michael Hsu has argued that banks should treat climate risk with the same “bread-and-butter” scenario analysis tools they are currently using to assess their geopolitical risk following Russia’s invasion of Ukraine, in remarks to the International Institute of Bankers’ first in-person summit in two years.

10 March 2022

Biden issues “sea change” US digital assets executive order

The White House has issued its first “whole-of-government” strategy for digital assets, in what practitioners tell GBRR could be a “sea change” for regulation in the space.

10 March 2022

US senate set to pass "hard tail" Libor transition bill

The US senate is set to pass legislation directing the Federal Reserve to implement replacement rates for outstanding financial contracts tied to the Libor benchmark.

09 March 2022

FATF greylists UAE and puts Russia under review

The Financial Action Taskforce has placed the United Arab Emirates on its money laundering “greylist”, hinting also that it may remove Russia from its role at the organisation.

09 March 2022

Quinn Emanuel and Paul Hastings tap US agencies for new hires

Quinn Emanuel Urquhart & Sullivan has bolstered its digital assets disputes practice with a senior official from New York’s state regulator, as Paul Hastings turns to the US Justice Department to add to its fintech capabilities.

09 March 2022

EU promises "resolute action" against potential crypto loopholes in Russia sanctions

The European Commission has told GBRR it is ready to adopt additional measures to prevent Russian banks using crypto assets to evade its sanctions regime.

07 March 2022

UK Treasury moves to scrap share trading obligation after review

The UK Treasury has confirmed the abolition of regulations including the share trading obligation following the response to its post-Brexit Wholesale Markets Review.

07 March 2022

Covington and Troutman Pepper make reinforcements

Covington & Burling has rehired a former partner from WSFS Bank, as Troutman Pepper adds a counsel to its financial services practice.

07 March 2022

SRB reaches split decision on Sberbank Europe

The European Union’s Single Resolution Board has declined to rescue Austrian-headquartered Sberbank Europe while transferring its Croatian and Slovenian subsidiaries to local competitors.

03 March 2022

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