News

Is the European CMBS market set for a revival?

The impact of the covid-19 pandemic on financial markets has been compared by many to the aftereffects of the post-2008 financial crisis, and for good reason. Reed Smith partners Jason Richardson and Iain Balkwill ask whether European commercial mortgage-backed securitisation will survive, or whether the pandemic has sounded a second death-knell for this form of securitisation.

28 April 2021

Cypriot scheme grants UK firms an EU gateway

Cyprus’ banking regulator has greenlit several UK-based firms to continue providing investment services without a physical presence in the country.

28 April 2021

Covington advising as OCC approves Paxos charter

Blockchain platform Paxos is set to be the first crypto firm to hold both national and state bank charters in the US, after the Office of the Comptroller of the Currency granted its charter application preliminary conditional approval in the face of industry backlash.

27 April 2021

UN launches bank climate alliance as US Republicans decry regulators’ “abuse of power”

Over 40 of the world’s largest banks have joined a United Nations-led pact to achieve carbon neutrality by 2050, as several Republican lawmakers call the Biden administration’s push to put bank regulators at the forefront of the climate transition “political rhetoric masquerading as risk management”.

27 April 2021

EU and UK target greenwashing with sustainability proposals

UK lawmakers have urged the country’s financial regulator to ramp up efforts to tackle greenwashing, as the European Commission announces proposals to require large international banks to comply with higher sustainability reporting requirements.

23 April 2021

Community round-up: turnover at the FCA, and new leadership in South Africa and Dubai

The FCA’s international executive director and interim COO Nausicaa Delfas has been named to head up the UK’s Financial Ombudsman Service, while South Africa’s FSCA and Dubai’s DFSA have both announced their new leadership.

23 April 2021

ABN Amro signs €480 million Dutch money laundering settlement

Amsterdam-based lender ABN Amro has agreed to pay €480 million to resolve an investigation into “serious shortcomings” in its anti-money laundering procedures.

23 April 2021

What is dead may never die: EBA product governance and oversight guidelines “invalid”, says ECJ adviser

The European Banking Authority’s ability to react to new challenges and risks in the sector could be compromised, after an EU advocate-general said its guidelines on retail banking should be declared “invalid”.

21 April 2021

Internal models leave €275 billion unaccounted for, ECB review finds

Banks underestimated their risk-weighted assets by a collective €275 billion, according to a new ECB review of banks’ internal models.

21 April 2021

Greensill and Archegos losses prompt Credit Suisse class action

Credit Suisse is facing a proposed class action in New York, over allegations it hid defects in its risk policies so it could extend excessive leverage to trade finance provider Greensill and family office Archegos Capital.

21 April 2021

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