News

Deutsche fined US$150 million over Epstein ties

New York’s state financial regulator has fined Deutsche Bank over its relationship with the late Jeffrey Epstein – the first regulatory action against a financial institution over its connections to the disgraced financier and sex offender – and to two controversial foreign banks.

08 July 2020

Cypriot regulator fines Commerzbank for historic market manipulation

The Cypriot securities regulator has fined Germany’s Commerzbank €650,000 after finding it helped inflate the share price of a defunct local bank, in what is thought to be the largest case of market manipulation ever investigated on the island.

08 July 2020

Wirecard saga exposes cracks in German financial regulation

German payment company Wirecard’s €2 billion accounting scandal illuminates some of the country’s supervisory shortcomings, but criticism of the financial regulator could be misplaced, practitioners say.

08 July 2020

MEPs reject second EBA director over gender inequality concerns

European lawmakers have rejected the candidate nominated by the EBA for its executive director role – marking the second time they have done so due to concerns over gender inequality in top banking positions.

06 July 2020

EU refers three states for AML non-implementation, as Basel guidelines revised

The European Commission is taking Austria, Belgium and the Netherlands to court over allegations they failed to properly implement the fourth anti-money laundering directive – as the Basel Committee introduces cooperation provisions to its AML/CFT guidelines.

06 July 2020

ECB lowers capital requirements bar for eurozone bank mergers

Clifford Chance’s local partner is advising Saudi Arabia’s biggest bank in a merger predicted to spur others in the region – as the European Central Bank announces plans to lower the bar for EU bank mergers.

03 July 2020

Fed caps dividends after 2020 stress tests

The Federal Reserve has announced caps on dividends and a ban on share repurchases after conducting its annual stress tests, along with a newly-introduced sensitivity analysis to consider a range of coronavirus-related recession scenarios.

03 July 2020

Volcker Rule changes “chipping away” at protections, US regulators warned

US federal regulators have finalised a long-planned change to the Volcker rule on covered funds, as Democratic minority members of their boards warn the changes risk undermining the rule’s purpose.

01 July 2020

BIS innovation hub extends reach with four new centres

The Bank for International Settlements has announced the launch of four new innovation hub centres across Europe and North America, as it intensifies its research into fintech for central banks.

01 July 2020

EBA proposes early intervention distinctions after lack of usage

The European Banking Authority has put forward proposals to clarify when regulators should use early intervention measures, after finding that half of all competent authorities surveyed have not applied them when required.

29 June 2020

Get unlimited access to all Global Banking Regulation Review content