News

Ripple claims SEC lacks authority to regulate in US$1.3 billion crypto lawsuit

US fintech Ripple Labs has told the US Securities and Exchange Commission it lacks jurisdiction to regulate its digital coin as a security, a month after the regulator filed a billion-dollar lawsuit.

03 February 2021

Stalled at the lights: meeting regulatory expectations for operational resilience

Don’t forget about the key capabilities needed to deliver operational resilience programmes successfully, writes Sundeep Gupta, a managing consultant at PA Consulting in London.

03 February 2021

BaFin president heads for exit following Wirecard scandal

Germany’s top financial regulatory official has agreed to step down in the aftermath of the Wirecard scandal, as the German government prepares to reorganise the country’s watchdog.

02 February 2021

Baker McKenzie advising on three-way shariah bank merger

The three Islamic finance subsidiaries of Indonesia’s largest state-owned banks have merged to create Indonesia’s largest shariah financial institution.

02 February 2021

FinCEN gives extra time following backlash against crypto “midnight regulation”

US enforcement agency FinCEN has extended the comment period for its proposal to subject cryptocurrency wallet owners to Bank Secrecy Act rules, after receiving an overwhelming number of responses from industry stakeholders requesting more time.

28 January 2021

Too Big To Fail has wedged banks by profitability, Basel report finds

The most profitable G-SIBs have expanded their systemic footprint in line with their non-systemically important counterparts, leaving less profitable G-SIBs to bear the brunt of ‘Too Big to Fail’ reforms, according to a new report by a trio of current and former economists of the Bank for International Settlements.

28 January 2021

Brazil’s “gamechanger” open banking directory begins implementation

Brazil’s central bank is one step closer to the launch of an integrated open banking system, as the country's banks begin migrating information in the first stage of the project's implementation.

27 January 2021

EU Court rejects Latvian bank’s SRF repayment request

Latvian bank ABLV, whose licence was withdrawn in 2018 after US regulators designated it “of primary money laundering concern” over transactions allegedly linked to North Korea’s weapons programme, has lost its fight for its Single Resolution Fund contributions for that year to be repaid.

27 January 2021

Lebanese banks sell Egyptian units amid capital requirements push

Freshfields, Baker McKenzie and Dechert are among the firms instructed in a pair of bank acquisition deals prompted by increased capital requirements from Lebanon’s central bank, with local banks Audi and Blom agreeing to sell off their Egyptian units.

25 January 2021

ISDA digitises master agreement with Linklaters advising, as fallbacks take effect

The International Swaps and Derivatives Association’s new fallbacks for Ibor-linked derivatives have come into effect, days after the body announced the digitisation of a key derivatives document.

25 January 2021

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