News

DFS calls for regulators to target social media companies after Twitter hack

New York’s Department of Financial Services has called for social media companies to be regulated as systemically important institutions, saying a July hack of multiple public figures’ Twitter accounts raised serious cybersecurity concerns.

15 October 2020

G7 and FSB resist stablecoin pleas

The G7 economies have said that no global stablecoin should begin operations “until it is properly regulated”, after several financial technology companies and think-tanks urged the Financial Stability Board to alter its view of their risks.

14 October 2020

Reserve Bank of India names new regulatory chief

The Reserve Bank of India has appointed a new deputy governor with responsibility for its regulatory activities, as it faces calls from a former supreme court justice for increased transparency and accountability in its decision-making.

14 October 2020

First, do no harm: central banks agree CBDC principles

Central banks representing all of the G7 economies have published an outline of basic principles for developing digital versions of their currencies – emphasising a safety-first approach but also outlining the range of choices each would have to make should it pursue the project.

12 October 2020

Hire suptech talent, FSB urges regulators

Regulators should focus on attracting talent that can develop tailored suptech tools, according to a new report from the Financial Stability Board.

12 October 2020

UBS launches Brazilian investment bank despite union reproach

Pinheiro Neto and Lefosse are advising UBS and Banco do Brasil as they launch a Brazilian joint venture – an expansion that has drawn criticism from Brazilian banking union heads.

08 October 2020

EBA publishes sectoral risk guidelines

With only months until the implementation deadline for CRD V, the European Banking Authority has published its final guidelines for sectoral systemic risk buffers under the directive.

06 October 2020

Australian regulator responds to scrutiny with revamped risk framework

Australia’s prudential regulator has introduced a fresh supervisory framework to include non-financial risks for banks, a year after the government released a report calling for the body to “reset” its regulatory approach.

06 October 2020

“There is time if you start now”: regulators push greater urgency on benchmark transition

The Bank of England and Monetary Authority of Singapore are among the global regulators appealing for urgency with next year’s transition away from the Ibor benchmarks – even as nearly two thirds of firms at a recent event dedicated to the transition admitted they still do not have plans in place.

05 October 2020

ESMA to get greater non-EU firm monitoring powers

In a move that could allow European investors to avoid publicly disclosing certain UK-based transactions, the European Securities and Markets Authority has confirmed it will assess UK trading venues before the end of the year –  as the regulator gets greater powers to monitor non-EU firms transacting in the bloc.

05 October 2020

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