News

Indonesia’s OJK issues new cybersecurity rules after attacks escalate

Indonesia’s financial regulator has issued banks with a new cybersecurity framework amid increasing attacks on the country’s financial system – but practitioners warn further updates will be necessary to keep pace.

10 January 2023

After a decade, Saudi CMA issues more “nuanced” prudential rules

Practitioners have welcomed revisions to Saudi Arabia’s decade-old prudential rules, calling them better tailored to the risks associated with different business activities.

10 January 2023

What’s in store for 2023? Part one: crypto

How will regulators grapple with crypto in 2023, after one of the rockiest years in the industry’s short history? In the first of three pieces examining what 2023 has in store for banking regulation, GBRR spoke with practitioners from Europe, the United States, Singapore and Hong Kong about the road ahead for crypto.

09 January 2023

“Prolonged” regulatory process scuppers second BMTX-First Sound merger attempt

The US “banking as a service” fintech BMTX has terminated its second merger attempt with a Seattle-based community business bank, citing prolonged regulatory processes as the cause.

06 January 2023

Coinbase reaches US$100 million settlement with New York regulators

The crypto exchange Coinbase has reached a US$100 million settlement with New York regulators over “significant failures” in its due diligence and anti-money laundering policies.

06 January 2023

US regulators’ joint crypto warning could prompt project cancellations

After a year marked by high-profile crypto failures, three US federal regulators kicked off the new year with a “shot across the bow” warning to banks against the risks associated with crypto-assets – their first ever unified statement on the subject.

05 January 2023

Hogan Lovells promotes in US and Europe

Hogan Lovells’ 2023 promotions round has included new financial regulatory partners in London and Washington, DC, and new counsel in Paris and Rome.

05 January 2023

Berkovitz departs SEC after a year

The US Securities and Exchange Commission’s general counsel Dan Berkovitz is stepping down, just over a year after he joined the regulator from the Commodity Futures Trading Commission.

04 January 2023

BaFin hits Standard Chartered again with extra capital requirements

For the second time in three months, Germany’s financial regulator has imposed capital measures on Standard Chartered for what it calls flaws in the bank’s business organisation.

04 January 2023

Wells Fargo reaches record settlement with CFPB

The US Consumer Financial Protection Bureau has hit Wells Fargo with a record fine following what the regulator called an “ongoing pattern of repeat offences” – as its director Rohit Chopra warned the sector as a whole to expect the regulator to use more aggressive measures in 2023.

22 December 2022

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