News

Community roundup: EBA head confirmed, Liechtensteiner and Russian regulators moving on

François-Louis Michaud has been approved as the European Banking Authority’s new executive director in spite of a parliamentary committee’s objections; a Liechtenstein-based bank has hired the country’s top banking regulatory official; and a senior Russian regulator is joining the Bank for International Settlements.

14 July 2020

G20 report warns over Libor transition preparedness

A G20 survey of regulators’ plans for Libor transition has found half of respondents from non-Financial Stability Board member jurisdictions have no strategy for the transition – as the Bank for International Settlements and FSB urge regulators worldwide to cooperate ahead of the benchmark’s phasing-out.

10 July 2020

Malta mulls regulatory shakeup as ECB revokes another banking licence

Malta is considering giving its prudential and conduct regulator new supervisory and investigative anti-money laundering powers, as the ECB terminates a local bank’s licence over AML failings.

10 July 2020

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

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