News

Third time lucky for new Bank of Canada governor

Former Bank of Canada second-in-command Tiff Macklem will return to the central bank as its new governor, having lost out on the job on two previous occasions.

05 May 2020

Lacklustre early cooperation fuelled US tax evasion penalty to Israeli bank

Israeli bank Hapoalim is to pay nearly US$1.1 billion in fines after pleading guilty to helping customers hide funds from US tax authorities.

05 May 2020

Regulators tell Bank of China to probe US$1.3bn oil slump loss

The Bank of China could be faced with a class action lawsuit after it lost over 7 billion yuan (US$1.3 billion) through its oil futures investment product, after the price of crude oil went negative for the first time in history.

01 May 2020

Community round-up: New York DFS hires from UBS, BlackRock from PRA

New York’s Department for Financial Services has hired a new general counsel from UBS Americas, while a board member of the UK’s Prudential Regulation Authority has departed for asset management firm BlackRock.

01 May 2020

FCA investigating cum-ex trades

The UK Financial Conduct Authority is investigating 14 financial institutions in connection with an alleged tax fraud that is estimated to have cost European countries over €50 billion.

01 May 2020

Regtech race hots up with Saudi and UAE initiatives

The G20’s Saudi presidency has announced a “hackathon” competition for regtech providers, as the United Arab Emirates pilots a new AI-led licence review scheme.

29 April 2020

EU eases leverage ratio in covid-19 relief package

The European Commission has announced a package of proposed regulatory changes aimed at facilitating bank lending – including an adjustment to leverage ratio rules that had been a focus of bank lobbying following a similar switch by the US Federal Reserve.

29 April 2020

Turkey imposes minimum lending requirement amid Erdoğan criticism

Turkey’s banking sector is appealing for a delay to a new minimum lending requirement, after the country’s president criticised private banks for not stepping up lending during the coronavirus pandemic.

27 April 2020

Linklaters and ING hire in London

Linklaters has hired a London partner from JP Morgan, while Dutch bank ING has named a new head of compliance for the UK and Middle East.

27 April 2020

MEPs demand answers after Blackrock arm wins EU banking regulation role

A group of MEPs has demanded explanations after the EU selected asset manager BlackRock, a major investor in oil companies and banks, to advise on the incorporation of environmental and social factors into European banking regulations.

24 April 2020

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