News

PRA launches Basel III proposal with new definitions for “strong and simple”

The UK’s Prudential Regulation Authority (PRA) has issued plans to implement Basel III that further diverge from those proposed by the European Commission, and amended its criteria for which smaller firms will be able to opt out of the new standards.

01 December 2022

This week’s news in brief – week ending 2 December 2022

This week’s NIBs include climate risk disclosure guidance in Switzerland, recovery prudential standards in Australia, intelligent regtech in Abu Dhabi, and cryptos’ supervision fees in New York.

01 December 2022

BMTX admits defeat and submits second charter request

US “banking as a service” fintech BMTX has resubmitted its application to obtain a banking charter through a Seattle bank acquisition, citing “questions” from regulators – further extending an approval process that has already exceeded the one-year mark.

30 November 2022

FCA to extend Libor wind-down timetable

The FCA has suggested postponing the cessations of the Libor three-month sterling and the one, three, six-month US dollar interbank rate benchmarks until 2024.

30 November 2022

Don’t expect public intervention in future crises, ECB board member says

ECB board member Kerstin af Jochnick has raised banks’ digitalisation strategies as a source of future risk, and warned bankers and supervisors not to rely on public sector intervention in future crises.

29 November 2022

Morgan Lewis hires from Citi and Davis Polk

Morgan Lewis & Bockius has added two bank regulatory partners to its investment management practice, hiring Citi assistant general counsel Kristin Lee in New York and Davis Polk & Wardwell counsel Chris Paridon in Washington, DC.

29 November 2022

US regulators single out Citi over living will failings

The United States’ federal regulators have singled out Citigroup for shortcomings in its data management as part of a review of Wall Street banks’ resolution plans – but the head of one regulator said his peers should have gone further, and called into question the credibility of any major bank’s resolution in bankruptcy.

28 November 2022

FCA plans code for ESG ratings providers and pushes for extra regulatory powers

The UK’s Financial Conduct Authority has introduced plans for a code of conduct for third-party ESG data and rating services, as a stopgap while it pushes for an expansion of its remit to directly regulate the sector.

28 November 2022

ECJ strikes down public access to beneficial ownership register

The EU’s top court has overturned a provision of the EU’s anti-money laundering directive that would grant public access to beneficial ownership registers on privacy grounds.

24 November 2022

New CCP guidelines mark EU’s post-Brexit fight for clearing competitiveness

The EU’s securities regulator has finalised its guidelines for resolution regimes for EU-based clearing houses, as the European Commission prepares a reform package aimed at boosting its competitiveness in the clearing space.

24 November 2022

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