Region: Europe

FCA and PRA push Brexit changes as transition end-date approaches

The UK’s Financial Conduct Authority is encouraging bigger and riskier EU banks to establish local subsidiaries rather than branches after Brexit, in a new guide to its approach to international firms – while the Prudential Regulation Authority has issued a brace of changes to its binding technical standards and rulebook as the transition nears its end.

24 September 2020

EU Commission gives UK CCPs 18-month equivalence post-Brexit

The European Commission has confirmed an 18-month equivalence for UK-based central clearing counterparties, giving EU banks a set timeframe to reduce their overexposure to derivatives clearing houses in Britain after the Brexit transition period ends.

24 September 2020

Uría Menéndez and Garrigues advising on Caixa-Bankia merger

Board members of CaixaBank have approved its €3.8 billion purchase of domestic counterpart Bankia – in a deal it says will make its non-performing loan ratio the lowest in Spain.

22 September 2020

Community round-up: departures at MAS and FCA

The UK’s Financial Conduct Authority and the Monetary Authority of Singapore have both announced the departures of key names.

22 September 2020

EBA backs first AML regulation

The prospect of an EU-wide AML regulation with direct effect moved a step closer this week, after the European Banking Authority backed the idea citing concerns over regulatory arbitrage.

15 September 2020

“Let’s not run before we can walk”: BoE’s Bailey on stablecoins

Bank of England governor Andrew Bailey has urged caution on stablecoin initiatives, saying multi-currency ‘baskets’ are the “wrong place to start”.

08 September 2020

Community round-up: Libra names second GC in three months, ESMA names CCP committee

O’Melveny & Myers partner Stevan Bunnell has joined Facebook’s cryptocurrency project Libra as chief legal officer, while the European Securities and Markets Authority has nominated members for the central counterparties supervision committee formed under last year’s EMIR revision.

04 September 2020

CSDR settlement discipline regime delayed, as securitisation repository registration comes online

The European Securities and Markets Authority (ESMA) has confirmed that aspects of the upcoming securitisation regulation will come online later this month, shortly after the EU delayed the entry into force of the Central Securities Depositories Regulation (CSDR) settlement discipline regime.

04 September 2020

UK PRA revisits pandemic measures

The UK’s Prudential Regulation Authority will terminate a counter-cyclical emergency capital requirements policy adopted at the outset of the pandemic, while issuing new guidance on the treatment of deferrals under the IFRS 9 accounting standard.

28 August 2020

Latvia ramps up AML push with fresh guidance

Latvia’s banking regulator has announced new anti-money laundering and counter-terrorism financing guidance, after fining local outfit Signet Bank €906,000 for AML failings.

26 August 2020

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