European Union

Risky Business or the takeaways from the latest ESMA Risk Dashboard

If you hadn’t noticed, we live in risky times. At least that’s what the European regulator ESMA is saying. With equity markets experiencing increased levels...

Better Regulation: Commission reviews its efforts to simplify EU legislation

The Commission has published a reviewof the European Union's efforts to simplify legislation and reduce regulatory burdens in 2018 in line with its commitment in...

ESMA publishes consultation on disclosure obligations for Money Market Funds

The European Securities and Markets Authority (ESMA) today has published a consultation on disclosure obligations for Money Market Funds. The consultation is necessary since European...

German regulator advises on Cloud services

The German financial watchdog BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht) today published guidance with regard to the use of cloud solutions. Produced in collaboration with Deutsche Bundesbank,...

Cryptoasset Taskforce publishes report on UK approach to cryptoassets

The Financial Conduct Authority (FCA) has today, as part of a Treasury (HMT) led Cryptoasset Taskforce published a report on the UK’s policy and regulatory...

EBA to focus on risks of financial innovations in 2019

The European Banking Authority (EBA) published today its detailed annual work programme for 2019, describing the specific activities and tasks of the Authority for the...

FATF advises on Regulation of Cryptocurrencies

Following its latest plenary session the Financial Action Task Force (FATF) today published a statement on the regulation of virtual assets. The intergovernmental body has amended...

The regulatory mess of German crypto regulation and what banks need to be mindful of now

New rules for Crypto risk assessments that will make German banks even more reluctant to work with cryptocurrencies, a court decision that puts the entire...

SEC Launches New Strategic Hub for Innovation and Financial Technology

The U.S. Securities and Exchange Commission today announced the launch of the agency's Strategic Hub for Innovation and Financial Technology (FinHub). The FinHub will serve as...

FCA opens a discussion on the impact of climate change and green finance on financial services

The Financial Conduct Authority (FCA) has today published a Discussion Paper on climate change and green finance. The effects of climate change and the associated...

US regulators issue warning about false claims regarding endorsements of digital assets.

The SEC’s Office of Investor Education and Advocacy (OIEA) and the Commodity Futures Trading Commission’s (CFTC) Office of Customer Education and Outreach warn investors to...

UK financial watchdog consults on no-deal Brexit approach

The Financial Conduct Authority (FCA) today published two consultation papers, setting out its proposals in the event the UK leaves the European Union on 29...

Restrictions on CFDs in Europe extended

As expected, ESMA has decided to renew the restriction on the marketing, distribution or sale of contracts for differences (CFDs) to retail clients, in effect...

Can the new global Money Laundering Standards for Cryptocurrencies solve the real issues?

For many years Bitcoin and other cryptocurrencies have been considered a potent tool for money laundering. However, not until last year when the ICO boom...

BIS research paper assesses market reactions to cryptocurrencies regulations

In its latest edition of quarterly reviews that looks at international banking and financial market developments, the Bank for International Settlements (BIS) has produced research that...

IOSCO guidance addresses conflicts of interest and conduct risks in equity capital raising

The Board of the International Organization of Securities Commissions (IOSCO) published guidance to help its members address conflicts of interest and associated misconduct risks that may...

NY Attorney General issues Virtual Markets Integrity Report, highlights potential Market Abuse and Conflicts of Interest at Crypto Exchanges

The New York Attorney General Barbara D. Underwood todayannounced the results of the Virtual Markets Integrity Initiative, a fact-finding inquiry into the policies and practices...

Robo-advice slowly growing but market still limited European Regulators find

While Robo-adviceor the automation of financial advice is slowly growing, the overall number of firms and customers involved is still quite limited, a report published...

Swiss regulator seeks input on new AML rules for FinTechs

The Swiss financial regulator, FINMA, has today published a statement with regard to the consultation in respect of the amendment of AML rules for FinTechs....

Cryptocurrency Regulation or How to figure out what the Regulator really wants

In many cases, the real message is hidden between the lines and the same is true for Cryptocurrency Regulation. To find out which rules apply,...

ESMA extends Binary Options ban

ESMA has decided to extent the ban of the marketing, distribution or sale of binary options to retail clients, which has been in effect since...

Will Initial Coin Offerings fall under new European Crowdfunding rules?

The EU Parliament has proposed to bring ICOs under its Crowdfunding rules. The new ICO rules come with several caveats and a number of flaws....

FCA proposes changes to rules for crowdfunding platforms

Following a post-implementation review of its crowdfunding rules, the Financial Conduct Authority (FCA) is opening a consultation on new rules for loan-based crowdfunding platforms. The...

European Regulator fines Scandinavian Banks for €2.5m for unauthorised Credit Ratings

The European Financial Regulator ESMA (European Securities and Markets Authority) has today fined five Scandinavian banks for violations of the Credit Rating Agencies Regulation (CRAR)....

EBA publishes final Guidelines on fraud reporting under PSD2

The European Banking Authority (EBA) published today its final Guidelines on fraud reporting under the revised Payment Services Directive (PSD2). These Guidelines, which the EBA...

EBA assesses risks and opportunities from Fintech and its impact on incumbents business models

The European Banking Authority (EBA) published today the first products of its FinTech Roadmap, namely (i) a thematic report on the impact of FinTech on...

European Regulator concerned about banks’ lack of Brexit preparations

The European Banking Authority (EBA) has voiced its concerns about the level of preparedness of the financial sector in light of Brexit. Despite the potential...

EBA consults on Guidelines on outsourcing

The European Banking Authority (EBA) launched today a public consultation  on its draft Guidelines on outsourcing. These Guidelines, which review the existing CEBS Guidelines on outsourcing...

International watchdog issues critical view of Cryptocurrencies, trust being main issue

The Bank for International Settlements (BIS), the international financial institution owned by 60 central banks, has issued a critical view of Cryptocurrencies, claiming to look...

EBA tries to clarify Strong Customer Authentication and Common & Secure Communication under PSD2

The European Banking Authority (EBA) has published two regulatory products, an Opinion and a Consultation Paper on draft Guidelines, to clarify a number of issues...

The end of CFDs and Binary Options? – Why the EU has put a stop & what comes next

The writing has been on the wall: times for CFDs and Binary Options are getting more difficult with the latest announcements from the European financial...

ESMA publishes various MiFID II updates and documents

It has been a busy month of MiFID II updates. ESMA has published six documents that provide further detail or clarification for the MiFID II...

ESMA provides update on Investor Protection and Intermediary Topics under MiFID II

The European Securities and Markets Authority (ESMA) has added 9 new or updated Q&As to its Questions and Answers (Q&A) on MiFID II/MiFIR investor protection topics. The...

US Watchdog Issues Advisory for Virtual Currency Products

The Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight (DMO) and Division of Clearing and Risk (DCR) today issued a joint staff advisory that...

CFTC Proposes Rule to Reduce Regulatory Burdens for U.S. Market Participants

The Commodity Futures Trading Commission (CFTC) has approved a proposed rule to reduce regulatory burdens for U.S. market participants in order to promote economic growth...

International watchdog outlines key challenges facing securities regulators

Members of the International Organization of Securities Commissions (IOSCO) met at the organization´s 43rd Annual Conference in Budapest this week to discuss and address issues...

ESMA publishes views on Public Interest Derogation under GDPR

The European Securities and Markets Authority (ESMA) has stressed the importance of international cooperation to enforce the General Data Protection Regulation (GDPR). ESMA also highlighted...

European Financial Watchdogs warn against Risks from Brexit and Cyber Security

The securities, banking and insurance sectors in the European Union (EU) face multiple risks, the latest report on risks and vulnerabilities by the Joint Committee of the...

European Regulator seeks simplifications to format and content of prospectus

The European Securities and Markets Authority (ESMA) published the first Part of its Technical Advice (TA) under the Prospectus Regulation. The TA is published in...

ESMA updates on Investor Protection and Commodity Derivatives under MiFID II

The European Securities and Markets Authority (ESMA) has issued several updates regarding Investor Protection and Commodity Derivatives under MiFID II today. The first statement refers to...

EBA consults on complaints-handling to the new institutions under PSD2 and MCD

The European Banking Authority (EBA) launched today a public consultation to propose extending the scope of application of the existing Joint Committee (JC) Guidelines on...

European Regulator Prohibits Binary Options and Restricts CFDs

The European Securities and Markets Authority (ESMA) has agreed on measures on the provision of contracts for differences (CFDs) and binary options to retail investors in the...