Using a capital-based test to decide if a company trading commodity derivatives should be exempt from stringent financial market regulation has “significant drawbacks,” the European Securities and Markets Authority has said in response to calls to use the standard from the European Commission.
European regulators should not weaken banking rules to appease calls from the industry to go easier on smaller firms, a member of the European Central Bank's executive board said in a speech Wednesday.
Proposals to broaden incoming money laundering and terrorist financing laws to include bitcoin exchanges and prepaid cards have been delayed until July, the European Commission told Law360 on Tuesday.
The European Council has officially adopted a regulation that excuses commodity product dealers from stiff capital requirements rules until 2020 after an overdue report on appropriate industry rules left firms facing legislative uncertainty.
The U.K. legal sector is under scrutiny over its ability to protect itself from money laundering and terrorist financing risks, according to a new HM Treasury report, reflecting a growing national anti-corruption agenda in the wake of the Panama Papers scandal.
The European Central Bank wants to examine the sustainability of business models at European banks and their ability to sustain low profitability, ECB board member Ignazio Angeloni said Thursday.
The European Parliament on Thursday took a big step toward regulating virtual currencies like Bitcoin and backed the creation of a new task force to study the technology that could transform financial services.
The U.K.’s biggest banks will have to set aside additional capital for their retail banking arms starting in 2019 to help them absorb losses during a financial crisis, the Bank of England said Thursday.
The European Union’s push to stamp out corporate tax avoidance hit a roadblock Wednesday amid disagreement over how to stop multinationals from shifting profits across internal EU borders for better tax rates.
Shadow banking remains largely unregulated three years after the Financial Stability Board recommended a global policy framework to keep the sector in check, the FSB said in a report released Wednesday.
The U.K.’s Serious Fraud Office should increase its core funding and reduce its reliance on government cash injections for big cases, a model that prevents the agency from developing skills in-house, according to an independent executive agency report released Tuesday.
The U.K.’s Supreme Court on Tuesday rejected a bid to allow U.K. citizens who have been living abroad for more than 15 years the right to vote in an upcoming referendum on whether the country will remain in the European Union, ending a suit from a White & Case LLP competition attorney.
U.K. authorities said Tuesday they will probe banks that deny services to potentially risky customers to avoid money-laundering issues, warning that the practice could be in violation of U.K. competition law.
The European Commission on Monday unveiled a set of flexible criteria national regulators must use when setting requirements for the kinds of debt banks need to have on their books in order to avoid taxpayer-funded rescues if they fail.
The Financial Conduct Authority will release a long-awaited report Tuesday that examines whether British banks are denying entire categories of customer accounts to reduce risk of money laundering and thus avoid more rigorous enforcement by authorities.
Deutsche Bank confirmed Friday that an internal investigation is under way into a derivatives transaction that may have involved “unacceptable” conflicts of interest by employees who had invested personal funds, reportedly including the London-based former co-head of the bank’s investment division.
The U.K.’s Court of Appeal ruled Friday that British citizens who have been living abroad for more than 15 years can't vote in an upcoming referendum on whether the country will remain in the European Union, rejecting a suit from a White & Case LLP competition attorney.
Companies involved in corporate wrongdoing can expect lighter penalties, such as civil charges or deferred prosecution, if they come forward promptly and fully cooperate with investigators, a senior figure from the U.K.’s Serious Fraud Office said on Wednesday.
The former compliance officer of a collapsed investment company that had sold £475 million ($694 million) worth of faulty life settlement products has withdrawn his appeal against a decision to ban him from financial service activities, the U.K.’s Financial Conduct Authority announced Thursday.
The finish line for implementing a vast swath of rules aimed at creating more competitive, integrated securities markets across the European Union is now in sight after EU leaders passed another piece of the massive legislation and agreed to a January 2018 start date.