• 22 August 2019
    A single EU supervisor for money laundering could be proposed within 100 days of a new European Commission taking office in November, according to an internal document seen by MLex.

    The subsequent months would see a string of legal proposals: to increase the capital banks must hold, to impose EU constraints on senior bank executives and to directly supervise the likes of IBM and Amazon for the banking data they hold, the document said.

    The 170-page document appears to have been drafted by officials from across the bloc’s executive arm to brief the incoming administration headed by President Ursula von der Leyen about each department’s priorities. It's unclear whether the document seen by MLex is a draft or final version.

    To request the full article please click here >

  • 21 August 2019
    EU insurers are caught in a tussle about the future framework of their sector.

    On the one hand, a review due in 2021 could merely see a few add-ons and tweaks to account for low-interest rates. On the other, it could mean a wholesale shift towards the sector being directly regulated from Brussels.

    Doves at the European Insurance and Occupational Pensions Authority say they want to see only incremental changes in the sector’s governance: a philosophy borne out by two relatively narrow proposals issued on July 12.

    To request the full article please click here >

  • 20 August 2019
    Banks under the next European Commission could face a new bankruptcy framework, more than 100 billion euros ($110 billion) in extra capital requirements, a rejig of securitization rules, new EU powers to cap risky mortgages, and more intense competition for customer loyalty.

    On paper, the main banking priority of incoming commission president Ursula von der Leyen is business as usual, finishing the work of her predecessor to finalize a common EU deposit protection fund. In reality, that job will largely be for the EU’s member states, who have been stuck in talks on the issue for many years with little sign of movement. That impasse seems unlikely to be resolved any time soon.

    Perhaps more significantly, Von der Leyen says she also wants a “robust” framework to wind up failing banks, in the political guidelines she published on July 16.

    To request the full article please click here >

  • 16 August 2019
    The rise of digital finance and the need to invest to respond to climate change are likely to be the major, cross-sectoral themes of the next European Commission, whose top officials are due to take office in November.

    Freed from the need to firefight a crisis, financial regulators may seek to latch on to wider political trends; and it already seems clear what they will be.

    One is the need to limit, or at least adapt to, global warming, where finance must play its part: the commission reckons 180 billion euros ($202 billion) a year will be needed to cut the bloc’s dependence on fossil fuels. Another is the rise of information and communications technology, which is bringing its mix of disruptive threats and opportunities to banking, insurance and investment.

    To request the full article please click here >

  • 16 August 2019
    An influential industry group plans to urge jurisdictions to use similar schedules to carry out international guidance on uncleared swaps margin.

    The International Swaps and Derivatives Association praised the one-year extension granted last month by global authorities for initial margin requirements to go into effect for smaller market participants.

    "One [ISDA] priority is to encourage national regulators to adopt the BCBS/IOSCO revised implementation schedule consistently across jurisdictions," ISDA Chief Executive Scott O’Malia said yesterday.

    To request the full article please click here >