On December 8, 2020, BlueCrest Capital Management Limited (“BlueCrest”), a UK-based investment adviser, agreed to a $170 million settlement with the Securities and Exchange Commission (“SEC”) to settle charges involving insufficient and misleading disclosures to investors that BlueCrest was also operating a proprietary, internal fund, moving its best traders to such fund and replacing the
The Office of the Comptroller of the Currency (OCC) granted crypto-focused Protego Trust Company, a Washington state trust company, conditional approval to convert to a national trust bank earlier this month, marking only the second time that a federal bank charter has been approved for a crypto firm – and the first since the January
The pandemic has created a number of challenges for the retail sector as firms deal with growing operational and financial pressures, whilst many of their customers face difficulties in meeting their commitments.
Join us on 3 March at 08.50 – 09.30 GMT for our latest 40 minute briefing as we explore the current state of
On 22 February 2021, the European Banking Authority (EBA) issued a regulatory opinion on supervisory actions Member State competent authorities (NCAs) should take to ensure banks remove any remaining obstacles that prevent third party providers from accessing payment accounts, which restrict EU consumers’ choice of payment services. The EBA has produced
Executive summary
The ability of firms to effectively challenge regulatory decisions on rule-making and rule application is a key part of holding regulators properly to account. Whilst there are existing review mechanisms in place for firms such as the ability to seek judicial review through the courts, some features of these mechanisms may currently be
On 19 February 2021, the European Banking Authority (EBA) published a final report containing draft regulatory technical standards (RTS) on the determination of indirect exposures to underlying clients of derivative and credit derivative contracts under Article 390(9) of the Capital Requirements Regulation (CRR).
Article 390(5) of the CRR, as
On 18 February 2021, the European Banking Authority (EBA) issued a final report containing final draft Implementing Technical Standards (ITS) on the disclosure of indicators of global systemically important institutions (G-SIIs).
The final report has been prepared by the EBA in pursuance to the mandate given to it under
On 18 February 2021, there was published in the Official Journal of the EU (OJ) Commission Implementing Regulation (EU) 2021/249 of 17 February 2021 amending Implementing Regulation (EU) 2015/2197 with regard to closely correlated currencies in accordance with the Capital Requirements Regulation. The Annex to Implementing Regulation (EU) 2015/2197 is replaced by the
The Portuguese Presidency of the Council (“the Presidency”) will host on 24 February 2021 a meeting of the Working Party on Tax Questions, the main agenda item of which includes a discussion on the current state of play and on the way forward in respect of the Proposal for a Council Directive implementing enhanced cooperation
On 17 February 2021, the European Banking Authority (EBA) published a consultation paper concerning draft guidelines specifying the criteria to assess the exceptional cases when institutions exceed the large exposure limits of Article 395(1) of the Capital Requirements Regulation (CRR) and the time and measures to return to compliance pursuant to