On 28 July 2022, the European Banking Authority (EBA) published a Consultation Paper on its supervisory handbook for the validation of internal ratings based systems. This handbook clarifies the role of the validation function as part of corporate governance, in particular in terms of scope of work and interaction with the credit risk control unit.
On 28 July 2022, the European Banking Authority (EBA) updated its webpage on Joint Regulatory Technical Standards (RTS) on ESG disclosure standards for financial market participants.
The webpage now makes note that it has been adopted and published in the Official Journal.
On 28 July 2022, the European Central Bank (ECB) published a Working Paper on the optimal quantity of CBDC in a bank based economy.
The paper provides evidence on the estimated effects of digital euro news on bank valuations and lending and finds that they depend on deposit reliance and design features aimed at calibrating
On 28 July 2022, the European Central Bank (ECB) published a Working Paper on voluntary support and ring-fencing in cross-border banks.
The paper provides a theoretical contribution to the ring-fencing debate in the context of supervisory intervention in an impaired subsidiary of a cross-border bank (CBB).
Amongst other things, the paper addresses the following questions:
On 22 July 2022, the FCA published its financial promotions quarterly data for Q2 2022. Between April and June 2022, 374 promotions were amended or withdrawn following FCA intervention. Retail investments and retail lending were the sectors with the highest amend/ withdraw outcomes and in 58% of cases website or social media promotions were involved.
The Dutch Central Bank (De Nederlandsche Bank, DNB) has announced that it will be starting an investigation into the effectiveness of the sanctions screening tools of banks and payment institutions.
Given the global developments around sanctions, and in addition to DNB’s on-going investigation into compliance with Dutch sanctions legislation (primarily focusing on
The Economic Crime (Transparency and Enforcement) Act 2022 (the Act), which came into force in March 2022, aimed amongst other things, to give UK sanctions authorities greater power to take enforcement action and impose penalties on persons that breach sanctions restrictions, through the introduction of a “strict liability” test. These new powers of the UK’s
On 27 July 2022, the Financial Ombudsman service (FOS) announced that it has published two new webpages on the subject of complaints that involve gambling-related harm. One page is directed at consumers and the other is directed at businesses.
Key points on the page directed at businesses include that:
On 27 July 2022, the FCA Practitioner Panel published their Annual Report for 2021/2022.
The FCA Practitioner panel is a statutory panel for the FCA. Alongside the Small Business and Markets Practitioner Panels, it represents the interests of practitioners and provides advice to the FCA on the extent to which it policies and practices are
On 27 July 2022, Statutory Instrument No. 870 the Register of Overseas Entities (Delivery, Protection and Trust Services) Regulations 2022 was published. The Register will enhance transparency around the owners and controllers of overseas entities that own or buy UK property. Furthermore, the Register will protect the information of those at serious risk of harm