On Tuesday, 28 March 2023, the European Parliament’s Economic and Monetary Affairs Committee (ECON) adopted its position on the proposed anti-money laundering and counter-terrorism financing legislative package that was published by the European Commission (Commission) in July 2021. In our earlier blog post, we provided a general overview of the measures adopted where we
On 29 March 2023, the European Banking Authority issued a public consultation on proposed amendments to its guidelines on risk-based anti-money laundering and countering the financing of terrorism (AML/CFT) supervision (the Risk-Based Supervision Guidelines). The proposed changes extend the scope of the Risk-Based Supervision Guidelines to AML/CFT supervisors of crypto-asset service providers
On 28 March 2023, the European Securities and Markets Authority (ESMA) published a Consultation Paper on amendments to guidelines on position calculation under the European Market Infrastructure Regulation (EMIR).
ESMA has issued the Consultation Paper in preparation for the EMIR Refit go-live on 29 April 2024. The Consultation Paper proposes amendments
On 28 March 2023, the European Parliament announced that MEPs have approved stricter rules to close existing gaps in combatting money laundering, terrorist financing and evasion of sanctions in the EU.
MEPs from the Economic and Monetary Affairs and Civil Liberties, Justice and Home Affairs Committees adopted their position on three pieces of draft legislation
On 28 March 2023, the Taskforce on Nature-related Financial Disclosures (TNFD) issued its fourth and final draft of the beta framework for nature-related risk management and disclosure.
The TNFD’s goal is to develop and deliver a risk management and disclosure framework for organisations to report and act on evolving nature-related risks and opportunities.
Introduction: what are the facts?
The Bank of England (BoE) has a number of resolution tools at its disposal which are provided for in legislation following the 2008 global financial crisis. These tools are designed to protect and enhance UK financial stability, protect public funds and ensure the continuity of banking services. These
On 27 March 2023, HM Treasury published a draft of The Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) Order 2023, along with a draft explanatory memorandum. The draft statutory instrument (SI) proposes to expand the scope of the financial promotion restriction in section 21 of the Financial Services and
On 13 March 2023, the Dutch Minister of Finance (the Minister) published a letter on the progress of the climate commitment of the financial sector (the Letter). In 2019, banks, pension funds, insurers and asset managers committed to contribute to the implementation of the Paris Climate Agreement and the Dutch Climate Agreement. The
On 27 March 2023, the European Securities and Markets Authority (ESMA) published a Final Report: Guidelines on MiFID II product governance requirements.
The guidelines that have now been published build on ESMA’s guidelines on certain aspects of the MiFID II product governance requirements which were published in June 2017. While the 2017