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Council organises first working group on DORA proposal in 2021

On Thursday, 21 January, the Portuguese presidency of the Council holds its first working group on the review of the European Commission’s proposal for a Regulation on digital operational resilience for the financial sector (DORA). The Council is still in its initial phase of examining the proposal. The Council Presidency Is taking an issue-by-issue approach, … Continue Reading

Joint Statement on the inaugural meeting of joint EU-Japan financial regulatory forum

On 15 October 2019, the European Commission (Commission) and the Financial Services Agency of Japan (JFSA) published a joint statement (dated 11 October) on the inaugural meeting of the joint EU-Japan regulatory forum held in Tokyo. Senior officials present at the meeting included representatives from the Bank of Japan, the European Central Bank, the European … Continue Reading

New leadership of the European Commission announced: Valdis Dombrovskis to keep financial services portfolio

On 10 September 2019 the President-elect of the European Commission, Ursula von der Leyen, announced the list of Commissioner-designates and the allocation of their respective portfolios. Under a new structure of the College of Commissioners with its eight Vice-Presidents, the responsibility for DG Financial Stability, Financial Services and Capital Markets Union (DG FISMA) will remain … Continue Reading

Consob consults on initial coin offers (ICOs) and crypto-assets exchanges

On 19 March 2019, Consob (the Italian competent authority for the supervision on markets and listed companies) published a discussion document about initial coin offerings (ICOs) and crypto-assets exchanges (the “Document”), that may lead to the introduction of specific regulation in this field. The Document summarises the main items Consob is considering in the development … Continue Reading

Italy announces a temporary regime for Italian-UK provision of banking, financial and insurance services

On 24 January 2019, the Ministry of Economic and Finance issued a press release to inform the market that the Italian Government is preparing the necessary measures to ensure the continuity of markets and intermediary business should a hard Brexit occur (i.e. exit with no deal). The press release is available at this link (in … Continue Reading

ESMA statement on UK CCPs’ and CSDs’ recognition applications for a no-deal Brexit scenario

On 20 December 2018, European Securities and Markets Authority (ESMA) issued a public statement stating that it is ready to review UK central counterparties’ (CCPs) and Central Securities Depositories’ (CSDs) recognition applications for a no-deal Brexit scenario. ESMA states that it aims to recognise UK CCPs in a timely manner, where the four recognition conditions … Continue Reading

Markus Ferber elected EPP’s new whip in ECON committee

Markus Ferber, a German MEP, has been elected the new whip for the European People’s Party in the European Parliament’s Committee on Economic and Monetary Affairs (ECON). Mr Ferber previously was the first vice chair of the ECON committee and succeeds Burkhard Balz who is leaving the Parliament to join the board of German Bundesbank … Continue Reading

Basel Committee consults on the implications of Fintech for the financial sector

The Basel Committee on Banking Supervision (Basel Committee) has published a consultative document that is intended to provide a forward-looking perspective on Fintech and its potential impact on the banking industry. The consultative document combines historical research, analysis of current media and industry periodicals, surveys on Basel Committee members’ activities, Fintech product analysis and scenario … Continue Reading