Europe

Market Infrastructure

China, Switzerland Mutually Recognise Audit Standards as Equivalent

By Editors | 02/01/2023

The equivalence decision is expected to reduce audit costs, improve audit efficiency, and deepen Sino-Swiss economic, trade and financial cooperation.

AML / KYC

Isle of Man, Guernsey, Jersey Pause Work on UBO Registers

By Editors | 30/12/2022

Further legal advice is needed following the November judgment by the EU Court of Justice, which found public access to UBO information interferes with the right to privacy.

Securities / Derivatives

UK Court Dismisses Case Seeking LME Disclosures on Cancelled Nickel Trades

By Editors | 30/12/2022

The lawsuit sought disclosures from the LME regarding its March decision to cancel nickel trades. The court said the merits of the case were “weak”.

Sanctions

Russia, Iran Spend Billions on New Trade Route – Report

By Sanday Chongo Kabange | 28/12/2022

Russia and Iran are investing an estimated USD 25 billion in the new 3,000 km trade route. The existing route is 14,000 km long.

Crypto / Digital Assets

UK ASA Orders Removal of “Misleading” Crypto.com Ad

By Editors | 27/12/2022

The ASA said the ad was misleading because “it failed to illustrate the risk of investing in NFTs” and “it didn’t make clear that fees would apply”.

Market Infrastructure

EU Member States Agree on Revisions to CSDR

By Editors | 27/12/2022

The mandatory buy-in regime would be used as a “measure of last resort”, activated only in the case where the “level of settlement fails would be substantial in the EU.”

Fintech / Regtech

EU Commission Approves Pilot Use Cases for Digital ID Wallet

By Editors | 27/12/2022

The approved pilots cover payments, travel, and business compatibility. The EU Digital Identity Wallet is expected to go live in 2024.

BOE Proposes to Remove Cap on Bankers Bonuses

By Editors | 27/12/2022

Removing the cap will increase the proportion of compensation that can be set by tools such as deferral, payments in instruments, and risk adjustment.

Sanctions

EU Facing Legal Challenge Over Anti-Russia Sanctions

By Editors | 26/12/2022

One company and 61 individuals are seeking to challenge what they view as a violation of their rights, and the freezing of their assets by EU authorities.