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Enforcement
New York Court Dismisses Tom Hayes LIBOR Rigging Case
By Editors | 01/11/2022
US prosecutors had filed a motion to dismiss the case after two other traders were acquitted in January. Hayes is still trying to get his UK conviction overturned.
Market Infrastructure
ESMA to Withdraw Recognition of Six Indian CCPs
By Editors | 01/11/2022
EMIR conditions for recognition are not met because no cooperation arrangements have been concluded between ESMA and the relevant Indian authorities.
Capital / Liquidity
Credit Suisse Unveils Plans to Finance Restructuring Programme
By Editors | 31/10/2022
FINMA will monitor Credit Suisse to ensure it meets all of its regulatory requirements during the implementation of its restructuring programme.
ESG / Sustainability
SFDR Level 2 – Implications for SFC Authorised UCITS Funds
By Alwyn Li | 31/10/2022
Alwyn Li and Vincci Ip discuss pre-contractual disclosure requirements for SFDR Article 8 and Article 9 funds and the relevant regulatory requirements in Hong Kong.
Crypto / Digital Assets
UK Lawmakers to Extend FCA Remit to Cover All Crypto
By Editors | 30/10/2022
An amendment to the Financial Services and Markets Bill will empower the FCA to regulate crypto promotions and ban companies that are not authorised to operate in the UK.
Fintech / Regtech
EU Commission Proposes New Rules on Instant Payments
By Manesh Samtani | 30/10/2022
Banks would be required to offer instant payments at the same cost as other credit transfers. Instant euro payments may later be expanded internationally.
Market Infrastructure
SWIFT Defers ISO 20022 Migration to March 2023
By Editors | 28/10/2022
The new start date is aligned with the ECB’s decision to delay the launch of T2. The new 20 March 2023 start date is “definitive”, SWIFT said.
Fintech / Regtech
FCA Explores Competition Risks from BigTech in Retail Financial Services
By Editors | 27/10/2022
The consultation focuses on Big Tech firms’ entry and expansion into four retail sectors – payments, deposit taking, consumer credit and insurance.
Market Infrastructure
Refinitiv Launches Prototype Forward-Looking €STR Term Rate
By Editors | 27/10/2022
The prototype rate can be used in testing to prepare for the introduction of robust fallback language in EURIBOR contracts.
Enforcement
German Consumer Group Files Greenwashing Suit Against DWS
By Editors | 26/10/2022
The suit claims that DWS misrepresented a fund’s green credentials in marketing material. A hearing date is set for 10 March.
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