Europe

Securities / Derivatives

ESMA Recommends Lower Short Position Reporting Threshold

By Editors | 24/05/2021

ESMA says a “substantial amount” of essential information became available to NCAs after the notification threshold was lowered to 0.1% last year.

Enforcement

Nomura, UBS, UniCredit Fined for Participating in Trading Cartel

By Editors | 24/05/2021

During Europe’s sovereign debt crisis, the banks shared information about their EGB bidding and trading strategies in Bloomberg terminal chat rooms.

Market Infrastructure

FCA Consults on Use of New Powers to Facilitate LIBOR Transition

By Editors | 22/05/2021

The consultation will help the FCA decide on what legacy use to permit for non-representative benchmarks and how it will prohibit new use of critical benchmarks that are ceasing.

Market Infrastructure

Credit Sensitive Alternatives to RFRs Have Limited Durability: Bailey

By Manesh Samtani | 17/05/2021

Non-financial borrowers may not want their cost of borrowing to be driven by thin liquidity in CP and CD markets, says BOE governor Andrew Bailey.

AML / KYC

US DOJ Penalises Swiss Life for Facilitating Tax Evasion

By Editors | 16/05/2021

Swiss Life and its subsdiaries created and marketed insurance products specially designed for US persons seeking to hide offshore assets and evade tax.

Market Infrastructure

UK Exchange Derivatives to Switch to SONIA on 17 June

By Editors | 14/05/2021

The FCA and BOE are encouraging market participants to prepare for and implement changes to standard trading conventions on 17 June.

Market Infrastructure

Working Group Publishes Recommendations on EURIBOR Fallbacks

By Editors | 13/05/2021

Although EURIBOR is not scheduled to be discontinued, the recommendations will provide legal certainty and help users comply with BMR fallback obligations.

AML / KYC

EBA Consults on Proposals for Central AML/CFT Database

By Editors | 12/05/2021

The central database will serve as an early warning tool to enable competent authorities to act before ML/TF risks crystalise and faciltiate inspections and monitoring.

Crypto / Digital Assets

UPDATED – BaFin Says Binance Stock Tokens Violate Securities Laws

By Sanday Chongo Kabange | 05/05/2021

The tokens require the publishing of a prospectus, “minimum information required by law” for the sale of an investment product.