Europe

Market Abuse

UK Supreme Court Agrees to Hear LIBOR Rigging Appeals

By Manesh Samtani | 31/07/2024

Former traders Tom Hayes and Carlo Palombo allowed to appeal convictions for interest rate rigging at the UK’s highest court.

Supervision & Enforcement

Japan, Netherlands Sign MoC on Banking Supervision

By Editors | 31/07/2024

Japan’s FSA and the Dutch central bank agree to cooperate and exchange information necessary for the supervision of banks that operate in both jurisdictions.

PEPs & Sanctions

Austria’s Raiffeisen Working to Sell 60pc of Russian Unit

By Editors | 31/07/2024

Raiffeisen is trying to coordinate with Russian, European and US authorities to sell a 60% stake in its Russian unit.

Stablecoins

Stablecoins Weaken Liquidity Ratios of Banks: ECB Paper

By Editors | 31/07/2024

Banks that issue their own stablecoins or collect deposits from stablecoin issuers would see their liquidity ratios decline.

Anti-Bribery & Corruption

UK Court Rules in Mozambique’s Favour in ‘Tuna Bonds’ Case

By Editors | 30/07/2024

The court awarded Mozambique around $825mn, along with an indemnity for over $1bn in debt owed to lenders and bondholders.

KYC & CDD

FINMA Examines UBS Process for Vetting Credit Suisse Clients

By Editors | 30/07/2024

UBS has reportedly been providing updates to FINMA on the types of wealth management clients it is on-boarding from Credit Suisse post-acquisition.

PEPs & Sanctions

UK Secures First Forfeiture from Sanctions Evasion Case

By Editors | 30/07/2024

Around $1mn was forfeited after being frozen since 2022. The funds were held by the wife of Petr Aven, a sanctioned Russian oilgarch.

Structural Regulation

UK FCA Proposes Reforms to Strengthen Capital Markets

By Editors | 30/07/2024

The FCA also finalised rules allowing the ‘bundling’ of payments for investment research and trade execution.

Cybersecurity

ECB Concludes First Cyber Resilience Stress Test for Banks

By Manesh Samtani | 29/07/2024

The ECB said the results will help raise awareness about existing cyber risks and “the need for investment to further enhance cyber resilience”.