Europe

ESG / Sustainability

EU Corporate Sustainability Due Diligence Directive Passes Key Committee

By Editors | 20/03/2024

Compared to the initial proposal, the number of companies in scope has been scaled back, and the financial industry is excluded, among other changes.

Big Picture

US Move to T+1 Settlement Poses Systemic Risk to Europe

By Mark Johnston | 20/03/2024

EFAMA says in a policy paper that the US move to a T+1 settlement cycle could dmea European fund managers would be unable to meet CLS cut-off times.

ECB, EBA Form Joint Committee to Streamline Bank Reporting

By Mark Johnston | 19/03/2024

The committee will create a common data dictionary, which will standardise concepts and definitions across new and existing reports.

AML / KYC

EU Commission Revises List of High Risk Third Countries

By Nithya Subramanian | 19/03/2024

Barbados, Gibraltar, Panama, Uganda and UAE have been removed from the list, while Kenya and Namibia were added.

Fintech / Regtech

Microsoft, Amazon Suspend Russian Access to Cloud Products

By Editors | 18/03/2024

The move is a response to the EU’s 12th package of Russia sanctions, which prohibits companies from supplying enterprise or design software to companies in Russia.

AML / KYC

UK Drafts ‘Debanking’ Law in Wake of NatWest Controversy

By Mark Johnston | 18/03/2024

HM Treasury has proposed legislation that aims to protect consumers from arbitrary financial exclusion based on political views.

Sanctions

G7 Warns of Sanctions if Iran Delivers Missiles to Russia

By Editors | 17/03/2024

If Iran delivers ballistic missiles to Russia, Iran Air flights to European cities could be suspended, among other unspecified measures.

Fintech / Regtech

Artificial Intelligence Act Passed by European Parliament

By Mark Johnston | 15/03/2024

Members of Parliament voted to adopt the final text of the EU AI Act, which will seek to promote AI innovation while also defending against risks.

Capital / Liquidity

ECB Announces Changes to Operational Framework

By Editors | 14/03/2024

The ECB will shrink its balance sheet, purge the system of excess liquidity, and incentivise banks to lend to each other.