Europe

Enforcement

FCA Fines ED&F Man Capital Markets for Cum-Ex Trading Breaches

By Editors | 05/06/2023

The GBP 17.2 million fine is the largest imposed thus far in connection with the cum-ex tax fraud scheme.

AML / KYC

EU, Canada Sanction Moldova Nationals for ‘Destabilising’ Activities

By Manesh Samtani | 04/06/2023

Four individuals are on both sanctions lists for supporting a Russian plan to overthrow the Moldovan government.

ESG / Sustainability

EU to Include Finance Sector in Due Diligence Rules

By ESG Investor | 04/06/2023

New legislation will impose environmental and human rights due diligence obligations on both financial and non-financial companies.

Capital / Liquidity

Credit Suisse Bankers Sue FINMA Over Lost Bonuses

By Editors | 04/06/2023

Some Credit Suisse bankers had their bonus awards based on AT1 bonds, which were wiped out in the government-orchestrated rescue in March.

Market Infrastructure

Regulators Urge Firms to Complete LIBOR Transition Efforts

By Manesh Samtani | 04/06/2023

At least $700bn worth of junk rated US corporate loans are still priced using USD LIBOR, according to estimates.

AML / KYC

EU Officials Formally Sign MiCA Into Law

By Sanday Chongo Kabange | 02/06/2023

The MiCA legislation was signed into law on Wednesday by European Parliament president Roberta Metsola and Swedish minister Peter Kullgren.

Fintech / Regtech

EU, US Jointly Developing Voluntary Code of Conduct for AI

By Sanday Chongo Kabange | 02/06/2023

The first-of-its-kind voluntary code of conduct for AI could be drawn up within weeks, said EU official Margrethe Vestager.

Crypto / Digital Assets

EU Proposes Lower Risk Weights for Stablecoins, Tokenised Assets

By Mark Johnston | 02/06/2023

Stablecoins backed by non-fiat assets such as gold would have a 250% risk weight. Those backed by fiat currency would be treated the same as the underlying.

Crypto / Digital Assets

Eurex Receives Approval to Offer Bitcoin Futures to US Investors

By Ranamita Chakraborty | 02/06/2023

US investors can now benefit from access to a wider range of participants and liquidity pools during Asian, European and US hours, Eurex says.