Europe

Market Infrastructure

UK Authorities Issue Statement on Upcoming Cessation of USD LIBOR Panel

By Mark Johnston | 13/04/2023

The statement emphasises the importance of active transition and reminds participants that synthetic LIBOR can only be used as a temporary bridging tool.

Capital / Liquidity

UBS-Credit Suisse Merger Continues to See Opposition

By Editors | 13/04/2023

Swiss lawmakers symbolically voted against a liquidity package to support the merger, which is expected to formally close within a few months.

Sanctions

US, UK Announce Coordinated Sanctions Targeting Russia Facilitators

By Editors | 13/04/2023

US sanctions include International Investment Bank, a Russia-controlled financial institution in Hungary, and three of its current and former executives.

AML / KYC

UK Tables Amendment to Introduce ‘Failure to Prevent Fraud’ Offence

By Editors | 13/04/2023

Prosecutors will be able to hold large companies to account if they do not have reasonable measures in place to prevent fraud by an employee.

AML / KYC

EU-Funded Report Explores Crypto Use in Darknet Markets

By Mark Johnston | 12/04/2023

Law enforcement needs training, resources, technology and cooperation to effectively investigate darknet markets, which grew 469-fold between 2011 and 2020.

Fintech / Regtech

Italy ChatGPT Ban Prompts Broader Scrutiny of AI Tools

By Manesh Samtani | 12/04/2023

Taiwan is exploring the use of AI tools by banks. China has issued draft rules for AI development. The US is exploring accountability mechanisms for AI systems.

ESG / Sustainability

UK’s New Rules to Raise Standards for ESG Benchmarks

By ESG Investor | 11/04/2023

Regulation vital to ensure “transparency and rigour” of ESG benchmarks that play a key role in investors’ transition to net zero.

Crypto / Digital Assets

SEB, Crédit Agricole Launch Digital Bond Issuance Platform

By Editors | 11/04/2023

The platform uses a blockchain validation protocol called “Proof of Climate awaReness”, which incentivises participating nodes to improve their environmental impact.

AML / KYC

UK FCA Outlines Next One Year of Work to Improve Markets

By Editors | 11/04/2023

The FCA will propose reforms to the listing regime, consult on the introduction of consolidated tapes, and strengthen its authorisation and assessment processes.