An important set of protocols to help the transition away from the tarnished Ibors to alternative interest rate benchmarks have been given the green light by the US Department of Justice, but the industry still faces an uphill task in being ready on time
Regions
Basel Committee ready to pursue more Covid-related measures if needed
Banks could get more regulatory relief should the Covid-19 pandemic prove particularly damaging over the winter period with many employees having to work from home again, the Basel Committee on Banking Supervision said.
ESMA recognises three UK clearing houses as equivalent under EMIR
Three UK-based clearing houses have been recognised as eligible to provide their services in the EU, after the end of the transition period following the withdrawal of the UK from the EU on December 31, 2020, the European Securities and Markets Authority (ESMA) said in a statement.
Towards a greener future: a defence of the EU’s taxonomy laws
EU regulators are hoping to attract huge flows of private capital into green investments, through regulatory initiatives such as the green benchmarks, in a bid to create a more sustainable economy
Banks can’t rest on laurels over operational resilience
With a second wave of Covid-19 sweeping through the UK, the operational resilience of banks and their suppliers is once again under the spotlight with many of their staff having to once again work remotely
Spread of transaction taxes raises important operational issues
It is widely assumed that the expense of Financial Transaction Taxes is simply that of the tax itself, but in reality the processes financial firms need to comply with them can be even more costly
Whistleblowing increasingly seen by regulators as important for exposing misconduct
Some regulators are beginning to see the benefits of whistleblowing in helping them route out misconduct, but so far, there is a reluctance to mirror some aspects of the US approach
Banks potentially face more fines following FinCEN money laundering revelations
The world’s largest banks have apparently allowed criminals to launder vast amounts of money through their organisations, according to documents obtained by online news outlet BuzzFeed.
Fed announces additional round of bank stress tests in response to Covid-19
The continued uncertainty around the Covid-19 pandemic has prompted the US Federal Reserve Board to announce another round of bank stress tests to see how large banks stand up against two scenarios featuring severe recessions.
FSOC warns over Fannie Mae and Freddie Mac financial stability threat
The government sponsored enterprises (GSE) Fannie Mae and Freddie Mac could threaten financial stability and may need more capital according to the Financial Stability Oversight Council (FSOC).
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- Banks can’t rest on laurels over operational resilience
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- Spread of transaction taxes raises important operational issues
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