European Commission takes Spain and Slovenia to court over implementation failures

European Commission takes Spain and Slovenia to court over the failure to implement certain financial rules

Regulators collaborate to form global fintech sandbox

Eleven regulators club together to launch global sandbox to foster shared experiences among participants and to help fintech firms scale up more quickly in several jurisdictions at once

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US tax reforms ‘could exacerbate bank cyclicality’

Recent changes to the US tax code involving less generous treatment on certain deductions could result in greater cyclicality of higher leveraged banks and non-financial firms making them more sensitive to swings in the economic cycle and potentially undermining bank capital buffers. By Justin Pugsley.

Luxembourg CSSF appoints two directors

CSSF appoints two directors to oversee fund sector and banking supervision

US dollar borrowing being driven by debt securities

US dollar credit to non-banks based outside the US continued to grow at a steady clip, driven by debt securities issuance

ESMA finds progress on MiFID compliance among NCAs

ESMA finds 16 NCAs have made progress on their MiFID implementation though outstanding issues remain with some supervisors

ESMA consults on update to 2015 CRA guidelines

ESMA consults on guidelines on supervisory reporting by credit rating agencies

ESMA ponders extending clearing exemptions

ESMA ponders over extending three dates involving the treatment of certain transactions covering third countries

ESMA consults on tick size regime to preserve EU trading venue competitiveness

ESMA consults on tick size regimes relating to financial instruments marginally traded on an EU-located venues

Japan’s FSA undertakes reorganisation to improve efficiency

Japan’s FSA has reorganised some of its bureaus so it can adapt to changing markets and technological developments and monitor them more efficiently