House of Lords

Slavishly following EU rules ‘would threaten UK financial stability’

Simply passing EU rules into UK law could threaten financial stability and undermine the competitiveness of the City of London, the UK parliament’s upper house was told by senior regulators. 

ESMA consults over reporting standards for equivalence firms

A consultation has been launched by the European Securities and Markets Authority (ESMA) on the technical standards and reporting requirements for third-country firms providing investment services and activities in the EU. 

Swiss banks living wills approved, but some need improvement

The recovery and resolution plans or living wills of the two largest Swiss banks have been given the green light by the Swiss Financial Market Supervisory Authority (FINMA), but some of the smaller institutions need to make improvements.

Sweden testing e-krona

The Riksbank, Sweden’s central bank, is testing the e-krona, potentially bringing the country closer to launching the first central bank digital currency. 

ESMA flags range of risks from geopolitics to bigtech

High risks remain along with a weaker economic outlook as markets remain highly sensitive to geopolitical events, warned the European Securities and Markets Authority (ESMA) in its latest Trends, Risks and Vulnerability report.  

Bank of England orders banks to turbo charge move away from sterling Libor

On February 26, the Bank of England told banks to turbo charge their move away from the sterling London interbank offered rate (Libor) to avoid facing punitive regulatory sanctions. 

Sixty-four banks take part in Switzerland’s small bank regime

Some 64 banks are taking part in Switzerland’s small bank regime, which aims to reduce the regulatory burden for these institutions, the Swiss Financial Market Supervisory Authority (FINMA) said in a statement. 

Euro notes

Incomplete eurozone poses systemic threat

Think-tank warns that the US and UK should be wary of risks emanating from the still incomplete eurozone believing it poses a significant systemic risk

Rishi Sunak

EU and UK prepare for tough talks on post-Brexit financial services

A great deal of uncertainty lingers as the EU and UK prepare to negotiate how they will oversee cross-border financial services business after Brexit 

Jose Manuel Campa

EBA’s stress test overhaul given the cold shoulder

Proposals put forward by the EBA to modernise its stress testing framework have met with disapproval by banks arguing that they would deliver few benefits