Shaun Hurst

Future of UK regulatory regime still unclear

In any given year, preparing the UK’s financial services sector for a decoupling from the European Union would have been a monumental task. Throw in a global pandemic and an eleventh-hour trade agreement that made only 90 references to financial services in its 1246 pages, it would be fair to call it a near-impossible task. 

Swiss systemic firms improve resolvability, but more work needed

Swiss systemically important financial institutions have been making good progress in their recovery and resolution planning according to an annual report from the Swiss Financial Market Supervisory Authority (FINMA) published on March 19.

Dean Nasser

Tackling post-Brexit regulatory challenges as UK and EU plot separate paths

The UK has now officially left the EU. But Brexit's impact on UK regulation is just beginning to emerge as the UK ventures forth into its new-found ‘third country’: non-EU member status. This means firms operating in both jurisdictions are likely to face diverging rules. 

Piers Haben

Proposed green asset ratio could inflict reputational damage on banks

A European Union proposal for a green asset ratio for banks is being touted as a wake-up call for the industry, but bankers question its feasibility and the risk of unfair reputational damage.

Mark Branson to head BaFin this summer

Germany’s embattled regulator, the Federal Financial Supervisory Authority (BaFin) is to get Swiss Financial Market Supervisory Authority (FINMA) CEO Mark Branson as its new head this summer as part of its makeover. 

UK financial firms to explain IT failure recovery plans by March 2022

By March 31, 2022, financial firms in the UK should be able to explain how fast critical parts of their businesses could recover from IT failures and other operational issues and how they would minimise the impact.

Thomas Vita

Limited room to reform UK regulatory regime

Following statements by officials and various reports, clues are emerging over the future shape of the UK’s regulatory framework.

Big Ben and EU flag

EU and UK agree ‘bare bones’ MoU on financial regulatory co-operation

On March 26, EU and UK officials confirmed that they had agreed the contents for a memorandum of understanding (MoU) on financial services, which should lead to the creation of a Joint UK-EU Financial Regulatory Forum. 

European Commission HQ

Pandemic highlights EU bank resolution framework weaknesses

The EU’s much-criticised bank failure rules are up for re-evaluation. Experts insist the rules are currently unworkable and change is overdue, especially as Europe is poorly prepared for a Covid-19-related banking crisis.

EBA investigating cyber attack but believes its data is secure

The European Banking Authority (EBA) said on March 8 that its Microsoft Exchange Servers had been subject to a cyber attack, but does not believe that any data was stolen