The Covid-19 pandemic has slowed the completion of Russia’s bank reforms as regulators focus on emergency measures to support the economy.
Europe
EU gets CCP resolution and recovery rules over the line
The EU framework governing the resolution and recovery of failed central counterparty clearing houses (CCP) has been agreed and provides member states with a harmonised risk management system.
UK government to tackle tough legacy Libor contracts
In its written statement to the UK parliament, Rishi Sunak, the chancellor (finance minister), said the government will use upcoming amendments to the financial services bill to give the Financial Conduct Authority (FCA) the power to manage the orderly transition from the London interbank offered rate (Libor) to alternative rates.
Spot FX once again faces prospect of EU regulation
Regulating the spot FX market is back on the table in the EU, raising concerns in the industry that the European Commission might be seriously considering going ahead with this proposal.
Can the EU finally make CMU a reality?
Will Brexit and the Covid-19 pandemic prove to be a catalyst to revive efforts to establish a capital markets union in the EU, or will it be the final nail in the coffin for this beleaguered project?
UK looking to Swiss deal to reinforce outcomes-based approach for global financial services
On June 30, the UK and Switzerland committed to an ambitious bilateral deal on financial services, which the former hopes will help reinforce an outcomes-based approach towards bilateral financial services agreements.
German EU presidency to focus on economic recovery and a stable financial architecture
On July 1, Germany took over the EU’s six-month rotating presidency with the ambitious aim of spurring the recovery of the bloc’s economy from the Covid-19 pandemic, settling the EU’s budget, driving a sustainable and stable financial architecture and a digital and sustainable economy.
ECB dials up pressure on banks to manage climate and environmental risks
The Covid-19 pandemic has done little to dull the appetite of EU regulators to drive climate change policies, as proven by the ECB’s guide on the matter. Given the scope of work needed to meet the ECB’s expectations, banks are advised to starting acting now.
UK plans regulatory tweaks as Brexit talks struggle
The UK authorities are firmly looking beyond EU membership and are starting to craft a new regulatory framework, which remains in harmony with global standards, but also takes national interests into account.
German court ruling over ECB bond buying defused
A challenge by Germany’s Federal Constitutional Court, which could have derailed the Bundesbank’s participation in the European Central Bank’s (ECB) stimulus programmes, appears to have been resolved.
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