The Central Bank of Nigeria has made renewed efforts to clamp down on the growing use of cryptocurrencies, and in the process has forced the Nigerian Securities and Exchange Commission to rethink its plans to regulate them.
Subjects
Big tech eyeing financial services prompts regulatory rethink
The debate on supervising big techs’ move into financial services may need to include competition, data privacy and regulatory frameworks.
Luxembourg makes inroads into sustainable finance
Five new banks, 11 new management companies, four new investment firms and four reinsurers chose Luxembourg as a location while assets under management hit €5tn for the first time at the end of 2020, according to Luxembourg for Finance with sustainable finance being a notable highlight.
Financial firms have borne the brunt of cyber attacks during Covid-19 pandemic
The financial sector has been more often targeted by hackers during the Covid-19 pandemic meaning there is a significant risk of a severe disruption or systemic event, the Bank for International Settlements (BIS) warned in a bulletin.
ESMA warns over abusing reverse solicitation rules
EU-located firms warned to follow requirements pertaining to ‘reverse solicitation’ by the European Securities and Markets Authority (ESMA) in a public statement issued on January 12.
Gensler nominated to lead SEC paving way for tougher oversight
Regulatory veteran Gary Gensler was nominated by Joe Biden while he was still president-elect to lead the US Securities and Exchange Commission (SEC), a move that is likely to lead to tougher oversight of the securities industry.
Hong Kong leverages its capital markets in bid to dominate green finance
Hong Kong, encouraged by mainland China, has ambitions to become Asia’s green financial hub, though the territory still has a way to go to establish its sustainable credentials. By Victor Smart
Bank of England resurrects market maker of last resort concept
Suggestions by a Bank of England official that central banks could become market makers of last resort due to structural market changes have triggered mixed reactions with some embracing the idea, while others see potential moral hazard and yet another group thinks it is essentially a regulatory problem.
Scope Ratings highlights supply chain and transition issues around assessing ESG bonds
Assessing bond issuers based on their green bonds does not address whether their corporate-level environmental footprints, including supply chains are sustainable. Scope Ratings said this will have to change as transition and sustainability-linked instruments emerge in greater volume.
Bank asset quality to top 2021 ECB supervisory concerns
Among the European Central Bank’s (ECB) top supervisory concerns for this year is the asset quality of eurozone banks, said Fitch Ratings despite the correlation of borrower default rates to macroeconomic shocks falling below historical levels in 2020.
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