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Ben Blackett-Ord

Review suggests UK might be hedging its bets on equivalence

There is a high stakes game afoot over how the UK’s financial services will be regulated in a post-Brexit world. At stake is equivalence, whereby the configuration of regulations in the UK and EU are as stringent as each other (or near enough). This would mean that cross-border trade and exchange could occur on a level playing field and, from a regulatory perspective, where neither party has a competitive advantage. 

Erik Nurm

Regulators move to clean up crypto as it goes mainstream

Regulators are stepping up moves to clean up the crypto sector, making it more palatable for supervised financial firms to get involved, but such is its rapid development that there are still fears of potential pitfalls for the financial system. 

Sam Theodore-Scope Ratings

Eurozone banks potentially overstating their capital strength

There is some evidence to suggest that eurozone banks are watering down Basel Committee rules, to mask weaknesses leaving some commentators fretting that many of them are under-capitalised.  

OCC chief compares DeFi to rise of CDSs

Crypto-assets and decentralised finance (DeFi) have uncanny similarities with the rise of credit default swaps (CDS) in the early 2000s, said acting comptroller of the currency Michael Hsu. 

CMU among ESMA’s top 2022 priorities

Supervision, sustainability, digitalisation and the Capital Markets Union (CMU) will be the European Securities and Markets Authority (ESMA) top priorities next year. 

FINMA approves Switzerland’s first crypto fund

Switzerland’s first crypto fund has been approved by the Swiss Financial Market Supervisory Authority, but will be restricted to qualified investors. 

Mark Carney

COP26: Mark Carney outlines next steps for financial regulators’ role in climate change fight

In an interview with Global Risk Regulator ahead of the United Nations Climate Change Conference COP26, Mark Carney, former central banker and UN special envoy on climate change and finance, discusses the urgent regulatory steps needed.

Bank of England asks banks to resist pressure over shifting euro clearing

The Bank of England has urged banks to resist EU pressure to shift euro clearing into the bloc, saying it could fragment markets and undermine financial stability. 

US regulators working on climate change guidance for banks

Large US banks should soon receive regulatory guidance on managing climate risk, said acting comptroller of the currency Michael Hsu on September 15. 

Bank involvement in digital assets could impact their credit ratings

Digital assets, such as cryptocurrencies, are set to become embedded into the US financial landscape, according to Fitch Ratings, which warned of compliance, operational, fraud and security risks for banks involved in the sector with potential implications for their credit ratings.