Regulatory RelationsRSS
John Glen

UK seeks to reintroduce regulatory competitiveness mandate

In its second major consultation on financial rules, the UK Treasury set out a vision of crafting a nimbler regulatory framework to support the country’s competitiveness and drive towards decarbonising the economy. 

Christopher P Buttigieg

The rationale for an EU fund depositary passport

The creation of the internal market in the field of financial services was primarily established on the principle of mutual recognition between member states, which is contingent on different levels of harmonisation and supervisory convergence. Authorised financial services operators are granted a passport to provide products and services across the EU based on a notification to the host regulator but without requiring additional authorisations in the host member state. 

Randall Quarles

Quarles resignation leaves more gaps in Fed’s leadership

In a statement on November 8, Randal Quarles announced his resignation as the Federal Reserve Board’s first vice chair for supervision, and is to stand down at the end of December, potentially complicating the central bank’s management structure.

Kuangyi Wei

Banks can teach big tech a thing or two about regulation

Big tech’s move into financial services has been keenly observed by financial institutions and regulators alike in recent years. Yet latest communications from the Bank for International Settlements indicate a decisive change in tone – financial regulators need to “get a grip on big tech and be prepared to act quickly”. 

New ECB HQ

Bid to shift euro clearing into EU remains frustrated by financial stability risks

The eurozone authorities retain an undimmed desire to shift the bulk of euro clearing into the bloc, fearing financial instability risks if it is left in third countries, but they face the dilemma that if they push too hard they could trigger the very circumstances they wish to avoid. 

Maria Staszkiewic

EBA warns that national supervisors are not grasping fintech risks

Digitisation of the EU’s financial sector is accelerating – and the banking regulator is starting to pay attention. The EBA is advising supervisors to get up to speed with the potential risks, but its suspicions about digital platforms has left fintechs fuming. 

UK to cut bank surcharge, partially offsets big tax increases

A special tax on banks introduced in the UK following the 2007-9 global financial crisis is to be dramatically reduced as the government seeks to safeguard the City of London’s status as a leading financial centre following Brexit. 

Bundesbank president to step down potentially influencing ECB policy

Jens Weidman, president of the Bundesbank, Germany’s influential central bank, is due to step down on December 31 – a move that could impact the balance of power within the European Central Bank (ECB) where he is a member of its governing council. 

US regulators ask for stablecoins to be regulated like banks

Stablecoins should be regulated like banks, said US regulators urging Congress to pass laws to make this happen. 

FSB tells G20 that Covid demonstrated value of global co-operation

In a letter sent to G20 leaders ahead of their October summit in Rome, Financial Stability Board (FSB) chair Randall Quarles wrote that some of the lessons learned from the Covid-19 pandemic include the importance of global co-operation to help preserve financial stability.