Gary Gensler has been confirmed as chair of the US Securities and Exchange Commission (SEC) by the US Senate, leaving capital markets firms to face increasingly tough supervision.
Regulatory Relations
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.
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.
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.
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.
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.
Bundesbank makes loss provisions associated with ECB bond buying programme
For the first time since 1979, Germany’s central bank, the Bundesbank, will not make an annual payout to the German government due to loss provisioning associated with the European Central Bank’s asset purchase programme.
A reformed BaFin to get ‘teeth’
Following the bruising Wirecard scandal, Germany’s policy makers aim to transform the Federal Financial Supervisory Authority into a world-class regulator, but doubts linger as to whether its culture and staff are up to the task.
UK–EU draft of financial services MoU falls short of one with US
An early draft of the UK–EU memorandum of understanding (MoU) on financial services has less substance to it than the one the EU agreed with the US, according to the Reuters news agency, which saw the document.
Kalifa report welcomed by UK fintechs, but will the government act?
The UK is looking to double down on its fintech success following the publication of recommendations led by Ron Kalifa, former head of payments firm WorldPay, who advocates a range of measures to maintain the sector’s global edge.
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