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.
Regulatory Relations
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.
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.
Acting Comptroller Brooks steps down
Acting Comptroller of the Currency Brian Brooks stepped down from chairing the agency on January 14 after just eight months and will partly be remembered for his enthusiasm for reforming national bank charters to extend them to fintechs.
UK opens new chapter for financial services as it applies to join trans-Pacific trade pact
The UK’s application to join a trans-Pacific trade pact sets the scene for a new chapter for the country’s giant financial services industry while negotiations for a memorandum of understanding on the sector with the EU remain fraught with uncertainty.
EU looks to CMU to increase influence over global financial rules
The successful launch of a CMU will enhance the EU’s ability to export its financial regulations and its consumer protection values across the globe while also supporting Europe’s economic recovery, according to two European regulators.
SEC braces for change of leadership and approach
Hester Peirce, a Republican commissioner at the Securities and Exchange Commission (SEC) paid tribute to the agency’s former chair, Jay Clayton, an independent, praising his handling of market volatility triggered by the Covid-19 pandemic and his style of leadership.
ISDA calls for better calibration on clearing house margins
Although the International Swaps and Derivatives Association has praised clearing houses for withstanding the extreme pandemic-induced market volatility, it is concerned about the significant increase in initial margin seen last year
Banks shrug off Democrats taking control of the Senate
The winning of two Senate seats from the Republicans in the state of Georgia in a run-off election places the Democratic Party in a potentially stronger position to push through a bigger economic stimulus plan, tax rises and tougher rules on big banks.
CFTC and ESMA enhance co-operation on supervision of large US CCPs
The EU and US have enhanced their co-operation regarding the exchange of information covering certain registered US derivatives clearing organisations, which builds on an agreement signed in 2016.
@RiskRegulator
