Bénédicte Nolens has been appointed to head the Bank for International Settlements (BIS) Hong Kong innovation centre for three years starting July 1, 2020.
Regulatory Relations
EU legal order under threat from German court ruling
Germany’s supreme court dealt a body blow to the EU by asserting the supremacy of the member states and by challenging the mandate of the European Central Bank and Court of Justice, potentially unpicking the bloc’s legal order
Firms lash out at ESMA over “regulatory creep”
If ESMA gets its way, third-country financial firms doing business in the EU will have to provide vast amounts of extra information in what many see as a Brexit-related political move
Hong Kong’s financial hub status in question after US comments
Threats from the US to end Hong Kong’s special trading status pose a potential long-term threat to the city’s role as a global financial centre. By Justin Pugsley.
Bank of England tells UK banks to prepare for a ‘hard Brexit’
Bank governor Andrew Bailey has warned chiefs to get ready for a ‘no deal’ scenario at the end of 2020. By Justin Pugsley
UK regulators welcome retention of two-year TTP powers
The Bank of England and the Prudential Regulation Authority welcomed the move by the UK Treasury over its intention to retain the regulators’ temporary transitional power (TTP) for two years after the UK’s transition period with the EU ends.
ESMA and MAS sign MoU to allow use of Singapore benchmarks in EU
The process allowing Singaporean interest rate benchmarks to be used in the EU has been completed following the signing of a memorandum of understanding (MoU) between the authorities of the two jurisdictions.
UK starts trade talks with US with bankers concerned over EU market access
The UK is sticking to the Brexit deadline as it starts trade talks with the US while negotiations stall with the EU leaving bankers concerned over a deal on financial services.
FSB monitoring key nodes of financial system to detect stability threats
The Financial Stability Board (FSB) said it is carefully monitoring the key nodes of the financial system and that so far it is more resilient than before and is in a better position to sustain the economy thanks to the G20-inspired reforms.
UK upper house calls for structured dialogue with EU over financial services
The UK’s upper house of parliament, the House of Lords, has called on UK finance minister Rishi Sunak to establish a structured dialogue with the EU to support cross-border financial services and to manage any future regulatory divergence.
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