Latest articles from Justin Pugsley


EU brings crypto into regulatory perimeter

Crypto-assets, their issuers and crypto-asset service providers (CASP) have been pulled into an EU-wide regulatory framework for the first time following a provisional agreement between the European Council and the European Parliament announced on June 30. 

Basel Committee gives ground on hedging crypto and introduces a risk add-on

A second consultation on crypto assets was launched on June 30 by the Basel Committee on Banking Supervision (BCBS), which introduces new features such as a risk-add-on, but also gives more recognition to hedging.

Uyeda sworn in as SEC commissioner

Mark T. Uyeda, who was nominated by US president Joe Biden earlier this year, has been sworn in as a commissioner at the Securities and Exchange Commission (SEC).

Agencies delay feedback on G-SIB resolution plans

Global systemically important banks (G-SIBs) are going to have to wait longer to receive feedback on their 2021 resolution plans as the agencies need more time to analyse them. 

OCC warns that banks face elevated risks

Banks face a phalanx of risks ranging from high inflation, rising interest rates, operational issues related to an increasingly complex environment and compliance challenges, but at least credit risks are low for the time being, said the Office of the Comptroller of the Currency (OCC). 

Basel Committee published 18 principles for tackling climate-related financial risks

Jurisdictions are expected to apply as soon as possible 18 principles related to climate risks for banks drafted by the Basel Committee on Banking Supervision.


Banks slam FDIC for changing appeals process without ‘proper’ consultation

Changes in the way the US Federal Deposit Insurance Corp (FDIC) handles supervisory appeals has generated a backlash from the industry which accuses the agency of having proceeded without proper public comment or notice. 

Most financial firms have seen compliance costs rise in last five years

The last five years have seen almost 90% of financial firms reporting increased compliance expenditure with one in 10 saying those costs have doubled, according to a survey by compliance tech and data analytics firm SteelEye.

BNP Paribas sees biggest gain from Basel Committee domestic exposures ruling

BNP Paribas has emerged as the main winner among the large banks from the Basel Committee on Banking Supervision’s (BCBS) decision to recognise intra-EU exposures as domestic for calculating global systemically important banks’ (G-SIBs) capital buffers.

Northern Ireland dispute undermining EU-UK financial services co-operation

Regulatory co-operation on financial services between the EU and UK has been undermined by a dispute over the Northern Ireland protocol, according to the House of Lords European affairs committee.