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Top StoriesEconomists sound the alarm over UK’s post-Brexit finance plans
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Top StoriesEU governments, lawmakers agree on tougher cybersecurity rules for key sectors
BusinessShifting goalposts: The many challenges of a chief compliance officer
How banks can meet compliance requirements as Russian sanctions increase
Date: May 11, 2022
By Shiran Weitzman, CEO of Shield In February, banks around the world halted transactions involving designated Russian financial institutions as global authorities enacted numerous sanctions in response to the country’s invasion of Ukraine. Since then, banks everywhere have been struggling to navigate the complexities and costs of complying with the ever-changing sanctions that have ensued...
Germany urges vestager to consider company breakups in EU antitrust reforms
Date: May 4, 2022
By Foo Yun Chee BERLIN (Reuters) – EU antitrust rules should be beefed up to allow regulators to break up companies for serious breaches, German State Secretary Sven Giegold said on Wednesday, urging EU competition chief Margrethe Vestager to consider this when reforming regulations. Rules known as Regulation 1/2003, in force since 2004, have allowed...
German regulator imposes tougher rules on facebook owner meta
Date: May 4, 2022
BERLIN (Reuters) – Germany’s cartel office said that Meta Platforms Inc, the owner of Facebook, has “paramount significance for competition across markets”, a classification which gives the regulator more leeway to curb digital companies’ market power. Under legislation introduced by German lawmakers in early 2021, the cartel office can ban what it deems to be...
UK poised to ditch plans to empower tech regulator – FT
Date: May 3, 2022
(Reuters) – Britain is poised to shelve plans to provide statutory powers to a new technology regulator, in a blow to global efforts to curb the dominance of internet companies including Google and Facebook, the Financial Times reported on Tuesday. The government’s new legislative programme is not expected to include a bill to provide statutory...
Navigating legal and compliance challenges when starting out
Date: April 28, 2022
By Simon Dodds, Of Counsel, Shearman & Sterling The complexity and uncertainty of law and regulation pose challenges for FinTechs and other startups in the financial services sector. Early stage FinTechs may structure their business to keep outside the relevant regulatory perimeter, but over time many find themselves within it, and subject to some form of regulation....
Crypto firms seek clearer U.S. rules on their interest-bearing products
Date: April 27, 2022
By Hannah Lang (Reuters) – Cryptocurrency companies said they remain unsure of U.S. regulations governing products that allow customers to earn interest on holdings instead of trading them, months after such an interest-bearing product drew a $100 million fine from a federal regulator and state governments. In February, New Jersey crypto company BlockFi agreed to...