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  • The EBA Consults On Guidelines On The Application Of The Group Capital Test For Investment Firm Groups

    Date 25/07/2023

    The European Banking Authority (EBA) launched today a consultation on the draft Guidelines on the application of the group capital test for investment firm groups. These Guidelines aim at setting harmonised criteria to address the observed diversity in the application of the group capital test across the EU. In particular, the Guidelines identify criteria to assist Competent Authorities in their assessment of the simplicity of the group structure and the significance of the risk posed to clients and the market. The consultation runs until 25 October 2023.

  • SEC Names Natasha Vij Greiner And Keith E. Cassidy Interim Acting Co-Directors Of The Division Of Examinations

    Date 25/07/2023

    The Securities and Exchange Commission today announced that Natasha Vij Greiner and Keith E. Cassidy have been named interim Acting Co-Directors of the Division of Examinations, effective immediately, while Division Director Richard Best is on extended medical leave from the agency.

  • BIS: Trust Bridges And Money Flows

    Date 25/07/2023

    Cross-border payments are expensive, slow and opaque, reflecting multiple frictions. These problems are particularly acute for payments between counterparties located in developing economies. In order to improve upon this situation, we must first understand the root causes. Why are cross-border payments harder to complete than domestic payments, and why are payments between counterparties located in developing economies harder than those in more advanced economies? We provide a framework for answering these questions that centres on the fact that modern forms of money depend on credit relationships that require trust.

  • Inclusion Of The United Arab Emirates On AML Blacklist Requires ESMA To Withdraw The Recognition Decisions Of Three CCPs

    Date 25/07/2023

    The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has withdrawn as required by EMIR the recognition decisions of the following three central counterparties (“CCPs”) established in the United Arab Emirates (including the Dubai International Financial Centre): 

  • GERRY WEBER International AG: BaFin Imposes Administrative Fine

    Date 25/07/2023

    On 12 July 2023, the Federal Financial Supervisory Authority (BaFin) imposed an administrative fine amounting to 112,000 euros on GERRY WEBER International AG. The fine was imposed due to the company’s failure to comply with obligations under the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG). The company failed to publish an announcement about the date from which and the website where ist 2021 annual financial report was made publicly available.