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EU Banking Package: Regulatory harmonisation of incoming third-country branches On 27 October 2021, the European Commission published the EU Banking Package 2021 which contains draft amendments to the centrepieces of European banking regulation, including the Capital Requirements Directive IV (CRD IV) and Capital Requirements...
Cyber risk in uncertain times: NCSC urges UK organisations to bolster online defences and follow its ‘heightened threat’ guidance On Monday, the world’s largest carmaker Toyota was forced to close all of its factories in Japan for a day due to a suspected targeted hack of one its key suppliers. Similar attacks have been made against a wave of Western companies including US broadband...
CJEU concludes that Spain's Tax Form 720 violates the free movement of capital The obligation to file Tax Form 720 to declare foreign assets and rights remains in force, but the original associated fines for late filing and failure to provide sufficient information can no longer be imposed following the Court of Justice of the...
EU Banking Package: Commission proposes new notification and assessment procedures On 27 October 2021, the European Commission published the EU Banking Package 2021 , which is intended, among other things, to complete the implementation of Basel III (sometimes referred to as ‘Basel 3.1’ or ‘Basel IV’). This includes the introduction of...
Kalifa Review: First year school report As I wrote at the time it was published, the Kalifa Review of the UK fintech industry set out an ambitious framework to support the continued growth and prosperity of an area in which the UK has been the envy of much of the financial services world. One...
Non-performing loans - Overview of the new EU status of credit servicers and credit purchasers In the wake of the EBA’s final guidelines on the management of non-performing loans (“NPLs”) at the end of 2018, the European Union has published on 8 December 2021 a Directive on credit servicers and credit purchasers of NPLs ("the NPL Directive"). The...
Ready for being ready The FCA recently held a webinar on Operational Resilience as a ‘checkpoint’ for firms to see how they measure up against FCA expectations. This is two months ahead of the 31 March deadline for the first operational resilience policy milestone –...
Carpe Crypto Earlier this week, HMRC announced that it was the first UK law enforcement entity to seize an NFT. The turn of phrase struck me - how exactly does one go about seizing a cryptoasset? The difficulty is not that NFTs, like all cryptoassets, are at their...
Some reflections (and concerns) over the ‘Brexit Freedoms Bill’ As the legal, business and political communities continue to consider the implications and likely outcomes of the UK’s government’s proposal for a so-called ‘Brexit Freedoms Bill’ (and associated policy paper on ‘The benefits of Brexit’), a few...
ECB publishes revised Guide to fit and proper assessments Following a consultation in the summer of last year, the ECB, on 8 December 2021, has published a revised version of its Guide to fit and proper assessments ("Guide") and an updated fit and proper questionnaire ("Questionnaire"). The new version will...