Despite the changing of the guard on the European Commission, the new commissioner in charge of economic policy vowed to press ahead with the nascent European Union-wide banking union, saying the new supervisory system amounts to “a revolution.” “It will change the way the banking sector operates,” Jyrki Katainen, the new commissioner in charge of […]
Roberta Holland
Posted inAnti-Bribery
H-P Russia Pleads Guilty to Bribery Scheme, Will Pay $58M Fine
In what’s being called a brazen violation of anti-bribery laws, the Russian subsidiary of Hewlett-Packard last week pleaded guilty to felony violations of the U.S. Foreign Corrupt Practices Act (FCPA) in connection with a bribery scheme to win a lucrative technology contract with the Russian Office of the Prosecutor General, according to a press release […]
Posted inUncategorized
EU Fights Back on Banker Bonus Cap as U.K.’s Legal Challenge Begins
The chess match over caps on banker bonuses continued this week, as United Kingdom and European Union lawmakers sought to outmaneuver one another in the remuneration battle. At issue is the impending rule limiting bankers’ bonuses to 100 percent of fixed pay or twice their fixed pay with shareholder approval. That rule, scheduled to take […]
Posted inAnti-Bribery
U.K. Officials Cite Need to Expand Corporate Liability
Top anti-fraud officials in the United Kingdom are pressing the case for an expansion of corporate liability rules to include other financial crimes besides bribery. The 2010 Bribery Act already puts companies on the hook for failing to prevent bribery by associated persons for its benefit, unless the company can prove adequate preventive measures were […]
Posted inUncategorized
EU Finalizes Harmonized Complaints Process for Financial Sector
European financial regulators have finalized the guidelines for a harmonized consumer complaints process for the banking, securities, and insurance sectors in the European Union. The European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) issued a joint report detailing the guidelines, which will take effect two months after they are published in […]
Posted inAnti-Bribery
TI-U.K. Guide to Combat Small Bribes a ‘Must Read’
Small bribes can amount to big problems for companies, according to the U.K. arm of the anti-corruption group Transparency International, which published a guide on combating the issue this summer. The watchdog’s “Countering Small Bribes: Principles and good practice guidance for dealing with small bribes including facilitation payments” contains practical advice for companies on how […]
Posted inInternal Controls
U.K. Banks See Big Jump in AML Hiring, Survey Shows
Hiring of anti-money laundering staffers by banks in the United Kingdom skyrocketed last year, growing by 54 percent, according to a recent survey. London-based recruitment firm BrightPool reported the jump, with 2,157 new anti-money laundering jobs created in the U.K. in the past year, according to reports this week in Recruitment International and the Financial […]
Posted inData Privacy
EU Commissioner Says Sweeping Data Protection Changes Still Needed
The flap over the right to be forgotten should not derail the wider discussion of data protection reform in the European Union, according to the bloc’s new justice commissioner. EU Justice Commissioner Martine Reicherts said in a speech earlier this week that the debate has become distorted over the European Court of Justice’s ruling on […]
Posted inRegulatory Enforcement
EU Looking to Bolster Powers of Financial Regulators
The three fledgling regulators overseeing the European Union’s financial sector can take a number of short-term and longer-term steps to bolster their clout within the bloc, according to a review of the supervisory agencies released by the European Commission last week. The review was the first since the three watchdogs – the European Banking Authority […]
Posted inUncategorized
Germany Launches New Rules for Fee-Based Investment Advice
Firms providing fee-based investment advice in Germany must begin complying with a new set of regulations this month regarding conflicts of interest, commissions, products offered, and other requirements. Germany’s Fee-Based Investment Advice Act, which took effect 1 August, marks the first time the country has applied specific regulations to fee-based advice. The Federal Financial Supervisory […]