The United Kingdom is moving forward with plans to implement the European Union banking union, with its financial regulator proposing changes to meet requirements of the EU directive before it takes effect at year’s end. The EU’s Bank Recovery and Resolution Directive (BRRD), also known as the banking union, established a common framework for supervising […]
Roberta Holland
Posted inTechnology
Court Data Ruling Causing Host of Compliance Issues
Europeans wasted no time in exercising their “right to be forgotten,” with 91,000 removal requests covering 328,000 URLs being logged with Google alone in the first two months since the European Union’s high court ruling. Under the Court of Justice of the European Union’s (CJEU) May decision, individuals in the EU can request search engines […]
Posted inUncategorized
U.K. Regulators Seeking Greater Accountability From Banking Sector
Financial regulators in the United Kingdom are pushing for greater individual accountability from employees of banks and other financial institutions through two new proposed regimes. The U.K.’s Prudential Regulatory Authority and Financial Conduct Authority issued a joint statement this week unveiling the plans for a new Senior Managers Regime and a Certification Regime. Officials said […]
Posted inAnti-Bribery
U.K.’s Fraud Office, China Cooperating in GSK Bribery Investigation
The increasingly international bribery investigation into British drugmaker GlaxoSmithKline has led to unusual cooperation between U.K. and Chinese anti-fraud officials. David Green, director of the U.K.’s Serious Fraud Office (SFO), told Reuters in an interview last week that this is the first time he is aware of Chinese officials cooperating in an SFO case. Both […]
Posted inRegulatory Enforcement
Member States Urged to Step Up in Fight Against Fraud
Member States have further to go in combating fraud, despite gains made in implementing European Union rules to prevent, detect, and report fraud, according to a report released by the European Commission last week. The Protection of the European Union’s Financial Interests – Fight Against Fraud 2013 Annual Report details efforts to combat fraud involving […]
Posted inAccounting & Auditing
Decisions Abound in Implementation of EU Accounting Directive
Implementing the European Union’s accounting directive is going to be challenging for Member States, which will be forced to consider scores of so-called Member State Options for inclusion or exclusion from their national accounting rules, according to accounting experts. The EU accounting directive entered into force in July 2013, replacing the Fourth and the Seventh […]
Posted inAnti-Bribery
U.K.’s Serious Fraud Office Buckling Down on Bribery Cases Overseas
The United Kingdom’s Serious Fraud Office is stepping up its anti-bribery efforts, continuing work on two cases involving alleged infractions of subsidiaries of U.K.-based companies which took place on foreign ground. The SFO announced in a one-sentence press release on its Website this week that its director has opened an investigation into the Sweett Group […]
Posted inEthics & Culture
Europe Court Rules Insider-Trading Cases Can’t Face Further Prosecution
Insider trading crimes punished by a regulator cannot be followed by prosecution in criminal courts, according to a ruling by Europe’s high court last week. The European Court of Human Rights (ECHR) in Strasbourg rejected a request by Italian authorities for the ECHR Grand Chamber to review the court’s decision issued in March of this […]
Posted inEurope
EU Boosting Business Information Access Through Linked Registers Online
Business information throughout the European Union will be easier to access and more integrated under new regulations both proposed and coming into effect this week. This week marked the deadline for Member States to implement the first phase of a 2012 directive requiring the interconnection of business registers, according to an update by the European Commission. The […]
Posted inEurope
EU Banking Authority Warning Financial Institutions to Stay Away from Bitcoins
The European Banking Authority is warning financial institutions to avoid dealing in Bitcoin and other virtual currencies until a forthcoming regulatory regime is established. It also laid out various elements that should be a part of future regulation. The EBA, in a recent opinion, identified nearly 70 risks stemming from the new type of currency […]