Europe

Amid Google’s recent antitrust debacle and the intense competition among some U.S. tech giants in Europe, the call for an EU strategy to monitor the digital economy has never been louder.  If implemented, according to reports, a pan-European digital regulator will supervise “systemic digital actors” and will have the authority to intervene when disputes occur. An EU-wide strategy to create a digital single market will be announced in May. Details inside.

The European Union is again planning to postpone new capital rules on EU banks to hold more capital when trading derivatives with unapproved foreign exchanges. In response to the financial crisis, the United States formulated its own trading guidelines without giving European regulators sufficient opportunity to weigh in, experts say. More inside.

The British Parliament recently signed off on new legislation that calls for more information about the true owners behind U.K. companies. According to Transparency International, the U.K.’s property market is a conduit for “corrupt capital stolen from around the world.” Current regulations allow U.K. properties to be owned by secret offshore companies. More inside.

Image: The European Union is looking into the possible breach of antitrust laws in e-commerce practices. The inquiry may lead to enforcement actions against companies that restrict online sales and “abuse” their dominant position in the market. Margrethe Vestager, the EU’s antitrust chief, said that although the investigation will produce results in mid-2016, it “reflects the scope of the inquiry.” Details inside.

British banking regulators have released new guidelines to improve individual accountability in the banking sector. In the event of misconduct, senior managers who are capable of “causing significant harm” to a bank, or can threaten the integrity of financial markets, will now be held accountable in an investigation. Details inside.

Significant loopholes exist in many of Europe’s top banks, and concerns about cyber-breaches have skyrocketed, according to a new European Commission report. Despite the sheer complexity of IT systems, hackers have still made their mark on the financial services industry over the years. While banking IT systems have become more sophisticated—so have the threats. More inside.

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 […]

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 […]

The European Union’s internal markets commissioner this week announced plans to push forward with the implementation of global derivatives regulations. Internal markets and services commissioner Michel Barnier said it is time for regulators to implement the international standards set forth by the G20 and figure out how to provide deference to one another’s rules. Toward […]

European Union lawmakers are attempting to keep pace with technology, unveiling a set of guidelines for business users of cloud computing last week. Developed by the Cloud Select Industry Group, the guidelines are intended to increase professional users’ trust in the technology and standardize aspects of service level agreements. Members of the subgroup on SLAs included […]