All EU articles – Page 3

  • Blog post

    U.K. Court Orders Trials for Alstom Units in Bribery Case


    According to published reports, a Crown Court judge has ordered two jury trials for separate units of French conglomerate Alstom SA and is holding out the possibility of a third trial as the U.K.’s Serious Fraud Office continues its investigation. The Alstom subsidiaries, and four former employees, are accused of ...

  • Blog post

    EU Cracking Down on Abuse of Parent-Subsidiary Rules


    Image: The European Union has amended its parent-subsidiary directive to prevent national tax authorities from granting benefits to a corporation if its tax arrangement is determined to be not reflective of the company’s economic reality. Initially intended to prevent parent corporations from being taxed twice on profits made by subsidiaries ...

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    U.K. Financial Watchdog Will Keep Sharp Eye on Compliance Lapses


    News coming from the United Kingdom’s Financial Conduct Authority indicates the three-year-old regulator is going to enhance its vigilance of bribery and other financial crimes while keeping close tabs on companies’ controls and processes, according to articles in the Financial Times and FCPA Blog. The FCPA Blog noted that the ...

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    U.K. Regulator Places Corporate Culture at Heart of Compliance


    Image: Title: BischoffWith the recent release of an annual report detailing compliance gains, the head of Britain’s Financial Reporting Council called on boards to tackle the complex issue of corporate culture to ensure ethical corporate behavior. FRC Chairman Sir Winfried Bischoff said his agency this year will delve into how ...

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    Survey: Cyber-Threats a Growing Concern for European Risk Managers


    Image: Title: HirsWhile traditional risks due to business interruption and the supply chain remain risk managers’ top concern, cyber-risks are moving up the list, particularly in some European countries. Allianz SE’s Risk Barometer 2015 showed cyber-risks cracked the top five concerns globally for the first time, up from 8th last ...

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    EU Bankers Bristle Against ‘Unjustified’ Proposed Structural Changes


    Image: Jan. 14—Bankers in the European Union have received support for their continued opposition to the European Commission’s bid to mandate structural changes to the bloc’s biggest banks. The proposal would force some of the biggest banks to stop proprietary trading or split off certain trading activities from deposit-taking activities. ...

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    EU Insurance Sector Ramping Up to Meet New Regime


    Image: Jan. 14—Insurers are finally preparing to meet solvency requirements passed nearly six years ago. Member states have until the end of March to transpose the Solvency II Directive into national law, with insurers starting to seek approval in April for their models used to calculate capital requirements. A recent ...

  • Blog post

    New Year, New Headaches for France’s Alstom


    Image: Title: KronJan. 7—The $772 million bribery settlement between Alstom SA and U.S. regulators last month did not close the door on allegations plaguing the French industrial conglomerate. The company continues to face ongoing bribery probes in Poland and the United Kingdom, according to published reports, with former employees facing ...

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    U.K. First in EU to Implement Tougher Transparency Rules for Extractives


    Image: Jan. 8—The new year brought tougher transparency rules for listed European Union firms in the extractives and logging sectors, as the United Kingdom became the first to implement a new transparency directive ahead of the July deadline. Now oil, gas, and mining firms are required to prepare annually a ...

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    U.K. Stress Tests Show Few Capital Hiccups, Improved Resiliency


    Image: Dec. 17—Three of eight major U.K. banks reviewed by regulators need to bolster their capital positions, but overall the banking system’s resiliency has improved, according to results of Bank of England stress tests meant to test banks’ ability to withstand a housing shock. “The results show that the core ...

  • Blog post

    Swiss ‘FIFA Law’ Turns Sports Execs Into Politically Exposed Persons


    Image: Dec. 17—After years of grappling with corruption allegations against international sports federations based within their borders, Swiss lawmakers have passed a measure to criminalize corruption in sports and add sports federation heads to the definition of politically exposed persons facing enhanced scrutiny from banks. Swiss legislator Roland Büchel, who ...

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    Banking Union Moves Ahead With Bail-Out Fund Rules and Chairman Pick


    Image: Dec. 10—The European Union has taken important steps in recent days regarding a bloc-wide banking union. The Council of the European Union has agreed to an eight-year phase-in plan to switch banks from national resolution funds contributions to the bloc-wide Single Resolution Fund. Meanwhile, the European Commission selected Germany’s ...

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    Denmark Comes Out on Top in TI’s Anti-Corruption Rankings


    Image: Title: UgazDec. 3—Denmark took the top honor in the watchdog group Transparency International’s annual corruption perceptions index, ranking the cleanest of the 176 global economies reviewed. Denmark also tied for first place in last year’s index. Overall, more than two-thirds of the countries fell below a score of 50, ...

  • Blog post

    U.K. Fraud Office Gets Mixed Review Following Inspection


    Image: Title: FullerDec. 4—The U.K.’s Serious Fraud Office has made some progress in fixing issues with staffing training, resource levels, and how it investigates complex cases, but more work needs to be done, according to a report from Her Majesty’s Crown Prosecution Service Inspectorate. “There has been genuine commitment from ...

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    U.K. Regulators Fine RBS, Two Others £56M for IT Lapses


    Image: Title: McDermottNov. 25—Financial regulators in Britain fined Royal Bank of Scotland, National Westminster Bank, and Ulster Bank a combined £56 million last week for IT failings in the summer of 2012 that left customers without full access to ATMs, online payments, and other banking services. The joint enforcement action ...

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    Business Lobby Targeting Proposed EU Gender Quotas for Boards


    Image: Title: SégolNov. 25—A proposed directive to implement EU-wide quotas for women on boards is one of a handful of pending measures the newly installed European Commission should shelve, says BusinessEurope. The lobbying group argued in a notice to the Commission that was leaked to media outlet EurActiv that the ...

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    Bank of England Chief Suggests Rules Needed for Bankers’ Fixed Pay


    Image: Title: CarneyNov. 19—Even though caps on banker bonuses in the European Union are still generating controversy, some are calling for new rules for bankers’ fixed pay. Bank of England Governor and Financial Stability Board Chairman Mark Carney said during a speech this week that new rules on bankers’ fixed ...

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    European Commission Pushing Ahead with New Shareholder Rights Law


    Image: Title: HooijerNov. 19—The head of corporate governance for the European Commission, Jeroen Hooijer, said at a recent conference in the Netherlands that the Commission could put a proposal to revise the European Union’s shareholder rights rules before lawmakers by next summer. The proposal was unveiled last spring and calls ...

  • Blog post

    EU Financial Services Commissioner Will Press on With Reforms


    Image: Title: HillNov. 12—The new EU commissioner for financial services has pledged to continue implementing numerous reforms sparked by the 2008 financial collapse, but cautioned lawmakers to assess the effect new regulations have on growth and jobs. Jonathan Hill, commissioner for financial stability, financial services, and capital markets union, said ...

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    EU Approves New Damages Directive for Antitrust Violations


    Image: Title: VestagerNov. 12—A new law approved by European Union lawmakers this week is designed to make it easier for companies suffering damages due to antitrust violations to seek compensation anywhere within the bloc. The damages directive includes new rules regarding disclosure of evidence and allows a decision from a ...