All EU articles – Page 4
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Blog
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 ...
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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 ...
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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, ...
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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 ...
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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 ...
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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 Securities, Markets Regulator Releases 2014 Enforcement Priorities
Image: Title: MaijoorNov. 5—The European Securities and Markets Authority has released common enforcement priorities for the year, which will be used by both ESMA and national regulators. These priorities include preparation and presentation of consolidated financial statements, financial reporting by entities with joint arrangements, and recognition and measurement of deferred ...
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EU Banking Union Begins Supervision; New Regulations on Horizon
Image: Title: NouyNov. 5—In a major milestone for the long-anticipated banking union, the European Central Bank has begun its role as the single supervisor for the Eurozone’s banking sector. The ECB’s Single Supervisory Mechanism (SSM) will directly oversee 120 of the area’s biggest banks and indirectly oversee more than 3,000 ...
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Proponents Say IFRS Will Benefit EU Moving Forward
Image: Title: HoogervorstOct. 29—The heads of two groups charged with overseeing the International Financial Reporting Standards have told the European Commission that using the single set of financial reporting standards has benefited the European Union and will continue to do so. IFRS Foundation Board of Trustees Chairman Michel Prada and ...
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U.K. Fraud Office’s GC Offers Advice to Corporates for DPAs
Image: Title: GreenOct. 29—The general counsel for the U.K.’s Serious Fraud Office has provided some advice for companies interested in taking advantage of newly approved deferred-prosecution agreements if faced with an investigation from the SFO. Alun Milford, the SFO’s general counsel, said in a speech that the key factors for ...