The European Banking Authority (EBA) has on 29 November published the autumn edition of its risk assessment report (RAR). The Report is accompanied by the publication of the 2024 EU-wide transparency exercise, which provides detailed information, in a comparable and accessible format, for 123 banks from 26 countries across the European Union (EU) and the European Economic Area (EEA). Continue reading…

The Financial Stability Board (FSB) Regional Consultative Group for Europe (RCG Europe) met on 14 and 15 November in Munich, Germany. The meeting was hosted by the Deutsche Bundesbank and Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin). On the first day, members participated in a workshop on the financial stability implications of private credit. Members discussed the drivers of growth of this form of credit and the benefits it brings to the broader economy. They also discussed the need to enhance understanding of potential risks, given limited data on the market, as well as existing regulations. Continue reading…

At the COP29 UN Climate Change Conference on 11-22 November in Azerbaijan, the European Union will work with international partners to deliver on the goals of the Paris Agreement of limiting global average temperature rise to as close as possible to 1.5C. Climate change continues to be an issue which knows no borders, and increasingly harms lives and livelihoods across Europe and around the world. At COP29, the Parties to the Paris Agreement must ensure that global financial flows are increasingly aligned with the Paris Agreement, unlocking investments, through the adoption of a New Collective Quantified Goal (NCQG) on Climate Finance. The NCQG will be the main priority of this year’s negotiations. Continue reading…

Twenty finfluencers are being interviewed under caution by the FCA, as it launches targeted action against finfluencers who may be touting financial services products illegally. The FCA also issued 38 alerts against social media accounts operated by finfluencers which may contain unlawful promotions. Increasing numbers of young people are falling victim to scams, and finfluencers can often play a part. Nearly two-thirds (62%) of 18 to 29-year olds follow social media influencers, 74% of those said they trusted their advice and 9 in 10 young followers have been encouraged to change their financial behaviour.  Continue reading…

The Financial Stability Board (FSB) Regional Consultative Group for Asia (RCG Asia) met on 16 October in Hong Kong SAR. Members exchanged insights from a workshop on 15 October, co-organised with the International Organisation of Securities Commissions Asia Pacific Regional Committee (IOSCO APRC), on the financial stability implications of crypto-assets, tokenisation and artificial intelligence. Continue reading…

ESMA, the EU’s financial markets regulator and supervisor, has published its 2025 Annual Work Programme (AWP), which reaffirms ESMA’s strategic orientation and commitment to safeguarding resilient, transparent, and sustainable European financial markets. ESMA has contributed to the ongoing discussion of how to make European capital markets more efficient and attractive, and in 2025 will advance on those aspects within its control, while working with the co-legislators and others to support the construction of the European Savings and Investment Union. Continue reading…

On 29 September, the European Commission announced €10 million in additional humanitarian aid to help people in Lebanon affected by the ongoing escalation of hostilities between Hezbollah and Israel. This emergency funding aims to tackle the most urgent needs such as protection, food assistance, shelter and health care. The EU stands ready to provide further support by mobilising all the available emergency response tools, including via use of the Civil Protection Mechanism. Continue reading…

The FCA has charged Mr Olumide Osunkoya, who is 45 and resides in London, for unlawfully running multiple crypto ATMs without FCA registration. Crypto ATMs are machines that allow you to buy or convert money into cryptoassets. Mr Osunkoya is accused of running crypto ATMs, which processed £2.6m in crypto transactions across multiple locations between 29 December 2021 and 8 September 2023 without the required registration. Continue reading…

by Margrethe Vestager

Today is a big win for European citizens and for tax justice. The Court of Justice confirms the decision from 2016 by the European Commission: Ireland granted Apple unlawful aid which Ireland now has to recover.  And this judgement is final. The Court also confirms the Commission’s decision in the Google Shopping antitrust case. And also this is a final judgment. Let me first talk about Apple case and the judgment in itself. It is a win for the Commission. It is also a win for the level playing field in the Single Market, and for tax justice. Continue reading…

The three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) have on 10 September issued their Autumn 2024 Joint Committee Report on risks and vulnerabilities in the EU financial system. The Report underlines ongoing high economic and geopolitical uncertainties. The ESAs warn national supervisors of the financial stability risks stemming from these uncertainties and call for continued vigilance from all financial market participants. For the first time, the Report also includes a cross-sectoral deep dive into credit risks in the financial sector. Continue reading…