by Margrethe Vestager

The Commission has fined Mondelēz 337.5 million euros. We have done so because they have ben restricting the cross-border trade of chocolate, biscuits and coffee products in the European Union. We find that Mondelēz illegally restricted retailers from sourcing these products from Member States where prices are lower. This allowed Mondelēz to maintain higher prices. This harmed consumers, who ended up paying more for chocolate, biscuits and coffee. Mondelēz is one of the world’s largest producers of very well-known brands that many of us would buy on a daily basis. Just to name a few, Milka, Toblerone, Côte d’Or, Cadbury, Tuc, Lu, Ritz and Oreo are all Mondelēz brands. So this case is about the price of groceries. It is a key concern to European citizens, even more obvious in times of high inflation where many are living in cost-living crisis. It is also about the heart of the European project: the free movement of goods in the Single Market. Continue reading…

Since the genocide against the Tutsi and other massacres against moderate Hutu in Rwanda in 1994, judicial authorities in Europe, Rwanda and a UN tribunal have opened thousands of formal investigations and court cases against alleged perpetrators. In addition to the over 10 000 individuals tried by the Rwandan authorities, the International Criminal Tribunal for Rwanda has opened 93 cases and EU Member States judicial authorities have opened over 100 cases.
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Ahead of the anti-greenwashing rule coming into force on 31 May, the FCA is supporting industry with guidance to help them meet the standard. The new rule is designed to protect consumers by ensuring sustainable products and services they are sold are accurately described. Results from the latest Financial Lives survey shows significant consumer interest in sustainable finance as 81% of adults surveyed would like their investments to do some good as well as provide a financial return. This work supports the long-term growth and competitiveness of the sector by helping businesses meet this demand and ensuring consumers who invest in sustainability-related financial products can make informed decisions. Continue reading…

by Elena Pykhova

The three lines of defence (3LOD) model, which had its origins in military planning and sports management, is now firmly engrained into the DNA of financial services firms. It is widely viewed as an important factor in the successful embedding of enterprise risk management. Designed by the Institute of Internal Auditors (IIA), the model distinguishes between the three groups (or lines) involved in effective risk management:

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The Basel Committee on Banking Supervision has on 16 May published a report that considers the implications of the ongoing digitalisation of finance on banks and supervision. The report builds on the Sound Practices: implications of fintech developments for banks and bank supervisors published in 2018, and takes stock of recent developments in the digitalisation of finance. Continue reading…

The Financial Conduct Authority (FCA) has brought charges against nine individuals in relation to an unauthorised foreign exchange trading scheme promoted on social media. Emmanuel Nwanze has been charged with running an unauthorised investment scheme and issuing unauthorised financial promotions. The FCA alleges that, between 19 May 2018 and 13 April 2021, Mr Nwanze and Holly Thompson used an Instagram account (@holly_fxtrends) to provide advice on buying and selling contracts for difference (CFDs) when they were not authorised to do so. CFDs are a high-risk investment product used to bet on the price of an asset, in this case the price of foreign currencies. The FCA also alleges that Mr Nwanze paid Biggs Chris, Jamie Clayton, Lauren Goodger, Rebecca Gormley, Yazmin Oukhellou, Scott Timlin and Eva Zapico to promote the @holly_fxtrends Instagram account to their millions of Instagram followers. Ms Thompson, Mr Chris, Mr Clayton, Ms Goodger, Ms Gormley, Ms Oukhellou, Mr Timlin and Ms Zapico each face one count of issuing unauthorised communications of financial promotions. Continue reading…

New research from regulatory compliance expert, Ideagen, reveals that almost half (48%) of food and beverage businesses now cite one or more ecological issues as a risk to their operations. This puts a combined group of planetary woes in fourth place among a ranking of all risks facing the sector. In analysis of the challenges businesses mention in their Risks and Uncertainties statements, weather is mentioned by 18%, climate change by 14%, environmental risk by 11% and sustainability by 5%. Added together, these become the single biggest risk other than financial worries for the first time. Continue reading…

New research from Armis, the asset intelligence cybersecurity company, shows over half (52%) of UK IT leaders believe the government can’t defend its citizens and enterprises against an act of cyberwarfare. This lack of faith in the government is higher than anywhere else surveyed in Europe, including Germany (40%) and France (42%). This is a significant change in sentiment compared to a year ago, when 77% of UK IT leaders had confidence in the UK government. Continue reading…

Eastnets, a global provider of compliance and payment solutions for the financial services sector, has appointed four expert, Independent Board Directors to deepen industry impact and expand global reach. Together with the existing team, the enhanced Board will strengthen Eastnets’ company leadership, further its commitment to high standards of corporate governance, and bring new perspectives to decision-making. Continue reading…

Over 220 central bankers and banking supervisors representing more than 90 jurisdictions met on 24–25 April in Basel for the 23rd International Conference of Banking Supervisors (ICBS). The ICBS included a programme to celebrate the 50th anniversary of the Basel Committee on Banking Supervision. Delegates took the opportunity to reflect on the Committee’s achievements over the past half century, the outlook for banks and supervisors, and the implications for the Committee’s future work. Continue reading…