Michel Klompmaker

On 1 December this year, we had an interview via RiskComplianceTV with Reggie de Jong at the Behavioral Risk Congress 2022, on the theme of integrity. For those who have not yet seen the interview, here is the link. In any case, it is useful to watch this interview on the possible criminal case against Airbus, Deutsche Bank, Clearstream and Deutsche Börse carefully for a while, as the following interview with Reggie de Jong is the logical sequel to it. Indeed, we are not only curious to know what the reactions were to this interview, but especially what the follow-up steps have been to date.
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by Mark Worth

The Swiss National Bank announced on 19 March that UBS would acquire Credit Suisse in an all-shares transaction valued at CHF 3 billion (€3.04 billion). UBS executives held a call with journalists and analysts to share details and discuss implications of the deal on 29 March. Here are excerpts of comments by UBS Board Chair Colm Kelleher.
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On 30 March, President Ursula von der Leyen gave a speech on EU-China relations to the Mercator Institute for China Studies and the European Policy Centre. Ladies and Gentlemen, it is a real pleasure to be here at this very special event co-hosted by two of Europe’s most knowledgeable and independent-minded think tanks. In a time when global affairs are becoming harder to decrypt – and in an era where facts are routinely challenged – the work that you do at these think tanks has never been more important for Europe. Because it is only by having a deeper understanding of the world as it really is – not as we may wish it to be – that we can develop better informed policies. This is why I believe think tanks are an essential part of our democracy. Continue reading…

In the second year of its three-year strategy, the FCA plans to accelerate four areas of its work over the next 12 months through further investment and increased resources. In its Business Plan 2023/24, the FCA has set out an ambitious programme for the next 12 months to achieve better outcomes for consumers and markets, in line with its three-year strategy.    Continue reading…

The seven national authorities participating in the Eurojust supported joint investigation team (JIT) on alleged core international crimes committed in Ukraine have signed a Memorandum of Understanding (MoU) with the United States Department of Justice. This MoU will enhance the coordination between the JIT partner countries and the US authorities in their respective investigations in connection with the war in Ukraine. The MoU was signed on Friday 3 March by high-level representatives of the prosecution services of the seven JIT partner countries and United States Attorney General Merrick B. Garland. Continue reading…

UBS plans to acquire Credit Suisse. The combination is expected to create a business with more than USD 5 trillion in total invested assets and sustainable value opportunities. It will further strengthen UBS’s position as the leading Swiss-based global wealth manager with more than USD 3.4 trillion in invested assets on a combined basis, operating in the most attractive growth markets. The transaction reinforces UBS’s position as the leading universal bank in Switzerland. The combined businesses will be a leading asset manager in Europe, with invested assets of more than USD 1.5 trillion. The discussions were initiated jointly by the Swiss Federal Department of Finance, FINMA and the Swiss National Bank and the acquisition has their full support. UBS anticipates that the transaction is EPS accretive by 2027 and the bank remains capitalized well above its target of 13%. The transaction is not subject to shareholder approval. UBS has obtained pre-agreement from FINMA, Swiss National Bank, Swiss Federal Department of Finance and other core regulators on the timely approval of the transaction.

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A new Financial Conduct Authority (FCA) report has found that competition in some parts of the wholesale data market is not working as well as it should. Access to good quality, fairly priced trade data is important for the whole financial system. It allows for properly informed, timely investment decisions. Trading data includes information on prices and volumes traded and supplied by venues, like stock exchanges, where shares and other financial products are bought and sold. Markets in which firms compete to provide good quality wholesale data will make the UK an attractive place to do business for a wide range of financial service providers, and so can improve the UK’s international competitiveness.  Continue reading…

by Daniel Vaknine

Many people, especially within the compliance area, are talking about the EU’s relatively new directive on whistleblowing. From December 17 2023, all organisations with more than 50 employees must implement internal whistleblower channels. In addition to this, there are also requirements for secure data storage (among other things linked to GDPR) and an easily accessible and informative whistleblower policy to ensure that all requirements are met. Here you can find the full directive in English, but how will the directive actually affect workplaces around Europe, and what effect will it have in the long run?  Continue reading…

Last week, global negotiations concluded on the landmark Treaty of the High Seas to protect the ocean, tackle environmental degradation, fight climate change, and prevent biodiversity loss. The new treaty will allow to establish large-scale marine protected areas on the high seas, which are also necessary to meet the global commitment of the Kunming-Montreal Global Biodiversity Agreement concluded last December to protect at least 30% of the ocean by 2030. For the first time, the treaty will also require assessing the impact of economic activities on high seas biodiversity. Developing countries will be supported in their participation in and implementation of the new treaty by a strong capacity-building and marine technology transfer component, funded from a variety of public and private sources and by an equitable mechanism for sharing the potential benefits of marine genetic resources. Continue reading…

The Institute of Internal Auditors (IIA) – the internal audit profession’s leader in standards, certifications, education, research, and technical guidance worldwide – released on 1 March for public comment, a draft on proposed changes to the International Professional Practices Framework (IPPF), with focus on the International Standards for the Professional Practice of Internal Auditing. The 90-day public comment period opened on 1 March and runs through May 30. The public comment draft is the next step in the IPPF Evolution Project, an extensive research effort launched in 2020 that has engaged thousands of internal audit practitioners and stakeholders, including regulators, corporate directors, and standard-setting bodies from across the globe. Continue reading…