The International Association of Insurance Supervisors (IAIS) has launched the fourth and final public consultation on the Insurance Capital Standard (ICS) before its planned adoption in December 2024. “After ten years of development, three consultations, six field-testing exercises and three years of confidential reporting, I am pleased that the Executive Committee of the IAIS has agreed on the candidate ICS as a prescribed capital requirement (PCR) for a final public consultation,” remarked Vicky Saporta, Executive Committee Chair. “Once adopted at the IAIS Annual General Meeting at the end of 2024, the ICS will provide a common language for cross-border supervisory discussions on insurance group solvency in a world where we face many common and interconnected global risks.” Continue reading…

Aegon’s legal domicile will be transferred to Bermuda. Consequently, group supervision to move from the Dutch Central Bank (DNB) to the Bermuda Monetary Authority (BMA). Aegon will maintain its headquarters in the Netherlands and will remain a Dutch tax resident. The change in group supervision will have no material impact on Aegon’s capital management approach. Aegon will continue to be listed on Euronext Amsterdam and on the New York Stock Exchange (NYSE). Following the closing of the transaction with a.s.r., Aegon will no longer have a regulated insurance business in the Netherlands. Under Solvency II rules, Aegon’s current supervisor, the DNB, can therefore no longer remain Aegon’s group supervisor. After consulting the members of the college of supervisors, the BMA has informed Aegon that the BMA would become its group supervisor if Aegon were to transfer its legal seat to Bermuda. Continue reading…

Dr. Joachim Nagel, President of the Deutsche Bundesbank, delivered a welcome message at the 2023 symposium “Ensuring the supply of cash – including in times of crisis” in Berlin, Germany. Ladies and gentlemen, a very warm welcome to our symposium. I’m glad you could make it! As the world around us becomes increasingly digital, it’s often the case that payment instruments other than cash, like cards, smartphones and online payments, grab all the attention. That’s why some regard cash as outdated – just as bicycles were considered old-fashioned when cars and motorcycles became more widespread, or printed books in the era of e-books. But the truth of the matter is that cash continues to be fairly popular here in Germany. In terms of transaction numbers, cash remains the most widely used means of payment at the point of sale, as our latest payment behaviour study shows.  Continue reading…

The European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) have launched a public consultation on the first batch of policy products under the Digital Operational Resilience Act (DORA). This includes four draft regulatory technical standards (RTS) and one set of draft implementing technical standards (ITS). These technical standards aim to ensure a consistent and harmonised legal framework in the areas of ICT risk management, major ICT-related incident reporting and ICT third-party risk management. The consultation runs until 11 September 2023. Continue reading…

Mr Luigi Federico Signorini, Senior Deputy Governor of the Bank of Italy, recently gave a speech at the Villa Mondragone International Economic Seminar, Round table on “Risks from inflation and opportunities from fragmentation” at Monte Porzio Catone, Rome. After the Second World War, multilateral institutions, such as the International Monetary Fund, the World Bank and the World Trade Organisation (as it is now called), have provided a framework in which a rule-based system of international cooperation has flourished, though initially only in our part of the world. A similar framework for cooperation in other key fields has been provided by the WHO and other institutions. Continue reading…

Inflation has been coming down, with the latest data showing a broad-based decline. But it is still projected to remain too high for too long. In our latest projections, Eurosystem staff expect headline inflation to average 5.4% in 2023, 3.0% in 2024 and 2.2% in 2025. Staff have also revised up their projections for core inflation, which they now see reaching 5.1% in 2023, before it declines to 3.0% in 2024 and 2.3% in 2025. This revision is due to past upward surprises in inflation and the implications of the robust labour market for the speed of disinflation. Specifically, we expect both wages and employment to continue growing strongly over the projection horizon, while output growth will be weaker this year and next. In this context, labour productivity growth will be lower and rising unit labour costs are likely to put upward pressure on inflation. Continue reading…

by František Nonnemann & Vladan Rámiš

The right to be forgotten (right to erasure) is one of the well-known, and somewhat feared, legal institutes introduced by GDPR. On the other hand, the right to erasure is not absolute. It does not always apply and must be balanced against the interests and rights of other persons. However, this does not mean that the scope of the right to erasure is clear in practice and does not raise several issues and uncertainties. How should a data controller, especially an internet search engine, proceed if a data subject objects that the data displayed or otherwise processed is untrue? Misleading, offensive, factually incorrect? The search engine operator usually acts as the controller of the personal data it displays, but it is not the one who has placed the data on the Internet. It therefore has no other information how to assesses the accuracy of the data which has been published on the source page. Continue reading…

The BIS Innovation Hub’s Nordic Centre has successfully concluded Project Aurora, a proof of concept that explores new ways of combating money laundering with a combination of payments data, privacy-enhancing technologies, artificial intelligence (AI) and enhanced cooperation across institutions and borders. According to the Financial Action Task Force (FATF), almost all large money laundering schemes are cross-border and involve different business sectors. Meanwhile, financial institutions often face limitations in detecting potential suspicious networks and transactions due to their reliance on fragmented data and systems. Continue reading…

A few weeks ago, the Commission adopted a Recommendation on how to combat commercial scale online piracy of sports and other live events, such as concerts and theatre performances. It encourages Member States, national authorities, holders of rights and providers of intermediary services to take effective, balanced and appropriate measures to fight unauthorised retransmissions of such streamings, in full compliance with fundamental rights and personal data protection rules. By stepping up the fight against online piracy, the Recommendation will contribute to strengthening the competitiveness of the EU sport and creative industries.
Continue reading…