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…

The Financial Stability Board (FSB) recently published a toolkit for financial authorities and financial institutions for their third-party risk management and oversight. The toolkit was developed in response to concerns over the extent and nature of financial institutions’ interactions with a broad and diverse ecosystem of third-party service providers, which could have implications for financial stability. Continue reading…

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has on 29 August published its second risk monitoring report of 2024, setting out the key risk drivers currently facing EU financial markets. External events continue to have a strong impact on the evolution of financial markets, and ESMA also sees high or very high overall risks in the markets within its remit. Continue reading…

The European Banking Authority (EBA) has on 29 August published an Opinion following the notification by the Dutch Central Bank (De Nederlandsche Bank – DNB) of its intention to extend a measure originally introduced in 2022 for a further two years until 2026. The measure aims to maintain the resilience of institutions against a potential severe downturn in the residential real estate market. This action comes amidst  recent sustained real estate price increases. Based on the information provided by the DNB, the EBA does not object to the extension of the measure. Continue reading…

A fast and coordinated action by Italian and Slovenian authorities, supported by Eurojust, has led to the arrest of a dangerous criminal hiding in Koper, Slovenia. The leader of an Italian organised crime group (OCG) was on the run from a 21-year prison sentence. He had been convicted of several crimes including drug trafficking, extortion and kidnapping. Continue reading…

by Paul White

There’s much that divides our industry. We’re competitors. We’re customers and providers. We’re based across the country. We’re businesses of different sizes. We’re leaders and followers. But there’s one powerful emotion that unites us all: worry. Like Atlas, we have the weight of the world on our shoulders. Although in the case of trust and corporate services, it’s the weight of regulations and the worry that we’ll fall foul of them. Which can lead to fines, client loss, reputational damage and even personal liability.   Continue reading…

The European Commission has made commitments offered by Apple legally binding under EU antitrust rules. The commitments address the Commission’s competition concerns relating to Apple’s refusal to grant rivals access to a standard technology used for contactless payments with iPhones in stores (‘Near-Field-Communication (NFC)’ or ‘tap and go’). Continue reading…

The FCA has told financial firms – including banks, payment firms and lenders – to do more to ensure parliamentarians, senior public servants and their families are not treated unfairly. Under legislation adopted by Parliament, financial firms are required to do extra checks on so-called politically exposed persons (PEPs). This follows global standards set by the international Financial Action Task Force and implemented by more than 200 jurisdictions. There have been concerns about how firms in the UK are meeting these requirements and so the FCA has reviewed how firms are treating PEPs.

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by Oli Rehn

As Governor of the Bank of Finland, I am glad to see so many of you here in Helsinki. It is a great privilege to share my thoughts with you today. First and foremost, we have made significant progress in disinflation since our last rate hike in September 2023. Inflation has fallen by more than 2.5 percentage points, and the inflation outlook has improved markedly. Barring further setbacks, for instance in the geopolitical situation and energy prices, or in wage developments for that matter, inflation is projected to converge to our 2% target in the medium term. Euro area economic activity is showing increasing signs of recovery, and the labour market has remained robust. The growth outlook was revised upwards yesterday, which is obviously good news. Continue reading…