The Financial Stability Board (FSB) has on 17 October published for consultation a Format for Incident Reporting Exchange (FIRE), a common format for financial firms’ reporting of operational incidents, including cyber incidents. FIRE aims to promote convergence in reporting practices, to address operational challenges arising from reporting to multiple authorities, and to foster better communication within and across jurisdictions. FIRE builds on the FSB Recommendations to Achieve Greater Convergence in Cyber Incident Reporting, published in 2023. Continue reading…

Eurojust and Europol supported the investigation by French and Italian authorities that led to the arrest of seven suspects and the seizure of cash, valuable goods and documentation needed for the investigation. The international criminal group set up a well-structured organisation to counterfeit famous and exclusive French red wine, worth up to EUR 15 000 per bottle. By working with printing houses in Italy, the criminal group was able to re-create the corks and labels of famous French wineries. The forged wine was then delivered to an Italian airport and taken abroad to be sold at market value around the world by wine traders. The criminals were able to sell the bottles of the counterfeit wine, generating profits of over EUR 2 million.

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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…

The Commission has on 17 October adopted the first implementing rules on cybersecurity of critical entities and networks under the Directive on measures for high common level of cybersecurity across the Union (NIS2 Directive). This implementing act details cybersecurity risk management measures as well as the cases in which an incident should be considered significant and companies providing digital infrastructures and services should report it to national authorities. This is another major step in boosting the cyber resilience of Europe’s critical digital infrastructure. Continue reading…

The FCA has announced a package of work in the insurance market amid concerns about rising prices, alongside the launch of the Government motor insurance taskforce. The FCA has launched a review, known as a competition market study, to see whether people who borrow to pay for motor and home insurance are receiving fair, competitive deals. Premium finance allows people to pay for insurance in instalments. With the average yearly rate on the amount of money borrowed ranging between 20 to 30%, the FCA is concerned that premium finance may not be providing fair value. Continue reading…

Eurojust supported authorities in Germany, Croatia, Czechia and Italy to counter a long-term fraud with illegal or undeclared labour and tax evasion. During an action day, five suspects were arrested for allegedly running a network of building enterprises that employed labourers without paying taxes and social levies. In total, 47 places were searched in the four countries concerned. 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…

With just over a week until the compliance deadline for NIS2 hits, Andy Norton, European Cyber Risk Officer at Armis, made some remarks about it. He specifically looks at why the technical requirements of NIS2 are far from an easy tick-box exercise. Continue reading…

The FCA has fined Starling Bank Limited £28,959,426 for financial crime failings related to its financial sanctions screening. It also repeatedly breached a requirement not to open accounts for high-risk customers. Starling grew quickly, from approximately 43,000 customers in 2017 to 3.6 million in 2023. However, measures to tackle financial crime did not keep pace with its growth.

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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…