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…

Lidl Ireland has launched its Eastern European Week on 29th August, offering a selection of authentic Ukrainian food and drink products for the first time in stores across the country. This new initiative follows the success of Lidl’s renowned “Tastes of the World” campaigns, which have previously featured popular themes such as Italiamo, Vitasio – Japanese Style, and Eridanous – Greek Style. 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…

A new Eurobarometer survey published recently shows that Europeans identify respect for democracy, human rights, and the rule of law (38%) and economic, industrial, and trading power (34%) as the main strengths of the EU, followed by the good relationships and solidarity between the EU Member States (28%). As areas the EU should address as a priority, respondents most frequently mention the environment and climate change (33%) and irregular migration (also 33%), followed by security and defence (29%) and the war in Ukraine (25%). Continue reading…

Insurers and brokers have improved governance and oversight of how products are designed, managed, reviewed, and distributed, but many still cannot show how they are providing fair value to customers or that they were receiving good outcomes. In a report published recently, the FCA set out issues with information sharing between insurers and brokers, and in identifying target markets. Continue reading…

As Ukraine celebrated its Independence Day on 24 August, the EU is reconfirming its unwavering support to the country as it defends itself against Russia, for as long as it takes. “Europe will always be at Ukraine’s side, because Ukraine is Europe,” said European Commission President Ursula von der Leyen in her video message. Ukraine has now entered its third year of conflict with Russia, which illegally invaded Ukraine in February 2022.   Continue reading…

Romanian and Moldovan authorities worked together to uncover an organised crime group (OCG) that has subjected more than 150 victims to financial scams since 2022. By selling a non-existent investment scheme, the group was able to gain access to their victims’ bank accounts. The damages resulting from their scam are estimated at approximately EUR 3 million. Following a joint investigation, supported by Eurojust and Europol, Romanian and Moldovan authorities were able to detain 12 people on 7 August.

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An investigation lasting over two years has uncovered an intricate money laundering scheme run by a mafia family from Palermo. The total value of their profits is estimated at over EUR 500 million. They reinvested the profits of their crimes in multiple companies in Brazil. Cooperation between Italian, Brazilian and Swiss authorities led to the arrest of a member of the organised crime group (OCG) during an action day on 13 August, as well as the freezing of financial assets worth EUR 50 million during several searches in Italy, Brazil and Switzerland.

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The FCA has fined PricewaterhouseCoopers LLP (PwC) for failing to report to the regulator their belief that London Capital & Finance plc (LCF) might be involved in fraudulent activity. This is the first time the FCA has fined an audit firm. PwC encountered significant issues throughout their 2016 audit of LCF. A senior individual at LCF acted aggressively towards auditors, and the firm provided PwC with inaccurate and misleading information.

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