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…

The Financial Stability Board (FSB) Regional Consultative Group (RCG) for the Americas met on 7 and 8 October in Santiago. The meeting was hosted by the Central Bank of Chile and the Financial Market Commission. FSB Chair, Klaas Knot, joined RCG members for the meeting. Continue reading…

The FCA has fined TSB Bank plc (TSB) £10,910,500 for failing to ensure customers who were in arrears were treated fairly. It also lacked suitable systems and controls to secure fair outcomes. TSB has paid £99.9m in redress to the 232,849 mortgage, overdraft, credit card and loan customers affected. Between June 2014 and March 2020, TSB’s inadequate processes created a real risk that repayment plans were not realistic. Its training did not fully support its staff in understanding customers’ circumstances. Staff were potentially encouraged by incentive schemes to prioritise the number of plans made over taking enough time to assess individual customer circumstances. 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 value of EU trade covered by the vast network of 42 agreements with 74 partners in place in 2023 was more than €2.3 trillion, having risen by over 30% over the past five years, according to the Annual Report on the implementation and enforcement of EU trade policy published recently. EU exports to preferential trade partners are increasing more steadily than our overall exports – our preferential agreements with South Korea with Canada, for example, each deliver an average export growth of 7% annually – and have made the EU more resilient in the face of global challenges by providing safer, more diverse sources of supply for our imports and markets for our exports. Continue reading…