The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) have fined R. Raphael & Sons plc (“Raphaels”) for failing to manage its outsourcing arrangements properly between April 2014 and December 2016. Raphaels has received separate fines of £775,100 from the FCA and £1,112,152 from the PRA in respect of these breaches (resulting in a combined fine of £1,887,252).
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The FCA has confirmed the deadline for notifications for the temporary permissions regime (TPR) will be extended to the end of 30 October 2019. TPR would allow EEA-based firms passporting into the UK to continue new and existing regulated business within the scope of their current permissions in the UK for a limited period, while they seek full FCA authorisation.
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The Financial Stability Board (FSB) is seeking feedback from stakeholders as part of its evaluation of the effects of the too-big-to-fail (TBTF) reforms for banks that were agreed by the G20 in the aftermath of the global financial crisis. The evaluation, which is being carried out by a working group chaired by Claudia Buch (Vice-President of the Deutsche Bundesbank), will assess whether the implemented reforms are reducing the systemic and moral hazard risks associated with systemically important banks (SIBs). It will also examine the broader effects of the reforms to address TBTF for SIBs on the overall functioning of the financial system. More details on the evaluation can be found in the summary terms of reference.
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We are very pleased that after months of preparation the Romanian website is live! Just two day’s after the European elections, we have launched the website of the Risk & Compliance Platform Europe in Romanian. The turnout rate of these elections was higher than 5 years ago, but can of course still be called a shockingly low. We believe that this is partly due to the citizens, but more to the politicians who often want to be equal at national level and who are only slightly prepared to look at the interests of the average European citizen from a European perspective. Coincidentally, the launch of the Romanian platform coincides with the Romanian Presidency of the EU. So far for politics.

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The Securities and Exchange Commission awarded more than $4.5 million to a whistleblower whose tip triggered the company to review the allegations as part of an internal investigation and subsequently report the whistleblower’s allegations to the SEC and another agency. The whistleblower sent an anonymous tip to the company alleging significant wrongdoing and submitted the same information to the SEC within 120 days of reporting it to the company. This information prompted the company to review the whistleblower’s allegations of misconduct and led the company to report the allegations to the SEC and the other agency.

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At the joint conference of the European Commission and the European Central Bank on European financial integration and stability, Luis de Guindos, Vice-President of the ECB held a speech about the choice of the international role of the euro as the guiding theme represents a change in focus in the discussions on Economic and Monetary Union (EMU) reforms, from a post-crisis response to a broader agenda. At the same time, Europe is facing new challenges, not least a return to fragmentation at the global level and the United Kingdom’s departure from the EU, amid heightened political uncertainty. In this context, I would like to give an overview of where we are in terms of European financial integration and draw lessons for the concrete policy actions that would promote integration.
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The Council of the EU adopted the ambitious measures proposed by the Commission to tackle marine litter coming from the 10 single-use plastic products most often found on European beaches, as well as abandoned fishing gear and oxo-degradable plastics. The rules on Single-Use Plastics items and fishing gear envisage different measures to apply to different product and place the EU at the forefront of the global fight against marine litter. Where alternatives are easily available and affordable, single-use plastic products will be banned from the market, such as cutlery, plates and straws. For other products, the focus is on limiting their use through a national reduction in consumption; on design and labelling requirements; and waste management/clean-up obligations for producers.
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The working group on euro risk-free rates has launched a public consultation on its draft recommendations to address the legal implications for new and legacy contracts referencing the euro overnight index average (EONIA) as a result of the proposed transition from EONIA to the euro short-term rate (€STR). The EONIA legal action plan addresses two events: (i) the proposed change to the methodology for computing EONIA on 2 October, whereby it will become €STR plus a spread; and (ii) the discontinuation of EONIA at the end of 2021.
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The Financial Stability Board (FSB) Regional Consultative Group (RCG) for the Americas met in Buenos Aires at a meeting hosted by the Central Bank of Argentina. FSB Chair Randal K. Quarles joined RCG members for the meeting. The group received an update on the FSB’s work programme and the deliverables to the June G20 meetings in Japan. The FSB’s work programme in 2019 is focused on new and emerging vulnerabilities and how they may be addressed; finalising and operationalising post-crisis reforms; evaluating the effects of the reforms; and enhancing the FSB’s transparency and external outreach.
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The European Union outlined its vision for a renewed partnership with Central Asia, updating its strategy on relations with the region first set out in 2007. The new Joint Communication adopted by the European Commission and the High Representative of the Union for Foreign Affairs and Security Policy Federica Mogherini sets out a fresh vision for a stronger partnership with the five countries of Central Asia: Kazakhstan; the Kyrgyz Republic; Tajikistan; Turkmenistan; and Uzbekistan. It comes at a key moment of fast-developing Euro-Asian connectivity, reform and opening up in some of the countries of the region, and new momentum for regional cooperation.
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