The 17th NextGen Payments & RegTech Forum gathers international payment and RegTech experts in Zurich, the banking capital of the world! The 17th NextGen Payments & RegTech Forum takes place on 7-8 March 2024 at the Marriott Hotel in Zurich, Switzerland, bringing together over 300 high-achieving specialists from world-leading companies in the regulatory and payments space to network and discuss the latest market trends in innovations, finance, technology, regulation, payments, and more. Continue reading…

On 15 February, Mr Mohammed Zina was found guilty of six offences of insider dealing and three offences of fraud following a 12-week trial at Southwark Crown Court brought by the Financial Conduct Authority (FCA). Between 2014 and December 2017, Mohammed Zina worked as an analyst at Goldman Sachs International. Through his role in the Conflicts Resolution Group, which he joined in 2016, he came into possession of inside information relating to potential mergers and acquisitions that his employer was advising on. 

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The Financial Stability Board (FSB) Regional Consultative Group for the Middle East and North Africa (RCG MENA) met recently in Riyadh. The meeting, which was the group’s first in-person since 2019 due to the COVID-19 pandemic, was hosted by the Saudi Central Bank (SAMA). The FSB Chair, Klaas Knot, joined RCG members for the meeting. The group discussed global and regional financial stability vulnerabilities, including financial risks arising from the higher interest-rate environment and vulnerabilities in non-bank financial intermediation (NBFI). Continue reading…

“We are shocked and grieved by today’s reports about the death of Russian opposition politician Alexei Navalny. Our thoughts are with his wife Yulia Navalnaya, his family and with all those in Russia and beyond who believe in a democratic and peaceful future for Russia. We will honour his memory as a freedom fighter. Alexei Navalny demonstrated incredible courage and determination throughout his life. He bravely returned to Russia after a heinous assassination attempt. He gave hope to democrats and civil society in Russia, which is why so many people from all over the country joined his actions and listened to his messages.” Continue reading…

The Financial Conduct Authority (FCA) has announced that multiple insurance firms have agreed to pause sales of Guaranteed Asset Protection (GAP) insurance, following a request from the FCA. The firms which have agreed to this action account for 80% of the GAP market. The regulator will carry out a second tranche of engagement with the rest of the GAP market, with the aim of improving the value of the product across all firms. These firms have agreed not to use new distributors of GAP in the interim. GAP insurance is typically sold alongside car finance. It covers the difference between a vehicle’s purchase price or outstanding finance and its current market value, in the event it is written off before finance has been repaid. The FCA is concerned that the product is failing to provide fair value to some consumers.
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The European Commission and the European Investment Fund (EIF) have joined forces to step up their support to EU’s defence and security through the launch of the Defence Equity Facility. The initiative, consisting of 100 million euro from the European Defence Fund and an additional 75 million euro from the European Investment Fund, will significantly expand EIF’s investment capacity to support, in the next four years, private equity and venture capital funds with strategies covering technologies relevant to defence. This 175 million euro initiative is expected to attract additional private investments in the funds it supports, thereby mobilising, in total, circa 500 million euro in support of European companies.
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The Commission welcomes the agreement between the European Parliament and the Council on the most ambitious and comprehensive reform of the EU’s economic governance framework since the aftermath of the economic and financial crisis. The Commission presented its reform proposals in April 2023. The main objectives of the framework are to strengthen Member States’ debt sustainability, and promote sustainable and inclusive growth in all Member States through growth-enhancing reforms and priority investments. The framework will help make the EU more competitive and better prepared for future challenges by supporting progress towards a green, digital, inclusive and resilient economy. The reforms address shortcomings in the current framework. They seek to ensure that the framework is simpler, more transparent and effective, with greater national ownership and better enforcement. They take into account the need to reduce increased public debt levels, including as a result of the COVID-19 pandemic, in a realistic, gradual and sustained manner. The new framework also builds on the lessons learned from the EU policy response to the financial crisis where a lack of investment hampered a swift economic recovery.
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Protecting payment systems from financial crime, while upholding user privacy, is an important challenge in delivering the future of payments. BIS Innovation Hub’s Project Hertha will explore how network analytics could help identify financial crime patterns, whilst utilising a minimum set of data points. The project is a collaboration between the Hub’s London Centre and the Bank of England. Continue reading…

by Michel Klompmaker

The appeal judgment between De Jong et al. v. Airbus – Deutsche Bank – Deutsche Börse – Clearstream and InsingerGilissen (part of Quintet Private Bank) known as case number 200,289,627/01, was postponed for the tenth time. The appeal hearing took place on May 18, 2022 and the new roll date for the judgment is now set for April 2, 2024. Now that the second anniversary is over and there is still no judgment, there are question marks as to why there is yet again a postponement, now for the tenth time. We spoke with concerned Reggie de Jong, former swimming champion, wherein she made the comparison between her swimming career and this fraud case. Continue reading…

The European Commission decided to refer Spain to the Court of Justice of the European Union for failure to comply with the requirements of the Waste Framework Directive (Directive 2008/98/EC). The Waste Framework Directive requires Member States to take all necessary measures to ensure that waste management does not endanger human health or harm the environment. Member States also need to ensure that waste is safely disposed of, and that original waste producers treat the waste themselves or ensure that the treatment is properly handled. Spain has failed to take the necessary measures to comply with these requirements of the Waste Framework Directive. The persistence of, at least, 195 illegal landfills that have not yet been closed, sealed and restored since 2008 is causing significant harm to the environment while endangering human health.  Continue reading…