The Colleges of the European Commission and the European Court of Auditors met on November 13th in Brussels for the annual meeting between the two EU institutions. Both institutions reaffirmed their commitment to continuing their constructive cooperation as the EU’s executive and audit powers, while at the same time exploring ways to deepen their cooperation in full respect of their respective roles. The members of the Commission and the Court of Auditors discussed how the EU budget contributes to the achievement of the EU’s ambitious priorities.
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by Ajay Katara

Basel III end game is the latest update to the US Capital requirements which will bring about sweeping changes to the existing capital requirements in place for the US banks. Under the existing provisions there are two approaches which apply to US banks. The standardised approach applies to all banking organisations (other than community banks) and advanced approaches apply to category 1 and category 2 US banks, and they must also compute Risk Weighted Assets (RWA) under the standardised too. The US regulators have proposed July 2025 for compliance with new requirements with a three-year transition period ending in Jun 2028. The new regulation will bring about a lot of changes and will fundamentally apply to banks with asset sizes greater than USD 100 Mn with specific changes applying to banks designated between category 1 to category IV. Continue reading…

The Commission welcomes the provisional agreement between the European Parliament and Council on a new EU Regulation to reduce energy sector methane emissions in Europe and in our global supply chains. Methane is a powerful greenhouse gas – the second biggest contributor to climate change after carbon dioxide (CO2) – and is also a potent air pollutant. Today’s agreement is therefore crucial to delivering the European Green Deal and reducing our net greenhouse gas emissions by at least 55% by 2030. It will oblige the fossil gas, oil and coal industry to properly measure, monitor, report and verify their methane emissions according to the highest monitoring standards, and take action to reduce them. The agreement comes just a few weeks ahead of COP28, where the EU will continue its engagement with international partners on reducing methane emissions. Continue reading…

Eurojust and the Attorney General of Nigeria, Mr Lateef Olasunkanmi Fagbemi, signed on 9 November a Working Arrangement to enable structured and closer cooperation in the fight against organised crime groups (OCGs). This paves the way for the establishment of a Contact Point for Eurojust in Nigeria and closer communication for the swifter execution of requests for judicial cooperation on both sides. Nigeria is the first sub-Saharan African country to sign a Working Arrangement with the Agency.
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The Commission welcomes the final agreement reached by the European Parliament and the Council of the EU at the final trilogue on the Regulation introducing European Digital Identity Wallets. This concludes the co-legislators’ work implementing the results of the provisional political agreement reached on 29 June 2023 on a legal framework for an EU Digital Identity, the first trusted and secure digital identity framework for all Europeans. This marks an important step towards the Digital Decade 2030 targets on the digitalisation of public services. All EU citizens will be offered the possibility to have an EU Digital Identity Wallet to access public and private online services in full security and protection of personal data all over Europe. Continue reading…

It is true. The Risk & Compliance Platform Europe is for sale because it appears that Founder and Managing Director Michel Klompmaker will no longer be able to further develop the platform in the long term due to a serious illness.

The activities of this European platform, i.e. the content of the various language websites, the newsletters in different languages, the databases, the associated conferences and special conference websites and the LinkedIn company pages, are housed in the private company International Publishing & Sales bv in Amsterdam

Interested parties in taking over the platform, the websites, the associated conferences, etc. can contact the advisor that Michel has engaged for this purpose, namely Johan Ooms from Clairfield via his e-mail, jooms@clairfield.com

If there is serious interest, Johan can then send an Info Deck to interested parties and he will further guide the sales process.

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New research from the Financial Conduct Authority (FCA) shows that there has been a significant increase in the use of buy-now-pay-later (BNPL). The news comes as the FCA has secured further changes to potentially unfair and unclear contract terms for unregulated BNPL firms. The data, which is part of the FCA’s Financial Lives research, shows that 27% of UK adults (approximately 14 million) have used BNPL at least once in the six months prior to January 2023. This is up from 17% who said they had used it in the preceding 12 months in May 2022.     Continue reading…

The joint efforts across the European Union to fight terrorism will be stepped up by judicial authorities sharing a wider range of information on terrorism cases with Eurojust. EU Member States have an improved legal basis to inform on ongoing and concluded terrorism cases with the entry into force today of an amendment of the Eurojust Regulation. These data will be transmitted to the European Judicial Counter-Terrorism Register (CTR) managed by Eurojust. This will help to better detect links between terrorism cases or connections with other serious crimes.

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The Financial Conduct Authority (FCA) has banned Geoffrey Armin from advising customers on pension transfers and pension opt outs, and from holding any senior management function in a regulated firm. The FCA found that Mr Armin, while running Retirement and Pension Planning Services Limited (dissolved), was seriously incompetent when advising on defined benefit (DB) pension transfers. Mr Armin advised 422 customers on the transfer of their DB pensions, including 183 members of the British Steel Pension Scheme – 174 of whom transferred out of the scheme following his recommendation. Continue reading…