The Ukrainian authorities organised the United for Justice Conference from 3-5 March in the city of Lviv, bringing together a great number of stakeholders involved in the efforts to ensure accountability for core international crimes allegedly committed in Ukraine. As a key outcome of the conference, the seven partner countries* of the Eurojust supported joint investigation team (JIT) decided to amend the agreement between them in order to reflect the future role of the International Centre for the Prosecution of the Crime of Aggression (ICPA). Continue reading…

by Daniel Vaknine

Many people, especially within the compliance area, are talking about the EU’s relatively new directive on whistleblowing. From December 17 2023, all organisations with more than 50 employees must implement internal whistleblower channels. In addition to this, there are also requirements for secure data storage (among other things linked to GDPR) and an easily accessible and informative whistleblower policy to ensure that all requirements are met. Here you can find the full directive in English, but how will the directive actually affect workplaces around Europe, and what effect will it have in the long run?  Continue reading…

Basel III capital ratios for a sample of the largest global banks decreased from their record highs in H2 2021 to pre-pandemic levels in H1 2022, according to the latest Basel III monitoring exercise, based on 30 June 2022 data, published on 28 February. The leverage ratio fell on average across all regions, after showing some volatility during the pandemic period. The dividend payout ratio continued its upward trend as banks no longer face restrictions in dividends that member jurisdictions introduced at the onset of the pandemic. The report sets out the impact of the Basel III framework, including the December 2017 finalisation of the Basel III reforms and the January 2019 finalisation of the market risk framework. It covers both Group 1 and Group 2 banks (see note to editors for definitions). Continue reading…

The UK is a leading centre for asset management, with over £11 trillion of assets managed by UK firms. The Future Regulatory Framework provides an opportunity for the FCA to look to improve asset management regulation with a more modern and tailored regime, better meeting the needs of UK markets and consumers. The FCA will make sure any changes are consistent with international standards and enable technological development and innovation. The recent paper from the FCA covers a wide range of ideas, including how it can support firms’ use of technology to improve customer experience and efficiency. It also discusses how the FCA’s rules could be streamlined and improved to help firms deliver better support to investors, retail and wholesale, UK-based and international. Continue reading…

Last week, global negotiations concluded on the landmark Treaty of the High Seas to protect the ocean, tackle environmental degradation, fight climate change, and prevent biodiversity loss. The new treaty will allow to establish large-scale marine protected areas on the high seas, which are also necessary to meet the global commitment of the Kunming-Montreal Global Biodiversity Agreement concluded last December to protect at least 30% of the ocean by 2030. For the first time, the treaty will also require assessing the impact of economic activities on high seas biodiversity. Developing countries will be supported in their participation in and implementation of the new treaty by a strong capacity-building and marine technology transfer component, funded from a variety of public and private sources and by an equitable mechanism for sharing the potential benefits of marine genetic resources. Continue reading…

The Institute of Internal Auditors (IIA) – the internal audit profession’s leader in standards, certifications, education, research, and technical guidance worldwide – released on 1 March for public comment, a draft on proposed changes to the International Professional Practices Framework (IPPF), with focus on the International Standards for the Professional Practice of Internal Auditing. The 90-day public comment period opened on 1 March and runs through May 30. The public comment draft is the next step in the IPPF Evolution Project, an extensive research effort launched in 2020 that has engaged thousands of internal audit practitioners and stakeholders, including regulators, corporate directors, and standard-setting bodies from across the globe. Continue reading…

by Elina Karpacheva & Branislav Hock

This brand new paper that was recently published entitled “Foreign whistleblowing: The impact of US extraterritorial enforcement on anti-corruption laws in Europe” investigates the expansion of US law in the area of transnational economic crime by discussing the case of foreign whistleblowers, defined as non-US citizens who help US enforcement authorities to sanction both non-US corporations and US corporations that engage in economic crime. Written by Elina Karpacheva and Branislav Hock, the paper shows that extraterritorial application of US whistleblowing laws is part of a broad trend associated with extraterritorial enforcement of US laws, allowing the USA to become the leader in sanctioning US corporations as well as non-US corporations for economic crime. Continue reading…

The European Central Bank (ECB)’s Executive Board has appointed Myriam Moufakkir as its Chief Services Officer (CSO). Ms Moufakkir is currently Chief Business Transformation & Operations Officer at SCOR Property & Casualty (SCOR P&C), a leading reinsurance company based in Paris. Before joining SCOR P&C, she held senior leadership roles at AXA Group, where she was Chief Operating Officer and Regional Chief Information Officer at AXA Asia in Hong Kong. She holds a Master’s Degree in Engineering from École centrale Paris. Continue reading…

The Financial Stability Board (FSB) has recently published a letter from its Chair, Klaas Knot, to G20 Finance Ministers and Central Bank Governors, ahead of the G20 meeting on 24 and 25 February. The letter notes the recent easing in global financial conditions but warns that, while expectations of a ‘soft landing’ for the global economy have grown, the outlook remains clouded by uncertainty. The combination of near record-high levels of debt, rising debt service costs and stretched asset valuations in some key markets could pose serious threats to financial stability. Continue reading…

The Arkansas Insurance Department has become a member of the International Association of Insurance Supervisors (IAIS) Multilateral Memorandum of Understanding (MMoU) – an international supervisory cooperation and information exchange agreement. “We are pleased to welcome Arkansas as a signatory to the MMoU,” said Vicky Saporta, Chair of the IAIS Executive Committee. “As we have experienced over the recent years of social and economic challenges, there are enormous benefits for the global insurance sector when supervisors are able to cooperate quickly and effectively across jurisdictions. The MMoU is an essential regulatory tool for supervisors to foster safer and more stable insurance markets.” Continue reading…