On 13 December, the Commission proposed new rules to strengthen the use of Advance Passenger Information (API) data. This proposal is one of the key actions identified in the EU Security Union Strategy. The EU continues its progress in strengthening its overall security architecture, which aims to enhance EU citizens’ protection, as shown also in the Fifth Security Union Progress Report. The report highlights three years of solid progress in implementing the Security Union Strategy. It shows that significant steps have been made in strengthening the protection of critical infrastructures from physical, cyber and hybrid attacks, in fighting terrorism and radicalisation, as well as in the fight against organised crime. Continue reading…

The European Central Bank (ECB) has on 16 December published an enhanced Code of Conduct for all high-level ECB officials. These new rules, prepared by the ECB’s independent Ethics Committee, impose additional restrictions on the private financial transactions of high-level ECB officials, including Governing Council, Executive Board and Supervisory Board members. “The amendments to our Code of Conduct carry the full support of all high-level ECB officials and are a strong sign of our unwavering commitment to the ECB’s public mission, which is vital to secure the trust of the Europeans we serve,” says ECB President Christine Lagarde. “While the current Code has proven to be solid and effective, the new rules will bring the ECB’s ethics standards to the next level and ensure that we remain among the leading institutions in this area.” Continue reading…

As part of its consumer investment strategy, the Financial Conduct Authority (FCA) has set out new proposals to improve people’s access to financial advice so they can invest with confidence. The proposals will create a separate, simplified financial advice regime, making it cheaper and easier for firms to advise consumers about certain mainstream investments within stocks and shares ISAs. The watchdog’s recent Financial Lives survey found 4.2 million people in the UK held more than £10,000 in cash and are open to investing some of it. While keeping a cash buffer is a sensible way of dealing with unexpected expenses, consumers who hold significant amounts of excess cash may be damaging their financial position, as inflation reduces the value of their savings.   Continue reading…

The Operational Board of the European Fund for Sustainable Development plus (EFSD+) has today given a positive opinion to €6.05 billion in financial guarantees to support 40 investment programmes in Sub-Saharan Africa, Latin American and Asia Pacific. The guarantees are expected to generate more than €50 billion in investments in key sectors of Global Gateway, such as renewable energy, digital infrastructure and climate resilience and health. The package also includes a new green bond programme. The programmes will be implemented by European Financial Institutions, such as the European Investment Bank, the European Bank for Reconstruction and Development, and national development banks. In total, 20 financial partners participate in the EFSD+ guarantee programme, seven of which for the first time. The EFSD+ is a financing tool of Global Gateway, and the financing arm of the EU’s Neighbourhood Development, International Cooperation Instrument (NDICI) – Global Europe. It de-risks investments with budgetary guarantees and thus attracts more private investment to emerging and developing country markets.
Continue reading…

The European Banking Authority (EBA) has on 6 December launched a public consultation on new Guidelines on the effective management of money laundering and terrorist financing (ML/TF) risks when providing access to financial services. Through these Guidelines, the EBA aims to ensure that customers, especially the most vulnerable ones, are not denied access to financial services without valid reason. This consultation runs until 6 February 2023. Access to at least basic financial products and services is a prerequisite for organisations and individuals to participate in modern economic and social life. It can also save the lives of vulnerable customers, such as refugees or homeless people. However, such access is not always ensured. Continue reading…

The Governing Council of the European Central Bank (ECB) has decided to reschedule the launch of the Eurosystem Collateral Management System (ECMS) from 20 November 2023 to 8 April 2024. This decision was taken to mitigate the impact of the rescheduled launch of T2, the Eurosystem’s new real-time gross settlement system and central liquidity management model, which was postponed by four months on 20 October 2022. Continue reading…

The SIRIUS project, a reference for knowledge sharing on cross-border access to electronic evidence, co-implemented by Europol and Eurojust, in close partnership with the European Judicial Network, recently concluded its fifth annual conference. Among the more than 800 participants in the hybrid online/in-person conference were representatives of law enforcement and judicial authorities from over 20 countries as well as Online Service Providers (OSPs). Continue reading…

The FCA has fined Santander UK Plc (Santander) £107,793,300 after it found serious and persistent gaps in its anti-money laundering (AML) controls, affecting its Business Banking customers. Between 31 December 2012 and 18 October 2017, Santander failed to properly oversee and manage its AML systems, which significantly impacted the account oversight of more than 560,000 business customers. Santander had ineffective systems to adequately verify the information provided by customers about the business they would be doing. The firm also failed to properly monitor the money customers had told them would be going through their accounts compared with what actually was being deposited.  Continue reading…

Ursula von der Leyen , quoted 7th December 2022: “Russia continues to bring death and devastation to Ukraine. It is deliberately targeting civilians and civilian infrastructure, seeking to paralyse the country at the beginning of the winter. We stand by Ukraine and we are making Russia pay for its cruelty. The eight packages of sanctions we introduced so far are already biting hard. And today, we are stepping up the pressure on Russia, with a ninth package of sanctions.” Continue reading…

Louise Whitestone, Thomas Seiler and Gustavo Raitzin have referred their Decision Notices to the Upper Tribunal where they will each present their respective cases. The Upper Tribunal will then determine whether to dismiss the respective references or remit them to the FCA with a direction to reconsider and reach a decision in accordance with the findings of the Upper Tribunal. Any findings in the individuals’ Decision Notices and the descriptions of those findings in this press release are therefore provisional and reflect the FCA’s belief as to what occurred and how it considers their behaviour is to be characterised. Continue reading…