Last Thursday, the European Commission has published the tenth edition of the 2022 EU Justice Scoreboard, an established annual overview providing comparative data on the efficiency, quality and independence of justice systems in the Member States. For the first time, this year’s Scoreboard also includes data on the effects of the COVID-19 pandemic on the efficiency of justice systems, as well as regarding accessibility to justice for persons with disabilities and with a strengthened business dimension. Vice-President for Values and Transparency, Věra Jourová, said: “The EU Justice Scoreboard provides invaluable insights into our justice systems and helps us place the focus where it matters most: ensuring that the rule of law is protected across the European Union. The fact that since last year the public perception of judicial independence has decreased in about half of Member States is concerning and shows that we all need to act to restore trust of the public in the judicial system.”
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Eurojust has supported the Italian and Bulgarian authorities to counter an elaborate tax scam of at least EUR 69 million. During an action day, 26 suspects were identified who had illegally changed or ‘cloned’ Italian into Bulgarian enterprises, to avoid paying tax. A hotel and other properties, as well as other assets with a total value of EUR 11 million, were seized. The operation was the result of a joint investigation team (JIT) between the two authorities concerned, which was set up with the assistance of Eurojust. Continue reading…

The European Securities and Markets Authority (ESMA), the EU securities markets regulator, has on April 29th advised the European Commission on certain aspects relating to retail investor protection. In the advice ESMA puts forward, proposals that will make it easier for investors to get the key information they need to take well-informed investment decisions, whilst also protecting them from aggressive marketing techniques and detrimental practices.  Continue reading…

More than 500 corruption cases have been registered at Eurojust during the past six years. Compared with the 78 cases registered at the Agency in 2016, the number of cases rose to 112 in 2021, despite the COVID-19 pandemic. This increase reflects the EU’s priority to crack down on corruption and Eurojust’s growing importance in helping Member States tackle this specific type of cross-border crime. Eurojust Casework on Corruption: 2016–2021 Insights, presents key findings based on the Agency’s casework and offers expert advice to practitioners to assist them in similar cases in the future. The report, published on May 5th, is the Agency’s first dedicated publication in the field. It aims to support national authorities dealing with cross-border corruption cases by identifying possible problems and solutions. Continue reading…

Philip R. Lane, Member of the Executive Board of the European Central Bank, recently gave a speech at Bruegel, Brussels, on 5 May 2022. There are three main analytical challenges in assessing the economic and inflation outlook for the euro area. First, the pandemic remains a first-order driving force. Over the winter, pandemic restrictions still limited economic activity in the euro area. While these restrictions are currently being lifted and case numbers are declining, the current set of restrictions in China is contributing to a further wave of bottleneck pressures in global supply chains and limiting domestic demand in a major region of the world economy. At the same time, the re-opening of the European economy and the prospects for a more normal summer tourist season are set to provide significant momentum in the coming months, especially for services sectors and tourist-intensive countries. Continue reading…

On May 11, Klaas Knot spoke at the International Swaps and Derivatives Association in Madrid in his capacity as chairman of the Financial Stability Board (FSB). He talked about the current challenges to global financial stability and the measures being taken by the FSB to address them. I am delighted to be here, speaking in my capacity as Chair of the Financial Stability Board (FSB). The work of the FSB has benefitted from long-standing and constructive interactions with ISDA on a range of important areas. Two such examples of our collaborative efforts immediately spring to mind. First, thanks to the concerted effort undertaken by market participants and regulators, we have made huge progress in the transition to robust alternative reference rates across key global markets. Thirty LIBOR settings successfully ceased at the end of last year, and only five USD LIBOR settings remain in use. But, this work is not yet complete. In particular, it is essential that firms prepare for the cessation of the remaining USD LIBOR panels and that the new use of USD LIBOR is avoided. Continue reading…

The 6th of May 2022 marks the 20th Anniversary of the International Association of Deposit Insurers (IADI).  On this date in 2002, IADI was incorporated in Basel, Switzerland, with a mission to share deposit insurance expertise with the world.  There is much to celebrate as we reflect on two decades of accomplishments in fulfilling IADI’s key objectives to: “…to contribute to the stability of financial systems by promoting international cooperation in the field of deposit insurance and to encourage wide international contact among deposit insurers and other interested parties”.  Continue reading…

The Financial Conduct Authority (FCA) is using emergency powers to prevent financial advice firms, who advised members of the British Steel Pension Scheme (BSPS), from disposing of assets to avoid paying compensation. The FCA has introduced these emergency rules, without consultation, in light of the risk that some firms will take steps to get rid of their assets if the rules were consulted on first. The measures will apply from the 27 April 2022. The FCA previously announced proposals for a redress scheme for former BSPS members which the FCA estimates will deliver £71.2 million of redress to consumers who were wrongly advised to transfer their pension.  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 their meeting. The letter discusses the current outlook for financial stability and sets out the FSB’s plans over the coming months to assess and address emerging vulnerabilities. The letter notes that the Russian invasion of Ukraine triggered large price fluctuations in global financial markets. Continue reading…

by Matthew Verga

As we have noted before, cyberattacks are a growing area of concern, both inside and outside of the legal industry, and “cyberattacks in 2020 were particularly crippling because of how much more legal professionals relied on email and internet-based access to maintain operations.” With so many breaches occurring and so many breach investigations being conducted, it is important to consider the discoverability of reports and other materials generated by those investigations. As two recent cases demonstrate, it can be difficult to satisfy the requirements for work product protection of such reports. Continue reading…