Mr. Robert Marinescu-Muster was a speaker during the Risk & Resilience Festival on November 4, 2021. During his lecture, he explained how many problems with data and cyber attacks are based on people. His recommendation was to give people in organization more knowledge on how to spot an attack and what to do with the attack.

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The Financial Stability Board (FSB) has recently published a statement to support preparations for LIBOR cessation. Most LIBOR panels will cease at the end of this year, with certain key USD settings continuing until end-June 2023 to support the rundown of legacy contracts, executed before January 1 2022, only. Continued reliance of global financial markets on LIBOR poses risks to global financial stability. With only a few weeks remaining to the end of 2021, it is now critical that market participants act urgently to complete any remaining steps set out in the FSB’s Global Transition Roadmap. Global and national financial regulators will be closely monitoring progress. Continue reading…

On 19 November, European Commission Vice-President Maroš Šefčovič hosted Lord David Frost in Brussels to discuss the implementation of the Protocol on Ireland/Northern Ireland. This was their fifth meeting following the package of far-reaching solutions that the EU proposed on 13 October to facilitate the implementation and to strengthen stability and predictability for the people and businesses in Northern Ireland. Vice-President Šefčovič reiterated the need to shift into a result-oriented mode and to deliver on the issues raised by Northern Irish stakeholders. It is essential that the recent change in tone now leads to joint tangible solutions in the framework of the Protocol.
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Frank Elderson, Member of the Executive Board of the European Central Bank, recently gave a speech at the COP26 Finance Day Presidency Event on “A Financial System for Net Zero”, Frankfurt am Main, Glasgow on 3 November 2021. This is his official speech. Our collective journey started in Paris almost four years ago, when eight central banks and supervisors from an already diverse background decided to join forces. Our aim was to rise to the climate challenge and work together to develop the tools we need as central banks and supervisors to foster and accelerate the greening of the global financial system. As a coalition of the willing, we have been working together in the Network for Greening the Financial System (NGFS), which I am proud to chair. Continue reading…

Last week, the European Commission has adopted the fifth list of energy Projects of Common Interest (PCIs). These are key cross-border energy infrastructure projects for building a more integrated and resilient EU internal energy market and pursuing our energy and climate goals. This fifth PCI list comprises 98 projects: 67 projects in electricity transmission and storage, 20 in gas, six CO2 network projects and five smart grid projects. All PCI projects are subject to streamlined permitting and regulatory procedures and eligible for financial support from the EU’s Connecting Europe Facility (CEF).
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Police forces across the world have arrested 150 alleged suspects involved in buying or selling illicit goods on the dark web as part of a coordinated international operation involving nine countries. More than EUR 26.7 million (USD 31 million) in cash and virtual currencies have been seized in this operation, as well as 234 kg of drugs and 45 firearms. The seized drugs include 152 kg of amphetamine, 27 kg of opioids and over 25 000 ecstasy pills. This operation, known as Dark HunTOR was composed of a series of separate but complementary actions in Australia, Bulgaria, France, Germany, Italy, the Netherlands, Switzerland, the United Kingdom and the United States, with coordination efforts led by Europol and Eurojust. Continue reading…

The Financial Stability Board (FSB) has recently put out a progress report on the implementation of its Principles for Sound Compensation Practices (Principles) and their Implementation Standards (Standards) in financial institutions. The report covers the practices of the largest financial institutions in the banking, insurance and asset management sectors. It highlights uneven progress toward implementing the Principles and Standards, with banks relatively more advanced than insurance and asset management firms. This may reflect the more pressing need for banks to align compensation with risk-taking following the 2008 global financial crisis. Continue reading…

A total of 12 individuals wreaking havoc across the world with ransomware attacks against critical infrastructure have been targeted as the result of a law enforcement and judicial operation involving eight countries. These cyber actors represented a dangerous combination of aggressive disruption and high-stake targets. The attacks are believed to have affected over 1800 victims in 71 countries. These cyber actors are known for specifically targeting large corporations, effectively bringing their business to a standstill. The actions took place in the early hours of 26 October in Ukraine and Switzerland. Most of these suspects are considered high-value targets because they are being investigated in multiple high-profile cases in different jurisdictions. Continue reading…

On November 10th, the European Banking Authority (EBA) published its first draft implementing technical standards (ITS) on Pillar 3 disclosure of institutions’ exposures to interest rate risk on positions not held in the trading book (IRRBB). The final draft ITS put forward comparable disclosures that will help stakeholders assess institutions’ IRRBB risk management framework as well as the sensitivity of institutions’ economic value of equity and net interest income to changes in interest rates. The standards will amend the comprehensive ITS on institutions’ public disclosures, in line with the strategic objective of developing a single and comprehensive Pillar 3 package that should facilitate implementation by institutions and further promote market discipline. Continue reading…

With Eurojust’s support, authorities in Germany, Georgia and Israel have dismantled a criminal network operating various online trading platforms, defrauding victims of at least tens of millions of euros. During a series of actions in Georgia and Israel last week, 11 suspects were arrested, and real estate, luxury vehicles, communication equipment and cash were seized, for a yet unknown amount. Investigations into the fraud scheme started in 2015, after complaints from citizens, including German victims, who had lost all their investments via at least 18 different online trading platforms. Continue reading…