The European Banking Authority (EBA) published its first Report on the monitoring of liquidity coverage ratio (LCR) implementation in the EU. The EBA’s monitoring of the LCR contributes to a consistent application of EU law and promotes common supervisory approaches and practices in this area. The EBA intends to regularly monitor the implementation of the LCR for EU banks and update this Report on an ongoing basis to set out its observations and provide further guidance, where necessary.
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The European Central Bank (ECB) has decided that as of the start date on 2 October 2019 the euro short-term rate (€STR) will be published at 08:00 CET on each TARGET2 business day. If errors are detected following the publication of €STR that affect €STR by more than 2 basis points, the ECB will revise and re-publish €STR on the same day at 09:00 CET. No changes will be made to €STR after that time. €STR will be published on the ECB’s website, via the Market Information Dissemination (MID) platform, and through the ECB’s Statistical Data Warehouse. Technical specifications for the rate publication will be made available in September 2019.
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The European Securities and Markets Authority (ESMA), the EU’s securities markets’ regulator, has published a statement addressed to providers marketing, distributing or selling contracts for differences (CFDs) to retail clients. The statement is in response to various practices and situations observed in the market, which raise concerns of non-compliance with the legal requirements applicable when providing services to retail clients.

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On 13 July 2017, Richard Baldwin was convicted of dealing in criminal property between October 2007 and November 2008. The criminal property laundered was £1.5 million representing the proceeds of a conspiracy to insider deal by Martyn Dodgson and Andrew Hind. Mr Baldwin used off-shore companies, bank accounts and false invoices to effect his money laundering. The Financial Conduct Authority also brought contempt of court proceedings against him in relation to the breach of a Restraint Order made in June 2011. The Restraint Order prevented him from in any way disposing of, dealing with or diminishing the value of any of his assets within or outside of England & Wales. He admitted his contempt on 13 November 2015.
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HSBC has voluntarily agreed to extend its redress scheme for customers who may have lost out by paying an unreasonable debt collection charge imposed by HFC Bank Ltd (HFC) and John Lewis Financial Services Limited (JLFS), the Financial Conduct Authority (FCA) has announced. Both HFC and JLFS are now part of HSBC UK Bank Plc. The FCA previously provided updates regarding HSBC’s redress scheme on 20 January 2017 and 26 April 2019.
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Statement in response to Marriott International, Inc’s filing with the US Securities and Exchange Commission that the Information Commissioner’s Office (ICO) intends to fine it for breaches of data protection law. Following an extensive investigation the ICO has issued a notice of its intention to fine Marriott International £99,200,396 for infringements of the General Data Protection Regulation (GDPR).

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SunTrust Banks Inc., the lender merging with BB&T Corp., said it won’t provide future financing to companies that manage private prisons and immigration holding facilities. “This decision was made after extensive consideration of the views of our stakeholders on this deeply complex issue,” the Atlanta-based bank said in an emailed statement Monday. SunTrust’s decision follows similar moves by Bank of America Corp., JPMorgan Chase & Co. and Wells Fargo & Co. Politicians including Senator Elizabeth Warren, who is running for president, have urged bank executives and investors to back away from the business as immigration detentions have soared.
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The UK’s world-leading digital tech sector has been going from strength to strength with exports of goods and services in 2016 worth £55 billion up 17.3% since the previous year. UK tech exports to key overseas markets continue to boom with £10.3bn in exports to the USA, £2.1bn to Switzerland and £2.1bn to the Gulf states. The UK digital sector accounts for nearly a quarter of all UK exports and contributed £130.5 billion to the UK economy in 2017.
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