In 2018, one of the EBA’s priorities was to play a central role in the regulation and policy framework, with the development and maintenance of the Single Rulebook. In particular, the EBA increased its monitoring role on key parts of the prudential framework such as capital, liquidity, securitisation or models with the aim of strengthening supervisory convergence and the integrity of the single rulebook. Another important part of the EBA’s work focused on payments, namely on the delivery of technical standards and guidelines under PSD2 as well as on supervisory converge to ensure that the PSD2 requirements are applied in a sound, efficient and consistent manner across the EU.
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New plans to regulate the pre-paid funeral sector will ensure the market is competitive and bring to an end the high pressure and misleading tactics in the sale of these plans. The use of high pressure and misleading tactics in the sale of funeral plans will be brought to an end, City minister John Glen announced. New plans to regulate the pre-paid funeral sector for the first time will ensure the market is competitive and consumers, who are often old and vulnerable, understand what they are buying.
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The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) have fined R. Raphael & Sons plc (“Raphaels”) for failing to manage its outsourcing arrangements properly between April 2014 and December 2016. Raphaels has received separate fines of £775,100 from the FCA and £1,112,152 from the PRA in respect of these breaches (resulting in a combined fine of £1,887,252).
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The FCA has confirmed the deadline for notifications for the temporary permissions regime (TPR) will be extended to the end of 30 October 2019. TPR would allow EEA-based firms passporting into the UK to continue new and existing regulated business within the scope of their current permissions in the UK for a limited period, while they seek full FCA authorisation.
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The Financial Stability Board (FSB) is seeking feedback from stakeholders as part of its evaluation of the effects of the too-big-to-fail (TBTF) reforms for banks that were agreed by the G20 in the aftermath of the global financial crisis. The evaluation, which is being carried out by a working group chaired by Claudia Buch (Vice-President of the Deutsche Bundesbank), will assess whether the implemented reforms are reducing the systemic and moral hazard risks associated with systemically important banks (SIBs). It will also examine the broader effects of the reforms to address TBTF for SIBs on the overall functioning of the financial system. More details on the evaluation can be found in the summary terms of reference.
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We are very pleased that after months of preparation the Romanian website is live! Just two day’s after the European elections, we have launched the website of the Risk & Compliance Platform Europe in Romanian. The turnout rate of these elections was higher than 5 years ago, but can of course still be called a shockingly low. We believe that this is partly due to the citizens, but more to the politicians who often want to be equal at national level and who are only slightly prepared to look at the interests of the average European citizen from a European perspective. Coincidentally, the launch of the Romanian platform coincides with the Romanian Presidency of the EU. So far for politics.

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The Securities and Exchange Commission awarded more than $4.5 million to a whistleblower whose tip triggered the company to review the allegations as part of an internal investigation and subsequently report the whistleblower’s allegations to the SEC and another agency. The whistleblower sent an anonymous tip to the company alleging significant wrongdoing and submitted the same information to the SEC within 120 days of reporting it to the company. This information prompted the company to review the whistleblower’s allegations of misconduct and led the company to report the allegations to the SEC and the other agency.

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