Photo: KNMI, Jorgen van Meijbeek

Climate risk: What does it mean for you?

01 April 2024
Knowledge Base

by Inge van Dijk

On November second of last year the city of Amsterdam, came very close to disaster. It had been raining heavily for weeks, very unusual even by Dutch standards. Water levels in the waters north of Amsterdam had been rising. On top of that, storm Ciarán was about to reach the coast and drive up the water to even higher levels. Normally, under these circumstances, the sluices around the city drain excess water into the North Sea. But in this case the drainage system malfunctioned. At seven o’ clock that morning, people in some of the lower lying parts of the city saw the water sloshing against their basement windows. By that time the regional water authorities were in full crisis mode and the mayor had been warned. Finally, at half past seven the lock shafts at the sluices were repaired, and the water started to drop slowly. It was just in time: the water could have risen to up to one meter in parts of Amsterdam. Afterwards, the water authorities warned that, although there had been an exceptional combination of factors at play, we are likely to see these kind of water levels more often. Because of extreme weather conditions, caused by climate change. This is just one relative minor example from my home soil. I could have also mentioned the forest fires in Australia, droughts in Africa and central America and cyclones in South East Asia. Continue reading…

Photo: Burkhard Balz

Optimisation in the clearing system – pass me the toolbox

29 March 2024
Knowledge Base

by Burkhard Balz

The Financial Stability Board recently ran a consultation on a draft report regarding “CCP financial resources in resolution”.[*1] It introduces a so-called “toolbox”. When you hear the word “toolbox”, you might imagine a craftsman with a heavy box full of different tools. For me, a scene from the film “Gran Torino”, directed by Clint Eastwood, comes to mind. A young man from the local neighbourhood is tasked with repairing damages to local homes to make up for past wrongdoing. However, he lacks both experience and suitable tools for the job. A grumpy neighbour, brilliantly portrayed by Clint Eastwood himself and with many years of expertise in repairs, hands him out three basic, but helpful, tools[*2] and advises him to acquire more and more tools over time. This scene reminds me of the beginning of our journey after the financial crisis in 2008. We, too, had repairs to make. Our strategy was, as outlined at the G20 Pittsburgh Summit in 2009, to go for a centralised clearing space in order to make our financial system safer and more resilient. Continue reading…

Increased tariffs on Russian and Belarusian grain products

28 March 2024

Last Friday, 22nd March, the European Commission proposed to increase the tariffs on imports into the EU of cereals, oilseeds, and derived products (‘grain products’) from Russia and Belarus, including wheat, maize, and sunflower meal. These tariffs, while high enough to suppress such imports into the EU in practice, would not affect exports to third countries.
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Technology-Enabled Compliance is More Proactive, Adaptable and Comprehensive

27 March 2024
Knowledge Base

by Uzi Rosha

Compliance programs serve as a critical foundation for ensuring financial institutions operate within legal and regulatory boundaries. The dynamic and complex nature of financial regulations necessitates a strategic approach to compliance, one that is proactive, adaptable, and comprehensive. Traditional compliance frameworks, while foundational, often struggle to keep pace with the rapid evolution of financial products, services, and regulations. In the rapidly evolving financial sector, technology plays a pivotal role in enhancing the effectiveness and efficiency of compliance programs. Continue reading…

Safeguarding data in the hybrid era

26 March 2024
Knowledge Base

by Ian Jones

As hybrid work models become the new norm, businesses face a complex set of challenges, particularly regarding data compliance and security. Whilst managing remote teams has become more refined in recent years, there is something that threatens this way of working. That threat is unseen, unsafe and unsuspecting. It’s a digital danger that comes in the form of sensitive data loss, cyber-attacks and data breaches, each one looming ever larger in this evolving working model. The stakes are high. Continue reading…

Lieve Lowet

Lieve Lowet

EU Affairs consultant and lobbyist

The EU extends the US provisional equivalence in the area of insurance or reinsurance group solvency calculation

25 March 2024

On 14 March 2024, the European Commission decided to extend the provisional equivalence decision regarding the insurance and reinsurance solvency regime in force in the US. The regime applicable to insurance and reinsurance undertakings with head offices in the US is to be considered provisionally equivalent to the solvency rules related to the valuation of assets and liabilities, technical provisions, own funds, SCR, MCR and investment rules as laid down in Solvency II (SII). “EU insurance groups will be able to calculate capital requirements for their operations in the US on the basis of local rules. By eliminating the need to reconcile with EU rules, European groups can continue to operate on an equal footing with their American counterparts, and to benefit from alleviated administrative burden and reduced costs”, thus the Commission. Continue reading…

Jean-Paul Servais has been re-elected chair of the European Regional Committee of the international organization IOSCO

22 March 2024

The Chairman of the Belgian Financial Services and Markets Authority (FSMA) and IOSCO Board Chair Jean-Paul Servais has been re-elected chair of the European Regional Committee of the international organization IOSCO. The members of the IOSCO European Regional Committee have re-elected Jean-Paul Servais for a two-year term as chair of the European Regional Committee. He combines this responsibility with the Chairmanship of the IOSCO Board since October 2022. Continue reading…

FCA sets out plan for the year ahead

21 March 2024

In its Business Plan for 2024-25, the Financial Conduct Authority (FCA) has set out an ambitious programme of work for the final year of its 3-year strategy to achieve better outcomes for consumers and markets. Nikhil Rathi, Chief Executive of the FCA, said: “We’ve already made significant progress in delivering against the bold vision we set out in our strategy two years ago, including the game-changing introduction of the Consumer Duty and proposing the most far-reaching reforms to wholesale market regulation and the listing regime in decades. We remain resolute in supporting the vital role the financial sector plays in the UK’s long-term economic growth, embracing the potential benefits that technology presents both for us and the firms we regulate, while also continuing to protect consumers and ensure market integrity.”

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41st Chief Litigation Officer Summit 2024

20 March 2024

Marcusevans is excited to announce that the Chief Litigation Officer Summit returns in June 24-25 at Encore Boston Harbor Boston, MA, USA! The 41st Chief Litigation Officer Summit is an invitation-only, premium Summit bringing leading Litigation executives and innovative suppliers and solution providers together. The Summit’s content is aligned with key litigation challenges and interests, relevant market developments, and practical and progressive ideas and strategies adopted by successful pioneers. Continue reading…

Statement following the 11th EU-US Energy Council

19 March 2024

The eleventh European Union (EU) – United States (US) Energy Council (“Council”) met last Friday 15th March, in Washington, chaired by US Deputy Secretary of State Kurt Campbell, US Deputy Secretary of Energy David M. Turk, European Commissioner for Energy Kadri Simson, and EEAS Acting Deputy Secretary General Bélen Martinez Carbonell. The Deputy Head of Mission of the Kingdom of Belgium to the United States of America, Sophie Karlshausen, represented the Presidency of the Council of the European Union. The EU-US Energy Council serves as the lead transatlantic forum for coordinating strategic energy issues at political and technical levels. Transatlantic energy cooperation is vital to advancing diverse and resilient energy systems, bolstering energy security, promoting stability and transparency in global energy markets, and accelerating just energy transitions consistent with our mutual commitment to net-zero greenhouse gas emissions at home and globally by 2050. Continue reading…