The Commission welcomes the Council decision to suspend the broadcasting activities of four more media outlets (Voice of Europe, RIA Novosti, Izvestia and Rossiyskaya Gazeta) in the EU or directed at the EU, in view of their role supporting and justifying Russia’s war of aggression against Ukraine. Russia has engaged in continuous and concerted propaganda as well as information manipulation actions targeted at civil society in the EU and neighbouring countries, gravely distorting and manipulating facts. Continue reading…

by Elena Pykhova

The three lines of defence (3LOD) model, which had its origins in military planning and sports management, is now firmly engrained into the DNA of financial services firms. It is widely viewed as an important factor in the successful embedding of enterprise risk management. Designed by the Institute of Internal Auditors (IIA), the model distinguishes between the three groups (or lines) involved in effective risk management:

functions that own and manage risks; functions that oversee risks; functions that provide independent assurance.

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TrustQuay Viewpoint (TQVP), the SaaS technology solution provider of choice for the trust and corporate services market, has on 7 May announced the appointment of Guy Harrison as Chief Executive Officer (CEO). This key leadership appointment is aimed at driving the company’s global growth and supporting the digital transformation in the Trust and Corporate Service Provider (TCSP) industry. Continue reading…

The Basel Committee on Banking Supervision has on 16 May published a report that considers the implications of the ongoing digitalisation of finance on banks and supervision. The report builds on the Sound Practices: implications of fintech developments for banks and bank supervisors published in 2018, and takes stock of recent developments in the digitalisation of finance. Continue reading…

The Financial Conduct Authority (FCA) has brought charges against nine individuals in relation to an unauthorised foreign exchange trading scheme promoted on social media. Emmanuel Nwanze has been charged with running an unauthorised investment scheme and issuing unauthorised financial promotions. The FCA alleges that, between 19 May 2018 and 13 April 2021, Mr Nwanze and Holly Thompson used an Instagram account (@holly_fxtrends) to provide advice on buying and selling contracts for difference (CFDs) when they were not authorised to do so. CFDs are a high-risk investment product used to bet on the price of an asset, in this case the price of foreign currencies. The FCA also alleges that Mr Nwanze paid Biggs Chris, Jamie Clayton, Lauren Goodger, Rebecca Gormley, Yazmin Oukhellou, Scott Timlin and Eva Zapico to promote the @holly_fxtrends Instagram account to their millions of Instagram followers. Ms Thompson, Mr Chris, Mr Clayton, Ms Goodger, Ms Gormley, Ms Oukhellou, Mr Timlin and Ms Zapico each face one count of issuing unauthorised communications of financial promotions. Continue reading…

New research from regulatory compliance expert, Ideagen, reveals that almost half (48%) of food and beverage businesses now cite one or more ecological issues as a risk to their operations. This puts a combined group of planetary woes in fourth place among a ranking of all risks facing the sector. In analysis of the challenges businesses mention in their Risks and Uncertainties statements, weather is mentioned by 18%, climate change by 14%, environmental risk by 11% and sustainability by 5%. Added together, these become the single biggest risk other than financial worries for the first time. Continue reading…

New research from Armis, the asset intelligence cybersecurity company, shows over half (52%) of UK IT leaders believe the government can’t defend its citizens and enterprises against an act of cyberwarfare. This lack of faith in the government is higher than anywhere else surveyed in Europe, including Germany (40%) and France (42%). This is a significant change in sentiment compared to a year ago, when 77% of UK IT leaders had confidence in the UK government. Continue reading…

The Financial Stability Board (FSB) Regional Consultative Group (RCG) for Europe met recently in Dublin. The group discussed global and regional macroeconomic developments and their implications for financial stability. The macro-financial environment continues to be shaped by the adjustment of the global economy to high interest rates, while geopolitical factors are weighing on the outlook. Despite tight financing conditions and subdued confidence, growth in the region is projected to gradually pick up, amid a recovery in real incomes. In global financial markets, certain asset valuations remain stretched and vulnerable to adjustment in the face of adverse shocks. Continue reading…

Eastnets, a global provider of compliance and payment solutions for the financial services sector, has appointed four expert, Independent Board Directors to deepen industry impact and expand global reach. Together with the existing team, the enhanced Board will strengthen Eastnets’ company leadership, further its commitment to high standards of corporate governance, and bring new perspectives to decision-making. Continue reading…

Over 220 central bankers and banking supervisors representing more than 90 jurisdictions met on 24–25 April in Basel for the 23rd International Conference of Banking Supervisors (ICBS). The ICBS included a programme to celebrate the 50th anniversary of the Basel Committee on Banking Supervision. Delegates took the opportunity to reflect on the Committee’s achievements over the past half century, the outlook for banks and supervisors, and the implications for the Committee’s future work. Continue reading…