The European Commission has fined Illumina and GRAIL approximately €432 million and €1,000 respectively, for implementing their proposed merger before approval by the Commission, in breach of EU merger control rules. EU merger rules require that merging companies not to implement mergers until approved by the Commission (“the standstill obligation”). It is a cornerstone of the European merger control system, that enables the Commission to carry-out its role before structural changes modify the competitive landscape. In July 2021, the Commission opened an in-depth investigation into Illumina’s acquisition of GRAIL. In September 2022, the Commission blocked the transaction over concerns that it would have significant anticompetitive effects, stifling innovation and reducing choice in the emerging market for blood-based early cancer detection tests. In August 2021, however, while the Commission’s review was still ongoing, Illumina publicly announced that it had completed its acquisition of GRAIL.  Continue reading…

The European Commission has published its legislative proposal on a digital euro. Like banknotes and coins are now, a digital euro would be a universal means of payment across the entire euro area. The proposed legal tender status for the digital euro would ensure it is widely accepted as a means of payment. The provision that people can get digital euros through their bank on request would make it easily accessible and ensures that nobody would be left behind. Continue reading…

by Fabio ACCARDI

The well-functioning of internal control system is an essential element for facing in a resilient way the organizational challenges and achieve sustainable development goals. In order to do it is needed a specific approach focused on developing a positive and effective dialogue between stakeholders and the internal control function. How? We will try to illustrate it in this article. In the last article published on this platform (*1) I focused on what drives the risk perception of our interlocutors, of management and, in general, of all the stakeholders. I performed an “in-depth” analysis non limited to technical themes, but also including the other dimensions, using a multidisciplinary approach targeted to who face control and compliance in an integrated way. It’s, in fact, widespread belief that who take care of these fields should use that approach to increase in a positive way our dialogue ability and create value for the organizations we work for. The positive feedbacks I received for my contribute, both in the Italian and in the English version on the European platform, have pushed me to explore further insights.
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The Commission proposed new rules to help consumers make informed and sustainable choices when purchasing mobile and cordless phones, and tablets, under the existing EU Energy Labelling Regulation. This new proposal comes on the same day as the approval of measures to make these devices more energy efficient, durable and easier to repair by the European Parliament and Council, following a Commission proposal in November 2022, under the EU Ecodesign Regulation. These measures help to make the EU’s economy more circular, save energy, cut our carbon footprint, support circular business models and deliver the benefits of the European Green Deal for consumers. Continue reading…

The dismantling of the encrypted communications tool EncroChat, widely used by organised crime groups (OCGs), has so far led to 6 558 arrests worldwide. 197 of those arrested were High Value Targets. This result is detailed in the first review of EncroChat, which was presented today by the French and Dutch judicial and law enforcement authorities in Lille. The successful takedown of EncroChat followed the efforts of a joint investigation team (JIT) set up by both countries in 2020, supported by Eurojust and Europol. Since then, close to EUR 900 million in criminal funds have been seized or frozen. Continue reading…

Eight years ago in Paris, UN Secretary-General Ban Ki-moon opened the COP21 by stating that “Paris must mark a turning point [-]” towards limiting global warming to 1.5 °Celsius.[*1]. Today, the window of opportunity to achieve this goal is closing before our eyes: The past eight years have been the warmest on record worldwide[*2] and the critical 1.5 C threshold for annual temperatures will likely be exceeded in at least one year before 2027[*3]. Record-breaking droughts, heatwaves and floods are already plaguing the world. They are inflicting suffering and damage on every continent and serve as a mere glimpse into the future. It is everyone’s duty to take every possible step to ensure that the Paris climate goal is reached.
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The International Association of Insurance Supervisors (IAIS) has launched the fourth and final public consultation on the Insurance Capital Standard (ICS) before its planned adoption in December 2024. “After ten years of development, three consultations, six field-testing exercises and three years of confidential reporting, I am pleased that the Executive Committee of the IAIS has agreed on the candidate ICS as a prescribed capital requirement (PCR) for a final public consultation,” remarked Vicky Saporta, Executive Committee Chair. “Once adopted at the IAIS Annual General Meeting at the end of 2024, the ICS will provide a common language for cross-border supervisory discussions on insurance group solvency in a world where we face many common and interconnected global risks.” Continue reading…

Aegon’s legal domicile will be transferred to Bermuda. Consequently, group supervision to move from the Dutch Central Bank (DNB) to the Bermuda Monetary Authority (BMA). Aegon will maintain its headquarters in the Netherlands and will remain a Dutch tax resident. The change in group supervision will have no material impact on Aegon’s capital management approach. Aegon will continue to be listed on Euronext Amsterdam and on the New York Stock Exchange (NYSE). Following the closing of the transaction with a.s.r., Aegon will no longer have a regulated insurance business in the Netherlands. Under Solvency II rules, Aegon’s current supervisor, the DNB, can therefore no longer remain Aegon’s group supervisor. After consulting the members of the college of supervisors, the BMA has informed Aegon that the BMA would become its group supervisor if Aegon were to transfer its legal seat to Bermuda. Continue reading…

Dr. Joachim Nagel, President of the Deutsche Bundesbank, delivered a welcome message at the 2023 symposium “Ensuring the supply of cash – including in times of crisis” in Berlin, Germany. Ladies and gentlemen, a very warm welcome to our symposium. I’m glad you could make it! As the world around us becomes increasingly digital, it’s often the case that payment instruments other than cash, like cards, smartphones and online payments, grab all the attention. That’s why some regard cash as outdated – just as bicycles were considered old-fashioned when cars and motorcycles became more widespread, or printed books in the era of e-books. But the truth of the matter is that cash continues to be fairly popular here in Germany. In terms of transaction numbers, cash remains the most widely used means of payment at the point of sale, as our latest payment behaviour study shows.  Continue reading…