Last week, the European Commission has adopted the fifth list of energy Projects of Common Interest (PCIs). These are key cross-border energy infrastructure projects for building a more integrated and resilient EU internal energy market and pursuing our energy and climate goals. This fifth PCI list comprises 98 projects: 67 projects in electricity transmission and storage, 20 in gas, six CO2 network projects and five smart grid projects. All PCI projects are subject to streamlined permitting and regulatory procedures and eligible for financial support from the EU’s Connecting Europe Facility (CEF).
Continue reading…

Police forces across the world have arrested 150 alleged suspects involved in buying or selling illicit goods on the dark web as part of a coordinated international operation involving nine countries. More than EUR 26.7 million (USD 31 million) in cash and virtual currencies have been seized in this operation, as well as 234 kg of drugs and 45 firearms. The seized drugs include 152 kg of amphetamine, 27 kg of opioids and over 25 000 ecstasy pills. This operation, known as Dark HunTOR was composed of a series of separate but complementary actions in Australia, Bulgaria, France, Germany, Italy, the Netherlands, Switzerland, the United Kingdom and the United States, with coordination efforts led by Europol and Eurojust. Continue reading…

The Financial Stability Board (FSB) has recently put out a progress report on the implementation of its Principles for Sound Compensation Practices (Principles) and their Implementation Standards (Standards) in financial institutions. The report covers the practices of the largest financial institutions in the banking, insurance and asset management sectors. It highlights uneven progress toward implementing the Principles and Standards, with banks relatively more advanced than insurance and asset management firms. This may reflect the more pressing need for banks to align compensation with risk-taking following the 2008 global financial crisis. Continue reading…

A total of 12 individuals wreaking havoc across the world with ransomware attacks against critical infrastructure have been targeted as the result of a law enforcement and judicial operation involving eight countries. These cyber actors represented a dangerous combination of aggressive disruption and high-stake targets. The attacks are believed to have affected over 1800 victims in 71 countries. These cyber actors are known for specifically targeting large corporations, effectively bringing their business to a standstill. The actions took place in the early hours of 26 October in Ukraine and Switzerland. Most of these suspects are considered high-value targets because they are being investigated in multiple high-profile cases in different jurisdictions. Continue reading…

On November 10th, the European Banking Authority (EBA) published its first draft implementing technical standards (ITS) on Pillar 3 disclosure of institutions’ exposures to interest rate risk on positions not held in the trading book (IRRBB). The final draft ITS put forward comparable disclosures that will help stakeholders assess institutions’ IRRBB risk management framework as well as the sensitivity of institutions’ economic value of equity and net interest income to changes in interest rates. The standards will amend the comprehensive ITS on institutions’ public disclosures, in line with the strategic objective of developing a single and comprehensive Pillar 3 package that should facilitate implementation by institutions and further promote market discipline. Continue reading…

With Eurojust’s support, authorities in Germany, Georgia and Israel have dismantled a criminal network operating various online trading platforms, defrauding victims of at least tens of millions of euros. During a series of actions in Georgia and Israel last week, 11 suspects were arrested, and real estate, luxury vehicles, communication equipment and cash were seized, for a yet unknown amount. Investigations into the fraud scheme started in 2015, after complaints from citizens, including German victims, who had lost all their investments via at least 18 different online trading platforms. Continue reading…

Oil and gas group Shell wants to become fully British on paper. The group will present this change to its shareholders. The head office will also be moved to the United Kingdom, where the board- and management meetings will be held, among other things. Shell wants to end the current share structure with two types of shares, among other things. According to Shell, the simplification of the structure should ensure that the company can operate faster and more flexibly. Investors have been complaining for some time about the current format with different shares. No dividend is payable on British shares, while this is necessary for Dutch shares. Shell is known to be in favour of abolishing the dividend tax, like food group Unilever. Continue reading…

The European Central Bank (ECB) has recently published the consolidated banking data with reference to end-June 2021, a dataset of the EU banking system compiled on a group consolidated basis.The quarterly data cover information required for the analysis of the EU banking sector, comprising a subset of the information that is available in the year-end dataset. The end-June 2021 data refer to 327 banking groups and 2,537 stand-alone credit institutions operating in the EU (including foreign subsidiaries and branches), covering nearly 100% of the EU banking sector balance sheet. This dataset includes an extensive range of indicators on profitability and efficiency, balance sheets, liquidity and funding, asset quality, asset encumbrance, capital adequacy and solvency.  Continue reading…