The European Commission has recently published a Staff Working Document (‘SWD’) summarising the findings of the evaluation of the  EU Regulations which lay out the procedures for the application of EU competition rules (Regulation 1/2003 and Regulation 773/2004, together the ‘Regulations’). The Regulations set out the procedural framework for the implementation of EU competition rules laid down in Articles 101 and Article 102 of the Treaty on the Functioning of the EU (‘TFEU’). They have played a crucial role in the enforcement of EU antitrust rules since their entry into force 20 years ago.

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A three-year investigation has led to the charging of three Belarusian nationals for deceitfully seizing a Polish aircraft in Belarus to arrest a dissident. The forced landing in Minsk of a commercial flight caused a direct threat to the life and health of the 132 passengers and unlawfully deprived the crew and passengers of their liberty. Eurojust supported this high-profile case from the start of the investigations by Polish and Lithuanian authorities in 2021.

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The FCA has published its Annual Report, which shows significant improvements in its authorisations service. Recognising the vital role that the regulator plays in enabling new financial services firms’ ability to meet regulatory standards to get off the ground, the FCA has improved its authorisation process. Now 98% of cases, including applications by wholesale market firms, are assessed within statutory deadlines, up from 89% in Q1 of 2022/23. Continue reading…

by Ajay Katara

The Basel guidelines, developed by the Basel Committee on Banking Supervision (BCBS), have evolved through three major iterations. Basel I, introduced in 1988, focused on credit risk, setting minimum capital requirements for banks. Basel II, launched in 2004, expanded the framework by including operational risk and enhancing risk management practices. Basel III, initiated in response to the 2008 financial crisis, introduced stricter capital and liquidity requirements to improve banking sector resilience. The Basel III Endgame (B3E) is the latest version of the reforms which are planned to be implemented by 2025 and will bring about significant changes in the US Risk based capital framework. Continue reading…

The European Corporate Counsel Summit, organised by marcusevans, is set to take place at the prestigious Hôtel Martinez in Cannes, France, on October 10-11. This invitation-only event will gather leading in-house General Counsel and innovative legal services providers. The summit will address critical in-house legal challenges and interests, aligning its content with relevant market developments and practical strategies adopted by successful pioneers. Continue reading…

An illegal trading scheme in counterfeit and banned pesticides and fertilisers that were potentially dangerous to consumers’ health has been halted by the Romanian and Italian authorities. Eurojust and Europol supported the joint investigation team (JIT). During a series of actions in both countries, evidence of large-scale fraud, forgery and tax evasion was gathered and one suspect was arrested.

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The Financial Stability Board (FSB) recently published a toolkit for financial authorities and financial institutions for their third-party risk management and oversight. The toolkit was developed in response to concerns over the extent and nature of financial institutions’ interactions with a broad and diverse ecosystem of third-party service providers, which could have implications for financial stability. Continue reading…

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has on 29 August published its second risk monitoring report of 2024, setting out the key risk drivers currently facing EU financial markets. External events continue to have a strong impact on the evolution of financial markets, and ESMA also sees high or very high overall risks in the markets within its remit. Continue reading…

The European Banking Authority (EBA) has on 29 August published an Opinion following the notification by the Dutch Central Bank (De Nederlandsche Bank – DNB) of its intention to extend a measure originally introduced in 2022 for a further two years until 2026. The measure aims to maintain the resilience of institutions against a potential severe downturn in the residential real estate market. This action comes amidst  recent sustained real estate price increases. Based on the information provided by the DNB, the EBA does not object to the extension of the measure. Continue reading…

Lidl Ireland has launched its Eastern European Week on 29th August, offering a selection of authentic Ukrainian food and drink products for the first time in stores across the country. This new initiative follows the success of Lidl’s renowned “Tastes of the World” campaigns, which have previously featured popular themes such as Italiamo, Vitasio – Japanese Style, and Eridanous – Greek Style. Continue reading…