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Regulatory Blog

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EBA advises the EU Commission on discrepancies observed on the protection of client funds by deposit guarantee schemes
On 28 October 2021, the European Banking Authority (EBA) published an opinion on the treatment of client funds under the deposit guarantee schemes directive (DGSD), where it assessed the current approaches to the protection of funds deposited with credit institutions on behalf of clients by entities that are themselves excluded from deposit guarantee schemes (DGSs) protection.
EBA initiates a public consultation on draft guidelines on the role and responsibilities of AML/CFT compliance officers
On 2 August 2021, the European Banking Authority (EBA) launched a public consultation on new guidelines on the role, tasks and responsibilities of anti-money laundering and countering the financing of terrorism (AML/CFT) compliance officers. The guidelines also include provisions on the wider AML/CFT governance set-up, including at the level of the group.
European Commission responds to ESAs on SFDR
On 14 July 2021, the European Commission replied to a list of questions on the interpretation of the Sustainable Finance Disclosure Regulation (SFDR). These questions were asked by the European Supervisory Authorities (ESAs - ESMA, EBA and EIOPA) to the European Commission in their joint letter of 7 January 2021.
EBA initiates consultation on new guidelines in the area of AML and CFT
On 27 May 2021, the European Banking Authority (EBA) launched a public consultation on its new guidelines that set out how prudential supervisors, anti-money laundering and countering the financing of terrorism (AML/CFT) supervisors and financial intelligence units should cooperate and exchange information in relation to AML/CFT, in line with provisions laid down in the Capital Requirements Directive.
ESAs remind consumers about crypto-asset risks
On 17 March 2021, the European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) issued a reminder alert to consumers that some crypto-assets are highly risky and speculative and, as stated back in February 2018 in the ESAs’ then joint warning, here, users must be alert to the high risks of buying and/or holding these instruments, including the possibility of losing all their money.
FATF issues Guidance on the risk-based approach for AML/CFT Supervisors
On 4 March 2021, the Financial Action Taskforce (FATF) issued guidance (Guidance) on risk-based supervision for financial intelligence units and other supervisors covering the assessment of risks in the sectors they oversee and commentary on adapting their resources.
ESAs issued a supervisory statement on the application of the Sustainable Finance Disclosure Regulation (SFDR)
On 25 February 2021, the three European Supervisory Authorities (EBA, EIOPA and ESMA)(ESAs) published a joint supervisory statement on the effective and consistent application and national supervision of the regulation on sustainability-related disclosures in the financial services sector (SFDR), promoting a level playing field and the protection of investors.
Update on the EU’s Markets in Crypto-Assets Regulation
On 24 September 2020 the European Commission released a 168-page proposal (Proposal) for its long-anticipated pan-EU Markets in Cryptoassets (MiCA) Regulation. The MiCA Regulation forms part of the Commission’s Digital Finance Package, setting out new measures designed to support the development of distributed ledger technologies (DLT) in the EU.
EBA informs customers of UK financial institutions about the end of the Brexit transition period
On 8 December 2020, the European Banking Authority informed customers of UK financial institutions that, owing to Brexit, EU law will cease being applicable in the UK as of 1 January 2021. From that date onwards, UK financial institutions not holding a valid authorisation from the supervisory authorities in the EU will lose the right to provide financial services in the EU.
EBA opines for EU Commission to set up a single rulebook in combating money laundering and terrorist financing
On 10 September 2020, the European Banking Authority (EBA) published its response to the European Commission’s call for advice on how to strengthen the European Union (EU) legal framework on anti-money laundering and countering the financing of terrorism (AML/CFT). The European Commission issued this call for advice to the EBA to benefit from its technical expertise across all areas of financial services regulation, as well as EBA’s legal duty to lead, coordinate and monitor the EU financial sector’s fight against money laundering/terrorist financing (ML/TF).
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