Events listed in Banks
[JC 2023 82 ] List of Financial Conglomerates 2023
ID 26470
The three European Supervisory Authorities (ESAs) have published a revised list of firms considered to be financial conglomerates with the head of the group situated in the EU or the EEA which are subsequently subject to the Financial Conglomerates Directive (FICOD). The list is based on the most recent annual financial statements provided by the groups and considers data up to October 30, 2023. ...
The Pensions Dashboards (Prohibition of Indemnification) Act 2023 (Commencement) ...
ID 26469
The new Pensions Dashboards (Prohibition of Indemnification) Act 2023 (Commencement) Regulations 2023 was published on legislation.gov.uk, the official website of the UK government for publicizing legal documents. The regulations bring into force Section 1 of the Pensions Dashboards (Prohibition of Indemnification) Act 2023 which includes provisions as regards the indemnification for fines or civil penalties from assets of a pension scheme. Specifically, Section 1 ...
Die Schweiz und das Vereinigte Königreich unterzeichnen Abkommen über die ...
ID 26468
Die Schweiz und das Vereinigte Königreich haben das “Berne Financial Services Agreement“ unterzeichnet, ein wegweisendes Abkommen über die gegenseitige Anerkennung im Finanzdienstleistungsbereich. Die Unterzeichnung erfolgte nach mehr als zwei Jahren intensiver Verhandlungen zwischen Bundesrätin Karin Keller-Sutter und dem britischen Schatzkanzler Jeremy Hunt in Bern. Das Abkommen, das als weltweit einzigartig in seinem Ansatz und Geltungsbereich gilt, stärkt die ...
Fact Sheet: Beneficial Ownership Information Access and Safeguards Final Rule
ID 26466
In view of the finalization of the „access rule“ as regards access to FinCEN’s database on beneficial ownership information (BOI) (EventID 24631), the Financial Crimes Enforcement Network has published a corresponding fact sheet. The fact sheet outlines the key provisions of the final rule with respect to the following: (1) the background of the final rule and the regulatory framework; (2) recipients that will ...
New consolidated version: Council Directive 2011/16/EU on administrative ...
ID 26461
A new consolidated version of Council Directive 2011/16/EU, the so-called Directive on administrative cooperation (DAC), was published in the Official Journal (OJ) of the EU. The Directive sets out standards for collaboration in the field of taxes within the EU member states. The consolidated version includes remaining amendments made by Council Directive (EU) 2021/514 which – among other things – stipulated provisions for the ...
DNB publiceert voor het eerst haar Cyberstrategie
ID 26460
On 21 december 2023, DNB published for the first time its cyber strategy. DNB discusses its efforts in enhancing cyber resilience in the financial sector in the face of external developments. The increasing digitization, geopolitical tensions, and outsourcing of digital processes pose complex and dynamic risks, particularly in terms of cyber threats. The document outlines key cyber risks in 2023, such as **ransomware, attacks ...
UK financial sanctions guidance
ID 26458
The HM Treasury’s Office of Financial Sanctions Implementation (OFSI) has updated various guidances as regards (financial) sanctions, including the following: 1. the General guidance for financial sanctions under the Sanctions and Anti-Money Laundering Act 2018 which provides basic information on UK’s financial sanction framework and supports firms in their efforts to comply with current rules and regulations in that regard. It covers numerous issues, ...
Consultatie klimaatmaatregelen financiële sector
ID 26457
The Dutch Official Gazzette Overheid.nl published a consultation regarding potential legal or alternative measures to strengthen the contribution of financial institutions to climate transition and weighs the desirability of national legislation in the context of evolving European regulations. The consultation discusses the relationship with existing and future European legislation, as the CSRD, SFDR, Taxonomy regulation and CSDDD. European regulations on sustainable financin ...
Truth in Lending Act (Regulation Z) Adjustment to Asset-Size Exemption Threshold
ID 26455
The Bureau of Consumer Financial Protection has announced in the Federal Register the threshold adjustment outlined in regulation Z with regard to the establishment of mandatory escrow accounts for higher priced mortgage loans. In detail, creditors must establish an escrow account to set aside money for insurance premiums and property tax payments for higher priced mortgage loans, if their total assets at year end ...
The Bank of England’s approach to statutory notice decisions for use of its ...
ID 26454
The Bank of England has launched a consultation on a proposed new statement of policy outlining its approach to the use of its requirements powers, which are utilized to ensure financial stability and achieve statutory objectives. This policy would clarify the procedures followed by the Bank in exercising its requirements power which enables the Bank to compel entities to take or refrain from or ...