The European Central Bank (ECB) has published a speech by Marc Bayle de Jessé, Director General Market Infrastructure and Payments, ECB. The speech is entitled ECB views on the regulation of cyber security. In his speech Mr Jessé reminds his audience that the ECB’s Governing Council approved the Eurosystem’s cyber resilience strategy for financial market infrastructures (FMIs) in March 2017, which is intended to support the implementation of the CPMI-IOSCO guidance on cyber resilience for FMIs. View Full Post
The European Banking Authority (EBA) has published a report which provides a summary of the 2016 – 17 EBA assessment of convergence of supervisory practices in accordance with Article 107 of the Capital Requirements Directive IV. Among other things the EBA notes in the report that: a good degree of progress has been made by Member State competent authorities (NCAs) in the implementation of the EBA guidelines on common procedures and methodologies for the supervisory review and evaluation process (SREP Guidelines) as well as in taking forward recommendations and observations made by the EBA during its 2016 bilateral convergence visits; despite the good progress challenges remain primarily in the area of methodologies for the capital adequacy assessment and determining institution-specific additional own fund requirements. View Full Post
Supreme Court rules that debt under a letter of credit is situated where the debtor is resident. The Supreme Court’s landmark decision in Taurus Petroleum Ltd (Appellant) v State Oil Marketing Company of the Ministry of Oil, Republic of Iraq (Respondent) [2017] clarifies where a debt is situated under a letter of credit (“LoC”).   Background to the appeal to the Supreme Court The case concerned an international arbitration award of USD $8,716,477 to Taurus against the State Oil Marketing Company of the Ministry of Oil, Republic of Iraq (“SOMC”). View Full Post
 This is a guest post of RCTZZ Abogados in Argentina.   Argentina’s Financial Information Unit (FIU), the governmental authority that enforces the law on prevention of money-laundering activities and terrorism financing has introduced a resolution stating that financial institutions (FIs) are obligated to review their systems with the goal of preventing money laundering and terrorism financing (AML/TF). View Full Post
Delegated Regulations on indirect clearing arrangements published in OJ The following have been published in the Official Journal of the EU (OJ): Commission Delegated Regulation (EU) 2017/2155 of 22 September 2017 amending Delegated Regulation (EU) No. 149/2013 supplementing the European Market Infrastructure Regulation with regard to regulatory technical standards (RTS) on indirect clearing arrangements; and Commission Delegated Regulation (EU) 2017/2154 of 22 September 2017 supplementing the Markets in Financial Instruments Regulation with regard to RTS on indirect clearing arrangements. View Full Post
On November 20, 2017, the CFPB released a November 17, 2017 letter that Director Richard Cordray sent to “the CEO’s of several banks, credit unions, and financial companies” asking that they consider “enabl[ing] consumers to exert greater control over their credit cards, debit cards, and other payment methods.” Read our client alert. View Full Post