European Union (EU)
The EU tries to rethink its faltering AML regime
The European Union plans to centralise its anti-money laundering efforts following a series of scandals this year. Dan Hardie looks at the options available and the multitude of challenges that remain
Donnery and Enria in contention for top SSM job
Shortlist narrows after closed-door session at the European Parliament
EU countries to build payments link with Iran
“Special purpose vehicle” designed to allow “legitimate business” with Iran, despite US sanctions
ESM’s Pacciani says public bodies must balance risk and mission
Public institutions must meet their mandates without losing sight of sound risk management, the chief risk officer says
ECB should not be lead agency for EU financial stability – Mersch
Democratically elected institutions should play main role, ECB board member says
Time running out for EU Brexit temporary permissions regime
UK clearing houses may need to eject EU member positions if BoE scheme is not reciprocated by year-end
Capital markets union a la Willie Sutton
When Sutton was asked why he robbed banks, he said: “That’s where the money is.” Europe has yet to address where the capital markets union funding should come from, but there is a solution
UK regulators welcome Brexit ‘back-stop’ legislation
Draft law would allow firms temporary access to UK markets in event of ‘hard’ Brexit
EU negotiator questions UK’s approach to post-Brexit regulation
Chief negotiator Michel Barnier said to express strong doubts over UK approach in private meeting
Seychelles must act fast on money-laundering, says central bank
Failure to act could lead to major damage from loss of correspondent banking, report says
Weidmann calls for fiscal consolidation and sovereign risk reform
Bundesbank president maintains tough stance on key policy issues
CFTC chairman expects to resolve EU-US CCP spat
Giancarlo lauds relationship with EU’s Dombrovskis
FCA’s Bailey calls for unity on post-Brexit regulation
Chief executive calls on EU authorities to co-operate with counterparts in the UK
Mifid transparency has failed so far, say traders
Poor-quality, inaccessible data and the lack of instruments covered undermine use case
EU should create ‘virtual’ post-Brexit replacement for City of London – Bundesbank official
Future financial centres may not need “physical proximity”, Wuermeling says
People: Tunisian governor resigns; EFSF appoints chairman
Governor Ayari quits after Tunisian prime minister initiated the process to replace him; EFSF picks new chairman; European Commission proposes new chief for Systemic Risk Board
Cœuré: ‘three lines of defence’ needed to protect ECB
The ECB executive board member says without reforms the ECB may end up having to “test the limits of its mandate”
People: FCA creates Brexit role; new Uzbek deputy
UK FCA creates new senior role to oversee Brexit work; Adham Islamov joins Central Bank of Uzbekistan; Swedish and French regulators join Esma board
Ireland nominates Lane for ECB vice-presidency
Irish governor has a track record as academic economist and senior ESRB figure
Carney rejects accusations of ‘cognitive bias’ at BoE
Parliamentary committee members say BoE relied on inaccurate forecasts before Brexit, affecting policy decisions
ESM hails Greece’s progress in third bailout
The country should exit the programme in August as growth accelerates and bond yields fall
Bundesbank panellists call for change in German ‘mindset’
Mario Monti says he would like to free Germans from their economic “straightjacket”, while Benoît Cœuré hints at need for rebalancing
EU ombudsman asks Draghi to relinquish G30 seat
Prolonging the president’s membership threatens independence and public’s trust in the ECB, O’Reilly declares
BoE’s Woods warns of ‘point of tension’ in Brexit negotiations
PRA chief fears EU supervisors may adopt a local mindset when dealing with cross-border firms