The European Union gave the City of London a reprieve on Wednesday (10 November), saying it will allow clearing houses in Britain to continue serving customers in the bloc beyond next June, when market access was set to expire.
Days before the Commission is expected to publish its proposal to change capital requirements rules, billionaire hedge fund manager Chris Hohn called for a stricter treatment of fossil fuel investments in banks’ balance sheets. His call is supported by activists and experts who fear the effects of climate change on financial stability
Following a new massive leak of financial documents, the so-called Pandora Papers, EU lawmakers called for more action against money laundering and tax evasion and urged the bloc's finance ministers to review the blacklist of global offenders. However, the ministers chose to remove three countries from the list on Tuesday (5 October).
The Governor of the Bank of England, Andrew Bailey, on Tuesday (10 February) urged the EU not to wage a regulatory battle against the UK on financial services, warning that “a world in which the EU dictates and determines what rules and standards we have in the UK is not going to work.”
On the eve of Joe Biden's inauguration as US president, the European Commission will launch a new offensive to promote the use of the EU's single currency on a global level, aiming to address the vulnerabilities of financial markets, which are seen as “too reliant” on the US dollar.
EU finance ministers are expected to call for an EU authority against money laundering and urge the bloc to harmonise rules and close the door to illicit money, according to draft conclusions seen by EURACTIV.
The Commissioner-designate for financial services, Ireland's Mairead McGuinness, promised on Friday (2 October) a “full investigation” into the Wirecard fraud that has thoroughly shaken up Germany, to see why supervision failed.
The European Commission wants financial firms and other companies to share more customer data to create a “broader open finance space" with new services for citizens, according to a draft of the Digital Finance Strategy seen by EURACTIV.
The European Union is expected to throw the City of London an 18-month lifeline to continue clearing euro derivatives after Britain's unfettered access to the bloc ends in January, industry sources said on Tuesday (15 September).
Commissioners-designate Valdis Dombrovskis and Mairead McGuinness will face their European Parliament hearings to take over Trade and Financial Services on 12 October, with EU lawmakers to decide on their nominations the following week.
The finance ministers of France, Germany, Italy, the Netherlands and Spain called on the European Commission to include “strong rules” in its upcoming cryptocurrency proposal, in particular for global digital tokens like Facebook’s Libra.
The EU will set up a new college of supervisors, including national and European authorities, to oversee “significant” digital currencies including Facebook’s Libra, according to the European Commission’s cryptocurrency draft proposal seen by EURACTIV.
European Commission President Ursula von der Leyen proposed on Tuesday (8 September) Ireland's Mairead McGuinness to become financial services Commissioner, taking over from executive vice-president Valdis Dombrovskis, who will assume the trade portfolio vacated by Phil Hogan.
The European Commission will present later this year new rules to develop a “sound” crypto-asset market in the EU, including for stablecoins such as Facebook’s digital currency Libra, financial services commissioner Valdis Dombrovskis, said on Tuesday.
The question of tax avoidance and financial information exchange remains a sore point for EU-African relations, and the European Commission’s annual lists of ‘non co-operative’ countries on tax and money laundering laws have done little to improve the situation.
The European Commission will outline in the autumn a new package of initiatives to deepen the capital markets union, seen as a key tool to relaunch the EU economy in the aftermath of COVID-19, according to an internal document seen by EURACTIV.com.
The European Commission has held initial talks with various platforms involved in crowdfunding and proposed to lead a joint EU-wide crowdfunding campaign to help some of the most affected groups by the coronavirus pandemic, according to an internal document seen by EURACTIV.
EU governments want the European Commission and regulators to take an “ambitious” approach when interpreting the flexibility of banking rules in the coronavirus period, to ensure that money flows to the real economy, according to a draft statement seen by EURACTIV.com.
A large majority of members states failed to introduce by 10 January public registers to reveal the true owners of all companies based in their countries, as part of the fight against money laundering, a report published on Friday (20 March) revealed.