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Financial Services

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US Dodd-Frank reforms were 'overshoot,’ Treasury nominee Bessent says January 16, 2025 | Neil Roland

US Treasury Secretary-nominee Scott Bessent said capital reforms for large US banks after the 2008 Great Financial Crisis over-reached, resulting in banking concentration and the flight of assets to unregulate... (more story)

Seized superyacht owner is 'pawn' in Russia backlash, he tells UK Supreme Court January 16, 2025 | Martin Coyle and Phoebe Seers

The Russian owner of a superyacht detained in London in the wake of Moscow’s full-scale invasion of Ukraine is “blameless” and has been used as a “pawn” in western nations' confrontation with Russia, his lawye... (more story)

EU industry committee on faster trade settlement begins work next week (update*) January 16, 2025 | Sofia Gerace and Jean Comte

A newly created EU industry committee is set to advise the bloc on how to shorten its trade settlement cycle from two days to one — a target known as T+1. The committee will kick off its work on Jan. 22 with a... (more story)

Block fined $80 million by US state regulators over Cash App compliance failures January 15, 2025 | Samuel Rubenfeld

Block was fined $80 million by regulators from 48 states over failures in its anti-money laundering compliance program at Cash App, its digital money-transfer platform.

BOE official says deregulation push recalls pre-2008 era January 15, 2025 | Sofia Gerace

A Bank of England's executive director said that the calls for deregulation of the financial services sector reminded him of calls made to financial regulators prior to the 2008 global financial crisis. Nathan... (more story)

Shvidler appeals to UK Supreme Court to overturn ‘arbitrary’ sanctions designation January 15, 2025 | Phoebe Seers and Martin Coyle

Eugene Shvidler, a Russian-born businessman and friend of former Chelsea Football Club owner Roman Abramovich, today took his bid to overturn the UK sanctions designation imposed on him in the wake of the inva... (more story)

Plan to cut banks' red tape should be reconsidered, UK consumer groups say January 15, 2025 | Sofia Gerace

The House of Lords, Britain's upper chamber, heard from representatives of UK consumer groups on Wednesday that the government's push for more growth and less red tape in financial services should be reconside... (more story)

EU financial sector to see next step on securitization review by summer January 15, 2025 | Helena Freitas

The next step on the review of the EU’s securitization framework will be unveiled before summer — and will amend the existing rules, rather than being a new piece of legislation — European Commission official ... (more story)

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UK's Russia sanctions regime faces key tests as Supreme Court hears challenges January 14, 2025 | Martin Coyle and Phoebe Seers

The UK will see its Russian sanctions regime stress-tested this week as the country's top judges hear appeals from billionaire oil tycoon Eugene Shvidler and Russian businessman Sergei Naumenko. The government... (more story)

EU banks brace for key rulings on the future of banking union January 10, 2025 | Jean Comte

The EU's highest court is set to rule on three cases which could significantly impact the EU banking resolution framework; one of the main pillars of the framework for banking stability built after the great f... (more story)

As listed companies flee UK's junior stock market, can regulators stop the rot? January 09, 2025 | Sofia Gerace

The London Stock Exchange's junior market, the Alternative Investment Market, turns 30 this summer after enduring a record year for delistings. Will there be anything to celebrate? The exodus of companies from... (more story)

Behnam's US CFTC crypto crackdown ends with departure January 07, 2025 | Neil Roland

Rostin Behnam's announcement today that he will step down as US Commodities Futures Trading Commission chair marks the departure of an aggressive enforcer on cryptocurrency matters on the eve of a new administ... (more story)

US Fed’s suspension of capital, liquidity rulemaking ensures pro-banking tilt January 06, 2025 | Neil Roland

The US Federal Reserve will shelve policy making on Basel III capital requirements, stress tests, long-term debt and discount window rules until a replacement is confirmed for Biden appointee Michael Barr. Bar... (more story)

UK consolidated tape takes shape, but cost is still unclear January 06, 2025 | Sofia Gerace

The tender for the UK consolidated tape for bonds data is set to open this month, and the tape should then enter into service at the end of the year. But there is still uncertainty on how much it will cost. Th... (more story)

Third Party Litigation Funding industry sees EU regulatory clouds forming January 03, 2025 | Jean Comte

Third-Party Litigation Funding is getting increased attention from EU regulators, fueled by pushes from business representatives who say it presents a risk for their activity. The TPLF industry, which says the... (more story)

Banks, US Fed nearing possible showdown over stress tests January 02, 2025 | Neil Roland

Banks and regulators appear to be approaching another clash — this time over stress tests — just months after the firms forced US officials to retreat from their proposal for Basel III capital requirements. Sm... (more story)