📰 EBF Morning Brief - Wednesday 15 December: Red flags raised at third of electronic money institutions, researchers warn

FROM THE MEDIA

FT: Red flags raised at third of electronic money institutions, researchers warn

Money laundering red flags have been indicated at more than a third of UK-licensed electronic money institutions, according to researchers who are calling for tougher oversight of the fast-growing sector. Transparency International UK warned that the payments industry could become a “major gateway” for illicit funds from around the world unless the industry is subject to stricter enforcement, the Financial Times (FT) reports. Read more

EURACTIV: French and German finance ministers stress common interests in first meeting

Euractiv reports that the French and German finance ministers, Bruno Le Maire and Christian Lindner, have met to discuss common interests, notably the debate surrounding EU fiscal rules and the inflationary outputs. Read more

Reuters: In year-end meetings, top central banks may diverge over inflation, Omicron

Major central banks meet this week to assess risks from the new Omicron variant of the coronavirus even as they consider reducing emergency measures put in place nearly two years ago to fight the pandemic's economic toll. The ECB is likely to continue reducing some pandemic bond purchases at the margin. According to Reuters, the ECB must also be mindful of the major differences inside the bloc for which it sets policy. Read more

MAIN EVENTS

CEPS and ECMI ‘Settlement cycle: Should it stay (T+2) or should it go (T+1)?’ event

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FACTS AND FIGURES 2021 OUT NOW!

FROM THE EBF MEMBERS

Finance Finland: Finnish financial sector shocked by the Government’s stance on Basel III implementation

The Finnish financial sector is frustrated by the Finnish Government’s stance regarding the EU implementation of the Basel III banking package. The Parliament’s Commerce Committee is currently deliberating Finland’s position on the Commission’s legislative proposal, Finance Finland says. Read more

UK Finance: Inclusion of paid-for digital ads in Online Safety Bill

A coalition of consumer groups, charities, policing leads and financial services industry bodies, including UK Finance has welcomed the recommendation by the Joint Committee on the Online Safety Bill that paid-for digital adverts be included within the scope of the Online Safety Bill. Read more

CBA: Don't be a white horse, don't be involved in crime

The international awareness campaign #DontBeAMule ("DontBeAMule") was initiated by Europol to educate the public and prevent criminals from abusing innocent victims. In the Czech Republic, the preventive and educational part of the campaign is covered by the Czech Banking Association (CBA) together with the Police of the Czech Republic and the Supreme Public Prosecutor's Office. Read more (CZ)

FROM THE INSTITUTIONS

ESMA: Statement on the transfer of competences and duties relating to certain data reporting services providers from NCA's to ESMA

The European Securities and Markets Authority (ESMA) is issuing this Statement to clarify the transfer of competencies and duties relating to supervisory and enforcement activity in the field of certain data reporting services providers (DRSPs) from National Competent Authorities (NCAs) to ESMA. Read more

ECB: Consolidated financial statement of the Eurosystem

The European Central Bank (ECB) has published the consolidated financial statement of the Eurosystem. The publication provides information on the Eurosystem’s monetary policy operations, foreign exchange operations, and investment activities. Read more

EFRAG: Chair of the Financial Reporting Board

The European Financial Reporting Advisory Group (EFRAG) has published a call for applications in regard to the Chair of the Financial Reporting Board. The deadline is 01/02/2022. Read more

FROM THE EBF

Proposal for a regulation on European Green Bonds: EBF position

The EBF welcomes the European Commission’s proposal for the development of a voluntary EU Bond Standard (EU GBS), which will provide a common language and serve as a ‘gold standard’ for green bonds by ensuring that proceeds of the bond are allocated according to what is defined as ‘green’ by the Taxonomy. Read more

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