Global Business Network
UK chancellor Rishi Sunak has been under pressure from investment banks to scrap the cap on bankers’ bonuses amid claims it could put London at a competitive disadvantage. The cap, which sets a limit on bonuses at two times salary, was introduced across the EU in 2013 in the aftermath of the global financial crisis, … Read more
In the same week that Gary Gensler, chair of the US Securities and Exchange Commission, sought additional powers to protect investors from “Wild West” cryptocurrency markets, Singapore was poised to grant regulatory consent to a cryptocurrency exchange for the first time. Australia’s Independent Reserve has secured an ‘in-principle’ approval from the Monetary Authority of Singapore … Read more
The European Commission set out an ambitious package of legislative proposals on July 20 outlining how the bloc plans to step up its efforts to tackle financial irregularities following a series of scandals. The measures include the establishment of a new anti-money laundering authority (AMLA) that will have direct supervisory powers and will seek to … Read more
The Basel Committee on Banking Supervision (BCBS) issued a consultation paper on the prudential treatment of banks’ cryptoasset exposures on June 10, in a bid to provide banks with a regulatory framework to deal with the fast-developing asset class. The move comes as policy-makers around the world take steps to control the largely unregulated market. China … Read more
The Basel Committee on Banking Supervision (BCBS) issued a consultation paper on the prudential treatment of banks’ cryptoasset exposures on June 10, in a bid to provide banks with a regulatory framework to deal with the fast-developing asset class. The move comes as policy-makers around the world take steps to control the largely unregulated market. China … Read more
Artificial intelligence (AI) is no longer something banks can ignore. From anti-money laundering solutions to chatbots and creditworthiness assessment tools, AI — and machine learning in particular — is becoming an established essential component of data analytics innovation. Increasingly, AI use is becoming embedded in many of the key functions of financial services providers, causing … Read more
The UK regulator wants to simplify the rules for banks and building societies. How might this work? Source link
Good morning. I want to thank the American Bankers Association for inviting me to speak to you today. Two years ago, I gave my first speech as a Federal Reserve governor at this conference in San Diego, and it is always great to be with you-even if remotely from our recording studio at the Board. … Read more
It is often said that if the EU gave UK banks equivalence, life would be much easier for UK plc and its banking community. But that is not really true. There are more than 40 areas of potential equivalence. But they are very narrow, and sector and activity specific. So narrow and specific, in fact, … Read more
Indian finance minister Nirmala Sitharaman announced a huge $500bn budget on February 1, focused on healthcare and infrastructure and aimed at boosting the country’s Covid-19 ravaged economy. During her speech, she also committed the Indian government to forming a ‘bad bank’, in an attempt to tidy up the country’s struggling banking sector. India’s banks entered … Read more