Anna Carrier (BE)

Firm/Organization: Norton Rose Fulbright

Blogs: Financial services: Regulation tomorrow

Latest Articles

FATF Guidance for a risk-based approach to virtual assets and virtual asset service providers

By Anna Carrier (BE) on July 18, 2019

On 21 June 2019 the Financial Action Task Force (FATF) adopted its 2019 Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers (the Guidance). The Guidance updates the 2015 version of the guidance and accompanies the FATF’s June 2019 Interpretive Note to Recommendation 15 on New Technologies (INR 15) that clarifies how the FATF recommendations should apply to virtual assets (VAs) and virtual asset services providers (VASPs). The following provides a…

Financial services: Regulation tomorrow

Finalisation of Basel III reforms in the EU

By Anna Carrier (BE) on June 28, 2019

The European Commission’s work on the finalisation of the Basel III reforms in the European Union is gathering pace. Following its April 2018 public consultation on an additional set of prudential reforms that will implement in European law the December 2017 Basel Committee on Banking Supervision’s standard (Basel III: Finalising post-crisis reforms), the Commission has recently launched consultations with Member States’ experts. On 13 June 2019, the Commission hosted a meeting of its…

Financial services: Regulation tomorrow

AMLD5: European Commission considers new methodology to identify high-risk third countries

By Anna Carrier (BE) on June 14, 2019

Following the rejection by the Council of the European Union (“the Council”) on 07 March 2019 of a draft list of 23 high-risk countries, as proposed in February 2019 by the European Commission in accordance with Article 9 of Directive (EU) 2018/843 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (AMLD5), the Commission’s services have been working to amend the methodology used to identify…

Financial services: Regulation tomorrow

New European Parliament composition and balance of power

By Anna Carrier (BE) on May 31, 2019

Between 23 and 26 May 2019 citizens of 28 European Union (EU) Member States elected 751 new Members of the European Parliament (MEPs). With a record high turnout of 51% across the EU-28, voters have expressed a powerful vote against some of the governing political parties. Here is our analysis of the preliminary results: Germany goes Green, France turns right In Germany, the ruling Christian Democratic Union (CDU) and the Christian Social Union (CSU) recorded…

Financial services: Regulation tomorrow

IOSCO consults on key considerations for regulation of crypto-asset exchanges

By Anna Carrier (BE) & Imogen Garner (UK) on May 29, 2019

On 28 May 2019 the International Organization for Securities Commission (IOSCO) published a consultation paper on Issues, Risks and Regulatory Considerations Relating to Crypto-Asset Trading Platforms. Prepared by IOSCO’s Committee 2 on the Regulation of Secondary Markets, the consultation paper seeks stakeholder views in order to help IOSCO members evaluate the issues and risks relating to crypto-assets trading platforms (CTPs). The consultation paper identifies eight key considerations for regulatory authorities to take into account when…

Financial services: Regulation tomorrow

Council and Parliament include regulatory forbearance in ESAs review proposal

By Beth Duff (BE) & Anna Carrier (BE) on September 26, 2018

The legislative review of the European Commission proposal amending, amongst other things, the regulations establishing the European Supervisory Authorities (so called “ESAs review proposal”) continues in the Council and in the European Parliament. The Commission’s proposal has given rise to several contentious issues, in particular some Member States have raised concerns about the undue and excessive transfer of competences to the ESAs from the national competent authorities. Today, Member State representatives met to continue discussions…

Financial services: Regulation tomorrow

European Commission proposes to make EBA sole EU authority tackling money laundering

By Beth Duff (BE) & Anna Carrier (BE) on September 13, 2018

On 12 September 2018, the European Commission published an amended proposal on the amendment of the three regulations founding the European Supervisory Authorities (ESAs). The amendments proposed aim to centralise the tasks relating to the prevention and combatting of money-laundering and terrorist financing (AML/CTF) into the European Banking Authority (EBA). The amended proposal extends the supervisory powers of the EBA related to AML/CFT from the banking sector to the financial sector as a whole, thereby…

Financial services: Regulation tomorrow

ECB opinion on the review of prudential treatment of investment firms

By Anna Carrier (BE) on August 28, 2018

On 24 August 2018, the European Central Bank (ECB) published an opinion (dated 22 August 2018) on the legislative package on prudential supervision of investment firms. The legislative package comprises of both a draft Directive and a draft Regulation. Together these draft legislative measures amend the existing prudential framework for investment firms set out in the CRD IV, CRR, MiFID II and MiFIR. In general, the ECB supports the objective of the proposals, but warns…

Financial services: Regulation tomorrow

Trilogue discussions on EMIR REFIT proposal begin

By Anna Carrier (BE) on July 11, 2018

On 04 July 2018 at the margins of plenary session in Strasbourg, legislators from the European Parliament, representatives of the Member States and the European Commission started the final phase of legislative review of proposed regulation amending Regulation (EU) 648/2012 as regards the clearing obligation, the suspension of the clearing obligation, the reporting requirements, the risk-mitigation techniques for OTC derivatives contracts not cleared by a central counterparty, the registration and supervision of trade repositories and…

Financial services: Regulation tomorrow

Member States to continue discussions over controversial ESAs review proposal

By Anna Carrier (BE) on May 24, 2018

The legislative review of the European Commission’s September 2017 proposal for a Regulation amending the Regulations establishing the European Supervisory Authorities and other select European legislative acts (ESAs review proposal) is ongoing. As previously mentioned proposed amendments to select European legislative acts aim to reform the governance arrangements of the ESAs and strengthen their supervisory powers, in particular the competences of the European Securities and Markets Authority (ESMA). The proposed amendments quickly proved controversial in…

Anna Carrier (BE)

FATF Guidance for a risk-based approach to virtual assets and virtual asset service providers

Finalisation of Basel III reforms in the EU

AMLD5: European Commission considers new methodology to identify high-risk third countries

New European Parliament composition and balance of power

IOSCO consults on key considerations for regulation of crypto-asset exchanges

Council and Parliament include regulatory forbearance in ESAs review proposal

European Commission proposes to make EBA sole EU authority tackling money laundering

ECB opinion on the review of prudential treatment of investment firms

Trilogue discussions on EMIR REFIT proposal begin

Member States to continue discussions over controversial ESAs review proposal

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