Grant Thornton’s "The Financial Services Insider" is a Quarterly Newsletter designed to help you navigate the constantly changing regulatory landscape within which your business operates.
"The Financial Services Insider" covers the main regulatory developments in the Financial Services sector, published by the EU and Greek competent authorities the previous quarter, in order to help you remain up-to-date with the most significant regulatory updates affecting your organization.
The most important highlights of the 1st quarter of 2021
The 1st quarter of 2021 was marked by several regulatory developments in various areas such as AML, Corporate Governance, ESG, Risk Management and Capital Markets.
Anti-Money Laundering (AML)
The European Banking Authority published its final revised Guidelines on ML/TF risk factors. It has also published three regulatory instruments to address de-risking practices.
FinTech
EU Member States reached an agreement for the e-Privacy Regulation that will replace the e-Privacy Directive. The European Central Bank published its opinion on a proposal for a regulation on Markets in Crypto-assets and amending Directive 2019/1937. ESMA highlighted in an article the risk associated with investments in non-regulated cryptoassets.
Corporate governance
The EBA published a final draft in regard to the technical standards on the supervisory reporting and disclosures of investment firms.
Environmental, Social and Governance (ESG)
The UN Environmental Programme Finance Initiative (UNEP FI) published three reports on climate risk management tools for financial institutions. The EC published a summary report on the consultation to the Renewed Sustainable Finance Strategy.
Risk Management
The EBA published two final draft Regulatory Technical Standards (RTS) on (i) the criteria to identify all categories of staff whose professional activities have a material impact on the investment firm’s risk profile or asset it manages (‘risk takers’) and (ii) on the classes of instruments that adequately reflect the credit quality of the investment firm and possible alternative arrangements that are appropriate to be used for the purposes of variable remuneration.
Capital Markets
EC consulted on establishment of a European Single Access Point (“ESAP”) that aims to address information published by companies that are capital market participants, as well as SMEs looking for funding. Furthermore, the EC published a strategy to enhance openness, strength and resilience in Europe’s economic and financial system.
For more information contact us: RiskandRegulatory@gr.gt.com
