The Financial Services Insider | Issue 13

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 2nd quarter of 2023

The 2nd quarter of 2023 was marked by several regulatory developments in various areas such as AML, ESG, Fintech, Risk Management, Insurance, and Capital Markets.

Anti-Money Laundering (AML)

EBA launched a public consultation on amendments to its guidelines on ML/TF risk factors and published a report on ML/TF risks associated with EU payment institutions.

Capital markets

ECB published the March 2023 SESFOD and TARGET Annual Report 2022, while FSB published a statement to encourage final preparations for the USD LIBOR transition. Also, IOSCO encourages regulators, responsible entities and trading venues to review and adopt good practices for ETFs

ESG

EC i) updated guidance for measures to support the green transition, ii) took further steps to boost investment for a sustainable future and iii) proposed an annual EU budget of €189.3 billion for 2024.

Fintech

European Parliament endorsed the first EU rules for tracing transfers in the EU while ECB published progress report on digital euro and study on possible features of a digital wallet.

Insurance

ECB and EIOPA published a joint discussion paper on how to better insure households and businesses in the EU against climate-related natural catastrophes. EIOPA published i) its risk dashboard which shows macro and market risks as top concern for insurers and ii) its June 2023 Financial Stability Report.

Risk Management

ECB published a consultation on counterparty credit risk governance and management and an article regarding the financial stability risks of investment funds active in euro area CRE markets.

Other

ESMA published its annual report for 2022 & its Data Strategy for 2023-2028 and postponed to 2024 the annual IFRS amendment of the ESE.