The Financial Services Insider

Grant Thornton’s "The Financial Services Insider" is a Βiannual 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 half, in order to help you remain up to date with the most significant regulatory updates affecting your organization.

The most important highlights

The 2nd & 3rd quarter of 2024 were marked by several regulatory developments in various areas such as AML, ESG, Fintech, Risk Management, Insurance, MIFID II and Capital Markets.

Anti-Money Laundering (AML)

EBA issued new guidelines to tackle ML/TF in transfers of funds and crypto assets.

Capital markets

ESMA published its first overview of EU securities financing transactions markets & EBA published its final guidelines on STS criteria for on-balance-sheet securitization.

ESG

ESMA published guidelines establishing harmonised criteria for use of ESG and sustainability terms in fund names. ESAs published their final reports on greenwashing in the financial sector and proposed improvements to the SFDR.

Fintech

ESMA published final MiCA rules on conflict of interest of crypto assets providers and new MiCA rules.

Insurance

EIOPA & Insurance Europe in discussions regarding the review of Solvency II standard formula aiming to release capitals. Furthermore, EIOPA explored IFRS 17's impact in insurance industry after its first year of implementation. 

MIFID II

ESMA launched a consultation on commodity derivatives under MiFID review and issued a statement providing guidance to firms using AI in investment services.

Risk Management

ECB published the final guide on effective risk data aggregation and risk reporting outlining the prerequisites for effective RDARR to assist banks in strengthening their capabilities, building on good practices observed in the industry.

Other

EC endorsed preliminary assessment of Greece's 4th payment request for €998.6 million under RRF. Moreover, EBA published the European Supervisory Examination Programme for 2025.