Banking

Welcome to the home of the banking sector on Law-Now.

On this page you can access the very latest updates from CMS' banking sector experts. Law-Now also delivers a specialist website, RegZone. RegZone provides you with expert analysis and daily news from the fast-changing world of European financial institution regulation for those working in banking and finance. Click here to visit the dedicated site.

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Recent Articles

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    12/03/2024
    Belgium

    Ready for DORA? It applies to you!

    NL FR
    Our era is marked by major technological developments, which can give rise to new risks and challenges. This is true for the financial sector, which is undergoing constant digitalisation and, in parallel, is seeing its exposure to the risk of cyberattacks grow exponentially. With this in mind, the European legislator decided to adopt a European regulation, the Digital Operational Resilience Act (“DORA”). In short, this new European regulation aims to ensure that (certain) stakeholders in the financial sector have adequate resources to withstand any cyberattacks.DORA's personal scope...
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    11/03/2024
    United Kingdom

    UK Cryptoasset Regulation – 2023 developments and what’s to come in 2024 (Part 1)

    2023 will be remembered as the year the cogs of the UK legislative and regulatory machine finally began to crank meaningfully into gear in relation to cryptoassets, with a raft of legislation, consultations and discussion papers published. Through these initiatives, the UK is paving the way for a comprehensive regulatory regime to rival those in other jurisdictions with early-mover advantage, such as the European Union, Dubai, Singapore and Hong Kong.With a range of critical frameworks and rules set to be enacted in 2024, the pace of this legislative and regulatory development shows no sign of...
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    11/03/2024
    England and Wales

    De-banking – the potential pitfalls

    Public awareness was heightened recently following the “de-banking” of Nigel Farage by Coutts as a result of his personal and political views.  The furore has resulted in a light being shone on the practice adopted by banks to close customer accounts to manage their regulatory burden and to mitigate risk.  As a result, both HM Treasury and the FCA are considering taking action to address concerns that banks are failing to be open with their customers when closing accounts about their reasons for doing so.The problemBanks face ever increasing obligations and risks from a variety...
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    11/03/2024
    Romania

    Romania adopts new rules for authorisation of credit servicers with implementation of Directive (EU) 2021/2167 on credit servicers and credit purchasers

    On 7 March 2024, Romania published Emergency Government Ordinance no. 15/2024 on credit servicers and credit purchasers (also known as the NPL Ordinance) in the Official Gazette, which implemented Directive (EU) 2021/2167 of the European Parliament and of the Council of 24 November 2021 on credit servicers and credit purchasers and amending Directives 2008/48/EC and 2014/17/EU.The NPL Ordinance will enter into force in Romania on 17 March.The NPL Ordinance establishes and aligns with the EU framework on the applicable regime for ‘credit servicers’, acting on behalf of a credit purchaser,...
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  •  
    07/03/2024
    EU

    Knowledge on information and communication technology and security are included in the fit and proper assessment of the bank’s management body.

    On 21 February 2024, the European Central Bank released a supervision newsletter on new policy / its expectation for more bank board expertise on information and communication technology (“ICT”) and security risks (the “Risks”) (the” ECB Expectations”).The Risks are one of the supervisory priorities for the period 2024-2026.  During its supervision activities, the ECB identified deficiencies in banks’ management bodies regarding the Risks. On this basis, the ECB Expectations aim at assessing collective knowledge on the Risks in the fit and proper assessments...
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  •  
    26/02/2024
    England and Wales

    Law Commission’s draft Digital Assets Bill – welcome news for the UK

    Following an extensive consultation and publication of its final report in June 2023, the Law Commission has now published its draft Digital Assets Bill (the “Bill”). The Bill is designed “to ensure that the law remains dynamic, highly competitive, and flexible, so that it can support transactions and other arrangements involving digital asset technology” and aims “to help to achieve the UK Government’s stated goal of the jurisdiction of England and Wales becoming a global hub for digital assets, and in particular, for crypto-tokens and crypto-token systems”.The...
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