June 2022
Welcome to your new edition of Mazars' Financial services regulatory news.
This quarter, we looked at the following topics:
Going forward, we will continue to share our insights on the latest regulatory developments in Europe, and publish them on our global financial services blog. Access the recent articles below and enjoy your reading. If you would like discuss any business issues, please do get in touch with our local Mazars team.
Since the European crisis management framework was established in 2014, there have not been many failing banks in Europe. However, the recent global health pandemic, combined with the ongoing conflict in Europe between Russia and Ukraine, could easily change this.
Established in 2000, the Eurofi meetings occur bi-annually alongside the Economic and Financial Affairs Council configuration (ECOFIN) meetings. The summit in Paris focused on the EU’s ambition of a successful ecological and digital transition by establishing a favourable regulatory environment that would allow Europe a safe growth trajectory and a strong competitive advantage.
In March 2022, the European Central Bank (ECB) published its second snapshot of climate-related and environmental risk disclosure levels among significant institutions under its direct supervision. The results demonstrate that efforts are still required by banks to disclose exposures to climate-related and environmental risks transparently. Indeed, 45% of the disclosures were even assessed as insufficient...
Following Russia’s annexation of Crimea in March 2014, the United States (US) and the European Union (EU), together with other countries, imposed mainly economic sanctions on Russia. Since Russia’s recognition of the self-proclaimed autonomous republics of Donetsk and Lugansk, followed by Russia’s attack on Ukraine on 24 February 2022, these sanctions have taken on new significance for financial institutions.
The invasion of Ukraine by Russia on 24 February 2022 is considered the most significant geopolitical event since the Second World War. While there is no question of military intervention by the European Union (EU) at the moment, the EU has nevertheless decided on a major package of sanctions that will have a heavy impact on the Russian economic and financial system. These sanctions will also impact...
Crypto-asset markets have been on banks’ radar for some time. While interest and involvement have varied, regulatory developments have been a driving force. In September 2020, the European Union (EU) published a proposal for the regulation of Markets in Crypto-assets (MiCA), offering a uniform legal framework for crypto-assets in the EU. On 14 March 2022, an amended version of MiCA was voted and backed...
Stay up to date with financial services regulation in Europe.
What are the lessons learnt from the Covid-19 impact on Expected Credit Losses (ECL) of banks in Europe?
For the tenth time, Mazars published its regional tax guide, which presents snapshots and comparative charts of the tax systems of 22 CEE countries for 2022.
With societal expectations increasingly permeating corporate governance, companies need to evolve their business models to embrace lasting value creation that benefits not only the shareholders, but also internal and external stakeholders as well as wider society.
Be sure you are not missing on any important information or a change in the local or regional scope. Do not hesitate to subscribe to our newsletter.
This website uses cookies.
Some of these cookies are necessary, while others help us analyse our traffic, serve advertising and deliver customised experiences for you.
For more information on the cookies we use, please refer to our Privacy Policy.
This website cannot function properly without these cookies.
Analytical cookies help us enhance our website by collecting information on its usage.
We use marketing cookies to increase the relevancy of our advertising campaigns.