1.3 Wed 30/09/2020 - 12:00 Reference texts Articles 318-44, 321-77, 321-81 and 323-39 of the General Regulation Articles 47, 48 and 92 of Delegated Regulation (EU) 231/2013 of the European Parliament and of the Council of 19 December 2012 …

CACEIS UK, an asset servicing bank, has been censured by the FCA and will make a £31.7m voluntary payment to WealthTek clients for failing to act on information that left clients exposed to the risk of financial crime. The FCA has now secured over £57m in total for WealthTek clients in just over a year, with action taken against CACEIS UK, Sapia Partners and Barclays Bank UK.CACEIS UK became WealthTek's sub-custodian in November 2020, meaning they were responsible for keeping its client’s assets safe. WealthTek was then known as Vertus Asset Management LLP.On three occasions, CACEIS UK checked the Financial Services Register which showed that WealthTek wasn’t authorised to hold certain client assets but did not take sufficient action. The firm also did not spot that WealthTek was not allowed to hold client money. However, it went on to open client accounts for WealthTek to use, then failed to monitor those accounts properly by not promptly reviewing and resolving alerts raised by their system.Therese Chambers, joint executive director of enforcement and market oversight at the FCA, said:'Strong financial crime controls keep clients’ assets safe. CACEIS UK’s failures exposed clients to serious risk.'The firm chose to do the right thing with extensive co-operation and agreeing to a substantial voluntary payment, and we decided not to impose a fine as a result.'The voluntary payment will be distributed to WealthTek clients who have not been able to reclaim their money in full.The FCA concluded its investigation in 13 months. This is an example of how it is improving the pace of its investigations.Notes to editorsFinal Notice: CACEIS UK (PDF).In November 2020, CACEIS Bank S.A. merged with KAS Bank N.V.WealthTek LLP was regulated by the FCA from 28 January 2020 until 4 April 2023 when the FCA took action to order the firm to cease operations and to appoint Special Administrators. Clients can see updates from WealthTek’s administrators here.Were it not for CACEIS UK’s co-operation and its agreement to make a voluntary ex-gratia payment of £31,714,068 for the benefit of WealthTek’s clients, the Authority would have imposed a financial penalty of £23,091,000 (after a 30% discount for agreeing to settle the matter).Of the £31.7m, WealthTek’s administrators will receive £30.9m, and the Financial Services Compensation Scheme (FSCS) will receive £800,000 (in accordance with its statutory duties to pursue recoveries where reasonably possible and cost effective). Once the FSCS has concluded any further recovery actions, it will proceed to make distributions of any surplus to WealthTek’s FSCS eligible clients, under the rules set out in the Compensation Sourcebook of the FCA’s Handbook.In December 2024, the FCA separately charged WealthTek’s principal partner with multiple criminal offences, including fraud and money laundering.A trial has been scheduled for September 2027 at Southwark Crown Court in the criminal proceedings brought by the FCA against John Dance, the former principal partner of WealthTek LLP.The FCA fined Barclays Bank UK PLC £3,093,600 for poor handling of financial crime risks in relation to a client money account opened by WealthTek. Barclays also agreed to make a voluntary payment of £6,281,757 for distribution to WealthTek’s clients who have a shortfall in the money they have been able to reclaim.Sapia Partners LLP agreed to make a voluntary payment of £19,637,950 for distribution to WealthTek clients who have a shortfall in the money they have been able to reclaim, and the FCA has censured the firm.Find out more information about the FCA.

Crypto-asset service providers (CASPs) must, as of 1 July 2026, hold an authorisation as a CASP. Without such authorisation, they must cease offering these services in Europe. The European Securities and Markets Authority (ESMA) has already issued a statement on 17 April 2026 and reiterates its expectations by publishing the following communication on the matter.The European MiCA Regulation entered into force on 30 December 2024. This regulation establishes a harmonised and specific framework for crypto-asset markets. It imposes operational, organisational, and prudential requirements on CASPs in order to limit potential risks to investor protection, market integrity, and financial stability.Consequently, in order to carry out their activities, all providers must obtain authorisation. Providers already active under the existing national regime benefited from a transitional period until 30 June 2026 at the latest to obtain this MiCA authorisation. While some CASPs will have obtained authorisation by 1 July 2026, others will not have done so by that deadline. To date, no CASP holds an authorisation granted by the FSMA in Belgium.

ICMA has set up a dedicated webpage for industry participants to stay updated on the Association’s work related to the China repo markets.ICMA has been at the forefront of actively promoting the internationalisation of China’s repo markets at both the cross-border and onshore levels through consultation responses, advocacy efforts and thought leadership publications. Key milestones achieved so far include the recognition of the GMRA for use in offshore RMB bond repo business using bonds held under Northbound Bond Connect as collateral and most recently, the recognition of the GMRA by the PBoC for bond repo transactions involving bonds in the China Interbank Bond Market (CIBM) in January 2026, following ICMA’s filing of the GMRA with the PBoC.In April 2026, the China Repo Committee was established, reflecting the increasing importance of the Chinese repo market within the global fixed income landscape, supported by ongoing market and regulatory developments that promote greater international participation.The Committee serves as a dedicated forum for market participants to discuss developments relating to China’s repo market, with a particular focus on cross-border activity, and to share perspectives and practical experience to help shape market practice.ICMA members interested in joining the committee are encouraged to review the terms of reference or get in touch directly with co-secretaries Alex Tsang and Zhan Chen.

The European Banking Authority (EBA) today published its latest semi-annual dashboard on the minimum requirement for own funds and eligible liabilities (MREL), providing an update on the state of resolution planning and on the resources that banks are using to meet their requirements. As of December 2025, bail-in remains the preferred resolution strategy in terms of risk-weighed assets (RWAs), while rollover needs reach EUR 231 billion for instruments set to become ineligible over the next 12 months.

Good morning.It is a pleasure to welcome you this morning to the Central Bank of Ireland and to the tenth annual Macroprudential Conference, organised jointly with the Deutsche Bundesbank, the Nederlandsche Bank, and the Sveriges Riksbank.Let me begin by thanking the scientific committee for bringing together such a distinguished group of policymakers and researchers, and for developing a programme that is both ambitious and timely. Let me also note that it is the first time the conference is held in Ireland and that we are honoured to welcome you in Dublin today.A tenth anniversary is an opportunity to take stock. Since this conference first met in Stockholm in 2015, the financial system has changed significantly. Yet the fundamental purpose of macroprudential policy remains constant: to protect society from the wider costs of financial instability.Households and businesses rely on the financial system to make payments, safeguard savings, manage risks, and finance investment. When the system functions well, it supports economic activity and enhances prosperity. When it fails, the consequences extend far beyond financial markets and financial institutions, affecting communities across society, and often falling most heavily on those least able to bear them.Ireland's experience leaves us in little doubt about those costs. It also however shows the value of building resilience before it is needed. Our macroprudential framework, introduced as Ireland emerged from the financial crisis more than ten years ago, now encompasses borrower-based measures, bank capital buffers, and measures for non-bank finance. These policies cannot prevent every shock, neither should they seek to prevent all risk-taking. Their role is to reduce the likelihood that shocks are amplified by the financial system and to ensure that essential services can continue when shocks occur.Over the past decade, macroprudential policy has moved from a young discipline towards a more established part of our policy frameworks. And, over this period, our collective understanding of this relatively new field of policy has advanced significantly. Indeed, many of the attendees here today have been influential contributors to this advancement. But maturity must not mean complacency. The financial system is changing quickly, and our frameworks must continue to evolve with it.The programme for the next two days illustrates the scale of that change.It ranges from bank supervision and non-bank finance to cross-border payments, central bank balance sheets, resolution, stablecoins and cryptocurrencies. These may appear to be quite different subjects. Together, however, they describe a financial system in which risks can emerge in new places, move through new channels and crystallise with greater speed.The opening session on Silicon Valley Bank is a reminder that vulnerabilities can build over time beneath apparently reassuring indicators. It asks us to distinguish between reacting to losses once they are incurred and responding to risks as they are taken.That distinction captures a central challenge for financial stability policy. We need to be able to see risks forming before they crystallise, while recognising the limits of our knowledge and the costs of acting under uncertainty. This requires good data, sound models and effective supervision. It also requires intellectual openness: the willingness to test our assumptions, to draw lessons from experience, and to recognise where our understanding is incomplete.But identifying risk within individual institutions is only part of the task.Many of the boundaries around which financial policy was built are becoming increasingly blurry. Risks move between banks and non-banks, across markets and jurisdictions, and between the traditional financial system and new forms of digital finance. Cross-border payments remind us that the infrastructure through which finance operates is itself a source of both opportunity and risk.The frontier of macroprudential research is increasingly found in these connections. We need to understand not only individual nodes, but also the network; not only first-round effects, but also amplification and feedback; not only the amount of risk, but where it is held, how it is financed and how it may move under stress.This has practical consequences for policymaking. Frameworks built for one structure of finance may become less effective as activity migrates elsewhere. Measures intended to strengthen one part of the system may shift risk into another. And new technologies can change behaviour more quickly than our data, models or rules can adapt.The answer is not to pursue a financial system without change or without risk. Innovation, risk-taking and the movement of capital are essential to a productive economy. The task is to ensure that the financial system can adapt and innovate while remaining resilient.Research is central to that task. Historical research can reveal recurring patterns beneath apparently novel developments. Conceptual work can identify risks before the data are sufficient for precise measurement. Empirical work can map connections and test how shocks propagate. And policy evaluation can tell us whether measures work as intended, where costs arise and how frameworks can be made simpler without weakening resilience.No central bank can answer these questions alone.  In fact today, we are publishing proposals to enhance the evaluation of our policy-making toolkit.   Underpinned by serious research, careful analysis and wide engagement and consultation, we want to support robust, evidence-based decision-making and ensure that our policy interventions are proportionate, transparent, predictable, connected, forward-looking and agile, and support appropriate consideration of their impacts on the functioning of the wider financial system.  I would welcome feedback on these from a range of stakeholders.Finance is global, while our ability to observe and address vulnerabilities remains, in important respects, national and sectoral. Shared standards, comparable data, candid exchange and mutual trust allow national action to add up to global resilience. At a time when the international order is under strain, we should not take that infrastructure for granted. We should invest in it.The same is true of cooperation between policymakers and academia. Good policy research combines institutional knowledge, high-quality data, methodological rigour and the freedom to challenge established thinking. No institution has a monopoly on those qualities.At the Central Bank of Ireland, our Research Exchange Program is intended to make that cooperation practical. Through visiting scholars, research affiliates, scientific advisers and other partnerships, it connects our researchers and policy work with the wider research community. Applications for the next intake of visiting scholars are currently open and, given the expertise in this room, I would be delighted to see your engagement with the Central Bank of Ireland continue to flourish into the future. This conference is itself an example of cooperation in practice. It brings together four central banks, an exceptional scientific committee, and participants with deep experience of research and policymaking. The fact that it has reached its tenth edition is an achievement. More importantly, it demonstrates a sustained commitment to learning together.Over the past decade, macroprudential policy has become a more established part of the policy framework. The next decade will bring risks and innovations that we cannot fully anticipate today. Our enduring purpose must therefore be matched by a continued willingness to question, to adapt and to cooperate.The discussions over the next two days will not resolve every question on the programme. Indeed, a successful research conference usually identifies new questions as quickly as it answers existing ones. But it can sharpen our understanding, challenge our assumptions and improve the choices we make.The ambition of our research should match the importance of our responsibilities. Through rigorous research, honest reflection and international cooperation, we can build a financial system better able to absorb shocks rather than amplify them, and better able to serve households, businesses and communities through periods of change.Thank you. I wish you a productive and enjoyable conference LinksMacroprudential Conferences | Deutsche Bundesbank10th-annual-macroprudential-conference-dublin-2026-agenda.pdf

Das Eidgenössische Departement für Wirtschaft, Bildung und Forschung (WBF) hat den Anhang der Verordnung vom 10. April 2024 über Massnahmen gegenüber Personen und Organisationen, welche die Hamas oder den Palästinensischen Islamischen Dschihad unterstützen (SR 946.231.09), geändert.

May 21, Washington, D.C.—SEC and NFA announce Memorandum of Understanding to further harmonize regulatory coordination

The German Financial Supervisory Authority (BaFin) is warning against WhatsApp groups allegedly run by FPM Frankfurt Performance Management AG and led by a person calling themselves Professor Raik Hoffmann. Consumers are being tricked into investing substantial sums of money and downloading the FPM MIN app. There is no connection whatsoever between any WhatsApp groups and FPM Frankfurt Performance AG or ist actual board member, Raik Hoffmann. This constitutes identity theft.

BaFin warns against offers on the website calculusinv(.)com and on social media channels such as the “Calculus Investment Academy VIP Y” group. According to information available to BaFin, Calculus Investments Ltd, which claims to be domiciled in New York and Frankfurt/Main, is providing financial, investment and cryptoasset services without the required authorisation.