European Parliament approves EU financial supervision agreement

European Parliament approves EU financial supervision agreement

European Parliament approves EU financial supervision agreement

The European Parliament has approved rules that strengthen EU financial supervision by increasing the responsibilities of the EU watchdogs for banking, for securities and financial markets, and for insurance and pensions, and improving their governance structure. The new law consists of an upgrade of the EU financial supervisory authorities established in 2010. According to the European Parliament: “European consumers, investors…

Bermuda will be removed from EU blacklist

Bermuda will be removed from EU blacklist

Bermuda will be removed from EU blacklist

Bermuda will be removed from the European Union’s list of non-cooperative jurisdictions for tax purposes at the “earliest opportunity”, according to its minister of finance, Curtis Dickinson. The island was included in the EU’s latest blacklist, published on 12 March, which caused dismay in Bermuda. The new list tripled the number of countries blacklisted from five to 15. The island has…

Fiat Chrysler pays $110m to settle investor suit as EC moves on other carmakers

Fiat Chrysler pays $110m to settle investor suit as EC moves on other carmakers

Fiat Chrysler pays $110m to settle investor suit as EC moves on other carmakers

Fiat Chrysler has paid $110m to settle a case brought by investors alleging they were misled over compliance with US federal vehicle safety regulations and diesel emissions tests. Meanwhile, the European Commission (EC) has charged BMW, Daimler and Volkswagen for colluding to stall the use of clean emission technology, with fines potentially running into billions of euros. Fiat Chrysler said…

MMC’s JLT acquisition set for 1 April after clearing EC competition hurdle

MMC’s JLT acquisition set for 1 April after clearing EC competition hurdle

MMC’s JLT acquisition set for 1 April after clearing EC competition hurdle

Marsh & McLennan Companies’ (MMC) $5.6bn bid for Jardine Lloyd Thompson (JLT) has been passed by the European Commission (EC), with the deal now set close on 1 April. The EC’s decision is the last regulatory approval needed. It follows the sale of JLT’s aerospace business to Arthur J Gallagher earlier this month to clear concerns flagged up by antitrust…

Gibraltar issues no-deal Brexit guidance for financial services sector

Gibraltar issues no-deal Brexit guidance for financial services sector

Gibraltar issues no-deal Brexit guidance for financial services sector

The Government of Gibraltar has issued guidance for companies in the territory’s financial services sector in the event of a no-deal Brexit. The Government of Gibraltar said it intends to use powers in the EU (Withdrawal) Act 2019 (EUWA) to ensure that Gibraltar continues to have a functioning financial services regulatory regime in all scenarios. The EUWA will repeal the…

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