EBA Report on Consumer Trends 2014
On February 28, the European Banking Authority (EBA) published a report on consumer trends in the areas of consumer protection and financial innovation as well as the approaches the EBA will be taking in 2014 to address them. New trends identified for 2014 include virtual currencies and comparison websites.
As a result of the report, key consumer issues the EBA intends to focus on during 2014 are:
bank account switching and fees;
traditional payment methods (such as cash, debit and credit cards, checks, and bank transfers) and non-traditional payment methods (such as mobile payments and e-wallets);
misselling of products;
comparison websites; and
Council of the EU Presidency Compromise Proposal on MLD4
On March 3, the Council of the EU published a compromise proposal (dated January 28, 2014) on the European Commission's proposed Directive on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing (known as the Fourth Money Laundering Directive or MLD4).
MLD4 will amend and replace the Third Money Laundering Directive and is designed to further strengthen the EU's defenses against money laundering and terrorist financing, while also ensuring that the EU framework is aligned with the Financial Action Task Force standards. Compromise Proposal.
Council of the EU Adopts Recast Deposit Guarantee Schemes Directive
On March 3, the Council of the EU published a press release announcing that it has adopted at first reading the proposed Directive recasting the Deposit Guarantee Schemes Directive (94/19/EC).
On February 25, the Council published a revised text of the proposed Directive.
The Council's adoption of the Directive will enable the European Parliament, with which agreement on the Directive was reached in December 2013, to adopt it without amendment at second reading at its plenary session between April 14 – 17, 2014. Member states will have one year after the Directive's entry into force to transpose it into national law. Press Release. Revised Text.
Overview of the Six Most Important Changes to the Russian Pledge Rules
Please click here to read Orrick's coverage of the six most important changes to the Russian Pledge Rules.