In recent years the European Union has paid increasing attention to sustainability in its policy- making particularly in the financial sector. In March 2018 the European Commission published its Action Plan on Financing for Sustainable Growth. The Action Plan has three main objectives: to redirect capital flows towards sustainable investment in order to achieve sustainable and inclusive growth; to manage financial risks arising from climate change, resource depletion, environmental degradation and social issues; and to promote transparency and long-term sustainability in financial and...

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Recent developments in financial supervision EBA - DISCUSSION PAPER ON FURTHER ENHANCING SUPERVISORY POWERS OF COMPETENT AUTHORITIES On 26 June 2020, the European Banking Authority ("EBA") published a discussion paper exploring ways to enhance the Bank Recovery and Resolution Directive ("BRRD") framework on early intervention measures. This seeks to further enhance the crisis management tools available for competent authorities in addition to the supervisory powers laid down in the Capital Requirements Directive ("CRD") and in the Single Supervisory Mechanism Regulation ("SSMR"). The BRRD introduced...

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On 2 July 2020, the Court of Justice of the European Union (“CJEU”) ruled in the case of BlackRock Investment Management (UK) Ltd (C-231/19) that a “single supply” of management services, provided by a third-party supplier via a software platform for the benefit of a fund management company managing both special investment funds and other funds, does not fall within the VAT exemption provision. Background BlackRock Investment Management (UK) Ltd (“BlackRock”) was a company responsible for the management of funds: mainly...

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Previously published in Medium | The quarter with the worst economy since 1929 and the best-performing markets since 1998. Image courtesy of Medium; Source: IMF The worsening forecasts of the International Monetary Fund, the statements by the Chairman of the Federal Reserve, Jerome Powell should leave no illusion on the depth of the recession. Wall Street ignores the economy The contrast could not be more striking between Wall Street and Main Street. The real economy succumbs to bankruptcies and unemployment. The United States will probably...

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In a recent article, we discussed the exploitation by hackers of the current COVID-19 crisis by using techniques such as phishing and malware technology, in order to conduct cyber-attacks on businesses and their workers. Only recently, a group of hackers-for-hire called Dark Basin was exposed for targeting thousands of businesses and individuals with a view to obtaining private data. Similarly, the vehicle manufacturing company Honda recently reported a cyber-attack. Honda maintains that the attack did not involve a data breach but affected its...

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