A shift to the Sterling Overnight Index Average from Libor as a reference rate for loans is going slowly because nobody in the private sector is leading the transition, executives say. Practice Insight (22 Aug.)
Establishing an EU-wide supervisor for money laundering and creating a system for direct supervision of cloud services that Amazon and IBM provide banks are among issues the next European Commission is expected to take up, an EU document reportedly shows. The commission might also consider toughening requirements for UK banks that want access to the single market after Brexit. MLex (subscription required) (22 Aug.)
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