GRC Report Staff

At the 15th European Financial Congress, Jacek Jastrzębski, Chairman of the Polish Financial Supervision Authority (KNF), delivered a powerful speech that not only analyzed the geopolitical uncertainty facing financial markets but also charted a bold path forward for Poland’s financial sector. His remarks mixed concern with optimism, focusing on the challenges and opportunities presented by an increasingly unpredictable world.

The European Commission’s review of the Sustainable Finance Disclosure Regulation (SFDR) is drawing attention, and one key player is making its voice heard loud and clear. The Dutch Authority for the Financial Markets (AFM) has responded to the Commission's Call for Evidence, urging for a major rethink of the framework that governs ESG investing. At the heart of their message is simplification. According to the AFM, a clearer, more straightforward system will not only reduce the risk of greenwashing but also empower investors and regulators to make better decisions.

The European Commission has fined Delivery Hero and Glovo a total of €329 million for their involvement in a cartel that spanned four years across the European Economic Area (EEA). The companies admitted to engaging in anti-competitive behavior that not only limited market competition but also restricted employee opportunities, something that’s never been sanctioned before in EU antitrust history.

In a move that could reshape the landscape of crypto asset regulation in Europe, the European Banking Authority (EBA) has released the final technical package for version 4.1 of its reporting framework. This package, which builds on earlier drafts and incorporates stakeholder feedback, marks a pivotal step in ensuring the efficient centralization of financial data and reinforcing the EU’s commitment to transparency and supervision.

In a year marked by turbulence across global financial markets, Belgium’s financial sector has posted stable, though unexceptional, results. Banks and insurance companies in the country managed to uphold their solvency and liquidity positions despite facing significant challenges. With geopolitical tensions and economic uncertainty on the horizon, the National Bank of Belgium (NBB) has emphasized the need for resilience, careful oversight, and unwavering vigilance in the face of these unpredictable times.

The Financial Reporting Council (FRC) is opening the door for UK stakeholders to shape the future of sustainability assurance. In a recent move to bring the UK into closer alignment with global practices, the FRC has launched a consultation on a proposed version of the International Standard on Sustainability Assurance (ISSA) 5000. The consultation aims to gather feedback on the introduction of ISSA (UK) 5000, a voluntary framework designed to bring consistency and transparency to sustainability assurance in the UK market.

Three of the UK's largest gas distribution operators (Cadent Gas Limited, Scotland Gas Networks, and Southern Gas Networks) are collectively paying £8 million into Ofgem's Energy Industry Voluntary Redress Fund after failing to meet essential safety targets for responding to gas emergencies. The penalty follows an investigation into missed response times that could have put public safety at risk.