Compliance & Ethics

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.

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.

Thames Water has been slapped with a record-breaking fine of £122.7 million after two separate investigations revealed serious breaches of regulations. The penalty, the largest ever imposed by Ofwat, includes a £104.5 million fine for failures related to its wastewater operations, alongside an £18.2 million fine stemming from improper dividend payments. The fines will be paid by Thames Water and its shareholders, not by customers, marking a significant step in holding the water utility accountable for its mismanagement.

In my previous article, The Integrity Imperative: Rethinking Compliance in an Era of Relentless Change, I explored the shifting nature of compliance in today’s fast-evolving regulatory environment. As we face a global landscape where laws change by the minute, organizations must rethink how they manage compliance—not just as a set of rules to follow, but as a core function rooted in the organization’s values and integrity. This article continues that conversation, diving deeper into how compliance must evolve from a static function to a dynamic, values-driven imperative.

Boston Scientific has decided to discontinue sales of its Acurate Prime and Acurate neo2 heart devices in the European Union, a move that will also see the company forgo seeking approval in the U.S. and other international markets. The decision, announced on Wednesday, stems from escalating clinical and regulatory hurdles that the company has deemed too resource-intensive to meet, first reported by Reuters.

Aion Bank has reached a settlement with the Financial Services and Markets Authority (FSMA). The agreement, finalized today, addresses errors that resulted in some customers not receiving the full interest and loyalty bonuses they were entitled to between December 2019 and June 2024.

The Federal Financial Supervisory Authority (BaFin) has imposed a fine of €1.75 million on SAP, one of the world’s leading enterprise software companies. The fine stems from the company's failure to meet requirements under the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG), specifically regarding the timely publication of key financial report information.