Section 301 of the Trade Act of 1974 delegates to the Office of the United States Trade Representative (USTR) authority to investigate and respond to unfair foreign trade practices that could harm domestic interests. Under Section 301, USTR can act against foreign countries that violate U.S. trade agreements or engage in acts that are “unjustifiable”
International
DHS Adds 37 China-based Firms to UFLPA Entity List
On January 14, 2025, the Department of Homeland Security (DHS) announced the addition of 37 China-based entities to the Uyghur Forced Labor Prevention Act (UFLPA) Entity List. DHS cited these entities’ alleged connections to sourcing material and forced labor in the Xinjiang Uyghur Autonomous Region (XUAR) as reasons for their addition.
This batch of entities…
DORA now live and new podcast available
DORA is now live, without any transitional provision.
A wide range of rules applicable for managing ICT risks, including risks linked to ICT third-party service providers, applies from today. DORA applies to nearly all financial entities in the EU, with very few exemptions for smaller institutions. For the first time, it also covers major unregulated…
EBA repeals the guidelines on major incident reporting under the PSD2
On 17 January 2025, the European Banking Authority (EBA) issued a press release stating that it had repealed its guidelines on major incidents reporting under the revised Payment Services Directive (PSD2) due to the application of harmonised incident reporting under the Digital Operational Resilience Act (DORA) from 17 January 2025.
However, incident reporting requirements under…
PRA announces a delay to the implementation of Basel 3.1
On 17 January 2025, the Prudential Regulation Authority (PRA) announced that, following consultation with HM Treasury, it was delaying the implementation of Basel 3.1 in the UK by one year until 1 January 2027.
The PRA states that the delay is to allow more time for greater clarity to emerge about the United States’ plans…
Horizon scanning: UK regulatory topics to look out for in 2025
In this article we look at key regulatory topics for 2025 that will have a significant impact on institutions operating in the UK financial services space. We have not attempted to list every single reform expected this year but rather pick out the top reforms in both the wholesale and retail space, as well as…
FSB develops analytical framework and toolkit to assess climate-related vulnerabilities
On 16 January 2025, the Financial Stability Board (FSB) issued a report on the assessment of climate-related vulnerabilities.
The report is part of the FSB’s Roadmap to Address Climate-related Financial Risks and describes a framework and analytical toolkit to assess climate-related vulnerabilities using a forward-looking approach. It also includes some metrics that can be used…
EBA and ESMA analyse recent developments in crypto-assets
On 16 January 2025, the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) issued a joint report on recent developments in crypto-assets, analysing decentralised finance (DeFi) and crypto lending, borrowing and staking.
As regards DeFi the joint report finds, among other things, that:
- DeFi remains a niche phenomenon, with amounts locked
…
EBA Peer Review on the application of proportionality under the SREP
On 16 January 2025, the European Banking Authority (EBA) issued its Peer Review on the application of proportionality under the Supervisory Review and Evaluation Process (SREP).
Proportionality is an important part of the SREP enabling Member State competent authorities (NCAs) to adapt the scope, frequency and intensity of the supervisory engagement and the risk assessment…
EBA consults on draft guidelines on ESG scenario analysis
On 16 January 2025, the European Banking Authority (EBA) issued a consultation paper on draft guidelines on environmental, social and governance (ESG) scenario analysis.
The draft guidelines are addressed to Member State competent authorities and to financial institutions as defined in Article 4(1) of Regulation No 1093/2010 which are also institutions in accordance with Article…