The European Central Bank (ECB) has published a speech by Elizabeth McCaul, a member of its supervisory board, delivered at the Supervision Innovators Conference 2023, in which she presented an update on the ECB’s Single Supervisory Mechanism (SSM) Digitalisation Blueprint between 2021 and 2023 and sets out the cornerstones of the new SSM Digital Strategy 2024-2028.

The European Central Bank (ECB) has published a speech delivered by its member of the executive board, Piero Cipollone, at the France Payments Forum event ‘Digital euro and the future of payments in Europe.’ In the address, Cipollone explained that the growing digitalisation of payment methods and the declining use of physical cash necessitate the introduction of a digital euro. The digital euro is designed to complement cash by providing a secure, risk‐free, and legally recognised medium for everyday transactions across the euro area, incorporating features such as legal tender status and offline functionality to better serve digital and online commerce. It also aims to reduce reliance on foreign payment providers. Looking ahead, Cipollone outlined the ECB’s future plans to a dual approach to modernise both retail and wholesale payment systems to maintain monetary sovereignty.

The European Central Bank (ECB) is to conduct a cyber resilience stress test on 109 directly supervised banks, with the exercise’s main findings to be communicated in summer 2024. The exercise will assess how banks respond to and recover from a cyberattack, rather than their ability to prevent it. This predominantly qualitative exercise will not have an impact on capital through the Pillar 2 guidance, which is a bank-specific capital recommendation on top of the binding requirements. Rather, the insights gained will be used for the wider supervisory assessment in 2024.

The European Central Bank (ECB) has published a January 2024 update of its Supervisory Manual, which describes the organisational set-up of the Single Supervisory Mechanism (SSM) and defines the methodologies, processes and procedures for banking supervision in the euro area. It also explains how the SSM co-operates with other authorities in the wider institutional framework.

The European Central Bank (ECB) has published a revised version of its guide to internal models, developed with input from EU member states’ national competent authorities and informed by two targeted stakeholder consultations. The update reflects changes introduced by the Capital Requirements Regulation (EU) No 575/2013 (CRR3) and the Basel framework and builds on supervisory experience since the guide’s initial release in 2019. It aims to clarify regulatory expectations, improve consistency in supervision and assist institutions in aligning their internal model practices with current requirements.

The European Central Bank (ECB) has published a speech by Frank Elderson—a member of its executive board and vice-chair of its supervisory board—on the legal implications of nature-related risk for central banks, supervisors and financial institutions. Elderson discussed the growing trend of nature-related litigation, and how nature-related risk should be considered in the context of the mandates of central banks and supervisors.

The European Central Bank (ECB) has published a speech by executive board member Piero Cipollone, on the policy challenges of digitalisation of the payments market, and how a digital euro could counter the rise of big tech companies, which risk creating parallel economies and eroding traditional banking models. By designing the digital euro to meet the diverse needs of consumers, merchants and payment service providers, Cipollone said the EU can ensure its widespread adoption. This in turn, he argued, will empower the EU to pursue strategic goals such as innovation, integration and independence, ultimately enhancing economic efficiency, resilience and sovereignty.

Engineering Command Centre: Project management organisation implemented to improve interfacing between design, engineering, and contracting companies.

Emergency Core Cooling System: Comprises a series of systems that are designed to safely shut down a nuclear reactor during accident conditions. Under normal conditions, heat is removed from a nuclear reactor by condensing steam after it passes through the turbine. In a boiling water reactor, condensed steam (water) is fed back into the reactor. In a pressurised water reactor, it is fed back through the heat.

The Economic Crime and Corporate Transparency Act 2023 (ECCTA 2023), which became law on 4 March 2024, has brought changes to the Register of Entities (ROE) regime.

Caroline Clark, insolvency practitioner, director of RMCSC reflects on the changes introduced by the Economic Crime and Corporate Transparency Act 2023 (ECCTA 2023), one year since its royal assent. ECCTA 2023 is comprised of five parts that will bring in changes to specific areas that are relevant to minimising financial crime and money laundering. Further measures are being brought in to improve confidence in the accuracy of information at Companies House. Future reports on the progress of ECCTA 2023 are to be laid before Parliament every 12 months until 2030, with the second progress report to be released at the end of May 2025.

The European Chemicals Agency’s (ECHA) Risk Assessment Committee (RAC) has published a final opinion and the Socio-Economic Analysis Committee (SEAC) published a draft opinion supporting EU‑wide restrictions on the manufacturing, marketing and use of per‑ and polyfluoroalkyl substances (PFAS), subject to specific derogations. RAC concludes that PFAS pose increasing risks to people and the environment due to their high persistence, ability to travel long distances; and potential to contaminate groundwater and soil. Certain PFAS are linked to serious health issues, including cancer and reproductive harm. The Committee determined that current regulatory measures are insufficient to control emissions, thereby necessitating further EU‑wide action.