Five members have been appointed to an administrative board created by the European Central Bank (ECB) in order to review the way that it oversees banking activity.
Banks that are subject to supervision by the ECB can request a review of its decisions by the board, which will act independently and “in the public interest,” according to the Financial Times.
The five appointees, who are all drawn from banking and legal backgrounds, are former Banco de España deputy governor Javier Arístegui Yáñez, former director general of the Malta Financial Services Authority André Camilleri, Jean-Paul Redouin, the former first deputy governor of the Banque de France and chair of the Commission Bancaire and, on the legal side, law professor Concetta Brescia Morra and lawyer Edgar Meister, who has previously sat on the executive board at Bundesbank. Two alternatives, the former Finnish regulator Kaarlo Jännäri and René Smits, a law professor and former general counsel of the Dutch central bank, are also on hand to replace members in case of emergency.
All board members have been appointed for terms of five years, renewable once.
Despite the data protection regulation being implemented in 2018, 69% of IT decision makers don’t have the backing of their board to achieve GDPR compliance, according to Calligo.
The majority of the region’s 28 member states report that the situation has worsened over the past year, reports business management consultant Verisk Maplecroft.
Regulators in the UK, the US and Hong Kong instituted proceedings against more than 1,700 individuals last year, or four times the number of cases brought against companies.
The US Commodity Futures Trading Commission approved LedgerX as the first regulated clearing house for derivatives contracts settling in digital currencies.