In Europe

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AliExpress hit with largest fine imposed to date under European Digital Services Act

Reported by the Consejeros Editorial Team The European Commission has imposed a record fine of €550 million (around $629 million) on AliExpress, the retail platform owned by the Alibaba Group, for breaching the EU’s content moderation regulations (Digital Services Act), by failing to adequately assess the sale of illegal or counterfeit products on its platform. It is the largest fine imposed to date under this regulatory framework. The case directly…


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Credit supply in Eurozone tightens in second quarter of 2026, whilst demand continues to decline

Supply contracted across the board in the second quarter of 2026, with a tightening of either lending criteria, the terms applied, or both, depending on the segment. Reported by Consejeros Editorial Team The results of the European Central Bank’s (ECB) Bank Lending Survey reveal that, in the second quarter of 2026, lending criteria tightened slightly for both corporate financing and loans to households for the purchase of homes, whilst remaining…


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EC to reduce mandatory sustainability reporting requirements for companies by more than 60 per cent

These changes are also expected to reduce reporting costs by more than 30 per cent per company, in line with the Commission’s objective of reducing the burdens associated with reporting requirements by 25 per cent. Consejeros Editorial Team On 3 July, the European Commission adopted the revised European Sustainability Reporting Standards (ESRS), including a voluntary reporting standard for small businesses, with the aim of improving transparency and reducing the administrative…


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Asset managers will have to wait: over 600 amendments delay adoption of SFDR 2.0 in European Parliament

The more than 600 amendments tabled make it impossible to stick to the planned timetable and adopt the comprehensive reform of the Sustainable Finance Disclosure Regulation this month. The so-called SFDR 2.0 – which would do away with the classification currently used by asset managers (under ‘Article 8’ and ‘Article 9’) – will not reach the Committee on Economic and Monetary Affairs for the final vote, and its subsequent ratification…


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A more relaxed ECB in the wake of the CPI figures

Intermoney Report Most central bank decisions in the coming week, including those of the European Central Bank, are likely to be limited to keeping interest rates unchanged. Lower inflation in the eurozone has reduced the urgency for a further rate rise by our central bank. In China, Chinese commercial banks appear set to keep preferential interest rates unchanged at least until the end of the third quarter. However, the Bank…


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ETFs domiciled in Europe growing at breakneck pace, with net inflows of $257,500 million in first half of year

By the Consejeros Editorial Team Flows into ETFs domiciled in Europe remained largely stable throughout the second quarter of the year, totalling $42.2 billion in April, $44.3 billion in May and $46.1 billion in June. The net total, at $132.5 billion, sets a new quarterly record, surpassing the $125 billion recorded in the first quarter of this year. The net total of $132.5 billion sets a new quarterly record, surpassing…


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ESMA publishes technical standards on CCP admission criteria

Reported by Consejeros Editorial Team The European Securities and Markets Authority (ESMA), the regulatory and supervisory body for the European Union’s financial markets, has published its final report on the regulatory technical standards (RTS) relating to the elements of the admission criteria for central counterparties (CCPs), following the revision of the European Market Infrastructure Regulation (EMIR 3). EMIR 3 introduces amendments to the provisions relating to the requirements for participation…


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Eurozone inflation cools more than expected, standing at 2.8% in June

Reported by Consejeros Editorial Team Inflation in the Eurozone offers some respite. In June, the Consumer Price Index (CPI) stood at 2.8%, down from 3.2% in May and below expectations, according to the preliminary estimate published by Eurostat, the statistical office of the European Union (EU). This was driven by a moderation across all components, particularly energy. Specifically, energy prices rose by 8.7%, well below the 10.8% recorded the previous…


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ECB considering raising minimum reserve requirements to 2% from current 1%

The aim of the measure would be to absorb some of the excess liquidity and support the ECB’s efforts to encourage banks to reduce the cash they hold on deposit with the institution itself. Reported by Renta 4 The European Central Bank (ECB) is reportedly discussing the possibility of raising the minimum reserve requirement to 2% from the current 1%, according to some media reports. Minimum reserves are the reserve…


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Switzerland closes public consultation on Federal Act on Sustainable Corporate Governance on 9 July

Switzerland aims to align its legislation with that of the EU, specifically the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CSDDD). It seeks to avoid the ‘Swiss finish’ (where Swiss regulations end up being stricter than those in the rest of Europe). By Consejeros Editorial Team The Swiss Federal Council is currently conducting a public consultation on the draft Federal Act on Sustainable Corporate Governance…