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PSR Proposes Alignment With CMA On Settlement Discount Policies
The UK’s Payment Systems Regulator (PSR) has proposed aligning its settlement discount guidance with new recommendations from the country’s Competition and Markets Authority (CMA).
The CMA is revising its policy to allow larger discounts for settlement cases, suggesting a maximum of 40 percent before a statement of objections (SO) and 25 percent afterwards. The current limits are 20 percent and 10 percent respectively.
The PSR supports this shift, arguing that consistency with the CMA's approach helps maintain neutrality and clarity for businesses regarding regulatory enforcement actions.
Stakeholders are invited to submit comments on the CMA’s proposed changes by September 13, 2024.
The PSR plans to update its Competition Act 1998 (CA98) guidance based on the CMA's final decisions and sector-specific feedback.
Austrian Regulator Fines Two Banks Over Compliance Failures
The Austrian Financial Market Authority (FMA) has announced penalties against European American Investment Bank Aktiengesellschaft (Euram Bank) for failing to submit its audited 2023 annual financial statements, which the FMA says have been overdue since July 1.
Despite previous orders on July 3 and July 16, the bank did not comply, prompting the FMA to enforce a €30,000 penalty and mandate compliance.
Additionally, flatexDEGIRO Bank AG has received a €22,480 fine for providing unclear and misleading information on its website regarding investment services, violating the Securities Supervision Act 2018 and EU regulations.
Both decisions are legally binding, the FMA has confirmed.
