EU Ombudsman Rebukes Watchdog Over 'Revolving Door'

Law360, London (May 11, 2020, 12:46 PM BST) -- The ombudsman for European Union institutions has found that the bloc's banking watchdog should not have allowed its departing chief executive to take up a role at a financial lobby group, citing fears about allowing a "revolving door" between banks and regulators.

European Ombudsman Emily O'Reilly said Sunday that the European Banking Authority should not have permitted its former chief executive, Adam Farkas, to immediately assume the position of CEO of an industry advocacy group, the Association For Financial Markets Europe.

The EBA also failed to take appropriate steps to protect its information after it became aware of the potential move,...

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