BRUSSELS - The European Commission has said it is investigating allegations of black arc distribution in promoting green banking laws, forcing it to disclose conflicting interests when it bids for EU-financing agreements.
The European Union's governing body in November commissioned a study on the commission's appointment of Black Arc's Financial Markets Advisory (FMA), the world's largest asset manager, on the EU's banking regulations. Plans to integrate stability into the principles will be outlined.
European Ombudsman Emily O'Leary did not call on the commission to cancel the deal, but said that in bidding, it should have scrutinized its pricing strategy and measures to prevent conflicts of interest. ۔
In a response published Monday, the commission said it would consider amending EU law to require companies and organizations to disclose conflicting interests when it comes to EU-funded agreements. Bid for
It will also consider providing more guidance to help staff deal with public procurement.
"The commission is considering all possible explanations for the procedure when professional conflicting interests may be at stake in the procurement procedure," he said.
The ombudsman welcomed the EU executive's response, saying it had reflected on his proposals. It said the ombudsman would oversee the proposed changes.
BlackRock did not immediately respond to a request for comment.
Black Rock beat 8 other bidders for 280,000. That's half the estimated cost of the EU agreement. The asset manager said she would ensure the FMA's "physical separation" to ensure that information does not reach other parts of its business.
Any changes to EU financial laws must be approved by member states and the European Parliament. The Commission proposes to update these regulations by the end of the year.
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