11/17/2021
Amendments on bankruptcy - Federal Decree Law No. 35
The newly passed amendment provides clarification and market confidence boost on the liabilities of individuals in the case of corporate bankruptcy obligations
Government Regulation
11/17/2021
FATF Consolidated assessment ratings
This table provides an up-to-date overview of the ratings that assessed countries obtained for effectiveness and technical compliance (last updated on 16 November 2021).
11/16/2021
USA terminates ZKB’s deferred prosecution agreement
The agreement started in 2018, following a seven-year tax dispute.
11/16/2021
Recent update to BVI Legislative review - Probates (Resealing Act) 2021
The new Act expands that list to the other Commonwealth jurisdictions, plus non-Commonwealth jurisdictions that use the common law rather than civil law.
11/14/2021
FPC: Cloud Adoption
The regulators have now taken an action to review the need for additional policy measures
11/14/2021
EBA issues requirements on institutions’ Pillar 3 disclosure of interest rate risk exposures
The standards will amend the comprehensive ITS on institutions’ public disclosures
11/14/2021
Voluntary disclosure of sovereign exposures
The Committee has not reached a consensus to make any changes to the regulatory treatment of sovereign exposures
11/14/2021
Revisions to market risk disclosure requirements
The revised standard introduced a "traffic light" approach for capital requirements
11/14/2021
EBA publishes final draft technical standards on individual portfolio management by crowdfunding service providers
When investing in a portfolio of loans offered by crowdfunding service providers, investors may face potential information asymmetries.
11/14/2021
AML/CFT Handbook consultation support – first release
These proposed changes will simplify the use our handbooks, making it easier to find the information required for all supervised persons in one place.
11/14/2021
The Nonqualified Financial Property Limitation
Investments in qualified opportunity funds (QOFs) offer a number of distinct tax benefits
11/12/2021
NEC defects dispute must go to adjudication before the court
The decision of the Outer House of the Court of Session is relevant to NEC construction contracts that contain the ‘W2’ option for dispute resolution.
11/12/2021
US Financial Regulators Release Much-Anticipated Report on Stablecoins
The Report signals the Biden administration’s concerns about the rapidly developing digital asset markets and their lack of appropriate federal regulation.
11/12/2021
New rules for foreign subsidies - The European Commission’s approach to level the playing field
The Proposal builds on a Commission White Paper published for consultation in June 2020.
11/12/2021
CNPD publishes new guidelines on cookies
Cookies can be used for different purposes, i.e. to recognize a user's language choice or the products that the user had placed in his/her basket during a previous shopping session.
11/11/2021
Irish Central Bank emphasises climate-related expectations for financial firms
The CBI’s supervisory expectations apply to all regulated financial services providers as defined by Section 2 of the Central Bank Act 1942.
11/11/2021
US Federal Trade Commission Adopts Prescriptive Data Security Requirements and Other Updates to Its Gramm-Leach-Bliley Act Safeguards Rule
The Final Rule will take effect one year after its publication in the Federal Register
11/11/2021
European Parliament formally adopts EU public Country-by-Country Reporting
A breakthrough was achieved in February 2021 in the Council of the EU, as a result of certain countries changing their previous position and agreeing to support the proposal.
11/10/2021
Future regulatory framework – Treasury to reform regulation post-Brexit
The consultation proposes changing this principle to clarify that such growth should happen in a sustainable way that is consistent with the UK’s net zero commitments.
11/09/2021
NYDFS Clarifies Application of Cybersecurity Regulation to Covered Entities Adopting an Affiliate’s Cybersecurity Program
The Affiliate Program Letter poses a challenge for foreign banks with New York branches, agencies or representative offices that is less likely to exist for US-based financial groups that are subject to comprehensive regulation in the United States.