The Financial Market Commission ("FMC") has announced a process of consulting roundtables for the implementation of Law No. 21.521, known as the "Fintech Law" (Fintech in Spanish). Last May 15, an informative webinar was held where the CMF informed about the general guidelines for the operation of the consulting roundtables that will address aspects of the implementation of the Fintech Law. The FMC authority to carry out this process comes from Article 20 of Law No ...
On January 12, 2024, and in compliance with Law No. 21,521 (the "Fintech Law"), the Financial Market Commission ("CMF") published General Rule No. 502, with the purpose of regulating the registration, authorization, and obligations of financial service providers under the Fintech Law (the "NCG 502"). The main subjects addressed by said norm are as follows: 1 ...
We would like to inform you about recent updates concerning regulation of digital currency in Russia. Background At the end of July 2020, the President of the Russian Federation signed the Federal Law No. 259-FZ “On Digital Financial Assets, Digital Currency and on Amendments to the Certain Legal Acts of the Russian Federation” (“DFA Law”). This introduced the first large-scale regulations on (i) digital financial assets and (ii) digital currency ...
On 16 April 2021, the People’s Bank of China (“PBoC”) issued the Measures for Supervision and Administration of Anti-Money Laundering and Counter-Terrorist Financing in Financial Institutions (《金融机构反洗钱和反恐怖融资监督管理办法》) (the “2021 AML Measures”), following PBoC’s issuance of a consultation draft of the same on 30 December 2020 (the “Consultation Draft”) ...
Hong Kong’s Securities and Futures Commission (SFC) issued a circular last year (the Circular) in recognition of the increasing use of electronic data storage (cloud storage) for record keeping purposes. The Circular was intended to provide licensed corporations with greater flexibility in keeping regulatory records with electronic data service providers (EDSPs), as well as to clarify their general obligations in relation to electronic data ...
Hong Kong’s Securities and Futures Commission (SFC) has announced details of requirements for fund managers to address climate change in their investment and risk management processes and make appropriate disclosures. Where are the requirements set out? On 20 August 2021, the SFC issued: Consultation Conclusions on the Management and Disclosure of Climate-related Risks by Fund Managers with amendments to the Fund Manager Code of Conduct (FMCC) set out in Appendix B and C ...
This is a briefing on the issuances as of July 29, 2020 on the following matters in relation to the COVID-19 pandemic: A. Intellectual Property Office (IPOPHL) Further Extends until August 4 the Deadline for Filings and Payments Due for the Period of July 20-30, 2020 B. Securities and Exchange Commission (SEC) Discourages Physical Filing of Mandatory Disclosure Form (MDF) which is Due on July 31, 2020 C ...
The Board of Governors of the Federal Reserve System (the “Fed”), the Office of the Comptroller of the Currency (the “OCC”), and the Federal Deposit Insurance Corporation (the “FDIC”) each have regulations implementing the Change in Bank Control Act (12 U.S.C ...
On September 19, 2014, the Supreme Court of Canada issued its ruling in the so called “banks’ cases”1, in the context of which consumers instituted class actions to recover the conversion fees charged on credit card transactions in foreign currencies by many institutions issuing such cards. The plaintiffs were maintaining that these charges were contravening the Consumer Protection Act (Quebec) (the “CPA”) ...
While overdraft litigation risks have threatened the financial services industry for some time, recent class action lawsuits have trickled down to community banks. One place in particular where exposure has expanded is the increased willingness of plaintiff’s counsel to challenge the use of form account agreements and disclosures, including reliance on Regulation E’s model consent form ...
The Hong Kong Court of First Instance recently considered another claim by a client against a bank arising from the sale of a financial product. The Judgment in Li Kwok Heem John v Standard Chartered International (USA) Limited (formerly known as American Express Bank Limited) was handed down in early January 2016. In a lengthy Judgment, the Court considered a number of issues highly relevant to banks and other institutions engaged in selling financial products ...
By means of Circular No ...
In a decision issued late last month, the U.S. Court of Appeals for the Second Circuit provided new guidance on the rules governing the U.S. Securities and Exchange Commission's ability to seek the remedy of disgorgement in enforcement actions. The new guidance continues the process of resolving uncertainty left by the U.S. Supreme Court's 2020 decision in Liu v ...
The Procedures reflect updates to the de-registration process for mutual funds and establish for the first time the de-registration process for private funds, which aim to create a streamlined and harmonised regime for regulated funds ...
On 24 January 2024, to deepen the opening-up of the bond market and further facilitate the liquidity management of overseas institutional investors, the People's Bank of China ("PBOC") and the State Administration of Foreign Exchange published theAnnouncement on Further Supporting Overseas Institutional Investors Engaging in Bond Repurchase Business in the China Interbank Bond Market(draft for comments) (the "Announcement") (《关于进一步支持境外机构投资者开展银行间债券市场债券回购业务的公告(征求意见稿)》) to solicit public opinion ...
On 10 May 2007, the China Banking Regulatory Commission (CBRC) issued its "Notice on the Adjustments to the Overseas Investment Scope of Overseas Wealth Management Business of Commercial Banks on behalf of their Clients". This Notice widens the investment scope permitted under the Qualified Domestic Institutional Investors scheme (QDII) applicable to commercial banks (including Chinese banks and approved foreign banks in China) ...
On 1 March 2004, the Provisional Administrative Rules Governing Derivative Activities of Financial Institutions were implemented by the China Banking Regulatory Commission (the "CBRC") and constituted the first set of substantive regulations governing the derivatives business in China ...
The China Securities Regulatory Commission (“CSRC”) and State Administration of Foreign Exchange (“SAFE”) have, in recent months, issued consultation drafts of proposed amendments to the two major regulations governing Qualified Foreign Institutional Investors (“QFIIs”): and . According to the draft regulations, certain amendments are to be implemented. Under the existing regulations, QFIIs are subject to relatively long investment lock-up periods ...
China presents enormous opportunities for the wealth management industry. Since the opening up of China’s banking and other financial industries to foreign investments, foreign banks, securities companies, insurers and fund management companies have sought to establish presence in this market through the setting up of representative offices, branches, foreign direct investments and joint venture companies ...
A Chinese commercial bank recently launched an investment product under the Qualified Domestic Institutional Investors scheme (QDII) which takes in Renminbi funds from mainland investors and invests in offshore equity funds, fixed income instruments and money market products denominated in foreign currencies. This is an important breakthrough as previously QDII products from banks only invested in fixed income instruments ...
The People's Bank of China, the Chinese central bank, recently announced principle policies for the financial services sector on outbound investments in overseas markets by Chinese nationals and corporations. These policies are generally regarded as the Qualified Domestic Institutional Investors (QDII) program in the market ...
Offshore Investment of Foreign Currency Assets of Chinese Insurance Companies Following the Provisional Regulatory Measures on Offshore Investment of Foreign Currency Insurance Assets (“Provisional Measures”) issued by the China Insurance Regulatory Commission (“CIRC”) in August 2004 which allow qualifying PRC insurance companies to invest their foreign currency assets (which include proceeds raised through overseas listing) offshore subject to certain limits (please refer to our Client Update
In late 2006, China’s National Social Security Fund Council for the first time granted overseas mandates to 10 global investment managers to manage in total USD 1 billion of the National Social Security Fund (“NSSF”). It is reported that the NSSF, China’s national pension fund of last resort, has total assets worth of around USD30 billion.The 10 managers are AllianceBernstein, Allianz, AXA Rosenberg, BlackRock, JanusINTECH, Invesco, PIMCO, State Street Global Advisors, T ...