In November 2019, the Financial Market Commission published, for public consultation purposes, a proposed amendment to its Updated Regulations Compendium (URC), by means of enacting a new Chapter 20-10, on Information Security Management and Cybersecurity (the New Regulation) ...
Resolution number 2270-02-191212 (the “Resolution”), taken by the Council of the Central Bank on its meeting held on December 12, 2019, was published in the Official Gazette on December 17, 2109. By means of this resolution, the Central Bank amended Chapter III.D.2 of its Financial Rules Compendium on “Recognition and regulation of master agreements for entering into derivative agreements for the purposes indicated” (“Chapter III.D.2”) ...
On December 27, 2019, the Chilean Pensions Superintendence (the “SP”) issued General Regulations No.68 and No.256, amending the Unemployment Insurance Regulation Compendium and Pension Funds Regulation Compendium, respectively, in order to organize the different regulations applicable to the investment of Pension Funds in alternative assets and consolidate the various instructions and resolutions issued by the SP between 2018 and 2019 ...
The sharing economy enters the home as rising property prices drive nomadic millennial singletons to seek an alternative to the inflexible rented apartment.An impromptu foosball game with your neighbour while waiting for the laundry. Cooking classes in a communal Masterchef-inspired kitchen. Movie screenings, board game nights, and in-house yoga and meditation sessions. These are but some of the activities to look forward to if you take up quarters in a co-living facility ...
In a prior issue, we discussed how blockchain technology is poised to change the way various industries work. Many have theorized this technology is a game-changer that threatens to usher in a new way of conducting business worldwide. Those industries have continued to invest in blockchain technology at an ever-increasing rate. Banks and other financial institutions have not been left out of this as several have joined large consortiums that aim to study and implement this technology ...
Near the end of 2007, the United States was hit by the subprime mortgage market meltdown. For years before, the public had experienced a steady increase in home prices and a seemingly never-ending supply of mortgage lending. Homeowners were able to enjoy ever-increasing home equity and mortgage products, virtually guaranteeing that anyone who wanted to get financed could ...
In last quarter’s issue, we discussed the rise of digital currencies and the blockchain, or distributed ledger, technology that supports them. We now turn our focus to how the financial industry and governments have embraced this technology and are working to adapt it to traditional banking services and applications as far ranging as recording property transfers and safeguarding nuclear missiles ...
Freezing orders are one of the most important weapons inacourt’s arsenal to prevent parties from disposing of or dissipating assetsto ensure they will be available to satisfy a potential future money judgment. In the British Virgin Islands, the court is empowered to grant a freezing order under the provisions of the Eastern Caribbean Supreme Court and the Civil Procedure Rules ...
Mauritius started the year on a high note in the area of anti-money laundering and countering the financing of terrorism (“AML/CFT”) by issuing two complementary documents: the Anti-Money Laundering and Countering the Financing of Terrorism Handbook: 2020 (the “Handbook”) and the Guideline on Anti-Money Laundering and Combating the Financing of Terrorism and Proliferation (the “Guideline”) ...
he President of the Federal Republic of Nigeria, Muhammadu Buhari, signed the Finance Bill, 2019 into law on 13 January 2020. The amendments announced by the Finance Act, 2020 (the “Act”) intend to increase revenue collection to fund public expenditure; ensure that tax laws are consistent with national tax policy objectives; and incentivise investment in infrastructure and capital markets ...
This article updates information published in "Is Your Online Business Accessible To Persons With Disabilities?" In 2018, practitioners scouring nationwide federal court records identified more than 2,250 lawsuits filed alleging website inaccessibility under Titles II and III of the Americans with Disabilities Act (ADA)1 ...
On 1 January 2020 the Swiss Financial Market Supervisory Authority (FINMA) implemented various revised rules primarily targeting small banks (the so-called 'small banks regime'). Among other aspects, this will result in a relaxation of IT outsourcing requirements for financial institutions. In this respect, a revised FINMA Outsourcing Circular is available in English and German, French ...
As part of Paraguay's commitment to the International Financial Action Task Force of Latin America (GAFILAT), in November 2019, the Executive Power enacted Law No. 6446 that creates a “General Directorate of People and Legal Structures and Final Beneficiaries ” Under the Ministry of Finance (hereinafter the Law), which will have the following functions: Acting as the authority of application, replacing the Treasury Law, of Law No ...
On May 23, 2019, by a vote of 417-3, the United States House of Representatives passed the Setting Every Community Up for Retirement (SECURE) Act. Notwithstanding broad bipartisan support, the bill stalled in the United States Senate until Dec. 19, 2019, when it passed a budget reconciliation bill (H.R. 1865, the Further Consolidated Appropriations Act of 2020 [the “Act”]), which contains the provisions from the SECURE Act. The president signed the Act on Dec. 20 ...
This week, Congress passed and President Trump is expected to sign a domestic spending package that includes significant changes affecting retirement plans in the SECURE (Setting Every Community Up for Retirement Enhancement) Act, and a permanent repeal of the “Cadillac tax” on high-cost employer-sponsored health coverage that was enacted with the Affordable Care Act (ACA). The SECURE Act is the most comprehensive set of changes to retirement plan rules in many years ...
While many countries have introduced far-reaching obligations to report cyber incidents, Switzerland has not yet followed this lead. However, on 13 December 2019 the Federal Council adopted a report which considers key issues with regard to the introduction of a general reporting obligation for operators of critical infrastructure. The report also discusses possible implementation models. A decision is expected by the end of 2020 ...
On 27 November 2019 the Federal Council adopted a dispatch message to improve the legal framework governing distributed ledger technologies (DLT) in Switzerland. The Federal Council's objective is to increase legal certainty, remove obstacles to DLT-based applications and limit the risk of abuse. Parliament will examine the dispatch message in early 2020. The government's press release is available in English, German, French and Italian ...
The Committee on Foreign Investment in the United States (“CFIUS”), the interagency panel at the Department of the Treasury that reviews transactions for potential national security risks, recently released the public version of its latest annual report to Congress ...
On Dec. 3, 2019, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), the Financial Crimes Enforcement Network (FinCEN) and the Office of the Comptroller of Currency (OCC) in conjunction with the Conference of State Bank Supervisors (CSBS) issued a joint statement entitled “Providing Financial Services to Customers Engaged in Hemp-Related Businesses ...
Will the release of its digital currency be China’s next salvo in its bid for world domination?One of the biggest developments in global finance has recently occurred, but not enough people are talking about it. It features technology, money and a battle between global superpowers ...
The fintech boom is changing rapidly both the way we work and how we conduct business. From managing our budgets and payments, to investments, insurance and obtaining loans and finance, fintech is steadily influencing everyday life. In a sector estimated to have attracted in excess of £2 billion in UK investment last year alone, Scotland hosts a thriving fintech community ...
On November 1, 2019, the Supreme Court granted certiorari in Liu v. Securities Exchange Commission, No. 18-1501. The Court will decide whether the Securities Exchange Commission (SEC) may seek and obtain disgorgement from a defendant as equitable relief for a securities law violation. The outcome will have widespread implications for corporate and securities lawyers ...
To improve the effectiveness of integrated licensing in the financial services sector, the Financial Services Authority (Otoritas Jasa Keuangan–“OJK”) introduced an electronic licensing system to integrate all licensing in the financial services sector. OJK Regulation No. 26 / POJK.01 /2019 on Electronic Licensing within the Financial Services Sector (“POJK No. 26/2019”) came into effect on 28 October 2019 ...
Under a new proposed rule, certain required disclosures could be provided electronically to all retirement plan participants, including former employees and beneficiaries. On October 23, 2019, the U.S. Department of Labor issued a proposed rule intended to expand the use of internet technology to furnish ERISA-required disclosures to plan participants, and to reduce printing and mail expenses ...
Under a new proposed rule, certain required disclosures could be provided electronically to all retirement plan participants, including former employees and beneficiaries. On October 23, 2019, the U.S. Department of Labor issued a proposed rule intended to expand the use of internet technology to furnish ERISA-required disclosures to plan participants, and to reduce printing and mail expenses ...
