PRA launches Basel III proposal with new definitions for “strong and simple”

The UK’s Prudential Regulation Authority (PRA) has issued plans to implement Basel III that further diverge from those proposed by the European Commission, and amended its criteria for which smaller firms will …

This week’s news in brief – week ending 2 December 2022

This week’s NIBs include climate risk disclosure guidance in Switzerland, recovery prudential standards in Australia, intelligent regtech in Abu Dhabi, and cryptos’ supervision fees in New York.

BMTX admits defeat and submits second charter request

US “banking as a service” fintech BMTX has resubmitted its application to obtain a banking charter through a Seattle bank acquisition, citing “questions” from regulators – further extending an approval process that …

From Lexology
New Zealand, COFI: FMA publishes standard licence conditions, application guidance and fair conduct programme information sheet

The Financial Markets Authority (FMA) has published the final standard conditions for a financial institution licence, along with a licence…

COP27: Key take-aways for the financial services sector

COP27 may be over but it is clear from this year’s conference that there is an urgent need to accelerate progress towards meeting climate change…

Hong Kong Court looks into the features of Bitcoin and the operation of “wallets” as it considers protection and ownership of crypto assets

We recently reported on the judgment in Nico Constantijn Antonius Samara v Stive Jean Paul Dan [2022] HKCFI 1254, where the Hong Kong Court granted…

Term SOFR and Term SONIA: A Return to Term Reference Rates in European Fund Financing Transactions?

Now that the dust has (almost!) settled on issues relating to LIBOR cessation in fund financing transactions (and the lending markets more generally)…

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