Focus Insight

Switzerland: Applicability of clausula rebus sic stantibus to banks' refusal to release gold in kind

The Federal Supreme Court recently decided the fate of a contract between a bank client and his Swiss banks, which had refused to release gold from…

12 May 2020

OJK relaxes single presence policy in banking sector but tightens minimum capital requirements

The Indonesian Financial Services Authority recently issued a regulation which relaxes bank ownership rules under the its single presence policy but simultaneously increases minimum capital requirements. The regulation was conceived prior to the COVID-19 crisis and the issuance of emergency economic legislation. Consequently, the big question is whether the regulation will continue to be relevant, given the perfect storm facing the national economy and the Indonesian financial services industry.

08 May 2020

LIBOR Transition: Is ARRC’s proposed legislative fix constitutional?

In early March, 2020, the Alternative Reference Rates Committee (ARRC) in the US published a proposal for New York legislation to assist the…

07 May 2020

UK Financial Regulators Publish Their 2020/21 Business Plans

Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA) and the Payment Systems Regulator (PSR) published their 2020/21 business…

05 May 2020

Financial Stability Board proposes recommendations for international regulators regarding global stablecoins

The Financial Stability Board proposed 10 high-level recommendations for the "effective supervision" of global stablecoins by international…

03 May 2020

Money laundering: electronic verification of customer identity in the time of COVID-19

With lockdown currently in place and the prospect of many months of social distancing measures even after it has been lifted, many firms are rapidly…

30 April 2020

FFIEC Updates BSA/AML Examination Manual

On April 15, 2020, the Federal Financial Institutions Examination Council (FFIEC) released updates to the Bank Secrecy Act (BSA)/Anti-Money…

30 April 2020

OCC Urges Second Circuit to Reverse Fintech Charter Decision

On April 23, 2020, the Office of the Comptroller of the Currency (“OCC”) filed its opening brief defending its special purpose fintech charter in the…

29 April 2020

FCA warning to banks on treating corporate customers fairly when they are preparing to raise equity finance

The Financial Conduct Authority (FCA) has issued a Stern Dear CEO letter warning banks to treat corporate customers fairly when they are preparing to…

29 April 2020

Indonesia’s OJK Issues Regulation on Quick Restructuring for Troubled Banks in Wake of COVID-19

The COVID-19 global pandemic has taken a toll on the Indonesian economy, underlining the need for financial institutions to have adequate liquidity in…

29 April 2020

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