From Lexology

Ukraine to legalise virtual assets

On 8 September 2021, the Ukrainian Parliament adopted Law No. 3637 On Virtual Assets (the “Law”). The Law aims to regulate the circulation of virtual…

21 September 2021

India: proposed scale-based governance frameworks for NBFCs

The dominance of non-banking financial companies (NBFCs) in the fintech space and the reliance that retail users place on payments systems that NBFCs manage and operate has led to increasing concern about the systemic risks they pose. The ongoing liquidity crisis and the covid-19 pandemic have brought into focus the need for an updated governance framework. The Reserve Bank of India saw a need to review the regulatory framework and issued a discussion paper for feedback.

21 September 2021

Legislating for the LIBOR transition: synthetic LIBOR for tough legacy contracts

With less than four months to go before the FCA turns off the supply of daily LIBOR (in its well-used form) for most of the 35 currency-tenor…

16 September 2021

UK Financial Conduct Authority consults on powers to cancel firms’ regulatory permissions

On 9 September 2021, the UK Financial Conduct Authority (FCA) published Consultation Paper 21/28 “New Cancellation and variation power: Changes to…

15 September 2021

Regulation of the non-bank sector in Australia

Financiers which are not regulated by the Australian Prudential Regulation Authority (APRA) ADI’s or consumer credit code regulated credit providers…

13 September 2021

The UK’s LIBOR safe harbour legislation: a missed opportunity?

The Critical Benchmarks (References and Administrators’ Liability) Bill (Bill) was today introduced to the UK Parliament and the first reading took…

08 September 2021

The evolving regulation of crypto-currencies and crypto-assets

The news that footballer, Lionel Messi’s financial package at French soccer club Paris Saint-Germain includes crypto fan tokens has caused a stir in…

08 September 2021

OCC proposes rescission of 2020 CRA rulemaking

The OCC formally proposed to rescind the June 2020 rulemaking that amended regulations implementing the Community Reinvestment Act ("CRA") for…

08 September 2021

Mexico's new anti-money laundering reporting requirements for foreign crypto platforms

There has been much discussion about whether foreign cryptocurrency exchanges and other crypto platforms that facilitate transactions with crypto assets located abroad should comply with the Federal Law for the Prevention and Identification of Operations with Resources of Illicit Origin. This discrepancy has led to some foreign platforms reporting vulnerable activities relating to user transactions located in Mexico and other platforms not reporting such activities.

31 August 2021

Nicaragua: amendments to financial and banking regulations

On August 24, 2021, the Nicaraguan Parliament approved amendments to the General Banking, NonBanking Financial Institutions and Financial Groups Law…

26 August 2021

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