Latest updates

Liquidity aid for businesses in times of coronavirus: emergency aid through guaranteed COVID-19 bridging loans
Meyerlustenberger Lachenal
  • Switzerland
  • 03 April 2020

The COVID-19 pandemic and the measures against it taken by states all over the world will have serious consequences for the Swiss economy. To cushion the economic consequences of the spread of the coronavirus, the Federal Council recently approved a comprehensive package of measures worth Sfr32 billion. A key component of this package is government-backed loans to provide liquidity for businesses.

Communique on banking fees and commissions published
Selvi & Ertekin
  • Turkey
  • 03 April 2020

The Communique on Procedures and Principles Regarding Fees to be Collected from Commercial Customers by Banks was published on 10 February 2020. The communique aims to determine the type, quality and maximum amount or rate of fees to be collected for providing products and services, ensure the accuracy of concepts and terms, prevent overpricing and increase the predictability and transparency of transactions conducted between Turkish banks and their commercial customers.

Banking regulation in Croatia – an overview
Macesic & Partners
  • Croatia
  • 27 March 2020

This article provides an overview of banking regulation in Croatia, including which authorities govern banking regulation and what the central bank's role is therein, the type of licence required to conduct banking services and what the application process is like, the forms of bank which can operate in Croatia and how are they regulated and how the Croatian regulatory regime distinguishes between different forms of bank.

Failing banks – first application of new deposit guarantee scheme
Schima Mayer Starlinger
  • Austria
  • 13 March 2020

An insolvency proceeding was recently opened for the assets of Anglo Austrian AAB AG. This was the last step in a long-lasting dispute between the bank and Austrian and EU regulators, leading to the revocation of the bank's licence. This case is notable because it is the first application of the newly enacted deposit guarantee scheme and was expected to be the first application of the insolvency provisions under the Federal Act on the Recovery and Resolution of Banks.

LIBOR transition: Fannie Mae and Freddie Mac to stop accepting LIBOR and begin accepting SOFR
Shearman & Sterling LLP
  • USA
  • 28 February 2020

The Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation recently announced that they will stop accepting London Interbank Offered Rate-indexed adjustable-rate mortgages by the end of 2020. Additionally, the two government sponsored agencies announced that they will soon accept mortgages tied to the Secured Overnight Financing Rate later in 2020.

FinSA/FinIA: proposed follow-up regulation by FINMA
Meyerlustenberger Lachenal
  • Switzerland
  • 21 February 2020

The new Financial Services Act and Financial Institutions Act came into force on 1 January 2020 together with the implementing ordinances. These laws oblige the Swiss Financial Market Supervisory Authority (FINMA) to pass a number of implementing provisions pertaining to selected, mainly technical issues. As a result, FINMA has created a new, streamlined Financial Institutions Ordinance and introduced amendments to several current FINMA ordinances and circulars.

Cryptocurrency treated as property in freezing order
Allen & Overy LLP
  • United Kingdom
  • 21 February 2020

The High Court recently granted a freezing order over £1.5 million worth of bitcoin and ethereum cryptocurrency against a trading platform and its directors in only the second known example of the court treating cryptocurrency as property. This decision will provide further reassurance of the English courts' willingness to deal with cryptocurrency as property.

Public consultation on techno-finance sandbox launched
Legance – Avvocati Associati
  • Italy
  • 21 February 2020

The Ministry of Economy and Finance recently launched a public consultation process on a draft decree setting out the rules for a fintech sector regulatory sandbox. The draft decree aims to promote technological innovation by allowing fintech companies to test new IT services and products in the financial, credit and insurance sectors under the supervision of the competent authorities for a limited period.

Blockchain and cryptocurrency regulation 2020
Carey Olsen Bermuda
  • Bermuda
  • 21 February 2020

The current government was elected in 2017, having undertaken to create new economic pillars in Bermuda, identify new opportunities for economic diversification and seek local and overseas investment to develop new local industry and thereby create jobs in Bermuda. Since its election, the government has enthusiastically embraced the fintech sector and the potential that it offers and has repeatedly expressed its intention for Bermuda to be a significant centre for this industry.

Bitcoin is 'property' and can therefore be subject of proprietary injunction
RPC
  • United Kingdom
  • 31 January 2020

Following recent case law on the matter, the High Court has found that bitcoin can be 'property' and can therefore be the subject of a proprietary injunction. In reaching its conclusion, the court adopted the detailed analysis of the issue set out in the UK Jurisdictional Task Force's November 2019 Legal Statement on Crypto-Assets and Smart Contracts, thereby providing a far more detailed judicial basis for the finding than found in previous cases.

Lending market review 2019
ABNR
  • Indonesia
  • 24 January 2020

Fintech-based lending in Indonesia grew rapidly in 2019. Various crowdfunding models (in particular, peer-to-peer lending) emerged and gave the regulatory authorities a new focus for their attention. In this regard, the Financial Services Authority issued a number of new regulations concerning equity funding, digital financial innovation in the financial services sector, standing facilities, money markets and open operations.

No worms for early birds? Lexitor and Austrian implementation of EU Consumer Credit Directive
Schima Mayer Starlinger
  • Austria
  • 24 January 2020

Considering the obvious conflict with European Court of Justice case law, the Austrian legislature's aim to fully implement the EU Consumer Credit Directive and the Austrian Consumer Credit Act's intended (but directive-breaching) effects consumers, legal advisers and the courts are now confronted with the delicate question of how consumer requests for repayment should be dealt with.

Enforcement of Security Interests (Jersey) Law 2012
Ogier
  • Jersey
  • 17 January 2020

Under the Security Interests (Jersey) Law 1983, the powers of a secured party on enforcement were limited to a power of sale. The Security Interests (Jersey) Law 2012 changed the way in which security is created over intangible movables and introduced a wider range of enforcement powers. This article examines the enforcement of security interests in the event of default.

Communique on compliance with principles and standards of interest-free banking
Selvi & Ertekin
  • Turkey
  • 10 January 2020

The Communique on Compliance with Principles and Standards of Interest-Free Banking entered into force in September 2019. The communique aims to regulate the procedures and principles regarding the structures and processes to be established by participation banks and development and investment banks which finance their clients in accordance with the Regulation on Financing Transactions of Banks.

Rules of conduct under FinSA
Meyerlustenberger Lachenal
  • Switzerland
  • 20 December 2019

The rules of conduct under the Federal Act on Financial Services (FinSA) are based on the EU Markets in Financial Instruments Directive (2004/39/EC) and the EU Markets in Financial Instruments Directive (2014/65/EU) and simplify market entry to the European Union for Swiss financial services providers. This article examines the FinSA's rules of conduct and the differences regarding the suitability and appropriateness duties under Swiss and EU legislation.

Challenge of drafting first-demand guarantees
Odi-se Avocats
  • France
  • 06 December 2019

The Court of Cassation recently clarified its position on first-demand guarantees. Considering the significant consequences for the beneficiary of a guarantee (depending on whether it is characterised as a first-demand guarantee or suretyship), the court's reasoning should be looked at carefully by any drafter of a first-demand guarantee.

New DLT/blockchain regulatory framework ready for parliamentary deliberations
Meyerlustenberger Lachenal
  • Switzerland
  • 06 December 2019

The Federal Council recently adopted a dispatch on the further improvement of the framework conditions for distributed ledger technology (DLT) and blockchain. The proposal aims to increase legal certainty, remove barriers for DLT-based applications and reduce the risk of abuse. This federal legislation, which is designed as framework legislation, proposes specific amendments to nine existing federal acts, covering both civil and financial market law.

How should Nigeria regulate its fintech industry?
Aluko & Oyebode
  • Nigeria
  • 29 November 2019

The financial services and products offered in Nigeria have changed significantly in recent years as a result of scientific and technological innovation and ever-evolving consumer behaviour and needs. In turn, this has resulted in a proliferation of new fintech companies. Due to the value of the fintech sector and the impact that fintech companies and products have had on society, financial services regulators have been left to determine how best to regulate this industry.

New financial service and financial institution regulations
Meyerlustenberger Lachenal
  • Switzerland
  • 29 November 2019

The Federal Council recently decided to put the Swiss Financial Services Act and the Swiss Financial Institutions Act into effect on 1 January 2020 as the last part of the financial market regulations reform project. Concurrently, the Federal Council published the final versions of the implementing ordinances with some amendments compared with the previous draft versions published during the public consultation period.

Trends and developments in Swiss financial market regulation
Meyerlustenberger Lachenal
  • Switzerland
  • 22 November 2019

Besides securing Switzerland's access to the EU financial markets, new objectives have emerged from advancing digitalisation and technological progress in the banking sector. One of those is undoubtedly Switzerland's goal of retaining its status as a leading country in the booming fintech and blockchain industry, which has led to significant developments towards a more flexible, technology-friendly legislative framework.

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