Latest updates

Lending market review 2019
Ali Budiardjo, Nugroho, Reksodiputro
  • 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.

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.

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.

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.

Granting of security interests in Switzerland
Meyerlustenberger Lachenal
  • Switzerland
  • 08 November 2019

Until recently, Swiss regulations had no direct impact on the country's corporate lending market or the documentation of corporate loans. However, the increased capital and liquidity requirements that apply to banks in Switzerland have led to an increased focus on the collateral aspects of lending transactions to ensure that particular transactions can be treated as secured for regulatory purposes. This article provides an overview of the forms of security interest that can be taken over assets in Switzerland.

GDPR versus PSD II – right of access to information versus charges for information
Schima Mayer Starlinger
  • Austria
  • 08 November 2019

The Federal Administrative Court recently confirmed that a credit institution had violated its obligations under the EU Data Protection Regulation by refusing to provide its customer access to information – at no cost – on specific payment transactions effected in the previous five years. Consumer protection organisations and the Austrian press celebrated the decision, but on closer inspection, those cheers seem to have been uttered a little too early and the celebrants' expectations appear to have been a little too high.

Client segmentation under FinSA
Meyerlustenberger Lachenal
  • Switzerland
  • 01 November 2019

This article provides a short overview of the Financial Services Act's (FinSA's) new cross-sectoral client segmentation. The classification of clients under FinSA plays a significant role in the application of its rules of conduct, product documentation requirements and other provisions. The article also explains the main differences between client segmentation under the EU Markets in Financial Instruments Directive and FinSA.

Public consultation on appropriate choice and use of Japanese yen interest rate benchmarks
Nagashima Ohno & Tsunematsu
  • Japan
  • 01 November 2019

To address the risk that the London Interbank Offered Rate may be discontinued, the Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks was established to recommend the appropriate choice and use of Japanese yen interest rate benchmarks depending on the type of financial transaction involved and develop transition plans for a new framework enabling the use of Japanese yen interest rate benchmarks. The committee recently published a consultation paper in this regard.

Presidential decree simplifies foreign investment in Brazilian banking sector
BMA Barbosa Mussnich Aragao
  • Brazil
  • 01 November 2019

A recently issued presidential decree has authorised the Central Bank of Brazil to recognise the government's interest in establishing branches of foreign financial institutions in Brazil and increasing foreign equity participation in Brazilian financial institutions without the need for further presidential authorisation. Prior to the decree's enactment, these matters required the express approval of international treaties or presidential decrees recognising that investments were in the government's interest.

FMA extends deadline for strong customer authentication for e-commerce card payments
Schima Mayer Starlinger
  • Austria
  • 25 October 2019

Following the recent agreement reached by the European Banking Authority, the Austrian Financial Markets Authority extended the deadline for implementing strong customer authentication for card payments in e-commerce transactions. The extension applies only to card payments in e-commerce transactions; all other types of transaction require full compliance with the strong customer authentication standards.

Non-possessory floating pledge: new floating charge under Italian law
Legance – Avvocati Associati
  • Italy
  • 18 October 2019

A recent reform introduced a non-possessory floating pledge to the Italian legal framework. Under the reform, the perfection of such security can take place without the delivery of a pledged asset to the secured creditor, thus introducing an important exception to the general legal framework. Similar to the floating charge structure, the absence of a dispossession requirement enables entrepreneurs to retain the availability of collateral which can be used in the course of the productive cycle.

Classification of stablecoins under Swiss law: FINMA publishes amended guidelines
Meyerlustenberger Lachenal
  • Switzerland
  • 11 October 2019

The Swiss Financial Market Supervisory Authority (FINMA) has published a supplement to its Guidelines on Initial Coin Offerings which outlines how it plans to apply provisions of Swiss supervisory law to projects involving so-called 'stablecoins'. The supplement was prompted by a steady increase in the number of stablecoin projects submitted to FINMA since 2018, including a submission from the Geneva-based Libra Association for an assessment of its Libra project under Swiss supervisory law.

FDF proposes key changes to FinSO and FinlO
Meyerlustenberger Lachenal
  • Switzerland
  • 27 September 2019

The Federal Department of Finance has proposed changes to the draft Financial Services Ordinance (FinSO) and Financial Institutions Ordinance. A significant and welcome change in the draft FinSO is that key information documents for collective investment schemes can be written in English. The Federal Council will make the final decision on the wording of the ordinances and their entry into force in November 2019.

Credit insurance – void assignment for breach of banking secrecy
Schima Mayer Starlinger
  • Austria
  • 27 September 2019

The Supreme Court recently extended to credit insurers its established jurisprudence that banking secrecy may prevent a statutory transfer of credit claims on fulfilment of such claims by a third party. Further, the court affirmed its view that the purpose of making a credit claim recoverable does not constitute an overriding interest that could breach banking secrecy.

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