The document provides an introduction and background to South Africa's Insurance Bill that is being considered by the Standing Committee on Finance. It summarizes the extensive consultation process undertaken and key issues raised during public comments. It also outlines the objectives of the Bill, how it aligns with the Twin Peaks model of financial regulation and the Financial Sector Regulation Act. An overview is given of each chapter of the Bill and the matters it covers such as licensing, governance, financial soundness, reporting and the powers of the Prudential Authority.
The document provides an overview of the proposed Indian Financial Code, which aims to consolidate and reform India's financial sector regulations. It recommends establishing seven key regulatory bodies, including a Unified Financial Agency to regulate all financial services besides banking, and subsuming 15 existing acts into the new code. The proposed code seeks to address issues in the current legislative framework like gaps between regulators and outdated laws through a principles-based approach focusing on transparency, consumer protection, and financial stability.
The document summarizes key points of China's foreign investment law:
1. The law now allows Chinese natural persons to invest in sino-foreign joint ventures, changing a past rule.
2. It defines forms of permitted foreign investment as direct investment, mergers and acquisitions, investment in new projects, and other approved forms.
3. Foreign investors receive pre-entry national treatment and are subject only to rules on a negative investment list, with equal treatment for non-listed investments.
4. The law provides protections for foreign investment such as national treatment, intellectual property protections, business secret protections, and ensuring policy commitments are upheld.
it would be interesting to understand why the restructuring of Articles of the Company is essential in the era of exemptions granted to private company under the Companies Act 2013
1 1 - 1-4 introduction of foreign investment law system in chinaApeng Shang
This document summarizes the key aspects of foreign investment law in China covered in the first four chapters of the book "Fashion Law in China". It outlines the main laws and regulations governing foreign investment, protections available to foreign investors, and compliance rules foreign investors must follow. The system establishes a framework for foreign investment including national treatment, pre-entry national treatment, restrictions in a "negative list", and protections for intellectual property, business secrets, profits, and policy commitments. Compliance with laws around reporting, labor, antitrust, and other areas is also required.
This document provides an overview of the legal framework and regulations regarding securities listing on the Mongolian Stock Exchange (MSE). It discusses the relevant laws and regulations, listing criteria, application process, and ongoing listing requirements. The key points are:
1) Listing is governed by laws including the Company Law, Law on Securities Market, and MSE's own listing rule.
2) To list, companies must meet criteria such as market capitalization, public float, and financial performance. The listing process involves producing documents like a prospectus and valuation reports.
3) Ongoing requirements include complying with rules, timely disclosure of information, and paying annual fees based on the company's market capitalization and trading
This document establishes the Bangko Sentral ng Pilipinas as the independent central monetary authority of the Philippines through the enactment of the New Central Bank Act. It creates the Bangko Sentral as a government-owned corporation with fiscal and administrative autonomy. The Bangko Sentral is governed by a 7-member Monetary Board, including the Governor, a Cabinet member, and 5 private sector members. The primary objective of the Bangko Sentral is to maintain price stability and monetary stability in the Philippines.
SEBI(LODR)Regulations - Obligations on listing of specified securities - Part IIDVSResearchFoundatio
Key Takeaways:
Related party transactions
Obligations of directors including independent directors, employees including KMPs
Corporate Governance requirements
This document provides an overview of banking laws and jurisprudence in the Philippines. It discusses the nature of banking, including the debtor-creditor relationship between banks and depositors. Banks have fiduciary duties and are considered indispensable institutions affected with public interest. The document outlines the classification of different types of banks such as universal banks, commercial banks, rural banks, and thrift banks. It also discusses the authority required to engage in banking and quasi-banking functions in the Philippines.
The document provides an overview of the proposed Indian Financial Code, which aims to consolidate and reform India's financial sector regulations. It recommends establishing seven key regulatory bodies, including a Unified Financial Agency to regulate all financial services besides banking, and subsuming 15 existing acts into the new code. The proposed code seeks to address issues in the current legislative framework like gaps between regulators and outdated laws through a principles-based approach focusing on transparency, consumer protection, and financial stability.
The document summarizes key points of China's foreign investment law:
1. The law now allows Chinese natural persons to invest in sino-foreign joint ventures, changing a past rule.
2. It defines forms of permitted foreign investment as direct investment, mergers and acquisitions, investment in new projects, and other approved forms.
3. Foreign investors receive pre-entry national treatment and are subject only to rules on a negative investment list, with equal treatment for non-listed investments.
4. The law provides protections for foreign investment such as national treatment, intellectual property protections, business secret protections, and ensuring policy commitments are upheld.
it would be interesting to understand why the restructuring of Articles of the Company is essential in the era of exemptions granted to private company under the Companies Act 2013
1 1 - 1-4 introduction of foreign investment law system in chinaApeng Shang
This document summarizes the key aspects of foreign investment law in China covered in the first four chapters of the book "Fashion Law in China". It outlines the main laws and regulations governing foreign investment, protections available to foreign investors, and compliance rules foreign investors must follow. The system establishes a framework for foreign investment including national treatment, pre-entry national treatment, restrictions in a "negative list", and protections for intellectual property, business secrets, profits, and policy commitments. Compliance with laws around reporting, labor, antitrust, and other areas is also required.
This document provides an overview of the legal framework and regulations regarding securities listing on the Mongolian Stock Exchange (MSE). It discusses the relevant laws and regulations, listing criteria, application process, and ongoing listing requirements. The key points are:
1) Listing is governed by laws including the Company Law, Law on Securities Market, and MSE's own listing rule.
2) To list, companies must meet criteria such as market capitalization, public float, and financial performance. The listing process involves producing documents like a prospectus and valuation reports.
3) Ongoing requirements include complying with rules, timely disclosure of information, and paying annual fees based on the company's market capitalization and trading
This document establishes the Bangko Sentral ng Pilipinas as the independent central monetary authority of the Philippines through the enactment of the New Central Bank Act. It creates the Bangko Sentral as a government-owned corporation with fiscal and administrative autonomy. The Bangko Sentral is governed by a 7-member Monetary Board, including the Governor, a Cabinet member, and 5 private sector members. The primary objective of the Bangko Sentral is to maintain price stability and monetary stability in the Philippines.
SEBI(LODR)Regulations - Obligations on listing of specified securities - Part IIDVSResearchFoundatio
Key Takeaways:
Related party transactions
Obligations of directors including independent directors, employees including KMPs
Corporate Governance requirements
This document provides an overview of banking laws and jurisprudence in the Philippines. It discusses the nature of banking, including the debtor-creditor relationship between banks and depositors. Banks have fiduciary duties and are considered indispensable institutions affected with public interest. The document outlines the classification of different types of banks such as universal banks, commercial banks, rural banks, and thrift banks. It also discusses the authority required to engage in banking and quasi-banking functions in the Philippines.
Asset Reconstruction company means acquisition by any securitization company or reconstruction company of any right or interest of any bank or financial institution in any financial assistance for the purpose of realization of such financial assistance. Asset Reconstruction company is a company registered under section 3 of the Securitization & Reconstruction of financial assets & Enforcement of security interest ( SARFAESI ) Act 2002.
It is regulated by RBI as a Non – banking Financial company
RBI has exempted ARCs from the compliances under section 45- 1A ( Requirement of registration & net owned fund ) , Section 45 – 1B ( Maintenance of liquid assets ) , Section 45 – 1C ( Creation of reserve fund ) of the Reserve Bank Act, 1934 .
ARC Functions like an AMC within the guidelines issued by RBI.
The ARC transfers the acquired asset to one or more trusts at the price at which the financial assets were acquired from the originator
https://enterslice.com/nbfc-registration.html
Mongolia revises its regulatory framework for foreign investment (3.10.13)N G
As the interest on investment in Mongolia is growing, I am pleased to upload a presentation about investment condition in Mongolia that was made by HL in UB.
R egulatory framework_of_fin._servcs in indiaBikramjit Singh
The document discusses various regulatory agencies and frameworks for financial services in India. It outlines five key regulatory agencies: the Reserve Bank of India, the Securities and Exchange Board of India, the Forward Markets Commission, the Insurance Regulatory and Development Authority, and the Pension Fund Regulatory and Development Authority. It also describes the broad classifications of India's regulatory framework for financial services as institutional regulations, prudential regulations, investor regulations, and legislative regulations. Finally, it provides details on the functions and responsibilities of some of the major agencies.
This document discusses the organization of accounting in the Philippines from pre-Spanish times to the present. It outlines the key institutions and laws that have shaped the accounting profession and regulatory framework in the country over time. Major developments include the establishment of the first accounting firm by the British in the 1700s, the initial growth period of public accounting in the 1920s-1930s under U.S. influence, adoption of international accounting standards in 1996, and the current legislative and institutional framework governing Philippine accounting and auditing. This framework is regulated by organizations such as the SEC, BIR, COA, DOF, DBM, DBCC, PICPA and BOA.
This document provides an overview of Pakistan's government accounting framework. It discusses the legislative framework including the constitution and audit laws. It then covers the budget process, accounting principles, chart of accounts, financial reporting, and accounting policies and procedures. The accounting framework is based on a modified cash basis of accounting and aims to integrate accounting, reporting, and administrative requirements.
Update on the Latest Laws and Regulations for M&A and JV Deals in ThailandLawPlus Ltd.
Amendments to the Civil and Commercial Code (“CCC”)
Business Collateral Act B.E. 2558 (2015) (“BCA”)
No change to the Securities Law and Regulations
No change to the Foreign Business Act B.E. 2542 (1999) (“FBA”)
Legislation Developments in Myanmar, Singapore, Vietnam
Potential Implications of Legislative Changes on M&A and JV Deals
The document discusses non-banking financial companies (NBFCs) in India. It defines NBFCs as financial institutions that are registered under the Companies Act and engage in financial activities like lending but do not hold banking licenses. NBFCs play important roles like providing credit to sectors that banks may neglect, generating employment, and financing economically weaker sections. The document outlines the regulatory framework for NBFCs, including requirements for registration with the Reserve Bank of India, rules around accepting public deposits, and prudential norms on liquidity and reporting.
The document discusses the Foreign Exchange Management Act (FEMA) and the Reserve Bank of India's (RBI) role in managing foreign exchange in India. It provides background on FEMA replacing the previous Foreign Exchange Regulation Act. The RBI acts as the custodian and manager of foreign exchange reserves in India through its "Exchange Control Department." It aims to maintain stability in exchange rates by regulating inflows and outflows. The three main agencies that regulate foreign direct investment in India are RBI, DIPP, and FIPB.
This document discusses various provisions of the Companies Act, 2013 related to raising finance by private companies. It begins with definitions of key terms like "securities" and "deposits" under the Act. It then explains the different methods available to companies for issuing securities like public offer, rights issue, private placement, preferential issue etc. and the conditions that need to be met for each. It also covers related topics like types of shares and debentures that can be issued, requirements for listed companies, and exceptions to the definition of "deposit".
The Department of Industrial Policy and Promotion has amended regulations to permit foreign direct investment in India's pension sector. FDI of up to 49% will be allowed, with 26% permitted through the automatic route and anything above 26% requiring approval. Foreign investors must register with the Pension Fund Regulatory and Development Authority and comply with relevant laws and regulations. The changes are expected to boost expansion in the pension sector by increasing the scope of pension fund activities.
This document defines and explains collective investment schemes (CIS). It begins by defining a CIS according to UK law as an arrangement that enables pooling of investment property and sharing of profits among participating investors who do not have day-to-day control. The document outlines that establishing or operating a CIS requires financial regulatory authorization. It then breaks down the legal definition, discusses exclusions from the definition, and distinguishes between regulated and unregulated CISs. Finally, it summarizes rules around promotion of regulated and unregulated CISs by authorized and unauthorized persons, and notes recent UK financial regulatory developments related to CISs.
This document provides an overview of Collective Investment Schemes (CIS) in South Africa. It defines a CIS as an investment vehicle that pools investor money to access investments individuals could not access alone. It describes the CIS landscape in South Africa, including total assets under management and number of registered portfolios. It outlines the major types of funds, portfolios, stakeholders, and legal framework for CIS. It also summarizes the typical corporate governance framework, key operational functions and processes, and common operational challenges for CIS.
The document provides guidance on secretarial standards related to board meetings and general meetings as per the Companies Act 2013. It outlines the key requirements around notice, agenda, quorum, attendance and other procedural aspects that need to be followed for board and committee meetings. Electronic participation is allowed for certain non-restricted items if the facility is provided by the company. At least one board meeting needs to be held every quarter and independent directors must meet annually to review performance.
How to set up a fund as a Limited PartnershipCummings
The document summarizes how to set up a fund as a limited partnership in the UK. A limited partnership structure is commonly used because it provides tax transparency and flexibility compared to a company structure. The fund is established as a limited partnership with investors becoming limited partners. A separate Exempt Property Unit Trust (EPUT) is set up to allow charities, pensions, and other exempt investors to participate by subscribing for units in the EPUT, which then invests in the limited partnership. The structure is intended to allow tax-efficient investing for partners. Key service providers involved include a general partner to manage the partnership, an operator to conduct regulated activities, an investment manager, a trustee for the EPUT, and other advis
Understanding the Roles and Responsibilities of RBI and the RBI Act, 1934DVSResearchFoundatio
Key Takeaways:
Scope of RBI Act,1934
Banking functions and powers of RBI
Provisions relating to NBFCs
Regulation of derivative instruments
Monetary Policy and inflation target
Other provisions relating to functioning of banking system
NBFCs are financial institutions that provide banking services like loans and credit facilities but do not have a banking license. They are registered as non-banking financial companies under the Companies Act and are engaged in activities like lending, acquiring stocks/bonds, trading in money markets, and managing stock/share portfolios. NBFCs play an important role in developing sectors like transport and infrastructure while generating employment and wealth. Compared to banks, NBFCs have less stringent regulatory requirements and licensing is easier, though they also have limitations like not being part of the payments system and not offering checking facilities.
This document summarizes the history and regulations around non-banking financial companies (NBFCs) and notified entities in Pakistan. It discusses how NBFCs were divided and regulated in 2002-2007. Key points include:
- NBFCs were divided and regulated by different bodies like SECP and SBP. The NBFC and Notified Entities Regulations of 2007 consolidated regulation of these entities.
- The regulations define NBFCs and notified entities and set rules around their establishment, operations, minimum capital requirements, investment limits, exposure limits, and other operational conditions.
- Additional provisions are outlined for specific types of NBFC business like leasing, investment finance services, housing finance, venture capital investment
1. The document discusses the regulatory framework for non-banking financial companies (NBFCs) in India including definitions, registration requirements, prudential norms, and recommendations of the Usha Thorat Committee.
2. It provides details on the classification of NBFCs based on their business and public deposit acceptance, capital adequacy requirements, prudential norms on income recognition and provisioning.
3. The USHA THORAT Committee recommended increasing the minimum asset size for registering new NBFCs and subjecting large NBFCs to corporate governance norms similar to listed companies.
The document summarizes proposed reforms to Jamaica's Insurance and Pension statutes. Key proposed reforms include:
- Strengthening protections for policyholders and pension plan participants.
- Improving corporate governance requirements for insurance companies.
- Refining due process procedures when taking regulatory actions.
- Simplifying the pension plan amendment process.
- Encouraging innovation in pension payout products.
The Financial Services Commission of Jamaica consulted stakeholders on the proposed reforms. Some areas are still under consideration, while others were accepted in principle pending further review.
Asset Reconstruction company means acquisition by any securitization company or reconstruction company of any right or interest of any bank or financial institution in any financial assistance for the purpose of realization of such financial assistance. Asset Reconstruction company is a company registered under section 3 of the Securitization & Reconstruction of financial assets & Enforcement of security interest ( SARFAESI ) Act 2002.
It is regulated by RBI as a Non – banking Financial company
RBI has exempted ARCs from the compliances under section 45- 1A ( Requirement of registration & net owned fund ) , Section 45 – 1B ( Maintenance of liquid assets ) , Section 45 – 1C ( Creation of reserve fund ) of the Reserve Bank Act, 1934 .
ARC Functions like an AMC within the guidelines issued by RBI.
The ARC transfers the acquired asset to one or more trusts at the price at which the financial assets were acquired from the originator
https://enterslice.com/nbfc-registration.html
Mongolia revises its regulatory framework for foreign investment (3.10.13)N G
As the interest on investment in Mongolia is growing, I am pleased to upload a presentation about investment condition in Mongolia that was made by HL in UB.
R egulatory framework_of_fin._servcs in indiaBikramjit Singh
The document discusses various regulatory agencies and frameworks for financial services in India. It outlines five key regulatory agencies: the Reserve Bank of India, the Securities and Exchange Board of India, the Forward Markets Commission, the Insurance Regulatory and Development Authority, and the Pension Fund Regulatory and Development Authority. It also describes the broad classifications of India's regulatory framework for financial services as institutional regulations, prudential regulations, investor regulations, and legislative regulations. Finally, it provides details on the functions and responsibilities of some of the major agencies.
This document discusses the organization of accounting in the Philippines from pre-Spanish times to the present. It outlines the key institutions and laws that have shaped the accounting profession and regulatory framework in the country over time. Major developments include the establishment of the first accounting firm by the British in the 1700s, the initial growth period of public accounting in the 1920s-1930s under U.S. influence, adoption of international accounting standards in 1996, and the current legislative and institutional framework governing Philippine accounting and auditing. This framework is regulated by organizations such as the SEC, BIR, COA, DOF, DBM, DBCC, PICPA and BOA.
This document provides an overview of Pakistan's government accounting framework. It discusses the legislative framework including the constitution and audit laws. It then covers the budget process, accounting principles, chart of accounts, financial reporting, and accounting policies and procedures. The accounting framework is based on a modified cash basis of accounting and aims to integrate accounting, reporting, and administrative requirements.
Update on the Latest Laws and Regulations for M&A and JV Deals in ThailandLawPlus Ltd.
Amendments to the Civil and Commercial Code (“CCC”)
Business Collateral Act B.E. 2558 (2015) (“BCA”)
No change to the Securities Law and Regulations
No change to the Foreign Business Act B.E. 2542 (1999) (“FBA”)
Legislation Developments in Myanmar, Singapore, Vietnam
Potential Implications of Legislative Changes on M&A and JV Deals
The document discusses non-banking financial companies (NBFCs) in India. It defines NBFCs as financial institutions that are registered under the Companies Act and engage in financial activities like lending but do not hold banking licenses. NBFCs play important roles like providing credit to sectors that banks may neglect, generating employment, and financing economically weaker sections. The document outlines the regulatory framework for NBFCs, including requirements for registration with the Reserve Bank of India, rules around accepting public deposits, and prudential norms on liquidity and reporting.
The document discusses the Foreign Exchange Management Act (FEMA) and the Reserve Bank of India's (RBI) role in managing foreign exchange in India. It provides background on FEMA replacing the previous Foreign Exchange Regulation Act. The RBI acts as the custodian and manager of foreign exchange reserves in India through its "Exchange Control Department." It aims to maintain stability in exchange rates by regulating inflows and outflows. The three main agencies that regulate foreign direct investment in India are RBI, DIPP, and FIPB.
This document discusses various provisions of the Companies Act, 2013 related to raising finance by private companies. It begins with definitions of key terms like "securities" and "deposits" under the Act. It then explains the different methods available to companies for issuing securities like public offer, rights issue, private placement, preferential issue etc. and the conditions that need to be met for each. It also covers related topics like types of shares and debentures that can be issued, requirements for listed companies, and exceptions to the definition of "deposit".
The Department of Industrial Policy and Promotion has amended regulations to permit foreign direct investment in India's pension sector. FDI of up to 49% will be allowed, with 26% permitted through the automatic route and anything above 26% requiring approval. Foreign investors must register with the Pension Fund Regulatory and Development Authority and comply with relevant laws and regulations. The changes are expected to boost expansion in the pension sector by increasing the scope of pension fund activities.
This document defines and explains collective investment schemes (CIS). It begins by defining a CIS according to UK law as an arrangement that enables pooling of investment property and sharing of profits among participating investors who do not have day-to-day control. The document outlines that establishing or operating a CIS requires financial regulatory authorization. It then breaks down the legal definition, discusses exclusions from the definition, and distinguishes between regulated and unregulated CISs. Finally, it summarizes rules around promotion of regulated and unregulated CISs by authorized and unauthorized persons, and notes recent UK financial regulatory developments related to CISs.
This document provides an overview of Collective Investment Schemes (CIS) in South Africa. It defines a CIS as an investment vehicle that pools investor money to access investments individuals could not access alone. It describes the CIS landscape in South Africa, including total assets under management and number of registered portfolios. It outlines the major types of funds, portfolios, stakeholders, and legal framework for CIS. It also summarizes the typical corporate governance framework, key operational functions and processes, and common operational challenges for CIS.
The document provides guidance on secretarial standards related to board meetings and general meetings as per the Companies Act 2013. It outlines the key requirements around notice, agenda, quorum, attendance and other procedural aspects that need to be followed for board and committee meetings. Electronic participation is allowed for certain non-restricted items if the facility is provided by the company. At least one board meeting needs to be held every quarter and independent directors must meet annually to review performance.
How to set up a fund as a Limited PartnershipCummings
The document summarizes how to set up a fund as a limited partnership in the UK. A limited partnership structure is commonly used because it provides tax transparency and flexibility compared to a company structure. The fund is established as a limited partnership with investors becoming limited partners. A separate Exempt Property Unit Trust (EPUT) is set up to allow charities, pensions, and other exempt investors to participate by subscribing for units in the EPUT, which then invests in the limited partnership. The structure is intended to allow tax-efficient investing for partners. Key service providers involved include a general partner to manage the partnership, an operator to conduct regulated activities, an investment manager, a trustee for the EPUT, and other advis
Understanding the Roles and Responsibilities of RBI and the RBI Act, 1934DVSResearchFoundatio
Key Takeaways:
Scope of RBI Act,1934
Banking functions and powers of RBI
Provisions relating to NBFCs
Regulation of derivative instruments
Monetary Policy and inflation target
Other provisions relating to functioning of banking system
NBFCs are financial institutions that provide banking services like loans and credit facilities but do not have a banking license. They are registered as non-banking financial companies under the Companies Act and are engaged in activities like lending, acquiring stocks/bonds, trading in money markets, and managing stock/share portfolios. NBFCs play an important role in developing sectors like transport and infrastructure while generating employment and wealth. Compared to banks, NBFCs have less stringent regulatory requirements and licensing is easier, though they also have limitations like not being part of the payments system and not offering checking facilities.
This document summarizes the history and regulations around non-banking financial companies (NBFCs) and notified entities in Pakistan. It discusses how NBFCs were divided and regulated in 2002-2007. Key points include:
- NBFCs were divided and regulated by different bodies like SECP and SBP. The NBFC and Notified Entities Regulations of 2007 consolidated regulation of these entities.
- The regulations define NBFCs and notified entities and set rules around their establishment, operations, minimum capital requirements, investment limits, exposure limits, and other operational conditions.
- Additional provisions are outlined for specific types of NBFC business like leasing, investment finance services, housing finance, venture capital investment
1. The document discusses the regulatory framework for non-banking financial companies (NBFCs) in India including definitions, registration requirements, prudential norms, and recommendations of the Usha Thorat Committee.
2. It provides details on the classification of NBFCs based on their business and public deposit acceptance, capital adequacy requirements, prudential norms on income recognition and provisioning.
3. The USHA THORAT Committee recommended increasing the minimum asset size for registering new NBFCs and subjecting large NBFCs to corporate governance norms similar to listed companies.
The document summarizes proposed reforms to Jamaica's Insurance and Pension statutes. Key proposed reforms include:
- Strengthening protections for policyholders and pension plan participants.
- Improving corporate governance requirements for insurance companies.
- Refining due process procedures when taking regulatory actions.
- Simplifying the pension plan amendment process.
- Encouraging innovation in pension payout products.
The Financial Services Commission of Jamaica consulted stakeholders on the proposed reforms. Some areas are still under consideration, while others were accepted in principle pending further review.
The Insolvency and Bankruptcy Code, 2016 (Code) came into operation w.e.f 28th May, 2016.
It seeks to consolidate the existing framework by by creating a single law for Insolvency and Bankruptcy.
Insolvency is when an individual, corporation, or other organization cannot meet its financial obligations for paying debts as they are due.
Insolvency can occur when certain things happen, some of which may include: poor cash management, increase in cash expenses, or decrease in cash flow.
Presentation by Maurice Blackburn head of Superannuation John Berrill to the Association of Superannuation Funds of Australia (ASFA) National Conference, Melbourne, 2014.
View John's profile: http://www.mauriceblackburn.com.au/our-people/lawyers/john-berrill/
This document discusses new regulatory challenges and expectations for mutual fund boards, including new disclosure forms N-PORT and N-CEN that will require increased oversight of new risk reporting and financial disclosures. It also covers changes to money market funds, including liquidity fees, redemption gates, and a floating NAV for some funds. Interfund lending is also discussed as an option for liquidity management that boards will need detailed procedures and oversight for.
BBF 322 REGULATORY FRAME WORK OF FINANCIAL (1).pptxmichealmawadri
The document discusses regulations around shareholding and capital requirements for financial institutions in Uganda. It states that no individual or group can own more than 49% of a financial institution's shares. Minimum capital requirements are also specified, such as commercial banks needing a minimum paid-up cash capital of UGX 10 billion, to be increased to UGX 25 billion by 2013. Non-bank financial institutions must have a minimum capital of UGX 500 million. These regulations aim to promote stability in the financial system.
My Detail Internship Recap - Aaron AlasaAaronAlasa
The document summarizes Aaron Alasa's internship recap from November 28, 2018. It outlines the various research assignments and practice area training completed during the internship. Research assignments included interest rate hedging, pioneer status in Nigeria, and summarizing rules of the Nigerian Stock Exchange. Practice area training covered power, oil and gas, real estate, finance, and corporate and commercial law. The internship provided exposure to key areas of Nigerian law and business.
The NBFIRA regulates non-bank financial institutions in Botswana to ensure their safety, business conduct standards, fairness in the financial market, stability of the financial system, and reduction of financial crime. It licenses and monitors NBFIs like retirement funds, insurers, and capital markets. Challenges include limited capacity and skills, but NBFIRA promotes collaboration locally and internationally. Effective regulation requires balancing innovation with stability while protecting consumers and markets through principles like fair treatment of customers.
The document summarizes the Managed Funds Association's (MFA) policy highlights and engagement with regulators on financial regulatory reform in the U.S. in 2014. Key areas of focus included tax policy, the Commodity Futures Trading Commission reauthorization, regulating systemic risk, central clearing of derivatives, and implementation of the JOBS Act. The MFA supports principled financial regulatory reform and intends to remain engaged with legislators and regulators on these issues.
The document provides an overview of the structure and regulatory requirements of mutual funds in India. It discusses the key entities involved like sponsors, trustees, asset management company and their roles and responsibilities.
It outlines the regulatory prescriptions for trustees, including qualification criteria for trustee directors. It also summarizes the rights and obligations of trustees under the regulations, including oversight of the AMC, compliance with investment restrictions, and reporting requirements.
Finally, it mentions the regulatory provisions that must be fulfilled for approval of an AMC, including qualification criteria for AMC directors.
The passage summarizes the Insurance Regulatory and Development Authority (IRDA) act in India. It established IRDA as a statutory body in 1999 to regulate and promote the growth of the insurance industry. IRDA's mission is to protect policyholders' interests and ensure the orderly growth and development of the insurance sector. Its key objectives include registering insurance companies, protecting policyholders and investors, and regulating solvency requirements and accounting practices. IRDA oversees various functions like issuing licenses, monitoring investments and claims settlement procedures. It has 10 members including a chairman and whole-time/part-time members appointed by the Government of India.
The document provides an overview of the SFTR regulation which aims to increase transparency of securities financing transactions. It discusses key aspects such as the scope, reporting requirements, phases of implementation, and impact on various entities. The regulation introduces transaction reporting obligations for repo, buy-sell backs, securities lending, and other transactions. Firms must report transaction and position details to trade repositories within one day of the transaction or lifecycle event. Perpetual Motion Consulting offers services to help firms understand their obligations and implement compliant solutions in a cost-effective manner.
This document summarizes a webcast presented by Grant Thornton LLP on the Volcker Rule. The webcast covered an overview of the Dodd-Frank Act and key provisions such as those regulating advisors to hedge funds and OTC derivatives. It discussed the Volcker Rule restrictions on proprietary trading and covered funds. Banking entities must implement a compliance program based on the size and complexity of their trading activities. The webcast concluded with questions and information on how to obtain a CPE certificate for participating.
This presentation serves as study notes for the e-learning material titled: "South African Hedge funds and international developments"
These notes focus on Dodd Frank and its Impact on the Hedge Fund Industry.
http://www.hedgefund-sa.co.za/dodd-frank
The document discusses the legal and regulatory framework for mutual funds in India. It outlines the roles of key regulators like SEBI and describes SEBI's regulations around mutual funds which cover areas like scheme documents, risk management, disclosures, advertising and investment restrictions. The regulations aim to protect investors and ensure the orderly development of the financial markets.
This document provides information on the consultancy services offered by KD's Enterprize Consultancy Services. It discusses various services such as pension plan management, financial planning and counselling, document preparation, and metal works. The company assists with tasks like drafting investment policies, administering pension plans, advising trustees, and providing financial advice. It also discusses welding and metal fabrication services offered through an associate. The document aims to outline the full range of services available to clients.
Sidoti & Company Spring 2017 Convention PresentationJim Jenkins
This document summarizes the potential impact of the Trump administration on securities regulation based on a presentation by the law firm Harter Secrest & Emery LLP. It outlines changes to SEC leadership and budget under Trump that indicate less enforcement. It also discusses efforts to repeal parts of Dodd-Frank and roll back regulations like those around conflict minerals and resource extraction payments. Overall the future of post-2008 financial crisis rules is uncertain but deregulation is a key focus.
Similar to Final Insurance Bill Presentation to SCOF (20)
Combined Illegal, Unregulated and Unreported (IUU) Vessel List.Christina Parmionova
The best available, up-to-date information on all fishing and related vessels that appear on the illegal, unregulated, and unreported (IUU) fishing vessel lists published by Regional Fisheries Management Organisations (RFMOs) and related organisations. The aim of the site is to improve the effectiveness of the original IUU lists as a tool for a wide variety of stakeholders to better understand and combat illegal fishing and broader fisheries crime.
To date, the following regional organisations maintain or share lists of vessels that have been found to carry out or support IUU fishing within their own or adjacent convention areas and/or species of competence:
Commission for the Conservation of Antarctic Marine Living Resources (CCAMLR)
Commission for the Conservation of Southern Bluefin Tuna (CCSBT)
General Fisheries Commission for the Mediterranean (GFCM)
Inter-American Tropical Tuna Commission (IATTC)
International Commission for the Conservation of Atlantic Tunas (ICCAT)
Indian Ocean Tuna Commission (IOTC)
Northwest Atlantic Fisheries Organisation (NAFO)
North East Atlantic Fisheries Commission (NEAFC)
North Pacific Fisheries Commission (NPFC)
South East Atlantic Fisheries Organisation (SEAFO)
South Pacific Regional Fisheries Management Organisation (SPRFMO)
Southern Indian Ocean Fisheries Agreement (SIOFA)
Western and Central Pacific Fisheries Commission (WCPFC)
The Combined IUU Fishing Vessel List merges all these sources into one list that provides a single reference point to identify whether a vessel is currently IUU listed. Vessels that have been IUU listed in the past and subsequently delisted (for example because of a change in ownership, or because the vessel is no longer in service) are also retained on the site, so that the site contains a full historic record of IUU listed fishing vessels.
Unlike the IUU lists published on individual RFMO websites, which may update vessel details infrequently or not at all, the Combined IUU Fishing Vessel List is kept up to date with the best available information regarding changes to vessel identity, flag state, ownership, location, and operations.
Jennifer Schaus and Associates hosts a complimentary webinar series on The FAR in 2024. Join the webinars on Wednesdays and Fridays at noon, eastern.
Recordings are on YouTube and the company website.
https://www.youtube.com/@jenniferschaus/videos
UN WOD 2024 will take us on a journey of discovery through the ocean's vastness, tapping into the wisdom and expertise of global policy-makers, scientists, managers, thought leaders, and artists to awaken new depths of understanding, compassion, collaboration and commitment for the ocean and all it sustains. The program will expand our perspectives and appreciation for our blue planet, build new foundations for our relationship to the ocean, and ignite a wave of action toward necessary change.
United Nations World Oceans Day 2024; June 8th " Awaken new dephts".Christina Parmionova
The program will expand our perspectives and appreciation for our blue planet, build new foundations for our relationship to the ocean, and ignite a wave of action toward necessary change.
Jennifer Schaus and Associates hosts a complimentary webinar series on The FAR in 2024. Join the webinars on Wednesdays and Fridays at noon, eastern.
Recordings are on YouTube and the company website.
https://www.youtube.com/@jenniferschaus/videos
This report explores the significance of border towns and spaces for strengthening responses to young people on the move. In particular it explores the linkages of young people to local service centres with the aim of further developing service, protection, and support strategies for migrant children in border areas across the region. The report is based on a small-scale fieldwork study in the border towns of Chipata and Katete in Zambia conducted in July 2023. Border towns and spaces provide a rich source of information about issues related to the informal or irregular movement of young people across borders, including smuggling and trafficking. They can help build a picture of the nature and scope of the type of movement young migrants undertake and also the forms of protection available to them. Border towns and spaces also provide a lens through which we can better understand the vulnerabilities of young people on the move and, critically, the strategies they use to navigate challenges and access support.
The findings in this report highlight some of the key factors shaping the experiences and vulnerabilities of young people on the move – particularly their proximity to border spaces and how this affects the risks that they face. The report describes strategies that young people on the move employ to remain below the radar of visibility to state and non-state actors due to fear of arrest, detention, and deportation while also trying to keep themselves safe and access support in border towns. These strategies of (in)visibility provide a way to protect themselves yet at the same time also heighten some of the risks young people face as their vulnerabilities are not always recognised by those who could offer support.
In this report we show that the realities and challenges of life and migration in this region and in Zambia need to be better understood for support to be strengthened and tuned to meet the specific needs of young people on the move. This includes understanding the role of state and non-state stakeholders, the impact of laws and policies and, critically, the experiences of the young people themselves. We provide recommendations for immediate action, recommendations for programming to support young people on the move in the two towns that would reduce risk for young people in this area, and recommendations for longer term policy advocacy.
1. Introduction to the Insurance Bill
September 2016
Recapping process and focus on Insurance Bill clauses
Presentation to the Standing Committee on Finance
National Treasury | 22 August 2017
3. Introduction - Recap of process
• NT thanks the Committee for efforts made to date in considering the Insurance
Bill
• Extensive consultation process followed, to summarise process :
– Cabinet approved release of Bill for comment 15 April 2015
– NT releases Bill for public comment 17 April 2015
– Cabinet approves Bill 4 November 2015
– Minister of Finance tables Bill in Parliament 28 January 2016
– SCOF invitation for public comments 15 December 2016
– SCOF briefing on the Bill 24 January 2017
– SCOF public hearings on the Bill 7 February 2017
– 10 May 2017 NT responds to public comment and proposes changes to
the Bill
• NT background presentations circulated again for reference
3
4. Introduction – Recap of process contd…
• To recap - detailed response to public comments made during public hearings
on the Bill submitted to Committee
– Comments focused broadly on transformation of insurance sector, financial
inclusion, cost of regulation, certain powers of the regulator, technical
amendments & alignment with the Financial Sector Regulation Bill
– Comment matrix circulated again for background
• NT cognisant of broader transformation issues raised and requests that
transformation clauses in the Bill be considered after the transformation
hearing scheduled in Parliament on 6 September 2017 in order to focus on
remaining aspects of the Bill
– Issues raised - ownership, procurement, management control
– NT/FSB/SARB meetings with black owned insurers and panel beaters post
public hearings
– Dedicated meetings with SAIA and ASISA boards to develop transformation
work plans for insurance sector in anticipation of Fin Sector Summit
4
5. Documents available to Committee
• NT presentation to Committee 22 August 2017
• NT background presentations to Committee - 24 January 2017 and 10 May
2017
• Detailed matrix responding to public comments presented on 10 May 2017
• Proposed revised Bill, taking into account public comments presented on 10
May 2017
• NT list of amendments to Insurance Bill as tabled
5
6. Bill is part of Phase 2 of Twin Peaks reforms
6
2015 2016 2017
8. 8
Background to the Bill
• Builds on the Twin Peaks model of financial regulation envisaged in the
FSRB in respect of prudential supervision
• Provides a consolidated legal framework for the prudential supervision
of insurers as envisaged in the FSRA
• Gives effect to the mandate & functions of the PA as articulated in the
FSRA
• Insurance Bill will:
— Promote financial inclusion & financial sector transformation
— Introduces a microinsurance regulatory framework
— Enhance safety and soundness of insurers
— Help maintain financial stability through introducing a framework
for insurance group supervision
— Facilitate alignment with international standards (adapted to
South African circumstances) in accordance with South Africa’s
G20 commitments
9. 9
Background to the Bill
• Proportionality & progressive realisation
— The Bill entrenches the principle of proportionality & progressive
realisation - regulatory requirements will be applied in a manner
which is proportionate to the nature, scale and complexity of the
risks inherent in the business of an insurer (and reinsurer), so that
requirements imposed on small and medium- size insurers are not
too onerous
— Compliance with requirements may be achieved over time
• Framework legislation
— It is enabling or empowering (and should be in respect of the new
solvency regime)
— It contains the fundamental policy or underlying principles of
legislation that are unlikely to change over time
10. 10
Background to the Bill
• It provides for the basic or minimum issues and powers necessary to
regulate insurers, and delegates the power to make secondary legislation
and other authority to implement and enforce the Bill to the PA
• The delegation of the power to make secondary legislation and other
authority to implement and enforce the Bill is important to allow for or
facilitate—
— expert input into its design and technical language to be used in its
wording
— flexibility in responding to events, emergencies and industry
developments
• Oversight by Parliament of secondary legislation
11. 11
Alignment of Bill with FSRA
• Bill is aligned to the FSRA
• A few additional amendments have been proposed to the Committee on
10 May 2017 –
— ensure alignment with the FSRA including transformation objectives
— clarify potential ambiguities identified post tabling of the Bill
— to give effect to public comments
12. Structure of Bill - Chapter Champions
• Chapter 1: Interpretation & objective of Bill – Jo-Ann Ferreria
• Chapter 2: Overarching framework for conducting insurance business &
insurance group business - Jo-Ann Ferreria
• Chapter 3: Key persons & significant owners – Tendani Mathobo
• Chapter 4: Licensing - Caroline Da Silva
• Chapter 5: Governance – Caroline Da Silva
• Chapter 6: Financial soundness – Suzette Vogelsang
• Chapter 7: Reporting & public disclosure requirements- Reshma Sheoraj
• Chapter 8: Transfer of business & significant transactions – Reshma Sheoraj
• Chapter 9: Resolution – Jeannine Bednar-Giyose
• Chapter 10: Administration of the Bill – Tendani Matobo
• Chapter 11: General provisions- Jo-Ann Ferreria
12
13. Chapter 1: Interpretation & Objective
13
• Definitions
• General interpretation
• Objective
— promote the maintenance of a fair, safe and stable insurance market
for the benefit and protection of policyholders, by establishing a
legal framework for the prudential regulation and supervision
of insurers and insurance groups that—
• facilitates the monitoring and the preservation of the safety and
soundness of insurers
• enhances the protection of policyholders and potential
policyholders
• increases access to insurance for all South Africans
• promotes transformation of the insurance sector
• contributes to the stability of the financial system in general
14. Chapter 2: Insurance business
14
• PART 1: General principles
• PART 2: Insurance business and other business of insurers
— A licence is required to conduct insurance business in SA
— States what constitutes conducting insurance business in SA
— Places limitations on insurance business outside SA and other
business in SA or outside SA without PA’s approval
— Registrar may include or exclude specific types of business from Act,
subject to certain considerations
15. Chapter 2: Insurance business
15
• PART 3: Branches of foreign reinsurers and Lloyd’s
— Foreign reinsurer may establish a branch if licensed
— Lloyd’s may conduct business – deemed to be licensed
— Subject to requirements:
— Trusts
— Representative offices
— All requirements of Bill apply, unless specifically stated otherwise
— Specific provisions regarding claims against branches & Lloyd’s
underwriters
16. Chapter 2: Insurance business
16
• PART 4: Insurance Groups
— PA must determine, per group, the scope of the group that is
subject to group supervision
— Controlling company responsible for meeting regulatory
requirements in respect of group (similar to those that apply to
insurers)
— PA may amend scope of the group that is subject to group
supervision, under certain circumstances
17. Chapter 3: Key persons & significant owners
17
• PART 1 & 4: Fit & proper requirements
— PA may prescribe fit and proper requirements for key persons and
significant owners
— Key persons: PA may direct insurer or controlling company to take
certain actions, including termination of appointment
— [Key persons are defined as a director, senior manager, head of a
control function, auditor, representative & trustee of Lloyd’s /
foreign reinsurer branch]
— Significant owners: If found not to be fit & proper, PA may direct
significant owner to take certain actions, including disposal of part or
full shareholding in certain circumstances
18. Chapter 3: Key persons & significant owners
18
• PART 2: Appointments and terminations of key persons
— Appointment of directors, auditor, representatives and trustees must
be approved
— Appointment of senior manager and head of a control function must
be notified
— Termination of appointments must be notified & must provide
information
19. Chapter 3: Key persons & significant owners
19
• PART 3: Changes in control of insurer / insurance group
— Builds on requirements of the FSRB
— Changes in control require PA’s approval & all significant owners to be
approved
— If control by significant owner is found to be prejudicial to insurer/
controlling company / policyholders, PA may direct significant owner
to take certain actions, including disposal of part or full shareholding
in certain circumstances
— If approvals not secured, transaction and any dividends paid are void
— CC & Tribunal may not approve merger without Registrar’s agreement
— PA may oust jurisdiction of CC & Tribunal if in the public interest
— Approval required for shares to be registered in name of a person
other than beneficial owner – may prescribe circumstances under
which approval is not required
20. Chapter 4: Licensing
20
• Micro-insurers: profit or non-profit company (i.e. public or private
company), cooperative or established under dedicated Act
• Branches: External company
• Lloyd’s: deemed to be licensed
• Other insurers: public company & cooperative
• No composite insurers – except for microinsurers
• Licensed for specific classes & sub-classes
• May provide rider benefits as prescribed
• Requirements for licensing stated & additional requirements may be
prescribed – transformation entrenched
21. Chapter 4: Licensing contd..
21
• Consultation with other financial sector regulators required
• Application to be dealt with within 120 days or longer agreed period
• Conditions may be imposed
— Progressive realisation
— Cell captive insurance may only be conducted through a separate
licensed legal entity
• Conditions may be varied
• Licence may be suspended
• Licence may be withdrawn
22. Chapter 5: Governance framework
22
• Must have & maintain governance framework
• Sets out matters that may be prescribed in respect of framework
• PA may require compliance to be demonstrated
• Sets out processes and plans required when insurer or controlling
company fails to maintain framework
• Empowers PA to direct insurer or controlling company to to effet
improvements to governance framework
• Sets out requirements for auditors
• Sets out requirements for audit committee
• Imposes additional governance requirements on branches & Lloyd’s –
representatives and representative offices
23. Chapter 6: Financial Soundness
23
• Must maintain financially sound condition
• What constitutes a financially sound condition specified
• Sets out matters that may be prescribed in respect of framework
24. Chapter 6: Financial Soundness
24
• Sets out circumstances under which capital add-on may be imposed
• Requires approval in respect of certain matters relating to capital and
securities
• Registrar may require compliance to be demonstrated
• Sets out processes and plans required when insurer fails to maintain
framework
• Imposes additional requirements on branches & Lloyd’s – trust and
trustees
25. Chapter 7: Reporting & public disclosures
25
• Requires disclosures on beneficial interests (insurer and holder of
interest)
• Requires returns
• Requires annual disclosures to the public
• Requires submission of annual financial statements and accounting
requirements
• Imposes auditing requirements
• Requires branches and Lloyd’s to report changes in home jurisdiction
legislation
• PA may require additional information or direct independent verification
26. Chapter 8: Transfers & other transactions
26
• Approval of transfers and other fundamental transactions required
(mergers, reorganisations, take-overs)
• Approval of significant acquisitions and disposals required
• Notification of all other acquisitions and disposals required
27. Chapter 9: Resolution
27
• Refers to statutory manager & curatorship under existing legislation
• States powers of curator (still Court approved)
• Specifies requirements relating to business rescue and winding-up -
Registrar must be aware & may intervene; may initiate
[Broader resolution framework reform will require alignment. Alignment to
be achieved through consequential amendments under the proposed
Resolution Bill]
[Chapter somewhat longer as it impacts on other Acts]
28. Chapter 10: Administration
28
• PART 1: Applications & notifications
• PART 2: Powers and functions of the PA
— Aligned to FSRA
— Additional requirements
— Prudential Standards
— Publications by Registrar
— Equivalence in relation to branches
— Exemptions (developmental and transformation considerations)
— Unlicensed insurance business
— Penalties for late submission of information
— Offences – limited to situations where other remedies are limited
relating to group supervision
29. Chapter 11: General provisions
29
• Regulations – demarcation
• Special exemptions for certain insurers not to be public company
• Consequential amendments to LTIA and STIA
• Transitional provisions to facilitate implementation
— Re-licensing – 2 years
• Short title and commencement
30. Schedules
30
• SCHEDULE 1: Consequential amendments
• SCHEDULE 2: Classes and sub-classes
— More granular authorisation classes and sub-classes
— Specific authorisation for inward reinsurance
— Consequences for group policies
• SCHEDULE 3: Transitional provisions