The Financial Services Industry Monthly Bulletin is a banking and finance law publication by Reff & Associates (correspondent law firm of Deloitte Romania) and Deloitte Tax.
Each month, our specialist team of finance lawyers and tax advisors will keep you updated with the latest legal, regulatory and tax developments in the financial services industry in Romania as well as with the recent changes and trends in the international financial regulations.
The areas covered by our bulletin include:
Banking and non-banking financial institutions
Capital markets
Insurance companies
Private pension funds
The document summarizes regulatory changes announced by several Romanian financial services authorities in February 2010, including:
- The National Bank of Romania amended interest rates for mandatory reserves.
- The Insurance Supervisory Commission amended regulations for mandatory vehicle insurance.
- The Private Pension System Supervisory Commission amended rules for privately managed pension funds.
- The National Securities Commission amended regulations for the Investor Compensation Fund and NSC income.
It also outlines several proposals for future regulatory changes under public debate.
The document provides regulatory updates from the National Bank of Romania (NBR), Romanian Parliament, Insurance Supervision Commission (ISC), and Private Pension System Supervision Commission (PPSSC) for the period of October-December 2010. NBR amended numerous regulations relating to banking, capital markets, and financial reporting. The Romanian Parliament approved changes to laws regarding credit institutions and consumer credit contracts. ISC updated insurance contract reporting rules. PPSSC issued new norms on private pension prospectuses, investment limits, and fund management authorizations.
Policy Framework for the Introduction of Budget Norms in the Health Sector an...Jean-Marc Lepain
The document discusses introducing budget norms for the health sector in Laos. It outlines the legal framework for budget norms and examines trends in health sector financing. Key points include:
1) Budget norms will help allocate funds more transparently and equitably between provinces based on characteristics rather than just population.
2) Current health spending is low and imbalances exist between provinces. Norms can help correct this and align budgets with poverty levels.
3) Norms will include sector, economic, and central ministry norms. Funding will come from unconditional and conditional grants to ensure all provinces can deliver basic services.
The document discusses the implementation of Regulations 883/2004/EC and 987/2009/EC in Hungary. It provides facts about the bodies responsible for coordination of social security - the National Health Insurance Fund and 19 local government offices. It also outlines entitlement to benefits in kind and cash benefits. The document then discusses some questions and problems that have arisen, such as the lack of an E115 form, the concept of family member, and entitlement to benefits based on residence.
Agreement on the functioning of the Single Resolution Mechanism for the Banki...Lavoce.info
L'ultimo draft sul SRM per l'unione bancaria europea.
A giugno 2012 il Consiglio europeo riconosceva la necessità di spezzare il circolo vizioso tra crisi del debito sovrano e crisi bancarie. È così iniziato il lungo cammino verso una unione bancaria europea. Raccogliamo in un unico dossier alcuni contributi pubblicati su lavoce.info per comprendere a che punto è la difficile sfida che porta a un sistema bancario armonizzato.
Il nostro dossier sull'unione bancaria http://www.lavoce.info/unione-bancaria-europea/
September 2010 edition of Financial Services Industry Monthly Bulletin – a banking and finance law publication by Reff & Associates, correspondent law firm of Deloitte Romania and Deloitte Tax.
The Financial Services Industry Monthly Bulletin is a banking and finance law publication by Reff & Associates (correspondent law firm of Deloitte Romania) and Deloitte Tax.
Each month, our specialist team of finance lawyers and tax advisors will keep you updated with the latest legal, regulatory and tax developments in the financial services industry in Romania as well as with the recent changes and trends in the international financial regulations.
The areas covered by our bulletin include:
Banking and non-banking financial institutions
Capital markets
Insurance companies
Private pension funds
The document summarizes regulatory changes announced by several Romanian financial services authorities in February 2010, including:
- The National Bank of Romania amended interest rates for mandatory reserves.
- The Insurance Supervisory Commission amended regulations for mandatory vehicle insurance.
- The Private Pension System Supervisory Commission amended rules for privately managed pension funds.
- The National Securities Commission amended regulations for the Investor Compensation Fund and NSC income.
It also outlines several proposals for future regulatory changes under public debate.
The document provides regulatory updates from the National Bank of Romania (NBR), Romanian Parliament, Insurance Supervision Commission (ISC), and Private Pension System Supervision Commission (PPSSC) for the period of October-December 2010. NBR amended numerous regulations relating to banking, capital markets, and financial reporting. The Romanian Parliament approved changes to laws regarding credit institutions and consumer credit contracts. ISC updated insurance contract reporting rules. PPSSC issued new norms on private pension prospectuses, investment limits, and fund management authorizations.
Policy Framework for the Introduction of Budget Norms in the Health Sector an...Jean-Marc Lepain
The document discusses introducing budget norms for the health sector in Laos. It outlines the legal framework for budget norms and examines trends in health sector financing. Key points include:
1) Budget norms will help allocate funds more transparently and equitably between provinces based on characteristics rather than just population.
2) Current health spending is low and imbalances exist between provinces. Norms can help correct this and align budgets with poverty levels.
3) Norms will include sector, economic, and central ministry norms. Funding will come from unconditional and conditional grants to ensure all provinces can deliver basic services.
The document discusses the implementation of Regulations 883/2004/EC and 987/2009/EC in Hungary. It provides facts about the bodies responsible for coordination of social security - the National Health Insurance Fund and 19 local government offices. It also outlines entitlement to benefits in kind and cash benefits. The document then discusses some questions and problems that have arisen, such as the lack of an E115 form, the concept of family member, and entitlement to benefits based on residence.
Agreement on the functioning of the Single Resolution Mechanism for the Banki...Lavoce.info
L'ultimo draft sul SRM per l'unione bancaria europea.
A giugno 2012 il Consiglio europeo riconosceva la necessità di spezzare il circolo vizioso tra crisi del debito sovrano e crisi bancarie. È così iniziato il lungo cammino verso una unione bancaria europea. Raccogliamo in un unico dossier alcuni contributi pubblicati su lavoce.info per comprendere a che punto è la difficile sfida che porta a un sistema bancario armonizzato.
Il nostro dossier sull'unione bancaria http://www.lavoce.info/unione-bancaria-europea/
September 2010 edition of Financial Services Industry Monthly Bulletin – a banking and finance law publication by Reff & Associates, correspondent law firm of Deloitte Romania and Deloitte Tax.
The Financial Services Industry Monthly Bulletin is a banking and finance law publication by Reff & Associates (correspondent law firm of Deloitte Romania) and Deloitte Tax.
Each month, our specialist team of finance lawyers and tax advisors will keep you updated with the latest legal, regulatory and tax developments in the financial services industry in Romania as well as with the recent changes and trends in the international financial regulations.
The areas covered by our bulletin include:
Banking and non-banking financial institutions
Capital markets
Insurance companies
Private pension funds
Legal Framework For Securitisation And Mortgage Bonds In RomaniaAndrei Burz-Pinzaru
The document summarizes the key aspects of Romania's legal framework for mortgage securitization and mortgage bonds. It outlines four main laws passed in 2006 that established the prerequisites for a secondary mortgage market, including defining origination rules and allowing new players like mortgage banks. It describes the concepts of securitization of mortgage loans and mortgage-backed securities under Romanian law. It also covers aspects like eligible assets, special purpose vehicles, requirements for issuance of mortgage-backed securities and bonds, and management of the asset pools.
This document provides a summary of recent regulatory updates and proposals in Romania across various financial services sectors:
1. The Romanian government regulated payment services by adopting an emergency ordinance and the National Bank of Romania issued regulations for payment institutions.
2. Various supervisory authorities like NBR, ISC, and PPSSC amended regulations regarding non-banking financial institutions, the insurance pool against natural disasters, and investment thresholds for pension funds.
3. The National Securities Commission updated rules on group registrations, income reporting, and transaction execution outside regulated markets.
4. The Romanian government issued an ordinance amending the fiscal code which included new tax filing deadlines for banks and rules for VAT taxation of financial services
Green school, Dekalb Academy of Technology and Environment presentation on sustainable classrooms. This unique school features a recycling program that even recycles cooking grease to biodiesel and soaps.
Kola nut is chewed in many West African cultures individually or socially to ease hunger and restore vitality. It was originally used to flavor cola drinks but is now replaced by artificial flavors. Kola grows in tropical regions like Indonesia, Brazil, and Jamaica. Palm wine is an alcoholic beverage made from palm tree sap, common in parts of Africa and South India. The sap is collected and begins fermenting due to natural yeasts, producing a mildly intoxicating wine within two hours. Alligator pepper is a tropical plant native to West Africa whose small, reddish-brown seeds have a pepper-like heat and various nutty and citrus flavors.
The Financial Services Industry Monthly Bulletin is a banking and finance law publication by Reff & Associates (correspondent law firm of Deloitte Romania) and Deloitte Tax.
Each month, our specialist team of finance lawyers and tax advisors will keep you updated with the latest legal, regulatory and tax developments in the financial services industry in Romania as well as with the recent changes and trends in the international financial regulations.
The areas covered by our bulletin include:
Banking and non-banking financial institutions
Capital markets
Insurance companies
Private pension funds
This document provides highlights from 2008-2009 related to photography, environmental projects, classroom technology use, robotics clubs, and plans for the following year. It summarizes projects in photography, creating a documentary on energy conservation, providing students with Google Apps accounts, developing a class website, integrating technology with core subjects, successes in a first-year robotics club, starting a Lego club, and plans to start a yearbook/photography club and expand junior robotics activities. The projects aimed to raise environmental awareness, enhance technology and programming skills, and engage students through hands-on activities.
Financial Services Industry Monthly Bulletin – a banking and finance law publication by Reff & Associates, correspondent law firm of Deloitte Romania and Deloitte Tax.
Includes a summary of the latest legal, tax and regulatory developments relevant for banks, non-banking financial institutions, private pensions and capital markets in Romania as well as the most recent changes and trends in the international financial services industry regulatory framework.
July 2010 Financial Services Industry Monthly Bulletin by Reff & Associates a...Andrei Burz-Pinzaru
July 2010 issue of the Financial Services Industry Monthly Bulletin – a banking and finance law publication by Reff & Associates (correspondent law firm of Deloitte Romania) and Deloitte Tax.
Since 2009, our specialist team of finance lawyers and tax advisors prepares for you a summary of the latest legal, tax and regulatory developments relevant for banks, non-banking financial institutions, private pensions funds and capital markets participants in Romania. In addition, our bulletin updates you on the most recent changes and trends in the international financial services industry regulatory framework.
Jul - Aug 2009 Financial Services Industry monthly bulletinAndrei Burz-Pinzaru
The Financial Services Industry Monthly Bulletin is a banking and finance law publication by Reff & Associates (correspondent law firm of Deloitte Romania) and Deloitte Tax.
Each month, our specialist team of finance lawyers and tax advisors will keep you updated with the latest legal, regulatory and tax developments in the financial services industry in Romania as well as with the recent changes and trends in the international financial regulations.
The areas covered by our bulletin include:
Banking and non-banking financial institutions
Capital markets
Insurance companies
Private pension funds
The document summarizes proposed changes to limited recourse borrowing arrangements for self-managed superannuation funds in Australia. Key points include:
- Sections 67A and 67B were introduced to the Superannuation Industry Supervision Act to replace section 67(4A) and explicitly define limited recourse borrowing arrangements.
- Under the new law, borrowing must be for a single acquirable asset or collection of identical assets, limiting rights of recourse to just the acquirable asset(s).
- Personal guarantees are allowed but rights of the lender are still limited to the acquirable asset(s), protecting other fund assets.
- The new law allows for refinancing and replacement
This document summarizes key aspects of South Africa's Co-operative Banks Act of 2007. It begins by explaining the context of many South Africans lacking access to banking services and the goal of the Act to bridge this divide. The Act provides a regulatory framework for co-operative banks to better serve members and enhance financial access. It then summarizes the different types of co-operative banks allowed under the Act, from primary savings banks to tertiary banks, and the services each can provide. Registration requirements are also outlined. The summary concludes by briefly noting other provisions around co-operative bank constitutions, management duties, and applicability of related co-operative laws.
Lawyer in Vietnam Oliver Massmann - Legal Update January 2016Dr. Oliver Massmann
Decree No. 07/2016/ND-CP issued by the Government details regulations regarding representative offices and branches of foreign traders in Vietnam. It transfers licensing authority for some representative offices to provincial authorities and industrial park management boards. Decree No. 135/2015/ND-CP provides guidance on indirect offshore investment, specifying permitted methods and annual investment limits. Circular No. 59/2015/TT-BLDTBXH details social insurance regulations regarding sickness leave for children and retirement benefits. Circular No. 36/2015/TT-NHNN provides guidance on credit institution reorganization and mergers. Decision No. 2730/QD-NHNN establishes a central exchange rate between the VND and USD based on
Rbi master circular lending to micro, small & medium enterprises (msme) secto...Kale Law Office
The document summarizes guidelines from the Reserve Bank of India on lending to micro, small, and medium enterprises (MSMEs) in India. Key points include:
1) The MSMED Act of 2006 modified definitions of micro, small, and medium enterprises and included services.
2) Guidelines stipulate timelines for disposing loan applications, mandatory acknowledgements, collateral-free loans up to Rs. 10 lakh, composite loans up to Rs. 1 crore, and penalties for delayed payments to MSMEs.
3) Banks must rehabilitate potentially viable sick MSME units within 6 months and implement debt restructuring mechanisms for eligible MSMEs.
The document summarizes proposed amendments to Mongolia's Banking Law and Law on the Central Bank. Key proposed changes to the Banking Law include improving governance requirements for banks, introducing early intervention measures, improving bank resolution processes, and shifting supervision from compliance-based to risk-based. Proposed changes to the Law on the Central Bank include clarifying the Bank's powers and functions, and promoting its operational independence. The amendments aim to ensure financial stability and reduce bank risks in line with international standards.
An Outlook on Indonesian Banking Sector Regulation Post P2SK Law.pdfAHRP Law Firm
Banking is any matter related to banks, which cover institutional aspects, business activities, and methods as well as processes in the carrying out of business activities. The enactment of the P2SK Law led to several changes to previous banking-related regulations, including Law 7/1992 and Law 21/2008, in order to achieve the aims and objectives of the P2SK Law.
Legal shorts 14.03.14 including LLP tax changes delay and delegated regulatio...Cummings
The document provides a weekly summary of recent legal and financial regulatory developments in the UK, including:
1) The House of Lords calling for a delay to new tax rules for LLPs to allow for further consultation.
2) HMRC publishing guidance on allocating restricted profits of AIFM partnerships to avoid double taxation.
3) The European Parliament extending its review of regulations specifying AIFM characteristics.
4) The FCA publishing its quarterly consultation on proposed rule changes.
Legal Framework For Securitisation And Mortgage Bonds In RomaniaAndrei Burz-Pinzaru
The document summarizes the key aspects of Romania's legal framework for mortgage securitization and mortgage bonds. It outlines four main laws passed in 2006 that established the prerequisites for a secondary mortgage market, including defining origination rules and allowing new players like mortgage banks. It describes the concepts of securitization of mortgage loans and mortgage-backed securities under Romanian law. It also covers aspects like eligible assets, special purpose vehicles, requirements for issuance of mortgage-backed securities and bonds, and management of the asset pools.
This document provides a summary of recent regulatory updates and proposals in Romania across various financial services sectors:
1. The Romanian government regulated payment services by adopting an emergency ordinance and the National Bank of Romania issued regulations for payment institutions.
2. Various supervisory authorities like NBR, ISC, and PPSSC amended regulations regarding non-banking financial institutions, the insurance pool against natural disasters, and investment thresholds for pension funds.
3. The National Securities Commission updated rules on group registrations, income reporting, and transaction execution outside regulated markets.
4. The Romanian government issued an ordinance amending the fiscal code which included new tax filing deadlines for banks and rules for VAT taxation of financial services
Green school, Dekalb Academy of Technology and Environment presentation on sustainable classrooms. This unique school features a recycling program that even recycles cooking grease to biodiesel and soaps.
Kola nut is chewed in many West African cultures individually or socially to ease hunger and restore vitality. It was originally used to flavor cola drinks but is now replaced by artificial flavors. Kola grows in tropical regions like Indonesia, Brazil, and Jamaica. Palm wine is an alcoholic beverage made from palm tree sap, common in parts of Africa and South India. The sap is collected and begins fermenting due to natural yeasts, producing a mildly intoxicating wine within two hours. Alligator pepper is a tropical plant native to West Africa whose small, reddish-brown seeds have a pepper-like heat and various nutty and citrus flavors.
The Financial Services Industry Monthly Bulletin is a banking and finance law publication by Reff & Associates (correspondent law firm of Deloitte Romania) and Deloitte Tax.
Each month, our specialist team of finance lawyers and tax advisors will keep you updated with the latest legal, regulatory and tax developments in the financial services industry in Romania as well as with the recent changes and trends in the international financial regulations.
The areas covered by our bulletin include:
Banking and non-banking financial institutions
Capital markets
Insurance companies
Private pension funds
This document provides highlights from 2008-2009 related to photography, environmental projects, classroom technology use, robotics clubs, and plans for the following year. It summarizes projects in photography, creating a documentary on energy conservation, providing students with Google Apps accounts, developing a class website, integrating technology with core subjects, successes in a first-year robotics club, starting a Lego club, and plans to start a yearbook/photography club and expand junior robotics activities. The projects aimed to raise environmental awareness, enhance technology and programming skills, and engage students through hands-on activities.
Financial Services Industry Monthly Bulletin – a banking and finance law publication by Reff & Associates, correspondent law firm of Deloitte Romania and Deloitte Tax.
Includes a summary of the latest legal, tax and regulatory developments relevant for banks, non-banking financial institutions, private pensions and capital markets in Romania as well as the most recent changes and trends in the international financial services industry regulatory framework.
July 2010 Financial Services Industry Monthly Bulletin by Reff & Associates a...Andrei Burz-Pinzaru
July 2010 issue of the Financial Services Industry Monthly Bulletin – a banking and finance law publication by Reff & Associates (correspondent law firm of Deloitte Romania) and Deloitte Tax.
Since 2009, our specialist team of finance lawyers and tax advisors prepares for you a summary of the latest legal, tax and regulatory developments relevant for banks, non-banking financial institutions, private pensions funds and capital markets participants in Romania. In addition, our bulletin updates you on the most recent changes and trends in the international financial services industry regulatory framework.
Jul - Aug 2009 Financial Services Industry monthly bulletinAndrei Burz-Pinzaru
The Financial Services Industry Monthly Bulletin is a banking and finance law publication by Reff & Associates (correspondent law firm of Deloitte Romania) and Deloitte Tax.
Each month, our specialist team of finance lawyers and tax advisors will keep you updated with the latest legal, regulatory and tax developments in the financial services industry in Romania as well as with the recent changes and trends in the international financial regulations.
The areas covered by our bulletin include:
Banking and non-banking financial institutions
Capital markets
Insurance companies
Private pension funds
The document summarizes proposed changes to limited recourse borrowing arrangements for self-managed superannuation funds in Australia. Key points include:
- Sections 67A and 67B were introduced to the Superannuation Industry Supervision Act to replace section 67(4A) and explicitly define limited recourse borrowing arrangements.
- Under the new law, borrowing must be for a single acquirable asset or collection of identical assets, limiting rights of recourse to just the acquirable asset(s).
- Personal guarantees are allowed but rights of the lender are still limited to the acquirable asset(s), protecting other fund assets.
- The new law allows for refinancing and replacement
This document summarizes key aspects of South Africa's Co-operative Banks Act of 2007. It begins by explaining the context of many South Africans lacking access to banking services and the goal of the Act to bridge this divide. The Act provides a regulatory framework for co-operative banks to better serve members and enhance financial access. It then summarizes the different types of co-operative banks allowed under the Act, from primary savings banks to tertiary banks, and the services each can provide. Registration requirements are also outlined. The summary concludes by briefly noting other provisions around co-operative bank constitutions, management duties, and applicability of related co-operative laws.
Lawyer in Vietnam Oliver Massmann - Legal Update January 2016Dr. Oliver Massmann
Decree No. 07/2016/ND-CP issued by the Government details regulations regarding representative offices and branches of foreign traders in Vietnam. It transfers licensing authority for some representative offices to provincial authorities and industrial park management boards. Decree No. 135/2015/ND-CP provides guidance on indirect offshore investment, specifying permitted methods and annual investment limits. Circular No. 59/2015/TT-BLDTBXH details social insurance regulations regarding sickness leave for children and retirement benefits. Circular No. 36/2015/TT-NHNN provides guidance on credit institution reorganization and mergers. Decision No. 2730/QD-NHNN establishes a central exchange rate between the VND and USD based on
Rbi master circular lending to micro, small & medium enterprises (msme) secto...Kale Law Office
The document summarizes guidelines from the Reserve Bank of India on lending to micro, small, and medium enterprises (MSMEs) in India. Key points include:
1) The MSMED Act of 2006 modified definitions of micro, small, and medium enterprises and included services.
2) Guidelines stipulate timelines for disposing loan applications, mandatory acknowledgements, collateral-free loans up to Rs. 10 lakh, composite loans up to Rs. 1 crore, and penalties for delayed payments to MSMEs.
3) Banks must rehabilitate potentially viable sick MSME units within 6 months and implement debt restructuring mechanisms for eligible MSMEs.
The document summarizes proposed amendments to Mongolia's Banking Law and Law on the Central Bank. Key proposed changes to the Banking Law include improving governance requirements for banks, introducing early intervention measures, improving bank resolution processes, and shifting supervision from compliance-based to risk-based. Proposed changes to the Law on the Central Bank include clarifying the Bank's powers and functions, and promoting its operational independence. The amendments aim to ensure financial stability and reduce bank risks in line with international standards.
An Outlook on Indonesian Banking Sector Regulation Post P2SK Law.pdfAHRP Law Firm
Banking is any matter related to banks, which cover institutional aspects, business activities, and methods as well as processes in the carrying out of business activities. The enactment of the P2SK Law led to several changes to previous banking-related regulations, including Law 7/1992 and Law 21/2008, in order to achieve the aims and objectives of the P2SK Law.
Legal shorts 14.03.14 including LLP tax changes delay and delegated regulatio...Cummings
The document provides a weekly summary of recent legal and financial regulatory developments in the UK, including:
1) The House of Lords calling for a delay to new tax rules for LLPs to allow for further consultation.
2) HMRC publishing guidance on allocating restricted profits of AIFM partnerships to avoid double taxation.
3) The European Parliament extending its review of regulations specifying AIFM characteristics.
4) The FCA publishing its quarterly consultation on proposed rule changes.
The document summarizes a regulation on custodian licensing and custodian services in Mongolia. It outlines 17 sections that: 1) define custodian services and licensing requirements; 2) require a minimum of 6 staff with 3 years experience in finance; 3) specify capital requirements, prohibited activities, and reporting obligations; and 4) assign regulatory oversight roles to the Financial Regulatory Commission and Bank of Mongolia to monitor compliance. The regulation provides a framework to govern custodian operations and protect client assets in Mongolia's financial system.
The document describes the Banking Ombudsman Scheme 2006 in India. Some key points:
1) The scheme was introduced to enable resolution of complaints relating to certain banking services and facilitate satisfaction or settlement of complaints.
2) It applies to all commercial banks, regional rural banks, and scheduled primary cooperative banks operating in India.
3) The Reserve Bank of India appoints Banking Ombudsmen for a 3 year term to investigate complaints against deficient banking services and facilitate resolution through agreements, conciliation, or by passing awards.
4) Grounds for complaints covered include issues like non-payment/delay of instruments, non-acceptance of currency, failure to provide banking facilities promised, delay
The Financial Services Industry Monthly Bulletin is a banking and finance law publication by Reff & Associates (correspondent law firm of Deloitte Romania) and Deloitte Tax.
Each month, our specialist team of finance lawyers and tax advisors will keep you updated with the latest legal, regulatory and tax developments in the financial services industry in Romania as well as with the recent changes and trends in the international financial regulations.
The areas covered by our bulletin include:
Banking and non-banking financial institutions
Capital markets
Insurance companies
Private pension funds
The document summarizes the agenda for the upcoming Economic and Financial Affairs Council meeting on July 10th in Brussels. The Council will discuss further improving economic governance in the euro area, including proposals for enhanced monitoring of euro area member states' budgetary plans and fiscal policies. They will also discuss negotiations with the European Parliament on proposals to strengthen bank capital requirements and establish a framework for resolving failing banks in an orderly manner.
This document contains directions issued by the Reserve Bank of India regarding the regulatory framework for microfinance loans. Key points include:
1. It defines microfinance loans as collateral-free loans up to Rs. 300,000 provided to households with annual income up to Rs. 300,000.
2. It sets guidelines for regulated entities like banks, NBFCs, and cooperatives that provide microfinance loans regarding assessing borrower income, limits on monthly loan repayment obligations, pricing and disclosure of loans, and conduct towards borrowers.
3. Regulated entities must have board-approved policies on various aspects of microfinance lending like income assessment methodology, pricing approach, and fair practices code for borrowers. The
OmniPro\'s Company Law Spring Update 2011. Includes review of the European Communities (statutory Audit Regulations) 2010, Criminal Justice (Money Laundering & Terrorist Financing) Act 2010 & Multi-Unit Development Act 2010
Draft Guidelines for Licensing of “Payments Banks”BFSICM
The Reserve Bank of India has issued draft guidelines for licensing "Payments Banks" to promote financial inclusion. Payments Banks will accept demand deposits and provide payment/remittance services through various channels. They will be restricted to holding customer balances of Rs. 100,000 initially and investing funds in government securities with maturity up to 1 year. Applicants must have a net worth of Rs. 100 crore and maintain capital adequacy of 15%. Licensing will involve an initial screening followed by evaluation from an expert advisory committee and final approval from RBI.
RBI
RBI can direct banks to initiate insolvency resolution process
NEFT system – Settlement at half-hourly intervals
RBI Circular on Timelines for Stressed Assets Resolution
SEBI
Instant Access Facility and Use of e-wallet for investment in Mutual Funds
TAXATION
Draft rules on valuation of ‘unquoted shares’ for Sec. 56(2)(x)/50CA of the Income Tax Act, 1961
OTHERS
IRDA notifies IRDAI (Outsourcing of Activities by Indian Insurers) Regulations, 2017
Clarification on Recently Notified Maternity Benefit (Amendment) Act,2017
Company Website:
www.acquisory.com
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:
- SECP issued NBFC Rules in 2003 and Prudential Regulations for NBFCs in 2004 to regulate their establishment and operations.
- The Finance Act of 2007 introduced notified entities and expanded SECP's regulatory powers.
- The NBFC and Notified Entities Regulations of 2007 were notified to regulate both and superseded previous rules and regulations.
- The regulations cover minimum capital requirements, investment limits, exposure limits, conditions for granting facilities, and provisioning requirements for
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Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
BONKMILLON Unleashes Its Bonkers Potential on Solana.pdfcoingabbar
Introducing BONKMILLON - The Most Bonkers Meme Coin Yet
Let's be real for a second – the world of meme coins can feel like a bit of a circus at times. Every other day, there's a new token promising to take you "to the moon" or offering some groundbreaking utility that'll change the game forever. But how many of them actually deliver on that hype?
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Donc Test
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting, 8th Canadian Edition by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Ebook Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Pdf Solution Manual For Financial Accounting 8th Canadian Edition Pdf Download Stuvia Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Financial Accounting 8th Canadian Edition Ebook Download Stuvia Financial Accounting 8th Canadian Edition Pdf Financial Accounting 8th Canadian Edition Pdf Download Stuvia
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
3. NBR amends the current regulatory framework
regarding classification of credit risk by credit
institutions
NBR’s Circular no. 1/2010 regarding the level of
the reference interest rate applicable for January NBR issued Regulation no. 1/2010 (“Regulation
2010, namely 8% per year 1/2010”) for the amendment of NBR’s
Regulation no. 18/2009 regarding the
The above mentioned Circular was published in administration of the activity of credit
the Official Gazette no. 2/4.01.2010 and may be institutions, the internal process of evaluation of
accessed here. the adequacy of capital to risks and the
conditions of outsourcing of their activities.
NBR’s Board of Directors decided the reduction
of the monetary policy interest rate to 7.5 % per
year Regulation 1/2010 amends the regulatory
framework applicable to classification of credit
NBR’s Board of Directors decided on the 5th of risk by credit institutions following debt
January 2010 the following: restructuring operations as follows: the
prohibition of upgrading the credit risk
to reduce, starting with the 6th of January classification in case of restructuring/refinancing
2010, the monetary policy interest rate to
of credits was repealed. However, following such
7.5 % per year from 8.0 % per year;
operations, credit institutions have the obligation
to ensure a firm management of liquidity in to evaluate the financial performance of the
the banking system in order to consolidate debtor more strictly than prior to the
the transmission of monetary policy signals; restructuring/refinancing, on the basis of
updated information.
to maintain the current level of the
minimum mandatory reserve rates on both Regulation 1/2010 was published in the Official
RON and foreign currency liabilities of credit Gazette no. 39/18.01.2010 and may be accessed
institutions.
here.
The above mentioned decision may be accessed
here.
Financial Services Industry Monthly Bulletin 3
4. NBR amends the current regulatory framework
applicable to classification of credit risk by non
banking financial institutions
NBR issued Regulation no. 2/2010 (“Regulation
2/2010”) for the amendment of NBR’s
Regulation no. 20/2009 regarding non banking
financial institutions.
Regulation 2/2010 amends the regulatory
framework applicable to classification of credit
risk by non banking financial institutions
following debt restructuring operations. The
main amendments refer to the following
exceptions from the prohibition of framing the
restructured debts into a more favorable
category of credit risk classification as follows:
the first restructuring of credits representing
bad-debts can lead to framing these credits
in a more favorable credit risk category, but
with no more than 2 classification
categories for credits classified at the
moment of restructuring in the “loss”
category, and with no more than one
classification category for the other credits.
following the payment of due installments
of restructured credits, these can be framed
into a more favorable credit risk category.
Regulation 2/2010 was published in the Official
Gazette no. 39/18.01.2010 and may be accessed
here.
4
5. NSC amends the regulatory framework
regarding the reporting of the evaluation of the
application of the mechanism without pre-
NSC amends the regulatory framework validation for financial instruments and global
applicable to NSC’s income accounts system
NSC adopted Regulation no. 1/2010 for the NSC enacted Decision no. 4 of 28.01.2010 for
amendment of NSC’s Regulation no. 7/2006 the amendment of NSC’s Decision no. 1/2008 in
regarding NSC’s income. Regulation no. 1/2010 the sense that the Central Depository SA and
was approved through NSC’s Order no. 1 of Bucharest Stock Exchange SA must notify NSC of
21.01.2010, published in the Official Gazette no. the final evaluation of the application of the
54/25.01.2010 and may be accessed here. mechanism without pre-validation of financial
instruments and global accounts system until the
first business day of April 2010. The said
Decision may be accessed here.
Financial Services Industry Monthly Bulletin 5
7. European Central Bank amends the regulatory
framework applicable to monetary, financial
institutions and markets statistics
European Central Bank issued Guideline
ECB/2009/234 of December 4 2009 amending
Guideline ECB/2007/9 on monetary, financial
institutions and markets statistics. The said
guideline is applicable to the central banks of the
Euro-system as of 1 July 2010.
The above mentioned Guideline was published
in the Official Journal of the European Union no.
L 16/21.01.2010 and may be accessed here.
Financial Services Industry Monthly Bulletin 7
9. Proposal for Regulation regarding the
organization and functioning within NBR of the Proposal of Norm for the amendment of Norm
Payment Incidents Register. no. 2/2006 regarding the authorization of the
administrators of voluntary pension funds issued
The above mentioned proposal may be accessed by the PPSSC
here.
The deadline for submitting any comments to
Proposal for Order for the amendment of NBR’s the said proposal is 10th of February 2010. The
Order no. 12/2007 regarding the reporting of above mentioned proposal may be accessed
the minimum capital requirements for credit here.
institutions
Proposal of Norm for the amendment of PPSSC’s
The above mentioned proposal may be accessed Norm no. 2/2007 regarding the authorization of
here. administrators within the privately managed
pension system
The deadline for submitting any comments on
the said proposal is 10th of February 2010. The
above mentioned proposal may be accessed
NSC issued its investigation plan for 2010 which here.
may be accessed here.
Proposal of Norm for the amendment of PPSSC’s
Proposal for Instruction for the amendment of Norm no. 7/2008 regarding the fees for
NSC’s Instruction no. 2/2007 regarding the licensing, approval and functioning within the
drafting and submission of the annual financial privately managed pension system
statements by authorized entities regulated and
supervised by NSC The above mentioned proposal may be accessed
here.
The above mentioned proposal may be accessed
here. Proposal for Norm for the amendment of
PPSSC’s Norm no. 8/2008 regarding the fees for
licensing, approval and functioning within the
voluntary pension system
The above mentioned proposal may be accessed
here.
Proposal for Norm regarding the control
procedure of the entities performing activities
within the private pension system
The above mentioned proposal may be accessed
here.
Financial Services Industry Monthly Bulletin 9
11. European Central Bank endorsed on 8 January
2010 the Proposals for Regulations of the
European Parliament and of the Council
establishing a European Banking Authority, a
European Insurance and Occupational Pensions
Authority and a European Securities and Markets
Authority. The said endorsement was published
in the Official Journal of the European Union no.
C 13/20.01.2010 and may be accessed here.
The Committee of European Banking Supervisors
published on January 6 2010 the revised
framework for common reporting of solvency
ratios for credit institutions and investment firms
(COREP), incorporating the changes brought by
directives 2009/27/EC, 2009/83/EC si
2009/111/EC. For further details please access
here.
The Committee of European Banking Supervisors
published on 28 January 2010 a revised version
of its guidelines for implementing a common
European framework on supervisory disclosure.
For further details please access here.
The Committee of European Securities
Regulators opens for public consultation the
guidance regarding the reporting of transactions
on OTC derivative instruments. For further
details please access here.
Financial Services Industry Monthly Bulletin 11
12. Speakers and Topics
Antonis Ioannides, Partner Financial Advisory
Introduction
Alexander Flatz, Director Reorganization
Date Services, Central Europe
17 February 2010 Patterns of corporate crisis
Time Stages of a crisis – theory vs. practice.
9.00 – 13.30 Behavioral patterns: Owners; Management;
Banks; Advisors
Venue Challenges for the stakeholders
Howard Johnson Hotel Valuable characteristics of advisors and
Platinum Grand Ballroom bankers in crises
The workshop organised by Deloitte Romania Andrei Burz-Pinzaru, Partner Legal Services
and Reff & Associates, the correspondent law Having a borrower in distress and how to deal
firm of Deloitte Romania, will give you an with it. Know your legal rights, options and
integrated perspective over the dynamics of deadlines
dealing with both financial and legal facets of
the loan restructuring process. Things you should know about your
borrowers prior to any insolvency related
events
In the current climate, distressed borrowers are
Preventing insolvency: voluntary
not uncommon, to say the least. From breach of reorganisation versus insolvency
financial covenants to non-payment defaults and reorganisation, inter-creditor agreements,
insolvency threats, borrowers pose new types of the new moratorium law (“concordatul
challenges and require new types of actions. preventiv”)
Being creditor to an insolvent borrower: a
Restructuring existing loan agreements, requiring focus on observation periods and
additional collateral, tightening contractual reorganization plans (control over the
borrower, permitted payments, new loans,
terms, stricter monitoring of the covenants,
preservation of rights)
grace periods, all useful actions that, however, in
Insolvency “hidden” threats
many cases, might fail unless supported by
thorough business reviews and restructuring Andrew Grimstone, Partner Reorganization
implementation. Services, United Kingdom
Restructuring best practices
Value of robust information
Debtors vs. creditors dynamics (do’s and
don’ts)
Managing the lenders (syndicated/multiple
bilateral loans)
UK -EU case studies
Top tips for achieving a consensual
restructuring
Participation to this event is by invitation only.
You can register via e-mail at:
mciobanu@deloittece.com. Please take into
consideration that due to the limited number of
seats, the first-come-first-served policy applies.
For the event agenda and additional information
on the speakers, please access the following link.
12
13. Reff & Associates is the correspondent law firm of Deloitte Romania, fully
integrated with the Deloitte multi-disciplinary advisory practice and affiliated to a
network of law firms and legal departments working with Deloitte all over the
world. Deloitte’s correspondent legal practice provides assistance to clients in
Romania on various matters pertaining to mergers and acquisitions, corporate
and commercial law, finance, banking and capital markets, real estate, project
finance, employment, competition, fiscal and commercial litigation, and
intellectual property.
In the financial services sector, Reff & Associates provides the full range of services
to banks and financial institutions, including:
- Finance deals: transaction support in bilateral and syndicated loans, loan
workouts, securitisation, loan transfers and assists in drafting and
negotiating the transaction documentation (loan agreements, security and
other ancillary documentation).
- M&A transactions in the financial services sector: advice on the structure
of the transaction, the pre-contractual documentation, due diligence,
drafting/negotiating the purchase agreements and assisting the
implementation of the transaction.
- Regulatory assistance: ongoing assistance with respect to the specific
legal and regulatory requirements applicable to banks / non banking
financial institutions operating in Romania, development of new
financial products, representation in front of the regulators (National
Bank of Romania, Insurance Supervisory Commission, Securities
Commission etc.).
Andrei Burz Pinzaru
Partner
+ 40 21 207 52 05
aburzpinzaru@deloittece.com
Simina Mut
Manager
+ 40 21 207 52 69
smut@deloittece.com
Leontin Trifa
Manager
+ 40 21 207 53 13
ltrifa@deloittece.com
Financial Services Industry Monthly Bulletin 11