The Financial Services Commission (FSC) has introduced Guidelines on Financial Companies’ Investment in Fintech Business. According to the FSC, the guidelines expand the scope of fintech business opportunities in
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Arab Monetary Fund consults on Digital Identity and e-KYC Guidelines
The Arab Monetary Fund (AMF) has published Digital Identity and e-KYC Guidelines in the Arab Region for public consultation. Prepared by AMF’s Regional FINTECH Working Group, stakeholders are to -
United States: Agencies finalize changes to simplify Volcker Rule
The U.S. federal financial regulatory agencies have finalized revisions to simplify compliance requirements relating to the “Volcker rule.” By statute, the Volcker rule generally prohibits banking entities from engaging -
South African Reserve Bank to implement Basel Committee’s regulatory reforms
The South African Reserve Bank has published G6/2019. G6/2019 outlines the prudential regulator’s proposed implementation dates for various regulatory reforms introduced by the Basel Committee on Banking Supervision. -
Canada & Section 983 of the Bank Act: Why OSFI must Consider Reversing its Compliance Expectations
Introduction On August 11, 2017, the Office of the Superintendent of Financial Institutions (OSFI) announced it was suspending compliance expectations set out in its June 30, 2017 cover note
April 17, 2020
COVID-19: Bank of Uganda issues credit relief measures to mitigate economic impacts
The Bank of Uganda has introduced credit relief measures to mitigate the adverse effects of the COVID-19 pandemic. The relief measures are also aimed at promoting financial and operational resilience during these exceptional times. The measures include repayment holidays for a maximum of 12 months, loan tenor extensions, and Africa
April 17, 2020
Iceland: Central Bank finalizes agreement on guarantee of supplemental loans to businesses
The Central Bank of Iceland and the Ministry of Finance and Economic Affairs have sealed an agreement on Treasury guarantees of credit institutions’ supplemental lending to businesses in response to the COVID-19 pandemic. The scheme aims to support companies that are severely impacted by the coronavirus pandemic and the Europe
April 16, 2020
Canada: OSFI releases FAQs on COVID-19 Related Regulatory Measures
Since the COVID-19 pandemic, OSFI has announced a series of regulatory measures to support the financial and operational resilience of federal banks. The prudential regulator has now published a suite of FAQs that addresses common questions on the recently announced measures. OSFI notes that it will update the North America
April 16, 2020
Central Bank of Kenya publishes Credit Reference Bureau Regulations
The Central Bank of Kenya (CBK) has published the Credit Reference Bureau Regulations, 2020 (CRB Regulations). Replacing the Credit Reference Bureau Regulations, 2013, the CRB Regulations authorize the CBK to license and supervise Credit Reference Bureaus. The Regulations provide a framework for the exchange of borrowers’ credit information Africa
April 15, 2020
FSB releases report on international cooperation to address COVID-19 implications
The Financial Stability Board has published a report on international cooperation and coordination to address the financial stability implications of COVID-19. The report outlines principles that underpin the official regulatory community’s rapid and coordinated response to support the real economy, maintain financial stability and minimize the risk of market Other