Firms offering services for exchange between virtual money (cryptos) and regular money, and crypto wallet providers will be subject to De Nederlandsche Bank (DNB)’s supervision effective January 10, 2020.
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Nigeria: Implementation of Cashless Policy
In a circular to all Deposit Money Banks in Nigeria, the Central Bank of Nigeria (CBN) has stated that charges will apply on cash deposits made in select states in -
Banking Regulation: The Week of April 23, 2018
This review highlights regulatory interventions by supervisory authorities from around the world. 1. UNITED STATES: i) The Bureau of Consumer Financial Protection – ‘Know Before You Owe’ Mortgage -
FINRA Sanctions Transamerica Financial Advisors, Inc.
FINRA announces Transamerica Financial Advisors, Inc. has agreed to pay approximately $4.4 million in restitution to approximately 2,400 customers for failing to supervise its registered representatives’ recommendations of three different -
Norges Bank to implement a Framework for testing Cyber Resilience of Financial Institutions
The Central Bank of Norway (Norges Bank) and the Financial Supervisory Authority of Norway (Finanstilsynet) have announced plans to develop a framework to test the cyber resilience of Norwegian banks
September 18, 2019
United Kingdom: PRA consults on Probability of Default and Loss Given Default Estimation
The Prudential Regulation Authority (PRA) has published a Consultation Paper (CP 21/19) on Probability of Default (PD) estimation and Loss Given Default (LGD) estimation. The PRA is seeking feedback on proposals set out in the consultation paper, including the expected impact of the proposals on capital requirements. The Europe
September 17, 2019
Belarus: National Bank approves a legal framework for carrying out rating activities
The National Bank of the Republic of Belarus (National Bank) has approved Regulation on the Procedures for Organizing and Carrying out Rating Activities (Regulation). The Regulator similarly approved Requirements for the Rating Agency Methodology and the Procedure for Compiling and Submitting Reports and Other Information of the Rating Agency Europe
September 17, 2019
India: Reserve Bank consults on Guidelines for Payment Gateways and Payment Aggregators
The Reserve Bank of India (Reserve Bank) has published a discussion paper on ‘Guidelines for Payment Gateways and Payment Aggregators.’ The discussion paper seeks public comments on comprehensive guidelines covering payments-related activities of payment gateways and payment aggregators (PGPAs). PGPAs are entities that: provide technology infrastructure to Asia & South America
September 16, 2019
South Korea: FSC introduces Guidelines on Financial Companies’ Investment in Fintech Business
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 which financial companies are allowed to invest. Currently, an ancillary business that a financial company is allowed to operate Asia & South America