Banking and Finance Law Articles
Articles written by attorneys and experts worldwide
discussing legal aspects related to Banking and Finance.
October 7, 2015 By Evagoras Anastasiou & Associates LLC
The government of Cyprus has announced new amendments in the island’s tax system in order to attract foreign investment and increase Cyprus’ economic activity.
October 5, 2015 By OGR Legal
Recently Bangladesh introduced a new law for regulating financial reporting.
October 6, 2015 By Kydalov & Partners
“Foreign Invested Enterprise” in Ukraine, what should we know about benefits and guarantees.
September 28, 2015 By HG.org
A bank has a legal duty to pay most of the checks that its customers write. However, there are instances in which the bank should not make a payment, based on the Uniform Commercial Code or the bank deposit agreement it has with its customer.
September 27, 2015 By Loeb Smith
The Foreign Judgments Reciprocal Enforcement Law (1996 Revision) (the “Law”) allows a judgment creditor to apply for the judgment to be registered in the Grand Court and thereafter is deemed to have the same force and effect as Judgment of the Grand Court. However, at present the Law extends only to the enforcement of Australian Judgments. As a consequence of the limitation of this statutory remedy, most foreign judgments are enforced at common law.
September 23, 2015 By MMLC Group
The regulations existing in China dealing with online payment systems and related technology.
September 10, 2015 By Ketenci & Ketenci
The New Communiqué on the Principles Regarding Securities Investment Trusts has been published in the Official Gazette numbered 29368 (hereinafter referred as to “Communiqué”) on 27 May 2015.
September 14, 2015 By Ketenci & Ketenci
Investment companies or funds within the frame of the Capital Markets Law.
August 26, 2015 By Masson de Morfontaine
On 17 July 2015, the Hong Kong Government gazetted the Inland Revenue (Amendment) (No.2) Ordinance 2015 (“the Ordinance”), which extended the profits tax exemption for offshore funds to private equity (“PE”) funds.
August 17, 2015 By Youssry Saleh Law Firm
Egypt in its accelerated movement towards economic reform has been emphasizing the importance of real estate development projects and large scale projects in order to restore the market and economy after its decline post Revolution of 2011.
August 11, 2015 By Potamitisvekris
The international financial crisis has triggered major developments in the European banking sector both in terms of formation and regulation. Subsequently, amidst the fiscal crisis in the euro area that became manifest in 2010, the creation of a European Banking Union became the most significant objective of the EU political agenda.
August 5, 2015 By Youssry Saleh Law Firm
Egypt started its free zones programs in the 70s; during this period the country’s policy was directed at attracting and retaining foreign direct investment and to increasing the percentage of import and export in the country. Therefore, Egypt has developed nine free zones:
August 4, 2015 By Ongoren Law Office
Some significant amendments for real-estate acquisitions by foreigners introduced by a new Law. The most notable amendment in the Law is abolishment of the reciprocity clause. As a result, a foreigner may acquire a real-estate in Turkey even if a Turkish citizen may not acquire a real-estate in the foreigner’s home country.
July 30, 2015 By Kydalov & Partners
As a result of the illegal annexation of the Crimea by the Russian Federation, many owners of the property and assets in the Crimea have gotten quite difficult issue: how to protect and save these assets?
What Exactly Should a Foreigner Do, if His Obligor is a State Enterprise on the Territory of Ukraine
July 28, 2015 By Kydalov & Partners
Many of state enterprises provided international economic activities, such as buying some equipment abroad, borrowing from foreign bank institutions and investment companies, ordering work or services. Due to the nature of its management of state enterprises, they really are not fair and binding payers on their debts, and as a result foreign contractors have to go to courts or arbitrations to protect their legitimate rights and interests.
July 21, 2015 By CSB Advocates
Trading in binary options is considered to be a high risk practice and therefore the MFSA has issued a circular setting out additional conditions in this regard which complement those conditions set out for Investment Services Providers within the Investment Services Rules.
July 21, 2015 By CSB Advocates
On the 23rd of December 2014 the European Securities and Markets Authority ("ESMA") published a discussion paper on share classes of UCITS Funds with a view to developing a common understanding of what constitutes a share class of a UCITS Fund.
July 19, 2015 By Masson de Morfontaine
Islamic finance is one of the fastest growing sectors in the international financial market. Given the strategic importance and influence of the Middle East investors, Islamic finance is increasingly in demand by investors wanting investment and financing products compliant with Islamic law (known as “Shariah”).
Public opinion became familiar with the term ‘bank resolution’ during the Cyprus banking crisis of 2013. The legal model that had been used in Cyprus, under which powers were vested in the Central Bank to resolve failing banks pursuant to the provisions of emergency national legislation, now exists within the legal order of the European Union (‘EU’) and is in full application as of 1/1/2015.
There were many debates over the investment law in the Cabinet of Ministers before the Presidential Decree 17/2015 amended some provisions of the Investment Law 8/1997 on March 12, 2015 in the lead up to the Economic Summit in Sharm El Sheikh. In particular amendments touched base of Companies Law 159/1981, Income Tax Law 91/2005, and Sales Tax Law 11/1991.
The Law amending the Companies Act, CAP 113, Number 4, of 2015 has been passed by the Cyprus parliament. It provides for significant changes to the Companies Act and modernises several of its provisions. The main changes are as follows:
The Insolvency Framework comprises of a package of six legislative texts which entered into force on the 07/05/2015, the date of their publication in the Official Journal of the Republic (five laws and a set of regulations). More specifically the following came into force:
Bank Indonesia Regulation No. 17/3 /PBI/2015 on the Obligation of the Use of Indonesian Rupiah in the territory of the Republic of Indonesia (“PBI 17/3/PBI/2015“) is a new legislation enacted by Bank Indonesia which is based on the law that has been previously promulgated, namely Law No. 7 of 2011 on the Currency (“Law No. 7/2011“).
Real estate in Egypt is considered one of the main industries that have a significant effect on the gross domestic product and according to the world folio the growth rate of real estate sector in Egypt accounted 8 % in the 2013 GDP also, this sector absorbed about 14.9 % of the employment.
The Queen’s Speech confirmed a new Conservative Enterprise Bill which, for most SMEs, cannot come into play soon enough! The bill is aimed to help small business in settling late payments and disputes.
Granting Preferences to Kazakhstani Legal Entities in Connection with their Investments in Kazakhstan
The issues related to the provision of preferences to Kazakhstani legal entities in connection with their investments in Kazakhstan are mainly governed by the Law of the Republic of Kazakhstan “On Investments” dated January 8, 2003 (hereinafter the “Investment Law”) and the Code of the Republic of Kazakhstan “On Taxes and Other Obligatory Payments to the Budget” dated December 10, 2008 (hereinafter the “Tax Code”).
In terms of the the MFSA Rules for Company Service Providers (“CSPs”), CSPs are required to submit a Certificate of Compliance and an Annual Financial Return.
On the 13th May 2015, the MFSA issued a Circular addressed to Fund Managers on the inclusion of Retained Earnings as part of the Own Funds’ Computation.
Almost everyone has, at one time or another, come up just a little short when they needed to pay a bill or meet some other financial obligation. For many, services like check cashing and payday advances can be one way to deal with this dilemma, but they come with hefty fees and other considerations. So, what are the laws regarding check cashing and payday advances?
If you have more than one shareholder in your company, then you should consider agreeing the terms of a shareholders agreement which regulates the rights and obligations of shareholders.
The Malta Financial Services Authority (the “MFSA”) is currently in the process of setting up a Conduct Supervisory Unit. This is being done for the purposes of implementing the regulatory framework and securing adequate client protection in the industry through a supervisory regime aiming to address potential or emerging risks for clients in the financial services industry. The aim is also to strengthen the fair treatment of customers by regulated entities.
On May 4, 2015, the capital market authority “CMA” issued its resolution Number 1-42-2015 regarding to Rules for Qualified Foreign Financial Institutions Investment in Listed Shares in Saudi Arabia.
Investors from different countries are continuing to establish their offices in Kazakhstan and many companies are willing to do business here. The rate of success stories for investors in Kazakhstan is good enough. However, there is always something new and unexpected when a foreign investor starts its business in an unknown country.
The Indian government suspects millions of untaxed money from Indian High Net Worth Individuals in Switzerland. That’s why they made a lucrative offer to famous data thief Hervé Falciani.
How many taxes do you have to pay? And where can you actually pay fewer taxes? The “Swiss Tax Report 2015″, from the highly regarded auditing and consulting firm KPMG, provides you with all the answers.
Non-Cypriot citizens may enlist to obtain the Cypriot citizenship by exception on the basis of the scheme for Major Collective Investments.
We would like to hereby inform you that the Alternative Investments Funds Law of 2014 has come into force as from the on the 18th July 2014 after its enactment by the House of Parliament on the 10th July 2014 (the “AIF Law”). As from the 18th July 2014 the AIF Law shall be the main instrument concerning the set-up, authorisation, regulation and supervision of the AIFs in Cyprus.
Large-scale projects, privatisations and a burgeoning oil and gas sector are firmly placing Cyprus on the map as a hotspot for investment from the US, Asia, Russia and the Middle East.
Firstly, is important to understand the cause of money laundry crime. Usually, is related to drugs traffic, terrorism, trafficking of humans, others international crimes. In 1989, the group of seven (G-7), composed in those days by Italy, United Kingdom, France, Canada, United States, West Germany and Japan, create Financial Action Task Force (FATF).
On 06 February 2014, Turkish Parliament has enacted a 6518 Omnibus Bill, gazetted February 19th 2014, which adjoins a provision to article 3 of the Law No 4734 Public Procurement Law (“Law”) stipulating that purchase of goods and services provided to ensure innovation, local production and technology transfer under offset/industrial participation programs are not subject to Law No 4734.
By Loeb Smith
What is the single most important advantage that Cayman Islands corporate structures provides to clients?
Non-credit financial institutions must develop and approve the personnel training and education program on CML/TF, as well as arrange employee training.
The Securities and Exchange Commission (the “SEC”) has recently approved an amendment to Regulation A (“Reg A”). Previously, Reg A was a small scale public offering of “unregistered securities” capped at $1.5 million in twelve months. Today, Reg A has been modernized into “Reg A+”. The SEC created two tiers within Reg A+: Tier One and Tier Two.
Project finance in the strict sense of the term (i.e. where the financing structure is based on the performance of the project itself) has not yet been developed or tested so far in Kazakhstan.
The Financial Crimes Investigation Board (MASAK), which is a main service unit of the Ministry of Finance, having the mission of making policies and carrying out investigation and research to convey the information and the results to relevant authorities has issued a regulation on registered electronic e-mail system which has entered into force on 30 March 2015.
In last 10 years, energy experts have been working keenly on the establishment of a new private and competitive electricity market in Turkey.
If a private person or a legal corporation wants to purchase a property at the beaches of Costa Rica, whether it is to build a house, hotel, resort or business, first it should be informed about the requirements to obtain a concession in the maritime zone. To have a concession means that the person doesn’t acquire the property, but obtains a permit for using it, that allows the exploitation and enjoyment of the land, according to the parameters established by the local regulatory plan.
Proposed Price Changes for Medicinal Products and Medical Devices in National and Foreign Currency in the Ukraine
On March 13, 2015 on the web-site of the Ministry of Healthcare of Ukraine the draft of the Regulation of the Cabinet of Ministers of Ukraine was published, which is consider to change the Regulation of the Cabinet of Ministers of Ukraine “On reference pricing for medicinal products and medical devices procured by the state and local budgets”, dated 02.07.2014 N 240, in the aspect of the declaring currency of wholesale and selling price (hereafter as the Draft of Regulation).
If a creditor knows that a debtor is working, one effective method for the creditor to collect on this debt is to have the debtor’s wages garnished. However, there are several laws that apply that can affect the garnishment process.
On the 10th of March 2015 the Malta Financial Services Authority ("MFSA") published a consultation paper on the regulatory approach applicable to collective investment schemes licenced as professional investor funds (“PIFs”) and alternative investment funds (“AIFs”) in terms of the Investment Services Act.
Transactions inside Russia with the use of international payment cards will be processed within the Russian National System of Payment Cards (NSPC)
Importance of so-called natural monopolies in Kazakhstan can be seen in the fact that some of Kazakhstan's largest and most powerful corporate empires, are officially subject to natural monopoly regulation.
In accordance with articles 213 paragraph 1 and 214 paragraph 1 of the Constitution of February 18, 2006 as amended to date, the President of the Democratic Republic of Congo ("DRC”) promulgated on the 21st November 2014 the Law No. 14/026 authorizing the ratification by the DRC of the Treaty relating to the Grand Inga hydroelectric project between the Republic of South Africa ("RSA") and itself.
The choice for the appropriate legal structure to transact business in the United States (“U.S.”) depends on a combination of factors relevant to a specific activity or sector, as well as on the needs and goals of the investor.
Florida parents who can navigate their way through the process of divorce in as friendly a manner as possible can demonstrate to their children that people with major differences can put their feelings aside and negotiate a settlement that benefits both parties.
Before, the execution was performed by the King or his representative according to Article (50) of the Main Laws for the issued rule in 1412H, and the stipulations of the 2nd paragraph of the 7th Article of the Regions Law issued in 1412H, and this stipulates that the Prince of each region is to be responsible for execution of the judiciary rules in its final status, and now we conclude that the administrative ruler was the one to execute such judicial rules.
In addition to each of the defenses available in an original creditor lawsuit, debt buyer lawsuit defenses include standing, limited admissibility of documents, conditions precedent, and additional damages under the FDCPA.
Service of a Small Claims Lawsuit is often a consumers first interaction with the civil court. Here is a quick explanation of what to expect at a Florida Small Claims Pretrial.
Five Common Defenses to a Credit Card Lawsuit include reviewing consent orders, inconsistencies, contract amendments, counterclaims, and payment plans.
Life settlement providers, brokers, and investors have filed lawsuits regarding these life insurance investments. For more information about filing a life settlement investment lawsuit, contact the lawyers at Heygood, Orr & Pearson by calling toll-free at 1-877-446-9001.
This year, Chapter 11 bankruptcy is getting an overhaul. These changes are designed to make filing for Chapter 11 bankruptcy easier for businesses.
No doubt that the technological evolution and its wide range usage in various fields became a part of our daily lives, accompanied by this evolution,it’s usage between people in civil and commercial transactions grew significantly.,
The basics of buying freehold property in Abu Dhabi are the same as anywhere else in the United Arab Emirates. However, unlike Dubai, Abu Dhabi does not till date have specific laws/regulations regulating sale and purchase of real estate by foreigners (i.e. off plan sale, real estate brokers and agents, escrow accounts, jointly owned property (Strata Law), etc). Such being the case one needs to be even more careful and exercise greater due diligence while purchasing property in Abu Dhabi.
China’s state television accused Bank of China, one of the biggest state-owned commercial banks in China of violating the currency exchange rules and involves in shadow banking and money laundering on a large scale. This news is rather alarming to the EB-5 community as China provides more than 85% of the EB-5 investment.
Most probably many people would not know more about where offset/industrial participation discussions were moving toward before the article titled “The defence industry: Guns and Sugar” was published on The Economist’s on 25 May 2013.
Prior to Directive 2007/64/EC of The European Parliament and of the Council of 13 November 2007, the framework of the payment services markets of the Member States was fragmented into 27 national legal systems.
As of 21 November 2014, Cyprus is included in the Third Schedule of the “Guidance Notes on the Prevention and Detection of Money Laundering and Terrorist Financing in the Cayman Islands”, which lists the Countries and Territories which are considered by the Cayman Islands Monetary Authority implementing equivalent legislation on the prevention of money laundering as the Cayman Islands
On December 4th the Official Gazette published Law 1/2014 amending the Capital Companies Act to implement corporate governance modifications. This reform is based on the Report of the Committee of Experts submitted to the Council of Ministers on the 23rd of May 2014.
Malta continues to receive glowing reviews internationally as a stable financial services centre of repute within the European Union.
Business clients dealing with international trade frequently asked us whether an independent bank guarantee issued under the URDG 758 (the ICC Uniform Rules for Demand Guarantees 2010) is valid, binding and enforceable under the Italian law or not and, if not, whether and how it can be amended in order to ensure it is valid, binding and enforceable as an independent bank guarantee under the Italian law.
This reform is of crucial importance since it makes numerous amendments to the listed company’s regime.
Turkey, as an emerging market, has its ups and downs to invest from time to time. These times depend on several different factors, but tracing them has crucial importance for investors. Focusing into Mergers & Acquisitions deals can be inspiring when taking decisions for investments.
A director of a limited company in Thailand must be liable to the shareholders and the company itself when he or she conducts the business of the company.
Procedures of Land Acquisition in the Framework of Investment – Land Acquisition Deriving in Indonesia
Land Acquisition in the framework of investment is particularly regulated by Decree of State Minister for Agrarian Affairs/ Head of the National Land Agency Number 21 of 1994 on Procedures of Land Acquisition for Company in the Framework of Investment (“Kepmenag No.21/1994”).
While many private investigators complete work in the field by conducting surveillance on a subject and photographing them in certain acts, digital private investigators focus more on gathering digital evidence. This information may be used in family law cases, employment disputes, personal injury cases or myriad other cases.
Your IRA is protected from creditors if you have to file bankruptcy, but what happens to that IRA if you die and leave it to a child? Many assumed that the inherited IRA retained that creditor protection in a child’s bankruptcy. The United States Supreme Court ruled otherwise in Clark v. Rameker, 134 S. Ct. 2242 (2014).
A recent decision by the Supreme Court of Ohio highlights the importance of having clear terms in contracts between general contractors and subcontractors, especially in regard to payment provisions.
Parties to a contract usually feel a sense of security knowing that their agreement is embodied in a written, properly executed document containing all of the agreed upon terms. However, if such an agreement is a “dual source” supply contract executed under Michigan law, the parties may not be as secure as they believe.
Just how limited is your liability if you own a limited liability company?
TQM is commonly known for the principles of continuous improvement, awareness of total cost of quality, recognition that everyone holds responsibility for quality, customer orientation/focus, process orientation, commitment of senior management etc. However, quality has been commonly associated with industries where it originated and not with services which are difficult to measure, evaluate and apply a zero-defect concept to.
The Alternative Investment Funds Law of 2014 was enacted by the parliament on the 10th of July 2014 and entered into force on the 27th of July 2014.
By Loeb Smith
The broad scope of the Foreign Account Tax Compliance Act (“US FATCA ”) introduced by the United States (“US”) and the implementation of that broad scope of application into Cayman Islands law means that it is very important for Cayman Islands domiciled entities to each undertake an assessment of whether or not it is a Financial Institution under Cayman Islands law for the purposes of US FATCA.
Securitisation transactions in Malta, that is the raising of capital through the transfer of assets and risk from the transferee (“Originator”) to special purpose vehicles (“SPVs”) and converting the same into financial instruments issued by the latter, are regulated by the Securitisation Act (Chapter 484 of the Laws of Malta) (“Act”).
The European Securities and Markets Authority (ESMA) has recently published a consultation paper on the asset segregation requirements under the Alternative Investment Fund Managers Directive (AIFMD).
In light of the launch of a regulatory structure for private pensions forwarded by the MFSA the Minister for Finance Prof. Edward Scicluna recently launched the Third Pillar pension scheme, also referred to as the Personal Retirement Scheme which is accompanied by another scheme called the Individual Savings Account.
The MFSA is currently amending its legislative and regulatory framework in order to make Malta an efficient jurisdiction for structuring private equity funds.
Collateral Assignments in Respect of Credit Agreements: Belt or Suspender for Foreign Companies in Turkey?
Turkey has been one of the fastest growing economies during the course of the last decade.
The European Central Bank (ECB) has published the results of the stress-test that it has conducted over the past year in respect of the 130 largest banks in the euro area, considering their financial position as at the 31st December 2013.
Investment risk factors seniors, elders, and their friends and family should be aware of.
FIDIC, (Federation Internationale Des Ingenieurs Conseils), International Federation of Consulting Engineers aims to find a resolution in construction sector. There are five different FIDIC contracts in different colors that regulates different and separate obligations and rights.
There are many fraud schemes used by sellers intent on defrauding seniors and elders of their hard-earned money. Learn what they are to protect yourself.
The MFSA recently circulated a notice outlining additional criteria with respect to the licensing of entities that would like to offer online forex trading to retail clients in terms of the Investment Services Act, Chapter 370 of the Laws of Malta.
When the business faces a cash flow problem, many business owners use the payroll taxes collected but not yet turned over to the IRS.
First to be explored is the legal nature of the so called “nominee shareholder”. Nominee shareholder is a shareholder of a company holding shares nominally only, that is, only in name. In such a way the identity of the ultimate beneficial owner (“UBO”) of the shares is not disclosed.
Collecting on a judgment even in ideal circumstances can often be a time-consuming and complex process, and that presumes the debtor is solvent, and doing business and/or making money. When the judgment enforcement against a debtor who is a company or legal entity, which appears to be (or is) out of business, the process can be considerably more troublesome and taxing.
On September 6, 2014, the Ministry of Commerce ("MOFCOM") issued the Outbound Investment Management Rules (the "Rules"), which took effect on October 6, 2014. The Rules have replaced old MOFCOM regulations regarding Chinese outbound investment projects. On April 8 2014, the National Development and Reform Commission ("NDRC") issued a regulation regarding measures for the administrative approval and filing of outbound investment projects (the "Measures").
By STA Law Firm
All change is not growth, as all movement is not forward (Ellen Glasgow). The term ‘change’ in simplest form means going from one state to a new state. Although the word ‘change’ is broad enough to connote positive as well as negative change, the likelihood of ‘change’ unfolding positive or welcoming outcome cannot always be pre-determined. A well-conceived and planned change could however result in positive if everything related with the plan goes right.
The MFSA recently published a set of documents formalising the implementation of the National Private Placement Regime (‘NPPR’) in Malta.
MFSA Thematic Review on Compliance with the Requirements on Governance, Compliance & Risk Management in Malta
The MFSA recently published a circular addressed to the compliance officers of investment services license holders with consolidated feedback from the Securities and Markets Supervision Unit.
In 2012, OECD has reported that economy-wide transformation will require cumulative investment in green infrastructure in the range of USD 36-42 trillion between 2012 and 2030, i.e. approximately USD 2 trillion or 2% of global GDP per year. Today more less is being invested annually. Therefore, a remarkable investment gaps exist that needs to be addressed.