The global financial crisis and mortgage fraud – The untold story

Dr Nicholas Ryder analyses the association between the 2008 global financial crisis and white collar crime, in particular, mortgage fraud

Financial Crime, Fraud

Bank State Aid under BRRD and SRM

Karel Lannoo reviews the main principles introduced by the Bank Recovery and Resolution Directive and the Single Resolution Mechanism, and their ongoing interaction with EU state aid rules.

Regulation, Europe

A balancing act – The Maltese investment services rules applicable to collective investment schemes authorised to invest through loans

Adrian Cutajar examines the Malta Financial Services Authority’s Investment Services Rules, including their regulatory relevance and the manner in which they address risks associated with specialised investment funds.

Financial Industry, Europe

The EU Bank Resolution Recovery Directive – Some observations on the financing arrangements

John Raymond LaBrosse, Rodrigo Olivares-Caminal and Dalvinder Singh[1] provide some observations on financing arrangements within the the EU’s Bank Resolution Directive

Regulation, Europe

Reviewing the bank’s Product Approval and Review Process

Introduction - Recently the Joint Committee of the European Supervisory Authorities (ESAs) published the Joint Position on Manufacturers’ Product Oversight & Governance Processes, also well-known as the bank’s Product Approval and Review Process (PARP).[1]

Regulation, Banking

Initial margin for FX derivatives under EMIR – a discussion from a legal perspective

The 2008 financial crisis has revealed considerable deficiencies in ‘over-the-counter’ – derivatives markets regulation. Although ‘deregulation’ used to be the dogma regulators believed in during the pre-crisis era[1], the post-2008 period has been witnessing a bustling zest of legislative and regulatory action in the OTC derivatives markets.

Regulation, Financial Industry

Restraints on micro-loan businesses

After the recent collapse of the credit market, the legislator and courts in Estonia have imposed extensive restrictions on businesses providing micro loans to consumers. Regardless of all restrictions imposed within the five years after the collapse, the Estonian Supreme Court still finds that the consumers are not aware of the risks stemming from micro loans and considers a need for further regulation.

Regulation, Financial Industry

Indonesian Court revokes contract drawn up in English

The Indonesian Parliament (Dewan Perwakilan Rakyat) passed a bill regarding the country’s flag, language, national emblem, and anthem in 2009. It became Law No. 24 of 2009 on The Flag, the Language, the National Emblem, and the National Anthem (the ‘Law’ or ‘Law No. 24/2009’).

Policy, Guidance

MiFID II: Why, how and what now?

What is MiFID II? - When the original Markets in Financial Instruments Directive (MIFID) came into effect on 1 November 2007, policy makers were already planning to review this flagship European financial markets legislation. Fast forward nearly six and a half years and work on MiFID II is entering its final strait. In the intervening years, the financial crisis has given rise to extensive regulatory changes across the globe. MiFID II goes beyond the review foreseen in the original MiFID to address many of the significant weaknesses in firms’ and financial markets’ operations identified during the crisis.

Financial Instruments, Policy

To report or not to report – are Bribery Act prosecutions getting closer?

Previous articles in Financial Regulation International have looked at how the Bribery Act 2010 has developed, interpretations of the guidance made under it and firms’ fears for the first prosecution for the offence of failing to prevent bribery.

Policy, Financial Crime

Crowding out supply-side constraints to investment

On 27 March 2014, the European Commission (EC) adopted a package of measures looking at new and different ways of stimulating long-term financing and investment across Europe.

Financial Industry, Hedge/Investment Funds

Legal ownership and supervision of third-party payment institution deposit funds and the innovation and risk of ‘Yu E Bao’ in China

On 7 June 2013 the Chinese central bank officially released a document named ‘Measures for the Custody of Clients’ Reserves of Payment Institutions’ to strictly supervise deposit funds.

Regulation, Financial Industry

‘Why corruption is not legally defined?’

Introduction - This paper provides an insight into the challenges of dealing with corruption. The aim of this article is to highlight that there is no legal definition for corruption that can be identified in any United Nations (UN) Convention, European Union (EU) Treaty, Regulation or Directive or any legislation in the United Kingdom (UK) or United States (US). The origins and soft-law[1] definitions are explored and the notion of corruption solely being associated with public officials or public office is also considered.

Financial Crime

Russian anti-money laundering legislation in electronic payments: A case of regulation catching up with business practices

During its plenary session in June 2013 in Oslo, the Financial Action Task Force approved the Guidance on Risk-Based Approach to Prepaid Cards, Mobile Payments and Internet-based Internet Payment Systemswhich is aimed at assisting jurisdictions in devising necessary risk-based measures towards New Payment Methods.

Financial Crime, Rest of the World

Devising a national payment system in Russia

In March 2014, Russia had an opportunity to experience the consequences of the latest development in the AML/CFT regime. On 20th March, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated certain Russian and non-Russian citizens pursuant to Executive Order 13661.

Financial Industry, Rest of the World

Deferred Prosecution Agreements: US Experiences and UK potential

Deferred Prosecution Agreements (DPAs) have been used in the US for over 20 years. The UK has recently brought into force law allowing certain prosecuting authorities to use them.

Financial Industry, US