Bankwesen & Finanzen

Aktuelle eAlerts

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  04.10.2023

  Schweiz

  Swiss self-regulation for sustainable asset management: takeaways at the time of its entry into force

  BackgroundOn 26 September 2022, the Asset Management Association Switzerland (AMAS) published a principle-based self-regulation for sustainable asset management, which is mainly applicable to its members (Sustainability Self-Regulation). This Sustainability Self-Regulation entered into force on 30 September 2023 and the following is a recap of the takeaways on this regulation that takes into account the AMAS FAQ of December 2022. Additional details on the Sustainability Self-Regulation can also be found in the 4 October 2022 CMS Law-Now article on Swiss self-regulation on transparency and the disclosure...

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  03.10.2023

  Vereinigte Arabische Emirate

  VARA issues further rules governing staking and stablecoin regulation in Dubai

  Dubai’s Virtual Assets Regulatory Authority (“VARA”) has recently introduced two significant updates to its virtual assets regulatory framework, which is relevant for all entities providing services to or from Dubai, other than entities conducting business in the Dubai International Financial Centre ( “DIFC”).  For an overview of VARA’s virtual assets framework, please refer to our previous articles here and here.These two updates involve changes to VARA’s Custody Services Rulebook and Virtual Asset Issuance Rulebook respectively, and represent key...

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  02.10.2023

  Schweiz

  Swiss Federal Council sets course for corporate sustainability reporting and due diligence framework

  BackgroundMajor Swiss companies are now required to be transparent in certain areas of their business, reporting on environmental, social, labour, human rights and anti-corruption risks. Such reporting must also outline the measures they have adopted in these areas (i.e. "non-financial reporting obligation").In addition, companies whose activities present risks in the sensitive areas of child labour and minerals and metals from conflict zones must also comply with a more extensive reporting obligation and specific duties of due diligence. These rules have been crystalised in the Swiss Code of obligations.In...

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  29.09.2023

  Singapur

  Increase in Insurance Coverage for Singapore-Dollar Bank Deposits to S$100,000

  This article is produced by CMS Holborn Asia, a Formal Law Alliance between CMS Singapore and Holborn Law LLC.IntroductionThe Monetary Authority of Singapore (“MAS”) has announced that it will raise insurance coverage on bank deposits from S$75,000 to S$100,000 from 1 April 2024[1]. In this update, we set out the position on deposit insurance and provide an appraisal of the change.The SchemeThe insurance scheme is administered by the Singapore Deposit Insurance Corporation Limited (“SDIC”) with the purpose of providing “prompt and efficient compensation to depositors...

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  26.09.2023

  Luxembourg

  New bill of law to enhance the resilience of critical entities

  On 1 September 2023, a bill of law implementing directive 2022/2557 on the resilience of critical entities (the “Bill of Law”) was filed with the Parliament.The Bill of Law aims at enhancing the resilience of critical entities, notably in the field of cyber security. Critical entities provide essential services in the maintenance of vital societal functions or economic activities in the sectors of energy, transports, banking, financial market infrastructure, health, drinking water, waste water, digital infrstructure, public administration, space, and production, processing and distribution...

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  26.09.2023

  United Kingdom

  FCA introduction of new regulatory gateway for firms which approve financial promotions

  BackgroundUnder section 21 of FSMA, currently any firm that is authorised under the Financial Services and Markets Act 2000 (FSMA), may approve a financial promotion by another unauthorised person. However, the government is concerned that the current framework is no longer sufficient and gives rise to risks. The FCA is particularly concerned with the promotion of high-risk investments and ‘Buy-Now Pay Later’ (BNPL) products. The FCA has seen examples of promotions that do not warn consumers of the risks, such as the taking on of debt, missed payments and other consequences. The FCA...

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