Banking

Welcome to the home of the banking sector on Law-Now.

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Recent Articles

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    20/02/2024
    Bulgaria

    Ministry of Finance proposes a draft bill on Credit Servicers and Credit Purchasers

    The Bulgarian Ministry of Finance recently introduced for public consultation a bill for a new Credit Servicers and Credit Purchasers Act (“CSCPA”) implementing Directive (EU) 2021/2167 on credit servicers and credit purchasers (“CSD”). The CSD aims at creating a “single market” for distressed assets in the EU and introduces a harmonized regulatory framework for NPL-transactions between banks, credit purchasers and firms providing NPL-related services. The proposed CSCPA bill only concerns NPLs originated by credit institutions, thereby excluding loans provided...
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    19/02/2024
    Switzerland

    Swiss Limited Qualified Investor Fund (L-QIF) available in March 2024

    On 31 January 2024, the Swiss Federal Council released the final implementing provisions of the Collective Schemes Ordinances (CISO) relating to the Limited Qualified Investor Fund (L-QIF). The L-QIF is a new type of investment fund reserved to qualified investors under the Collective Investment Schemes Act (CISA). The L-QIF will be available on the market on 1 March 2024.L-QIF basicsThe L-QIF does not require approval or authorisation by the Swiss Financial Market Supervisory Authority (FINMA) to be setup or launched and there is no prudential supervision conducted by FINMA over L-QIFs.Despite...
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  •  
    13/02/2024
    EU

    EU legislative initiatives on recovery and resolution planning for insurance undertakings are taking shape

    With the compromise proposal for an Insurance Recovery and Resolution Directive (IRRD) published by the EU Council in January 2024, EU legislative initiatives to establish a recovery and resolution framework for insurance undertakings are taking shape. The following article has summarised selected aspects concerning Austrian (and potentially other EU) insurers, which - from experience with early stages of the Bank Recovery and Resolution Directive (BRRD) - are of particular interest for group-wide asset liability management and capital planning, collateral management, the product landscape and...
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    13/02/2024
    Hungary

    Hungary makes changes to labour law, occupational health and safety at work

    Hungary has initiated a series of legislative amendments to laws governing labour, occupation health and safety at work, some of which already entered into force on 1 January 2024. Specifically, Hungarian lawmakers passed amendments to Act I of 2012 on the Labour Code, Act IV of 1991 on the Facilitation of Employment and Unemployment Benefits, and Act XCIII of 1993 on Occupational Safety and Health and certain OSH decrees.The following article outlines the changes to labour law in Hungary brought on by these amendments.1. Amendments to Act I of 2012 on the Labour Code and Act IV of 1991 on the...
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  •  
    09/02/2024
    Ukraine

    Ukraine launches State Register of Sanctions

    On 29 January 2024, the President of Ukraine by the Decree No. 36/2024, approved the Decision of the National Security and Defence Council of Ukraine “On Approval of the Regulation on the State Register of Sanctions”. On 1 February 2024, the National Security and Defence Council of Ukraine launched the State Register of Sanctions on its website. The Register provides free public access to up-to-date and reliable information on persons and entities subject to Ukrainian sanctions.The Register is available in Ukrainian and English, and consolidates information regarding Ukrainian sanctions...
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    07/02/2024
    South Africa

    New Draft Regulations on the Proposed Numerical Sectoral Targets

    On 1 February 2024, a second round of draft regulations on the Proposed Numerical Sectoral Targets ("February 2024 Regulations") were published for public comment in the Government Gazette. The February 2024 Regulations are currently open for comment for 90 days from the date of publication (ending on 2 May 2024).Under these regulations, the Minister of Employment and Labour ("Minister") can classify different national economic sector targets that will define which companies, that operate in South Africa, will be deemed "designated employers". The classification of a designated employer will be...
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