Banking

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

On this page you can access the very latest updates from CMS' banking sector experts. Law-Now also delivers a specialist website, RegZone. RegZone provides you with expert analysis and daily news from the fast-changing world of European financial institution regulation for those working in banking and finance. Click here to visit the dedicated site.

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Recent Articles

  •  
    19.09.2023
    International

    Trading of crypto-as­sets in detail

    The Markets in Crypto-Assets Regulation (MiCAR) sets down a harmonised regulatory framework for service providers known as crypto-asset service providers (CASPs), which carry out activities with crypto-assets that fall within the regulation's scope. The following article describes the MiCAR requirements applicable to persons providing services related to crypto-asset trading.DefinitionMiCAR introduces enhanced legal requirements that will apply to service providers carrying out professional activities related to trading crypto-assets. The crypto-assets trading activities that MiCAR identifies as...
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  •  
    31.08.2023
    United Kingdom

    AI in financial services – Autumn 2023 update

    Over the course of 2023, artificial intelligence (“AI”) has continued to rise up the regulatory and business agenda. Ahead of several important policy announcements in Autumn/Winter 2023, we have prepared an update on recent regulatory developments in AI and upcoming milestones for the financial services sector.  The update includes a summary of the UK Government AI White Paper consultation, which is due to report back by the end of September, an overview of recent areas of focus for the UK financial services regulators in relation to AI, an update on the current status...
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  •  
    30.08.2023
    United Kingdom

    The English court has jurisdiction to hear a conspiracy claim against a foreign state’s central bank, state officials and several other alleged co-con­spir­at­ors

    SummaryThe Court of Appeal has unanimously dismissed a jurisdictional challenge in relation to a claim brought by a commercial bank in Uganda, Crane Bank Limited (“CBL”), and its shareholders against another Ugandan commercial bank, DFCU Bank Limited (“DFCU”), its holding company (DFCU Limited) as well as various current and former directors of DFCU and DFCU Limited and a number of investors in DFCU Limited.The claim concerns the defendants’ alleged involvement in a corrupt scheme orchestrated by officials of the Ugandan government and the central bank of Uganda.  ...
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  •  
    22.08.2023
    Luxembourg

    CSSF cla­ri­fic­a­tions on registration of virtual asset service providers are available!

    On 17 August 2023, the Commission de Surveillance du Secteur Financier (the « CSSF ») published frequently asked questions (the “Q&As”) on virtual asset service providers (the “VASPs”) to supplement its previous Q&As on (i) virtual assets for credit institutions and undertakings for collective investments and (ii) the fight against money laundering and terrorist financing (“AML/CTF”) for individuals/investors.The twenty Q&As are based on the current Luxembourg laws and do not take into consideration EU texts such as the regulation...
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  •  
    22.08.2023
    United Kingdom

    Sustainable Finance and the Goal of Net Zero: what can Islamic finance bring to the table?

    The past year has brought a renewed focus on sustainability, both nationally and globally with countries pushing to reduce their reliance on carbon fuel sources and hit their net zero targets. The US Inflation Reduction Act, which is celebrating its first anniversary, has resulted in huge subsidies for renewable and sustainable energy in the US. It has also worried many in the UK renewables sector, particularly given the EU and China’s response by introducing their own green investment policies. How will the UK respond, particularly given the Government’s change of course away from...
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  •  
    10.08.2023
    United Kingdom

    The impact of Pillar Two and the BEPS Actions on finance transactions

    Increasing interest rates, inflationary costs and the threat of restricted growth (or even recession) continue to add pressure on borrowers. Those pressures, combined with the lower headroom on financial covenants since higher interest rates have taken hold, will mean a number of financing transactions will be under stress. That stress can be further exacerbated if there is a risk of additional tax exposure materialising, particularly in highly structured transactions. In certain markets, that has focused lenders’ minds on the borrower’s tax structuring and analysis, particularly with...
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