Banque & finance

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  •  
    26/03/2024
    Bulgarie

    Legal modernization and financial instruments: Bulgaria takes steps to introduce a close-out netting regime

    Several proposed amendments to Bulgaria's financial laws are poised to significantly enhance the country's financial infrastructure and legal framework. Foremost among these amendments is the Draft Law on Amendments and Additions to the Law on Financial Collateral Contracts (FCC Act), which would introduce crucial modifications to address practical challenges and improve legal certainty in the financial sector.A key focus of the proposed amendments is to establish a comprehensive legal framework for close-out netting. Close-out netting serves as a fundamental credit risk management mechanism, allowing...
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  •  
    25/03/2024
    EU

    Publication in the Official Journal of the European Union of the Regulation on instant credit transfers

    On 19 March 2024, Regulation (EU) 2024/886 of the European Parliament and of the Council of 13 March 2024 amending Regulations (EU) (i) No 260/2012 establishing technical and business requirements for credit transfers and direct debits in euro, (ii) 2021/1230 on cross-border payments in the Union as regards instant credit transfers in euro and Directives (i) 98/26 on settlement finality in payment and securities settlement systems and (ii) 2015/2366 on payment services in the internal market (“PSD 2”) (the “Regulation”) as regards instant credit transfers in euro was published...
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  •  
    25/03/2024
    United Kingdom

    Introduction to the Crypto-Asset Reporting Framework

    The market for Crypto Assets is growing rapidly. Crypto Assets can be issued, recorded, transferred and stored in a decentralised manner, without the need to rely on traditional financial intermediaries or central administrators. Further, the Crypto-Asset market has given rise to a new set of intermediaries and other service providers, such as Crypto-Asset exchanges and wallet providers, which may currently only be subject to limited regulatory oversight. Overall, the characteristics of the Crypto-Asset sector have reduced tax administrations’ visibility on tax-relevant activities carried...
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  •  
    22/03/2024
    Hongrie

    Hungary establishes categorisation of investment funds and introduces new investment rules

    According to the decree, there will now be four main types of funds based on their primary asset categories: securities funds, real estate funds, venture capital funds and mixed funds. In addition, there will be a total of fourteen categories of investment funds within the four types. These categories are already known in the market and some of the categories are regulated in the existing decree.The new decree provides for separate asset composition and asset ratio rules for each investment fund category. For instance, bond funds must invest at least 55% of their assets in credit instruments, equity...
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  •  
    20/03/2024
    Afrique du Sud

    The precarious position of the voting rights of post commencement creditors

    The rescue of a company in business rescue ultimately depends on the implementation of a viable business rescue plan which has received the support of 75% of the creditors of the company. A recent business rescue case of Wescoal Mining (Pty) Ltd Another v Mkhombo NO1 and Other has potentially wide-ranging implications for creditors after business rescue has commenced. At the heart of the case was the approval of a business rescue plan for Arnot Opco Proprietary Limited, aimed at selling the company to Ndalamo Coal Proprietary Limited. However, the approval process was marred by disputes over...
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  •  
    15/03/2024
    EU

    MiCAR Levels 2 and 3 measures – where do we stand?

    Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets (“MICAR”) will enter into application at the following dates:as of 30 June 2024, regarding its title III and title IV on issuers of assets-referenced tokens (“ARTs”) and e-money tokens (“EMTs”),as of 30 December 2024, regarding the other titles of MiCAR, which pertain to i.a. (i) crypto-assets other than ARTs and EMTs, (ii) the authorisation and operating conditions for crypto-asset service providers (“CASPs”), and (iii) the prevention...
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