Banque & finance

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  •  
    23/02/2024
    Autriche

    New Austria’s Supreme Court decision on upfront fees

    DE GB
    Until 2016, the Supreme Court had not ruled on the permissibility of upfront fees for consumer loans, while academic literature expressed different opinions. In 2016, the Supreme Court ruled that upfront fees, as part of the essential obligations of the contract, are not subject to content control and therefore their agreement is permissible. In late 2022 and early 2023, a series of Supreme Court rulings were issued on the topic of general terms and conditions of fitness studios, which caused a stir in the banking world and have implications for banks, although these rulings actually originated...
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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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  •  
    20/02/2024
    United Kingdom

    Economic Crime and Corporate Transparency Act 2023: changes expected to come into force on 4 March 2024

    From Spring 2024 we expect the role of Companies House and the Registrar of Companies (Registrar) to change significantly from simply incorporating companies and being a largely passive information recipient and depository to being a pro-active regulator with clear objectives and the powers to fulfil them.Changes affecting the ongoing administration of companies and limited liability partnerships are also expected to come into force at the same time. Although no implementing regulation has been published yet, Companies House has announced that the date it is working to is 4 March 2024.The changes...
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  •  
    19/02/2024
    Allemagne

    Tokenised Profit Participation Rights – The Future of Employee Participation in the German Market?

    Profit participation rights are an attractive form of employee participationEquity-like profit participation rights are a way of dynamically issuing employees with a stake in a business while at the same time eliminating the possibility that they can influence corporate management and policy. These profit participation rights combine the (tax) advantages of real shares with the flexibility of pure instruments of participation under the law of obligations.Comparison with real shares: Profit participation rights generally only come with information rights under exclusion of other possible ways of...
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  •  
    19/02/2024
    Suisse

    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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  •  
    15/02/2024
    Luxembourg

    CSSF publishes updated mo­ney-laun­de­ring/ter­ro­rist financing risk assessment for the private banking sector

    On 7 February 2024, the Luxembourg supervisory authority for the financial sector (Commission de Surveillance du Secteur Financier, “CSSF”) released the updated Private Banking Sub-Sector money laundering/terrorist financing (“ML/TF”) Risk Assessment (the “2023 PBSSRA”).The 2023 PBSSRA pertains to all supervised entities carrying out private banking activities, and in particular to (i) private banks when carrying out asset management services (i.e. custody of financial assets and investment services) and ancillary services (i.e. current account banking, credit...
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