Law Library of Congress - Global Legal Monitor: Global Legal Monitor: Banks and financial institutions http://www.loc.gov/lawweb/servlet/lloc_news?home The Global Legal Monitor is an online publication from the Law Library of Congress covering legal news and developments worldwide. It is updated frequently and draws on information from the Global Legal Information Network, official national legal publications, and reliable press sources. You can search previous news by searching the archive. en-us Global Legal Monitor: Bulgaria; European Union: Bank Depositors Denied Access to Their Deposits in Bulgaria http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205404153_text Banks and financial institutions; Commerce - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Wed, 08 Oct 2014 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205404153_text Global Legal Monitor: Russia: Fines for Bitcoin Transactions Will Be Introduced http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205404151_text Banks and financial institutions; Currency; Financial services; Internet - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Tue, 07 Oct 2014 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205404151_text Global Legal Monitor: Iceland: Icelandic Bankers Jailed for Fraud http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205404082_text Banks and financial institutions; Crime and law enforcement; Criminal procedure; Fraud and financial crimes - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12.... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Wed, 30 Jul 2014 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205404082_text Global Legal Monitor: Denmark: Recent Bank and Tax Statements on Bitcoin http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205404077_text Banks and financial institutions; Currency; Foreign exchange; Taxation - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Wed, 16 Jul 2014 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205404077_text Global Legal Monitor: Italy: Recent Developments on Bitcoin http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205404033_text Banks and financial institutions; Currency; Internet - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Thu, 12 Jun 2014 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205404033_text Global Legal Monitor: European Union: Central Bank Board Member Speaks on Bitcoin http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205404011_text Banks and financial institutions; Currency; Internet - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Fri, 06 Jun 2014 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205404011_text Global Legal Monitor: Cyprus: Status of Bitcoin http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205404015_text Banks and financial institutions; Currency; Internet - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Fri, 06 Jun 2014 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205404015_text Global Legal Monitor: Philippines: Central Bank Issues Warning on Virtual Currencies http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205403958_text Banks and financial institutions; Currency - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar.... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Wed, 30 Apr 2014 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205403958_text Global Legal Monitor: Mexico: Central Bank Issues Warning on Risks of Using Bitcoin http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205403950_text Banks and financial institutions; Currency; Internet - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Tue, 29 Apr 2014 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205403950_text Global Legal Monitor: Russia: Bitcoin Exchanges Can Be Penalized http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205403857_text Banks and financial institutions; Financial services; Internet - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).)... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Thu, 06 Feb 2014 12:00:00 EST http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205403857_text Global Legal Monitor: European Union: Proposal to Prohibit Proprietary Trading by Banks http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205403849_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Tue, 04 Feb 2014 12:00:00 EST http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205403849_text Global Legal Monitor: Indonesia: Bill on Money Laundering Considered in House http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205403809_text Banks and financial institutions; Elections and politics; Money laundering - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Fri, 27 Dec 2013 12:00:00 EST http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205403809_text Global Legal Monitor: Mexico: Chamber of Deputies Approves Financial Reform http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205403724_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Mon, 30 Sep 2013 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205403724_text Global Legal Monitor: European Union: Stricter Penalties for Insider Trading Proposed by the Parliament http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205403703_text Banks and financial institutions; Securities - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Fri, 13 Sep 2013 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205403703_text Global Legal Monitor: Indonesia: Regulation on Financial Services Adopted http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205403673_text Banks and financial institutions; Consumer protection - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Thu, 22 Aug 2013 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205403673_text Global Legal Monitor: European Union: Proposal on Deposit Guarantee Scheme http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205403539_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Tue, 09 Apr 2013 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205403539_text Global Legal Monitor: Denmark: Call to Bail out of Strict Bail-In Policy http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205403544_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Tue, 09 Apr 2013 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205403544_text Global Legal Monitor: Brazil: Bloc Creates Development Bank http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205403532_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Fri, 29 Mar 2013 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205403532_text Global Legal Monitor: European Union: Draft Rules on Bankers' Bonuses and Bank Capital Requirements http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205403525_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements.... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Wed, 20 Mar 2013 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205403525_text Global Legal Monitor: Poland: Creation of Special Stabilization Fund from New Fee on Banks http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205403458_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Wed, 16 Jan 2013 12:00:00 EST http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205403458_text Global Legal Monitor: European Union: Finance Ministers Give Green Light to Single Supervisory Mechanism http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205403447_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Mon, 07 Jan 2013 12:00:00 EST http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205403447_text Global Legal Monitor: Indonesia: Court Decision Changes Banking Rule http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205403352_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011,... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Mon, 01 Oct 2012 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205403352_text Global Legal Monitor: Israel: Banking Services for Senior Citizens http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205403156_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Thu, 17 May 2012 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205403156_text Global Legal Monitor: Kenya: Kenya Deposit Insurance Bill Becomes Law http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205403149_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Wed, 16 May 2012 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205403149_text Global Legal Monitor: Italy: No Compensation for Theft from Bank Vaults http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402822_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Mon, 03 Oct 2011 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402822_text Global Legal Monitor: Togo: Credit Unions Law Replaced http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402697_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Fri, 03 Jun 2011 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402697_text Global Legal Monitor: Iran: Anti-Money Laundering Guidelines Issued for Credit Institutions http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402696_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Thu, 02 Jun 2011 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402696_text Global Legal Monitor: Bangladesh: Supreme Court Rejects Appeal of Muhammad Yunus over Removal from Bank http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402671_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Thu, 12 May 2011 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402671_text Global Legal Monitor: Australia: Mortgage Exit Fees Banned http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402617_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar.... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Fri, 08 Apr 2011 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402617_text Global Legal Monitor: Iceland: Icesave Bill Adopted to Guarantee U.K., Netherlands Loans http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402531_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Tue, 22 Feb 2011 12:00:00 EST http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402531_text Global Legal Monitor: Sri Lanka: Government Considers Regulating Microfinance Companies http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402442_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Tue, 28 Dec 2010 12:00:00 EST http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402442_text Global Legal Monitor: France: New Law on Banking and Financial Regulation http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402384_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Fri, 19 Nov 2010 12:00:00 EST http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402384_text Global Legal Monitor: Australia: Major Class Action over Bank Fees Launched http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402277_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Tue, 28 Sep 2010 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402277_text Global Legal Monitor: Iceland: Commission Suggests Charging Officials with Negligence in Financial Crisis http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402244_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis.... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Thu, 16 Sep 2010 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402244_text Global Legal Monitor: European Union: New Capital Banking Rules to Be Adopted http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402248_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Thu, 16 Sep 2010 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402248_text Global Legal Monitor: Burma: New Private Banking and Foreign Exchange Rules http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402214_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Fri, 03 Sep 2010 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402214_text Global Legal Monitor: Burma: New Private Banking and Foreign Exchange Rules http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402215_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Fri, 03 Sep 2010 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402215_text Global Legal Monitor: Australia: New Consumer Credit Laws in Force http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402107_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Wed, 14 Jul 2010 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402107_text Global Legal Monitor: European Union: Draft Proposal Imposes Strict Control on Banker Bonuses http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402102_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance.... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Fri, 09 Jul 2010 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402102_text Global Legal Monitor: Switzerland: Parliament Passes Agreement with United States on UBS http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402067_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Wed, 23 Jun 2010 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402067_text Global Legal Monitor: European Union: Banks to Be Made to Pay for Failures http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402047_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Mon, 14 Jun 2010 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402047_text Global Legal Monitor: European Union: Plan to Regulate Credit-Rating Agencies Announced http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402031_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Tue, 08 Jun 2010 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402031_text Global Legal Monitor: Netherlands: Report of Special Parliamentary Commission on Financial Crisis Issued http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401975_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Tue, 11 May 2010 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401975_text Global Legal Monitor: Iceland: Parliamentary Panel Blames Officials for Role in Financial Collapse http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401920_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Tue, 13 Apr 2010 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401920_text Global Legal Monitor: Nigeria: Senate to Create Corporation to Manage Toxic Assets http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401874_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Wed, 17 Mar 2010 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401874_text Global Legal Monitor: Switzerland: Court Decision Denies Release of UBS Bank Records to the IRS http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401805_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan.... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Fri, 29 Jan 2010 12:00:00 EST http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401805_text Global Legal Monitor: Switzerland: Federal Administrative Court Chastises Financial Markets Authority for Releasing UBS Records to IRS http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401766_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG,... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Fri, 08 Jan 2010 12:00:00 EST http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401766_text Global Legal Monitor: France: Draft Law on Regulating Banking and Finance http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401758_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Wed, 06 Jan 2010 12:00:00 EST http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401758_text Global Legal Monitor: France: Tax on Bankers' Bonuses http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401761_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Tue, 05 Jan 2010 12:00:00 EST http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401761_text Global Legal Monitor: China; Taiwan: Financial MOUs Signed http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401680_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Thu, 19 Nov 2009 12:00:00 EST http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401680_text Global Legal Monitor: France: Compensation of Financial Market Professionals http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401670_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Wed, 18 Nov 2009 12:00:00 EST http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401670_text Global Legal Monitor: European Union: European Commission Proposes New Measures to Improve Financial Supervision http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401629_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Fri, 16 Oct 2009 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401629_text Global Legal Monitor: Denmark: Proposal to Compensate Businesses for Computer Hacking of Banks http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401596_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Mon, 05 Oct 2009 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401596_text Global Legal Monitor: Iran: Foreign Banks Encouraged to Open Branches http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401572_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would The Council of Ministers approved new regulations to encourage foreign banks to do business in Iran. The new regulations, organized in four parts and totaling 13 articles, are dated March 18, 2009, and entitled "The Executive... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Fri, 18 Sep 2009 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401572_text Global Legal Monitor: Netherlands: Industry Code of Conduct Caps Bank Manager Bonuses http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401566_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would The Council of Ministers approved new regulations to encourage foreign banks to do business in Iran. The new regulations, organized in four parts and totaling 13 articles, are dated March 18, 2009, and entitled "The Executive The Dutch Banking Federation (Nederlandse Vereniging van Banken, NVB) published a code of conduct, applicable to domestic and foreign banking activities, on September 9, 2009. In particular, it regulates the bonuses of bank management board members,... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Wed, 16 Sep 2009 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401566_text Global Legal Monitor: United Kingdom: Ruling Requires British Offshore Accounts Be Revealed http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401516_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would The Council of Ministers approved new regulations to encourage foreign banks to do business in Iran. The new regulations, organized in four parts and totaling 13 articles, are dated March 18, 2009, and entitled "The Executive The Dutch Banking Federation (Nederlandse Vereniging van Banken, NVB) published a code of conduct, applicable to domestic and foreign banking activities, on September 9, 2009. In particular, it regulates the bonuses of bank management board members, A recent ruling by the Special Commissioners, the tax courts of the United Kingdom, requires over 300 UK and foreign banks to disclose the details of 500,000 British taxpayers' accounts. The UK's tax authority, HM Revenue... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Tue, 25 Aug 2009 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401516_text Global Legal Monitor: China: Increased Regulation of Commercial Banks' Personal Banking Business http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401465_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would The Council of Ministers approved new regulations to encourage foreign banks to do business in Iran. The new regulations, organized in four parts and totaling 13 articles, are dated March 18, 2009, and entitled "The Executive The Dutch Banking Federation (Nederlandse Vereniging van Banken, NVB) published a code of conduct, applicable to domestic and foreign banking activities, on September 9, 2009. In particular, it regulates the bonuses of bank management board members, A recent ruling by the Special Commissioners, the tax courts of the United Kingdom, requires over 300 UK and foreign banks to disclose the details of 500,000 British taxpayers' accounts. The UK's tax authority, HM Revenue The China Banking Regulatory Commission (CBRC) issued a notice on July 6, 2009, effective the same day, on further regulation of the personal banking business of the country's commercial banks. The notice stipulates that the banks... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Fri, 31 Jul 2009 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401465_text Global Legal Monitor: European Union: Proposal of Revised Rules on Bank Capital and Remuneration in Response to Global Financial Crisis http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401442_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would The Council of Ministers approved new regulations to encourage foreign banks to do business in Iran. The new regulations, organized in four parts and totaling 13 articles, are dated March 18, 2009, and entitled "The Executive The Dutch Banking Federation (Nederlandse Vereniging van Banken, NVB) published a code of conduct, applicable to domestic and foreign banking activities, on September 9, 2009. In particular, it regulates the bonuses of bank management board members, A recent ruling by the Special Commissioners, the tax courts of the United Kingdom, requires over 300 UK and foreign banks to disclose the details of 500,000 British taxpayers' accounts. The UK's tax authority, HM Revenue The China Banking Regulatory Commission (CBRC) issued a notice on July 6, 2009, effective the same day, on further regulation of the personal banking business of the country's commercial banks. The notice stipulates that the banks On July 13, 2009, the European Commission proposed amendments to the existing European Union rules on bank capitalization, that is, the Directive on Capital Requirements for Banks, in two critical areas: securitization and remuneration. Financial experts... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Mon, 20 Jul 2009 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401442_text Global Legal Monitor: Germany: Law on "Bad Banks" Adopted to Help Clear Toxic Assets http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401436_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would The Council of Ministers approved new regulations to encourage foreign banks to do business in Iran. The new regulations, organized in four parts and totaling 13 articles, are dated March 18, 2009, and entitled "The Executive The Dutch Banking Federation (Nederlandse Vereniging van Banken, NVB) published a code of conduct, applicable to domestic and foreign banking activities, on September 9, 2009. In particular, it regulates the bonuses of bank management board members, A recent ruling by the Special Commissioners, the tax courts of the United Kingdom, requires over 300 UK and foreign banks to disclose the details of 500,000 British taxpayers' accounts. The UK's tax authority, HM Revenue The China Banking Regulatory Commission (CBRC) issued a notice on July 6, 2009, effective the same day, on further regulation of the personal banking business of the country's commercial banks. The notice stipulates that the banks On July 13, 2009, the European Commission proposed amendments to the existing European Union rules on bank capitalization, that is, the Directive on Capital Requirements for Banks, in two critical areas: securitization and remuneration. Financial experts On July 10, 2009, the upper house of the German Federal Parliament (Bundestag) approved a bill enabling the creation of "bad banks" to help the country's commercial and state-owned banks recover from the domestic and global... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Wed, 15 Jul 2009 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401436_text Global Legal Monitor: United States: Supreme Court Rules States May Sue National Banks http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401427_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would The Council of Ministers approved new regulations to encourage foreign banks to do business in Iran. The new regulations, organized in four parts and totaling 13 articles, are dated March 18, 2009, and entitled "The Executive The Dutch Banking Federation (Nederlandse Vereniging van Banken, NVB) published a code of conduct, applicable to domestic and foreign banking activities, on September 9, 2009. In particular, it regulates the bonuses of bank management board members, A recent ruling by the Special Commissioners, the tax courts of the United Kingdom, requires over 300 UK and foreign banks to disclose the details of 500,000 British taxpayers' accounts. The UK's tax authority, HM Revenue The China Banking Regulatory Commission (CBRC) issued a notice on July 6, 2009, effective the same day, on further regulation of the personal banking business of the country's commercial banks. The notice stipulates that the banks On July 13, 2009, the European Commission proposed amendments to the existing European Union rules on bank capitalization, that is, the Directive on Capital Requirements for Banks, in two critical areas: securitization and remuneration. Financial experts On July 10, 2009, the upper house of the German Federal Parliament (Bundestag) approved a bill enabling the creation of "bad banks" to help the country's commercial and state-owned banks recover from the domestic and global On June 29, 2009, the U.S. Supreme Court ruled that state governments are not preempted by the National Bank Act (NBA) from enforcing state law against national banks in judicial proceedings. The NBA, enacted in... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Tue, 14 Jul 2009 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401427_text Global Legal Monitor: Mexico: Reform to Protect Financial Consumers Promulgated http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401421_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would The Council of Ministers approved new regulations to encourage foreign banks to do business in Iran. The new regulations, organized in four parts and totaling 13 articles, are dated March 18, 2009, and entitled "The Executive The Dutch Banking Federation (Nederlandse Vereniging van Banken, NVB) published a code of conduct, applicable to domestic and foreign banking activities, on September 9, 2009. In particular, it regulates the bonuses of bank management board members, A recent ruling by the Special Commissioners, the tax courts of the United Kingdom, requires over 300 UK and foreign banks to disclose the details of 500,000 British taxpayers' accounts. The UK's tax authority, HM Revenue The China Banking Regulatory Commission (CBRC) issued a notice on July 6, 2009, effective the same day, on further regulation of the personal banking business of the country's commercial banks. The notice stipulates that the banks On July 13, 2009, the European Commission proposed amendments to the existing European Union rules on bank capitalization, that is, the Directive on Capital Requirements for Banks, in two critical areas: securitization and remuneration. Financial experts On July 10, 2009, the upper house of the German Federal Parliament (Bundestag) approved a bill enabling the creation of "bad banks" to help the country's commercial and state-owned banks recover from the domestic and global On June 29, 2009, the U.S. Supreme Court ruled that state governments are not preempted by the National Bank Act (NBA) from enforcing state law against national banks in judicial proceedings. The NBA, enacted in On June 25, 2009, the Federal Government of Mexico promulgated a decree on a package of financial reforms prepared last December but deadlocked for the first four months of 2009. The amending decree affects the Law... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Thu, 09 Jul 2009 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401421_text Global Legal Monitor: Nigeria: National Assembly to Expand Deposit Insurance Corporation's Mandate http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401307_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would The Council of Ministers approved new regulations to encourage foreign banks to do business in Iran. The new regulations, organized in four parts and totaling 13 articles, are dated March 18, 2009, and entitled "The Executive The Dutch Banking Federation (Nederlandse Vereniging van Banken, NVB) published a code of conduct, applicable to domestic and foreign banking activities, on September 9, 2009. In particular, it regulates the bonuses of bank management board members, A recent ruling by the Special Commissioners, the tax courts of the United Kingdom, requires over 300 UK and foreign banks to disclose the details of 500,000 British taxpayers' accounts. The UK's tax authority, HM Revenue The China Banking Regulatory Commission (CBRC) issued a notice on July 6, 2009, effective the same day, on further regulation of the personal banking business of the country's commercial banks. The notice stipulates that the banks On July 13, 2009, the European Commission proposed amendments to the existing European Union rules on bank capitalization, that is, the Directive on Capital Requirements for Banks, in two critical areas: securitization and remuneration. Financial experts On July 10, 2009, the upper house of the German Federal Parliament (Bundestag) approved a bill enabling the creation of "bad banks" to help the country's commercial and state-owned banks recover from the domestic and global On June 29, 2009, the U.S. Supreme Court ruled that state governments are not preempted by the National Bank Act (NBA) from enforcing state law against national banks in judicial proceedings. The NBA, enacted in On June 25, 2009, the Federal Government of Mexico promulgated a decree on a package of financial reforms prepared last December but deadlocked for the first four months of 2009. The amending decree affects the Law It was reported on May 21, 2009, that the Nigerian National Assembly is working on amending the Nigeria Deposit Insurance Corporation (NDIC) Act of 1988, a law that established and regulates the powers of the NDIC.... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Thu, 28 May 2009 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401307_text Global Legal Monitor: China: New Provisions on Foreign Financial Information Services http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401299_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would The Council of Ministers approved new regulations to encourage foreign banks to do business in Iran. The new regulations, organized in four parts and totaling 13 articles, are dated March 18, 2009, and entitled "The Executive The Dutch Banking Federation (Nederlandse Vereniging van Banken, NVB) published a code of conduct, applicable to domestic and foreign banking activities, on September 9, 2009. In particular, it regulates the bonuses of bank management board members, A recent ruling by the Special Commissioners, the tax courts of the United Kingdom, requires over 300 UK and foreign banks to disclose the details of 500,000 British taxpayers' accounts. The UK's tax authority, HM Revenue The China Banking Regulatory Commission (CBRC) issued a notice on July 6, 2009, effective the same day, on further regulation of the personal banking business of the country's commercial banks. The notice stipulates that the banks On July 13, 2009, the European Commission proposed amendments to the existing European Union rules on bank capitalization, that is, the Directive on Capital Requirements for Banks, in two critical areas: securitization and remuneration. Financial experts On July 10, 2009, the upper house of the German Federal Parliament (Bundestag) approved a bill enabling the creation of "bad banks" to help the country's commercial and state-owned banks recover from the domestic and global On June 29, 2009, the U.S. Supreme Court ruled that state governments are not preempted by the National Bank Act (NBA) from enforcing state law against national banks in judicial proceedings. The NBA, enacted in On June 25, 2009, the Federal Government of Mexico promulgated a decree on a package of financial reforms prepared last December but deadlocked for the first four months of 2009. The amending decree affects the Law It was reported on May 21, 2009, that the Nigerian National Assembly is working on amending the Nigeria Deposit Insurance Corporation (NDIC) Act of 1988, a law that established and regulates the powers of the NDIC. Effective June 1, 2009, new provisions will regulate foreign institutions that provide financial information services in China. The document, entitled "Provisions on Administration of Foreign Institutions Providing Financial Information Service within the Territory of China, was... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Fri, 22 May 2009 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401299_text Global Legal Monitor: China: Executive Pay Limits for State-Owned Financial Institutions http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401219_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would The Council of Ministers approved new regulations to encourage foreign banks to do business in Iran. The new regulations, organized in four parts and totaling 13 articles, are dated March 18, 2009, and entitled "The Executive The Dutch Banking Federation (Nederlandse Vereniging van Banken, NVB) published a code of conduct, applicable to domestic and foreign banking activities, on September 9, 2009. In particular, it regulates the bonuses of bank management board members, A recent ruling by the Special Commissioners, the tax courts of the United Kingdom, requires over 300 UK and foreign banks to disclose the details of 500,000 British taxpayers' accounts. The UK's tax authority, HM Revenue The China Banking Regulatory Commission (CBRC) issued a notice on July 6, 2009, effective the same day, on further regulation of the personal banking business of the country's commercial banks. The notice stipulates that the banks On July 13, 2009, the European Commission proposed amendments to the existing European Union rules on bank capitalization, that is, the Directive on Capital Requirements for Banks, in two critical areas: securitization and remuneration. Financial experts On July 10, 2009, the upper house of the German Federal Parliament (Bundestag) approved a bill enabling the creation of "bad banks" to help the country's commercial and state-owned banks recover from the domestic and global On June 29, 2009, the U.S. Supreme Court ruled that state governments are not preempted by the National Bank Act (NBA) from enforcing state law against national banks in judicial proceedings. The NBA, enacted in On June 25, 2009, the Federal Government of Mexico promulgated a decree on a package of financial reforms prepared last December but deadlocked for the first four months of 2009. The amending decree affects the Law It was reported on May 21, 2009, that the Nigerian National Assembly is working on amending the Nigeria Deposit Insurance Corporation (NDIC) Act of 1988, a law that established and regulates the powers of the NDIC. Effective June 1, 2009, new provisions will regulate foreign institutions that provide financial information services in China. The document, entitled "Provisions on Administration of Foreign Institutions Providing Financial Information Service within the Territory of China, was The Ministry of Finance (MOF) published a circular on April 10, 2009, setting a pay cap for top executives at state-owned financial institutions. Their maximum compensation for the year 2008 is now fixed at 90% of... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Wed, 15 Apr 2009 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401219_text Global Legal Monitor: Andorra, Principality of: Legislation to Lift Bank Secrecy Promised http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401140_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would The Council of Ministers approved new regulations to encourage foreign banks to do business in Iran. The new regulations, organized in four parts and totaling 13 articles, are dated March 18, 2009, and entitled "The Executive The Dutch Banking Federation (Nederlandse Vereniging van Banken, NVB) published a code of conduct, applicable to domestic and foreign banking activities, on September 9, 2009. In particular, it regulates the bonuses of bank management board members, A recent ruling by the Special Commissioners, the tax courts of the United Kingdom, requires over 300 UK and foreign banks to disclose the details of 500,000 British taxpayers' accounts. The UK's tax authority, HM Revenue The China Banking Regulatory Commission (CBRC) issued a notice on July 6, 2009, effective the same day, on further regulation of the personal banking business of the country's commercial banks. The notice stipulates that the banks On July 13, 2009, the European Commission proposed amendments to the existing European Union rules on bank capitalization, that is, the Directive on Capital Requirements for Banks, in two critical areas: securitization and remuneration. Financial experts On July 10, 2009, the upper house of the German Federal Parliament (Bundestag) approved a bill enabling the creation of "bad banks" to help the country's commercial and state-owned banks recover from the domestic and global On June 29, 2009, the U.S. Supreme Court ruled that state governments are not preempted by the National Bank Act (NBA) from enforcing state law against national banks in judicial proceedings. The NBA, enacted in On June 25, 2009, the Federal Government of Mexico promulgated a decree on a package of financial reforms prepared last December but deadlocked for the first four months of 2009. The amending decree affects the Law It was reported on May 21, 2009, that the Nigerian National Assembly is working on amending the Nigeria Deposit Insurance Corporation (NDIC) Act of 1988, a law that established and regulates the powers of the NDIC. Effective June 1, 2009, new provisions will regulate foreign institutions that provide financial information services in China. The document, entitled "Provisions on Administration of Foreign Institutions Providing Financial Information Service within the Territory of China, was The Ministry of Finance (MOF) published a circular on April 10, 2009, setting a pay cap for top executives at state-owned financial institutions. Their maximum compensation for the year 2008 is now fixed at 90% of On March 11, 2009, the head of the government of the Principat d' Andorra signed the "Declaration of the Principat d'Andorra" in Paris, pledging to pass legislation before September 1, 2009, that would lift bank secrecy... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Wed, 18 Mar 2009 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401140_text Global Legal Monitor: Poland: Law Passed on Recapitalization of Financial Institutions http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401033_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would The Council of Ministers approved new regulations to encourage foreign banks to do business in Iran. The new regulations, organized in four parts and totaling 13 articles, are dated March 18, 2009, and entitled "The Executive The Dutch Banking Federation (Nederlandse Vereniging van Banken, NVB) published a code of conduct, applicable to domestic and foreign banking activities, on September 9, 2009. In particular, it regulates the bonuses of bank management board members, A recent ruling by the Special Commissioners, the tax courts of the United Kingdom, requires over 300 UK and foreign banks to disclose the details of 500,000 British taxpayers' accounts. The UK's tax authority, HM Revenue The China Banking Regulatory Commission (CBRC) issued a notice on July 6, 2009, effective the same day, on further regulation of the personal banking business of the country's commercial banks. The notice stipulates that the banks On July 13, 2009, the European Commission proposed amendments to the existing European Union rules on bank capitalization, that is, the Directive on Capital Requirements for Banks, in two critical areas: securitization and remuneration. Financial experts On July 10, 2009, the upper house of the German Federal Parliament (Bundestag) approved a bill enabling the creation of "bad banks" to help the country's commercial and state-owned banks recover from the domestic and global On June 29, 2009, the U.S. Supreme Court ruled that state governments are not preempted by the National Bank Act (NBA) from enforcing state law against national banks in judicial proceedings. The NBA, enacted in On June 25, 2009, the Federal Government of Mexico promulgated a decree on a package of financial reforms prepared last December but deadlocked for the first four months of 2009. The amending decree affects the Law It was reported on May 21, 2009, that the Nigerian National Assembly is working on amending the Nigeria Deposit Insurance Corporation (NDIC) Act of 1988, a law that established and regulates the powers of the NDIC. Effective June 1, 2009, new provisions will regulate foreign institutions that provide financial information services in China. The document, entitled "Provisions on Administration of Foreign Institutions Providing Financial Information Service within the Territory of China, was The Ministry of Finance (MOF) published a circular on April 10, 2009, setting a pay cap for top executives at state-owned financial institutions. Their maximum compensation for the year 2008 is now fixed at 90% of On March 11, 2009, the head of the government of the Principat d' Andorra signed the "Declaration of the Principat d'Andorra" in Paris, pledging to pass legislation before September 1, 2009, that would lift bank secrecy POLAND Law Passed on Recapitalization of Financial Institutions. It was reported on February 11, 2009, that the Polish Cabinet had passed a draft law on recapitalization of financial institutions. The law stipulates that... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Thu, 26 Feb 2009 12:00:00 EST http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401033_text Global Legal Monitor: Taiwan: Banking Law Amended http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540964_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would The Council of Ministers approved new regulations to encourage foreign banks to do business in Iran. The new regulations, organized in four parts and totaling 13 articles, are dated March 18, 2009, and entitled "The Executive The Dutch Banking Federation (Nederlandse Vereniging van Banken, NVB) published a code of conduct, applicable to domestic and foreign banking activities, on September 9, 2009. In particular, it regulates the bonuses of bank management board members, A recent ruling by the Special Commissioners, the tax courts of the United Kingdom, requires over 300 UK and foreign banks to disclose the details of 500,000 British taxpayers' accounts. The UK's tax authority, HM Revenue The China Banking Regulatory Commission (CBRC) issued a notice on July 6, 2009, effective the same day, on further regulation of the personal banking business of the country's commercial banks. The notice stipulates that the banks On July 13, 2009, the European Commission proposed amendments to the existing European Union rules on bank capitalization, that is, the Directive on Capital Requirements for Banks, in two critical areas: securitization and remuneration. Financial experts On July 10, 2009, the upper house of the German Federal Parliament (Bundestag) approved a bill enabling the creation of "bad banks" to help the country's commercial and state-owned banks recover from the domestic and global On June 29, 2009, the U.S. Supreme Court ruled that state governments are not preempted by the National Bank Act (NBA) from enforcing state law against national banks in judicial proceedings. The NBA, enacted in On June 25, 2009, the Federal Government of Mexico promulgated a decree on a package of financial reforms prepared last December but deadlocked for the first four months of 2009. The amending decree affects the Law It was reported on May 21, 2009, that the Nigerian National Assembly is working on amending the Nigeria Deposit Insurance Corporation (NDIC) Act of 1988, a law that established and regulates the powers of the NDIC. Effective June 1, 2009, new provisions will regulate foreign institutions that provide financial information services in China. The document, entitled "Provisions on Administration of Foreign Institutions Providing Financial Information Service within the Territory of China, was The Ministry of Finance (MOF) published a circular on April 10, 2009, setting a pay cap for top executives at state-owned financial institutions. Their maximum compensation for the year 2008 is now fixed at 90% of On March 11, 2009, the head of the government of the Principat d' Andorra signed the "Declaration of the Principat d'Andorra" in Paris, pledging to pass legislation before September 1, 2009, that would lift bank secrecy POLAND Law Passed on Recapitalization of Financial Institutions. It was reported on February 11, 2009, that the Polish Cabinet had passed a draft law on recapitalization of financial institutions. The law stipulates that On December 30, 2008, the President of the Republic of China (on Taiwan) promulgated amendments to the Banking Law. The Law now specifies that the Financial Supervisory Commission (FSC) of the Executive Yuan (Cabinet) is the... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Wed, 28 Jan 2009 12:00:00 EST http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540964_text Global Legal Monitor: Taiwan: Law on New Mega Financial Institution http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540819_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would The Council of Ministers approved new regulations to encourage foreign banks to do business in Iran. The new regulations, organized in four parts and totaling 13 articles, are dated March 18, 2009, and entitled "The Executive The Dutch Banking Federation (Nederlandse Vereniging van Banken, NVB) published a code of conduct, applicable to domestic and foreign banking activities, on September 9, 2009. In particular, it regulates the bonuses of bank management board members, A recent ruling by the Special Commissioners, the tax courts of the United Kingdom, requires over 300 UK and foreign banks to disclose the details of 500,000 British taxpayers' accounts. The UK's tax authority, HM Revenue The China Banking Regulatory Commission (CBRC) issued a notice on July 6, 2009, effective the same day, on further regulation of the personal banking business of the country's commercial banks. The notice stipulates that the banks On July 13, 2009, the European Commission proposed amendments to the existing European Union rules on bank capitalization, that is, the Directive on Capital Requirements for Banks, in two critical areas: securitization and remuneration. Financial experts On July 10, 2009, the upper house of the German Federal Parliament (Bundestag) approved a bill enabling the creation of "bad banks" to help the country's commercial and state-owned banks recover from the domestic and global On June 29, 2009, the U.S. Supreme Court ruled that state governments are not preempted by the National Bank Act (NBA) from enforcing state law against national banks in judicial proceedings. The NBA, enacted in On June 25, 2009, the Federal Government of Mexico promulgated a decree on a package of financial reforms prepared last December but deadlocked for the first four months of 2009. The amending decree affects the Law It was reported on May 21, 2009, that the Nigerian National Assembly is working on amending the Nigeria Deposit Insurance Corporation (NDIC) Act of 1988, a law that established and regulates the powers of the NDIC. Effective June 1, 2009, new provisions will regulate foreign institutions that provide financial information services in China. The document, entitled "Provisions on Administration of Foreign Institutions Providing Financial Information Service within the Territory of China, was The Ministry of Finance (MOF) published a circular on April 10, 2009, setting a pay cap for top executives at state-owned financial institutions. Their maximum compensation for the year 2008 is now fixed at 90% of On March 11, 2009, the head of the government of the Principat d' Andorra signed the "Declaration of the Principat d'Andorra" in Paris, pledging to pass legislation before September 1, 2009, that would lift bank secrecy POLAND Law Passed on Recapitalization of Financial Institutions. It was reported on February 11, 2009, that the Polish Cabinet had passed a draft law on recapitalization of financial institutions. The law stipulates that On December 30, 2008, the President of the Republic of China (on Taiwan) promulgated amendments to the Banking Law. The Law now specifies that the Financial Supervisory Commission (FSC) of the Executive Yuan (Cabinet) is the Taiwan's new Statute on the Taiwan Financial Holding Co., Ltd. was promulgated on November 26, 2008. The Statute was given retroactive enforcement from January 1, 2008. The new law specifies:... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Fri, 05 Dec 2008 12:00:00 EST http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540819_text Global Legal Monitor: Austria: Banking Support Package http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540786_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would The Council of Ministers approved new regulations to encourage foreign banks to do business in Iran. The new regulations, organized in four parts and totaling 13 articles, are dated March 18, 2009, and entitled "The Executive The Dutch Banking Federation (Nederlandse Vereniging van Banken, NVB) published a code of conduct, applicable to domestic and foreign banking activities, on September 9, 2009. In particular, it regulates the bonuses of bank management board members, A recent ruling by the Special Commissioners, the tax courts of the United Kingdom, requires over 300 UK and foreign banks to disclose the details of 500,000 British taxpayers' accounts. The UK's tax authority, HM Revenue The China Banking Regulatory Commission (CBRC) issued a notice on July 6, 2009, effective the same day, on further regulation of the personal banking business of the country's commercial banks. The notice stipulates that the banks On July 13, 2009, the European Commission proposed amendments to the existing European Union rules on bank capitalization, that is, the Directive on Capital Requirements for Banks, in two critical areas: securitization and remuneration. Financial experts On July 10, 2009, the upper house of the German Federal Parliament (Bundestag) approved a bill enabling the creation of "bad banks" to help the country's commercial and state-owned banks recover from the domestic and global On June 29, 2009, the U.S. Supreme Court ruled that state governments are not preempted by the National Bank Act (NBA) from enforcing state law against national banks in judicial proceedings. The NBA, enacted in On June 25, 2009, the Federal Government of Mexico promulgated a decree on a package of financial reforms prepared last December but deadlocked for the first four months of 2009. The amending decree affects the Law It was reported on May 21, 2009, that the Nigerian National Assembly is working on amending the Nigeria Deposit Insurance Corporation (NDIC) Act of 1988, a law that established and regulates the powers of the NDIC. Effective June 1, 2009, new provisions will regulate foreign institutions that provide financial information services in China. The document, entitled "Provisions on Administration of Foreign Institutions Providing Financial Information Service within the Territory of China, was The Ministry of Finance (MOF) published a circular on April 10, 2009, setting a pay cap for top executives at state-owned financial institutions. Their maximum compensation for the year 2008 is now fixed at 90% of On March 11, 2009, the head of the government of the Principat d' Andorra signed the "Declaration of the Principat d'Andorra" in Paris, pledging to pass legislation before September 1, 2009, that would lift bank secrecy POLAND Law Passed on Recapitalization of Financial Institutions. It was reported on February 11, 2009, that the Polish Cabinet had passed a draft law on recapitalization of financial institutions. The law stipulates that On December 30, 2008, the President of the Republic of China (on Taiwan) promulgated amendments to the Banking Law. The Law now specifies that the Financial Supervisory Commission (FSC) of the Executive Yuan (Cabinet) is the Taiwan's new Statute on the Taiwan Financial Holding Co., Ltd. was promulgated on November 26, 2008. The Statute was given retroactive enforcement from January 1, 2008. The new law specifies: On October 26, 2008, the Austrian Parliament enacted a support package for the financial sector (Bundesgesetzblatt (BGBl) I No. 136/2008). It consists of two new laws: the Interbank Market Strengthening Act (Interbankmarktstabilisierungsgesetz) and the Financial Market... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Thu, 20 Nov 2008 12:00:00 EST http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540786_text Global Legal Monitor: Australia: Ban on Short Selling Extended http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540748_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would The Council of Ministers approved new regulations to encourage foreign banks to do business in Iran. The new regulations, organized in four parts and totaling 13 articles, are dated March 18, 2009, and entitled "The Executive The Dutch Banking Federation (Nederlandse Vereniging van Banken, NVB) published a code of conduct, applicable to domestic and foreign banking activities, on September 9, 2009. In particular, it regulates the bonuses of bank management board members, A recent ruling by the Special Commissioners, the tax courts of the United Kingdom, requires over 300 UK and foreign banks to disclose the details of 500,000 British taxpayers' accounts. The UK's tax authority, HM Revenue The China Banking Regulatory Commission (CBRC) issued a notice on July 6, 2009, effective the same day, on further regulation of the personal banking business of the country's commercial banks. The notice stipulates that the banks On July 13, 2009, the European Commission proposed amendments to the existing European Union rules on bank capitalization, that is, the Directive on Capital Requirements for Banks, in two critical areas: securitization and remuneration. Financial experts On July 10, 2009, the upper house of the German Federal Parliament (Bundestag) approved a bill enabling the creation of "bad banks" to help the country's commercial and state-owned banks recover from the domestic and global On June 29, 2009, the U.S. Supreme Court ruled that state governments are not preempted by the National Bank Act (NBA) from enforcing state law against national banks in judicial proceedings. The NBA, enacted in On June 25, 2009, the Federal Government of Mexico promulgated a decree on a package of financial reforms prepared last December but deadlocked for the first four months of 2009. The amending decree affects the Law It was reported on May 21, 2009, that the Nigerian National Assembly is working on amending the Nigeria Deposit Insurance Corporation (NDIC) Act of 1988, a law that established and regulates the powers of the NDIC. Effective June 1, 2009, new provisions will regulate foreign institutions that provide financial information services in China. The document, entitled "Provisions on Administration of Foreign Institutions Providing Financial Information Service within the Territory of China, was The Ministry of Finance (MOF) published a circular on April 10, 2009, setting a pay cap for top executives at state-owned financial institutions. Their maximum compensation for the year 2008 is now fixed at 90% of On March 11, 2009, the head of the government of the Principat d' Andorra signed the "Declaration of the Principat d'Andorra" in Paris, pledging to pass legislation before September 1, 2009, that would lift bank secrecy POLAND Law Passed on Recapitalization of Financial Institutions. It was reported on February 11, 2009, that the Polish Cabinet had passed a draft law on recapitalization of financial institutions. The law stipulates that On December 30, 2008, the President of the Republic of China (on Taiwan) promulgated amendments to the Banking Law. The Law now specifies that the Financial Supervisory Commission (FSC) of the Executive Yuan (Cabinet) is the Taiwan's new Statute on the Taiwan Financial Holding Co., Ltd. was promulgated on November 26, 2008. The Statute was given retroactive enforcement from January 1, 2008. The new law specifies: On October 26, 2008, the Austrian Parliament enacted a support package for the financial sector (Bundesgesetzblatt (BGBl) I No. 136/2008). It consists of two new laws: the Interbank Market Strengthening Act (Interbankmarktstabilisierungsgesetz) and the Financial Market Australia's corporate regulator, the Australian Securities and Investments Commission (ASIC), has extended its ban on covered short selling for financial securities until January 27, 2009, and ASIC's ban on covered short selling of non-financial securities may... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Mon, 27 Oct 2008 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540748_text Global Legal Monitor: Germany: Bank Rescue Plan http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540740_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would The Council of Ministers approved new regulations to encourage foreign banks to do business in Iran. The new regulations, organized in four parts and totaling 13 articles, are dated March 18, 2009, and entitled "The Executive The Dutch Banking Federation (Nederlandse Vereniging van Banken, NVB) published a code of conduct, applicable to domestic and foreign banking activities, on September 9, 2009. In particular, it regulates the bonuses of bank management board members, A recent ruling by the Special Commissioners, the tax courts of the United Kingdom, requires over 300 UK and foreign banks to disclose the details of 500,000 British taxpayers' accounts. The UK's tax authority, HM Revenue The China Banking Regulatory Commission (CBRC) issued a notice on July 6, 2009, effective the same day, on further regulation of the personal banking business of the country's commercial banks. The notice stipulates that the banks On July 13, 2009, the European Commission proposed amendments to the existing European Union rules on bank capitalization, that is, the Directive on Capital Requirements for Banks, in two critical areas: securitization and remuneration. Financial experts On July 10, 2009, the upper house of the German Federal Parliament (Bundestag) approved a bill enabling the creation of "bad banks" to help the country's commercial and state-owned banks recover from the domestic and global On June 29, 2009, the U.S. Supreme Court ruled that state governments are not preempted by the National Bank Act (NBA) from enforcing state law against national banks in judicial proceedings. The NBA, enacted in On June 25, 2009, the Federal Government of Mexico promulgated a decree on a package of financial reforms prepared last December but deadlocked for the first four months of 2009. The amending decree affects the Law It was reported on May 21, 2009, that the Nigerian National Assembly is working on amending the Nigeria Deposit Insurance Corporation (NDIC) Act of 1988, a law that established and regulates the powers of the NDIC. Effective June 1, 2009, new provisions will regulate foreign institutions that provide financial information services in China. The document, entitled "Provisions on Administration of Foreign Institutions Providing Financial Information Service within the Territory of China, was The Ministry of Finance (MOF) published a circular on April 10, 2009, setting a pay cap for top executives at state-owned financial institutions. Their maximum compensation for the year 2008 is now fixed at 90% of On March 11, 2009, the head of the government of the Principat d' Andorra signed the "Declaration of the Principat d'Andorra" in Paris, pledging to pass legislation before September 1, 2009, that would lift bank secrecy POLAND Law Passed on Recapitalization of Financial Institutions. It was reported on February 11, 2009, that the Polish Cabinet had passed a draft law on recapitalization of financial institutions. The law stipulates that On December 30, 2008, the President of the Republic of China (on Taiwan) promulgated amendments to the Banking Law. The Law now specifies that the Financial Supervisory Commission (FSC) of the Executive Yuan (Cabinet) is the Taiwan's new Statute on the Taiwan Financial Holding Co., Ltd. was promulgated on November 26, 2008. The Statute was given retroactive enforcement from January 1, 2008. The new law specifies: On October 26, 2008, the Austrian Parliament enacted a support package for the financial sector (Bundesgesetzblatt (BGBl) I No. 136/2008). It consists of two new laws: the Interbank Market Strengthening Act (Interbankmarktstabilisierungsgesetz) and the Financial Market Australia's corporate regulator, the Australian Securities and Investments Commission (ASIC), has extended its ban on covered short selling for financial securities until January 27, 2009, and ASIC's ban on covered short selling of non-financial securities may On October 17, 2008, the Federal Government of Germany promulgated the Act Creating a Financial Markets Stabilization Fund that became effective on October 18, 2008 (Gesetz zur Errichtung eines Finanzmarktstabilisierungsfonds (Bundesgesetzblatt (BGBl) I at 1982,... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Fri, 24 Oct 2008 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540740_text Global Legal Monitor: France: Bank Support Plan http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540736_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would The Council of Ministers approved new regulations to encourage foreign banks to do business in Iran. The new regulations, organized in four parts and totaling 13 articles, are dated March 18, 2009, and entitled "The Executive The Dutch Banking Federation (Nederlandse Vereniging van Banken, NVB) published a code of conduct, applicable to domestic and foreign banking activities, on September 9, 2009. In particular, it regulates the bonuses of bank management board members, A recent ruling by the Special Commissioners, the tax courts of the United Kingdom, requires over 300 UK and foreign banks to disclose the details of 500,000 British taxpayers' accounts. The UK's tax authority, HM Revenue The China Banking Regulatory Commission (CBRC) issued a notice on July 6, 2009, effective the same day, on further regulation of the personal banking business of the country's commercial banks. The notice stipulates that the banks On July 13, 2009, the European Commission proposed amendments to the existing European Union rules on bank capitalization, that is, the Directive on Capital Requirements for Banks, in two critical areas: securitization and remuneration. Financial experts On July 10, 2009, the upper house of the German Federal Parliament (Bundestag) approved a bill enabling the creation of "bad banks" to help the country's commercial and state-owned banks recover from the domestic and global On June 29, 2009, the U.S. Supreme Court ruled that state governments are not preempted by the National Bank Act (NBA) from enforcing state law against national banks in judicial proceedings. The NBA, enacted in On June 25, 2009, the Federal Government of Mexico promulgated a decree on a package of financial reforms prepared last December but deadlocked for the first four months of 2009. The amending decree affects the Law It was reported on May 21, 2009, that the Nigerian National Assembly is working on amending the Nigeria Deposit Insurance Corporation (NDIC) Act of 1988, a law that established and regulates the powers of the NDIC. Effective June 1, 2009, new provisions will regulate foreign institutions that provide financial information services in China. The document, entitled "Provisions on Administration of Foreign Institutions Providing Financial Information Service within the Territory of China, was The Ministry of Finance (MOF) published a circular on April 10, 2009, setting a pay cap for top executives at state-owned financial institutions. Their maximum compensation for the year 2008 is now fixed at 90% of On March 11, 2009, the head of the government of the Principat d' Andorra signed the "Declaration of the Principat d'Andorra" in Paris, pledging to pass legislation before September 1, 2009, that would lift bank secrecy POLAND Law Passed on Recapitalization of Financial Institutions. It was reported on February 11, 2009, that the Polish Cabinet had passed a draft law on recapitalization of financial institutions. The law stipulates that On December 30, 2008, the President of the Republic of China (on Taiwan) promulgated amendments to the Banking Law. The Law now specifies that the Financial Supervisory Commission (FSC) of the Executive Yuan (Cabinet) is the Taiwan's new Statute on the Taiwan Financial Holding Co., Ltd. was promulgated on November 26, 2008. The Statute was given retroactive enforcement from January 1, 2008. The new law specifies: On October 26, 2008, the Austrian Parliament enacted a support package for the financial sector (Bundesgesetzblatt (BGBl) I No. 136/2008). It consists of two new laws: the Interbank Market Strengthening Act (Interbankmarktstabilisierungsgesetz) and the Financial Market Australia's corporate regulator, the Australian Securities and Investments Commission (ASIC), has extended its ban on covered short selling for financial securities until January 27, 2009, and ASIC's ban on covered short selling of non-financial securities may On October 17, 2008, the Federal Government of Germany promulgated the Act Creating a Financial Markets Stabilization Fund that became effective on October 18, 2008 (Gesetz zur Errichtung eines Finanzmarktstabilisierungsfonds (Bundesgesetzblatt (BGBl) I at 1982, The French Parliament recently passed Amended Law 2008-1061 of October 16, 2008, on Finances to Fund the Economy, aimed at restoring trust in the French banking and financial system and guaranteeing the good functioning of the... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Thu, 23 Oct 2008 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540736_text Global Legal Monitor: World Trade Organization: Actions in Response to the Global Financial Crisis http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540723_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would The Council of Ministers approved new regulations to encourage foreign banks to do business in Iran. The new regulations, organized in four parts and totaling 13 articles, are dated March 18, 2009, and entitled "The Executive The Dutch Banking Federation (Nederlandse Vereniging van Banken, NVB) published a code of conduct, applicable to domestic and foreign banking activities, on September 9, 2009. In particular, it regulates the bonuses of bank management board members, A recent ruling by the Special Commissioners, the tax courts of the United Kingdom, requires over 300 UK and foreign banks to disclose the details of 500,000 British taxpayers' accounts. The UK's tax authority, HM Revenue The China Banking Regulatory Commission (CBRC) issued a notice on July 6, 2009, effective the same day, on further regulation of the personal banking business of the country's commercial banks. The notice stipulates that the banks On July 13, 2009, the European Commission proposed amendments to the existing European Union rules on bank capitalization, that is, the Directive on Capital Requirements for Banks, in two critical areas: securitization and remuneration. Financial experts On July 10, 2009, the upper house of the German Federal Parliament (Bundestag) approved a bill enabling the creation of "bad banks" to help the country's commercial and state-owned banks recover from the domestic and global On June 29, 2009, the U.S. Supreme Court ruled that state governments are not preempted by the National Bank Act (NBA) from enforcing state law against national banks in judicial proceedings. The NBA, enacted in On June 25, 2009, the Federal Government of Mexico promulgated a decree on a package of financial reforms prepared last December but deadlocked for the first four months of 2009. The amending decree affects the Law It was reported on May 21, 2009, that the Nigerian National Assembly is working on amending the Nigeria Deposit Insurance Corporation (NDIC) Act of 1988, a law that established and regulates the powers of the NDIC. Effective June 1, 2009, new provisions will regulate foreign institutions that provide financial information services in China. The document, entitled "Provisions on Administration of Foreign Institutions Providing Financial Information Service within the Territory of China, was The Ministry of Finance (MOF) published a circular on April 10, 2009, setting a pay cap for top executives at state-owned financial institutions. Their maximum compensation for the year 2008 is now fixed at 90% of On March 11, 2009, the head of the government of the Principat d' Andorra signed the "Declaration of the Principat d'Andorra" in Paris, pledging to pass legislation before September 1, 2009, that would lift bank secrecy POLAND Law Passed on Recapitalization of Financial Institutions. It was reported on February 11, 2009, that the Polish Cabinet had passed a draft law on recapitalization of financial institutions. The law stipulates that On December 30, 2008, the President of the Republic of China (on Taiwan) promulgated amendments to the Banking Law. The Law now specifies that the Financial Supervisory Commission (FSC) of the Executive Yuan (Cabinet) is the Taiwan's new Statute on the Taiwan Financial Holding Co., Ltd. was promulgated on November 26, 2008. The Statute was given retroactive enforcement from January 1, 2008. The new law specifies: On October 26, 2008, the Austrian Parliament enacted a support package for the financial sector (Bundesgesetzblatt (BGBl) I No. 136/2008). It consists of two new laws: the Interbank Market Strengthening Act (Interbankmarktstabilisierungsgesetz) and the Financial Market Australia's corporate regulator, the Australian Securities and Investments Commission (ASIC), has extended its ban on covered short selling for financial securities until January 27, 2009, and ASIC's ban on covered short selling of non-financial securities may On October 17, 2008, the Federal Government of Germany promulgated the Act Creating a Financial Markets Stabilization Fund that became effective on October 18, 2008 (Gesetz zur Errichtung eines Finanzmarktstabilisierungsfonds (Bundesgesetzblatt (BGBl) I at 1982, The French Parliament recently passed Amended Law 2008-1061 of October 16, 2008, on Finances to Fund the Economy, aimed at restoring trust in the French banking and financial system and guaranteeing the good functioning of the On October 14, 2008, Pascal Lamy, Director-General of the World Trade Organization (WTO), reported to the WTO General Council on WTO actions in light of the global financial crisis. Lamy noted:... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Fri, 17 Oct 2008 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540723_text Global Legal Monitor: United Kingdom: Icelandic Banks'; UK Firms' Assets Frozen in Response to Bank Collapse http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540728_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would The Council of Ministers approved new regulations to encourage foreign banks to do business in Iran. The new regulations, organized in four parts and totaling 13 articles, are dated March 18, 2009, and entitled "The Executive The Dutch Banking Federation (Nederlandse Vereniging van Banken, NVB) published a code of conduct, applicable to domestic and foreign banking activities, on September 9, 2009. In particular, it regulates the bonuses of bank management board members, A recent ruling by the Special Commissioners, the tax courts of the United Kingdom, requires over 300 UK and foreign banks to disclose the details of 500,000 British taxpayers' accounts. The UK's tax authority, HM Revenue The China Banking Regulatory Commission (CBRC) issued a notice on July 6, 2009, effective the same day, on further regulation of the personal banking business of the country's commercial banks. The notice stipulates that the banks On July 13, 2009, the European Commission proposed amendments to the existing European Union rules on bank capitalization, that is, the Directive on Capital Requirements for Banks, in two critical areas: securitization and remuneration. Financial experts On July 10, 2009, the upper house of the German Federal Parliament (Bundestag) approved a bill enabling the creation of "bad banks" to help the country's commercial and state-owned banks recover from the domestic and global On June 29, 2009, the U.S. Supreme Court ruled that state governments are not preempted by the National Bank Act (NBA) from enforcing state law against national banks in judicial proceedings. The NBA, enacted in On June 25, 2009, the Federal Government of Mexico promulgated a decree on a package of financial reforms prepared last December but deadlocked for the first four months of 2009. The amending decree affects the Law It was reported on May 21, 2009, that the Nigerian National Assembly is working on amending the Nigeria Deposit Insurance Corporation (NDIC) Act of 1988, a law that established and regulates the powers of the NDIC. Effective June 1, 2009, new provisions will regulate foreign institutions that provide financial information services in China. The document, entitled "Provisions on Administration of Foreign Institutions Providing Financial Information Service within the Territory of China, was The Ministry of Finance (MOF) published a circular on April 10, 2009, setting a pay cap for top executives at state-owned financial institutions. Their maximum compensation for the year 2008 is now fixed at 90% of On March 11, 2009, the head of the government of the Principat d' Andorra signed the "Declaration of the Principat d'Andorra" in Paris, pledging to pass legislation before September 1, 2009, that would lift bank secrecy POLAND Law Passed on Recapitalization of Financial Institutions. It was reported on February 11, 2009, that the Polish Cabinet had passed a draft law on recapitalization of financial institutions. The law stipulates that On December 30, 2008, the President of the Republic of China (on Taiwan) promulgated amendments to the Banking Law. The Law now specifies that the Financial Supervisory Commission (FSC) of the Executive Yuan (Cabinet) is the Taiwan's new Statute on the Taiwan Financial Holding Co., Ltd. was promulgated on November 26, 2008. The Statute was given retroactive enforcement from January 1, 2008. The new law specifies: On October 26, 2008, the Austrian Parliament enacted a support package for the financial sector (Bundesgesetzblatt (BGBl) I No. 136/2008). It consists of two new laws: the Interbank Market Strengthening Act (Interbankmarktstabilisierungsgesetz) and the Financial Market Australia's corporate regulator, the Australian Securities and Investments Commission (ASIC), has extended its ban on covered short selling for financial securities until January 27, 2009, and ASIC's ban on covered short selling of non-financial securities may On October 17, 2008, the Federal Government of Germany promulgated the Act Creating a Financial Markets Stabilization Fund that became effective on October 18, 2008 (Gesetz zur Errichtung eines Finanzmarktstabilisierungsfonds (Bundesgesetzblatt (BGBl) I at 1982, The French Parliament recently passed Amended Law 2008-1061 of October 16, 2008, on Finances to Fund the Economy, aimed at restoring trust in the French banking and financial system and guaranteeing the good functioning of the On October 14, 2008, Pascal Lamy, Director-General of the World Trade Organization (WTO), reported to the WTO General Council on WTO actions in light of the global financial crisis. Lamy noted: The collapse of several of Iceland's banks has led to a highly charged diplomatic dispute and intensive negotiations between Icelandic and British authorities. A delegation of British Treasury officials was in Iceland over the weekend of... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Fri, 17 Oct 2008 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540728_text Global Legal Monitor: United Kingdom: Competition Laws Waived to Allow Bank Merger http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540729_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would The Council of Ministers approved new regulations to encourage foreign banks to do business in Iran. The new regulations, organized in four parts and totaling 13 articles, are dated March 18, 2009, and entitled "The Executive The Dutch Banking Federation (Nederlandse Vereniging van Banken, NVB) published a code of conduct, applicable to domestic and foreign banking activities, on September 9, 2009. In particular, it regulates the bonuses of bank management board members, A recent ruling by the Special Commissioners, the tax courts of the United Kingdom, requires over 300 UK and foreign banks to disclose the details of 500,000 British taxpayers' accounts. The UK's tax authority, HM Revenue The China Banking Regulatory Commission (CBRC) issued a notice on July 6, 2009, effective the same day, on further regulation of the personal banking business of the country's commercial banks. The notice stipulates that the banks On July 13, 2009, the European Commission proposed amendments to the existing European Union rules on bank capitalization, that is, the Directive on Capital Requirements for Banks, in two critical areas: securitization and remuneration. Financial experts On July 10, 2009, the upper house of the German Federal Parliament (Bundestag) approved a bill enabling the creation of "bad banks" to help the country's commercial and state-owned banks recover from the domestic and global On June 29, 2009, the U.S. Supreme Court ruled that state governments are not preempted by the National Bank Act (NBA) from enforcing state law against national banks in judicial proceedings. The NBA, enacted in On June 25, 2009, the Federal Government of Mexico promulgated a decree on a package of financial reforms prepared last December but deadlocked for the first four months of 2009. The amending decree affects the Law It was reported on May 21, 2009, that the Nigerian National Assembly is working on amending the Nigeria Deposit Insurance Corporation (NDIC) Act of 1988, a law that established and regulates the powers of the NDIC. Effective June 1, 2009, new provisions will regulate foreign institutions that provide financial information services in China. The document, entitled "Provisions on Administration of Foreign Institutions Providing Financial Information Service within the Territory of China, was The Ministry of Finance (MOF) published a circular on April 10, 2009, setting a pay cap for top executives at state-owned financial institutions. Their maximum compensation for the year 2008 is now fixed at 90% of On March 11, 2009, the head of the government of the Principat d' Andorra signed the "Declaration of the Principat d'Andorra" in Paris, pledging to pass legislation before September 1, 2009, that would lift bank secrecy POLAND Law Passed on Recapitalization of Financial Institutions. It was reported on February 11, 2009, that the Polish Cabinet had passed a draft law on recapitalization of financial institutions. The law stipulates that On December 30, 2008, the President of the Republic of China (on Taiwan) promulgated amendments to the Banking Law. The Law now specifies that the Financial Supervisory Commission (FSC) of the Executive Yuan (Cabinet) is the Taiwan's new Statute on the Taiwan Financial Holding Co., Ltd. was promulgated on November 26, 2008. The Statute was given retroactive enforcement from January 1, 2008. The new law specifies: On October 26, 2008, the Austrian Parliament enacted a support package for the financial sector (Bundesgesetzblatt (BGBl) I No. 136/2008). It consists of two new laws: the Interbank Market Strengthening Act (Interbankmarktstabilisierungsgesetz) and the Financial Market Australia's corporate regulator, the Australian Securities and Investments Commission (ASIC), has extended its ban on covered short selling for financial securities until January 27, 2009, and ASIC's ban on covered short selling of non-financial securities may On October 17, 2008, the Federal Government of Germany promulgated the Act Creating a Financial Markets Stabilization Fund that became effective on October 18, 2008 (Gesetz zur Errichtung eines Finanzmarktstabilisierungsfonds (Bundesgesetzblatt (BGBl) I at 1982, The French Parliament recently passed Amended Law 2008-1061 of October 16, 2008, on Finances to Fund the Economy, aimed at restoring trust in the French banking and financial system and guaranteeing the good functioning of the On October 14, 2008, Pascal Lamy, Director-General of the World Trade Organization (WTO), reported to the WTO General Council on WTO actions in light of the global financial crisis. Lamy noted: The collapse of several of Iceland's banks has led to a highly charged diplomatic dispute and intensive negotiations between Icelandic and British authorities. A delegation of British Treasury officials was in Iceland over the weekend of The Government of the United Kingdom is currently in the process of amending its competition laws to facilitate the proposed merger of two large banking establishments in the UK, Lloyds TSB and Halifax Bank of Scotland... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Fri, 17 Oct 2008 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540729_text Global Legal Monitor: Indonesia: Amendments to Stock Market and Banking Regulations in Response to Liquidity Issues http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540721_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would The Council of Ministers approved new regulations to encourage foreign banks to do business in Iran. The new regulations, organized in four parts and totaling 13 articles, are dated March 18, 2009, and entitled "The Executive The Dutch Banking Federation (Nederlandse Vereniging van Banken, NVB) published a code of conduct, applicable to domestic and foreign banking activities, on September 9, 2009. In particular, it regulates the bonuses of bank management board members, A recent ruling by the Special Commissioners, the tax courts of the United Kingdom, requires over 300 UK and foreign banks to disclose the details of 500,000 British taxpayers' accounts. The UK's tax authority, HM Revenue The China Banking Regulatory Commission (CBRC) issued a notice on July 6, 2009, effective the same day, on further regulation of the personal banking business of the country's commercial banks. The notice stipulates that the banks On July 13, 2009, the European Commission proposed amendments to the existing European Union rules on bank capitalization, that is, the Directive on Capital Requirements for Banks, in two critical areas: securitization and remuneration. Financial experts On July 10, 2009, the upper house of the German Federal Parliament (Bundestag) approved a bill enabling the creation of "bad banks" to help the country's commercial and state-owned banks recover from the domestic and global On June 29, 2009, the U.S. Supreme Court ruled that state governments are not preempted by the National Bank Act (NBA) from enforcing state law against national banks in judicial proceedings. The NBA, enacted in On June 25, 2009, the Federal Government of Mexico promulgated a decree on a package of financial reforms prepared last December but deadlocked for the first four months of 2009. The amending decree affects the Law It was reported on May 21, 2009, that the Nigerian National Assembly is working on amending the Nigeria Deposit Insurance Corporation (NDIC) Act of 1988, a law that established and regulates the powers of the NDIC. Effective June 1, 2009, new provisions will regulate foreign institutions that provide financial information services in China. The document, entitled "Provisions on Administration of Foreign Institutions Providing Financial Information Service within the Territory of China, was The Ministry of Finance (MOF) published a circular on April 10, 2009, setting a pay cap for top executives at state-owned financial institutions. Their maximum compensation for the year 2008 is now fixed at 90% of On March 11, 2009, the head of the government of the Principat d' Andorra signed the "Declaration of the Principat d'Andorra" in Paris, pledging to pass legislation before September 1, 2009, that would lift bank secrecy POLAND Law Passed on Recapitalization of Financial Institutions. It was reported on February 11, 2009, that the Polish Cabinet had passed a draft law on recapitalization of financial institutions. The law stipulates that On December 30, 2008, the President of the Republic of China (on Taiwan) promulgated amendments to the Banking Law. The Law now specifies that the Financial Supervisory Commission (FSC) of the Executive Yuan (Cabinet) is the Taiwan's new Statute on the Taiwan Financial Holding Co., Ltd. was promulgated on November 26, 2008. The Statute was given retroactive enforcement from January 1, 2008. The new law specifies: On October 26, 2008, the Austrian Parliament enacted a support package for the financial sector (Bundesgesetzblatt (BGBl) I No. 136/2008). It consists of two new laws: the Interbank Market Strengthening Act (Interbankmarktstabilisierungsgesetz) and the Financial Market Australia's corporate regulator, the Australian Securities and Investments Commission (ASIC), has extended its ban on covered short selling for financial securities until January 27, 2009, and ASIC's ban on covered short selling of non-financial securities may On October 17, 2008, the Federal Government of Germany promulgated the Act Creating a Financial Markets Stabilization Fund that became effective on October 18, 2008 (Gesetz zur Errichtung eines Finanzmarktstabilisierungsfonds (Bundesgesetzblatt (BGBl) I at 1982, The French Parliament recently passed Amended Law 2008-1061 of October 16, 2008, on Finances to Fund the Economy, aimed at restoring trust in the French banking and financial system and guaranteeing the good functioning of the On October 14, 2008, Pascal Lamy, Director-General of the World Trade Organization (WTO), reported to the WTO General Council on WTO actions in light of the global financial crisis. Lamy noted: The collapse of several of Iceland's banks has led to a highly charged diplomatic dispute and intensive negotiations between Icelandic and British authorities. A delegation of British Treasury officials was in Iceland over the weekend of The Government of the United Kingdom is currently in the process of amending its competition laws to facilitate the proposed merger of two large banking establishments in the UK, Lloyds TSB and Halifax Bank of Scotland Media sources have reported temporary amendments to Indonesian stock market and banking regulations. These amendments include: permitting companies to buy back 20 percent of their paid-up capital, double the previous maximum, without requiring shareholder approval (state-owned... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Wed, 15 Oct 2008 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540721_text Global Legal Monitor: Netherlands Antilles: Development of Islamic Finance Being Studied http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540716_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would The Council of Ministers approved new regulations to encourage foreign banks to do business in Iran. The new regulations, organized in four parts and totaling 13 articles, are dated March 18, 2009, and entitled "The Executive The Dutch Banking Federation (Nederlandse Vereniging van Banken, NVB) published a code of conduct, applicable to domestic and foreign banking activities, on September 9, 2009. In particular, it regulates the bonuses of bank management board members, A recent ruling by the Special Commissioners, the tax courts of the United Kingdom, requires over 300 UK and foreign banks to disclose the details of 500,000 British taxpayers' accounts. The UK's tax authority, HM Revenue The China Banking Regulatory Commission (CBRC) issued a notice on July 6, 2009, effective the same day, on further regulation of the personal banking business of the country's commercial banks. The notice stipulates that the banks On July 13, 2009, the European Commission proposed amendments to the existing European Union rules on bank capitalization, that is, the Directive on Capital Requirements for Banks, in two critical areas: securitization and remuneration. Financial experts On July 10, 2009, the upper house of the German Federal Parliament (Bundestag) approved a bill enabling the creation of "bad banks" to help the country's commercial and state-owned banks recover from the domestic and global On June 29, 2009, the U.S. Supreme Court ruled that state governments are not preempted by the National Bank Act (NBA) from enforcing state law against national banks in judicial proceedings. The NBA, enacted in On June 25, 2009, the Federal Government of Mexico promulgated a decree on a package of financial reforms prepared last December but deadlocked for the first four months of 2009. The amending decree affects the Law It was reported on May 21, 2009, that the Nigerian National Assembly is working on amending the Nigeria Deposit Insurance Corporation (NDIC) Act of 1988, a law that established and regulates the powers of the NDIC. Effective June 1, 2009, new provisions will regulate foreign institutions that provide financial information services in China. The document, entitled "Provisions on Administration of Foreign Institutions Providing Financial Information Service within the Territory of China, was The Ministry of Finance (MOF) published a circular on April 10, 2009, setting a pay cap for top executives at state-owned financial institutions. Their maximum compensation for the year 2008 is now fixed at 90% of On March 11, 2009, the head of the government of the Principat d' Andorra signed the "Declaration of the Principat d'Andorra" in Paris, pledging to pass legislation before September 1, 2009, that would lift bank secrecy POLAND Law Passed on Recapitalization of Financial Institutions. It was reported on February 11, 2009, that the Polish Cabinet had passed a draft law on recapitalization of financial institutions. The law stipulates that On December 30, 2008, the President of the Republic of China (on Taiwan) promulgated amendments to the Banking Law. The Law now specifies that the Financial Supervisory Commission (FSC) of the Executive Yuan (Cabinet) is the Taiwan's new Statute on the Taiwan Financial Holding Co., Ltd. was promulgated on November 26, 2008. The Statute was given retroactive enforcement from January 1, 2008. The new law specifies: On October 26, 2008, the Austrian Parliament enacted a support package for the financial sector (Bundesgesetzblatt (BGBl) I No. 136/2008). It consists of two new laws: the Interbank Market Strengthening Act (Interbankmarktstabilisierungsgesetz) and the Financial Market Australia's corporate regulator, the Australian Securities and Investments Commission (ASIC), has extended its ban on covered short selling for financial securities until January 27, 2009, and ASIC's ban on covered short selling of non-financial securities may On October 17, 2008, the Federal Government of Germany promulgated the Act Creating a Financial Markets Stabilization Fund that became effective on October 18, 2008 (Gesetz zur Errichtung eines Finanzmarktstabilisierungsfonds (Bundesgesetzblatt (BGBl) I at 1982, The French Parliament recently passed Amended Law 2008-1061 of October 16, 2008, on Finances to Fund the Economy, aimed at restoring trust in the French banking and financial system and guaranteeing the good functioning of the On October 14, 2008, Pascal Lamy, Director-General of the World Trade Organization (WTO), reported to the WTO General Council on WTO actions in light of the global financial crisis. Lamy noted: The collapse of several of Iceland's banks has led to a highly charged diplomatic dispute and intensive negotiations between Icelandic and British authorities. A delegation of British Treasury officials was in Iceland over the weekend of The Government of the United Kingdom is currently in the process of amending its competition laws to facilitate the proposed merger of two large banking establishments in the UK, Lloyds TSB and Halifax Bank of Scotland Media sources have reported temporary amendments to Indonesian stock market and banking regulations. These amendments include: permitting companies to buy back 20 percent of their paid-up capital, double the previous maximum, without requiring shareholder approval (state-owned The Government of the Netherlands Antilles is reviewing a report, submitted to it by public sector financial services and tax advisors, on the feasibility of developing Islamic financial services in the islands. According to an article... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Fri, 10 Oct 2008 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540716_text Global Legal Monitor: Nigeria: Work on Financial Bailout Plan http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540709_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would The Council of Ministers approved new regulations to encourage foreign banks to do business in Iran. The new regulations, organized in four parts and totaling 13 articles, are dated March 18, 2009, and entitled "The Executive The Dutch Banking Federation (Nederlandse Vereniging van Banken, NVB) published a code of conduct, applicable to domestic and foreign banking activities, on September 9, 2009. In particular, it regulates the bonuses of bank management board members, A recent ruling by the Special Commissioners, the tax courts of the United Kingdom, requires over 300 UK and foreign banks to disclose the details of 500,000 British taxpayers' accounts. The UK's tax authority, HM Revenue The China Banking Regulatory Commission (CBRC) issued a notice on July 6, 2009, effective the same day, on further regulation of the personal banking business of the country's commercial banks. The notice stipulates that the banks On July 13, 2009, the European Commission proposed amendments to the existing European Union rules on bank capitalization, that is, the Directive on Capital Requirements for Banks, in two critical areas: securitization and remuneration. Financial experts On July 10, 2009, the upper house of the German Federal Parliament (Bundestag) approved a bill enabling the creation of "bad banks" to help the country's commercial and state-owned banks recover from the domestic and global On June 29, 2009, the U.S. Supreme Court ruled that state governments are not preempted by the National Bank Act (NBA) from enforcing state law against national banks in judicial proceedings. The NBA, enacted in On June 25, 2009, the Federal Government of Mexico promulgated a decree on a package of financial reforms prepared last December but deadlocked for the first four months of 2009. The amending decree affects the Law It was reported on May 21, 2009, that the Nigerian National Assembly is working on amending the Nigeria Deposit Insurance Corporation (NDIC) Act of 1988, a law that established and regulates the powers of the NDIC. Effective June 1, 2009, new provisions will regulate foreign institutions that provide financial information services in China. The document, entitled "Provisions on Administration of Foreign Institutions Providing Financial Information Service within the Territory of China, was The Ministry of Finance (MOF) published a circular on April 10, 2009, setting a pay cap for top executives at state-owned financial institutions. Their maximum compensation for the year 2008 is now fixed at 90% of On March 11, 2009, the head of the government of the Principat d' Andorra signed the "Declaration of the Principat d'Andorra" in Paris, pledging to pass legislation before September 1, 2009, that would lift bank secrecy POLAND Law Passed on Recapitalization of Financial Institutions. It was reported on February 11, 2009, that the Polish Cabinet had passed a draft law on recapitalization of financial institutions. The law stipulates that On December 30, 2008, the President of the Republic of China (on Taiwan) promulgated amendments to the Banking Law. The Law now specifies that the Financial Supervisory Commission (FSC) of the Executive Yuan (Cabinet) is the Taiwan's new Statute on the Taiwan Financial Holding Co., Ltd. was promulgated on November 26, 2008. The Statute was given retroactive enforcement from January 1, 2008. The new law specifies: On October 26, 2008, the Austrian Parliament enacted a support package for the financial sector (Bundesgesetzblatt (BGBl) I No. 136/2008). It consists of two new laws: the Interbank Market Strengthening Act (Interbankmarktstabilisierungsgesetz) and the Financial Market Australia's corporate regulator, the Australian Securities and Investments Commission (ASIC), has extended its ban on covered short selling for financial securities until January 27, 2009, and ASIC's ban on covered short selling of non-financial securities may On October 17, 2008, the Federal Government of Germany promulgated the Act Creating a Financial Markets Stabilization Fund that became effective on October 18, 2008 (Gesetz zur Errichtung eines Finanzmarktstabilisierungsfonds (Bundesgesetzblatt (BGBl) I at 1982, The French Parliament recently passed Amended Law 2008-1061 of October 16, 2008, on Finances to Fund the Economy, aimed at restoring trust in the French banking and financial system and guaranteeing the good functioning of the On October 14, 2008, Pascal Lamy, Director-General of the World Trade Organization (WTO), reported to the WTO General Council on WTO actions in light of the global financial crisis. Lamy noted: The collapse of several of Iceland's banks has led to a highly charged diplomatic dispute and intensive negotiations between Icelandic and British authorities. A delegation of British Treasury officials was in Iceland over the weekend of The Government of the United Kingdom is currently in the process of amending its competition laws to facilitate the proposed merger of two large banking establishments in the UK, Lloyds TSB and Halifax Bank of Scotland Media sources have reported temporary amendments to Indonesian stock market and banking regulations. These amendments include: permitting companies to buy back 20 percent of their paid-up capital, double the previous maximum, without requiring shareholder approval (state-owned The Government of the Netherlands Antilles is reviewing a report, submitted to it by public sector financial services and tax advisors, on the feasibility of developing Islamic financial services in the islands. According to an article It was reported on October 7, 2008, that officials of the Nigerian Stock Exchange (NSE) and the Nigerian Securities and Exchange Commission were meeting to develop a plan to inject private funds into the stock market... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Thu, 09 Oct 2008 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540709_text Global Legal Monitor: Ireland: President Signs Bank Guarantee Law http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540699_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would The Council of Ministers approved new regulations to encourage foreign banks to do business in Iran. The new regulations, organized in four parts and totaling 13 articles, are dated March 18, 2009, and entitled "The Executive The Dutch Banking Federation (Nederlandse Vereniging van Banken, NVB) published a code of conduct, applicable to domestic and foreign banking activities, on September 9, 2009. In particular, it regulates the bonuses of bank management board members, A recent ruling by the Special Commissioners, the tax courts of the United Kingdom, requires over 300 UK and foreign banks to disclose the details of 500,000 British taxpayers' accounts. The UK's tax authority, HM Revenue The China Banking Regulatory Commission (CBRC) issued a notice on July 6, 2009, effective the same day, on further regulation of the personal banking business of the country's commercial banks. The notice stipulates that the banks On July 13, 2009, the European Commission proposed amendments to the existing European Union rules on bank capitalization, that is, the Directive on Capital Requirements for Banks, in two critical areas: securitization and remuneration. Financial experts On July 10, 2009, the upper house of the German Federal Parliament (Bundestag) approved a bill enabling the creation of "bad banks" to help the country's commercial and state-owned banks recover from the domestic and global On June 29, 2009, the U.S. Supreme Court ruled that state governments are not preempted by the National Bank Act (NBA) from enforcing state law against national banks in judicial proceedings. The NBA, enacted in On June 25, 2009, the Federal Government of Mexico promulgated a decree on a package of financial reforms prepared last December but deadlocked for the first four months of 2009. The amending decree affects the Law It was reported on May 21, 2009, that the Nigerian National Assembly is working on amending the Nigeria Deposit Insurance Corporation (NDIC) Act of 1988, a law that established and regulates the powers of the NDIC. Effective June 1, 2009, new provisions will regulate foreign institutions that provide financial information services in China. The document, entitled "Provisions on Administration of Foreign Institutions Providing Financial Information Service within the Territory of China, was The Ministry of Finance (MOF) published a circular on April 10, 2009, setting a pay cap for top executives at state-owned financial institutions. Their maximum compensation for the year 2008 is now fixed at 90% of On March 11, 2009, the head of the government of the Principat d' Andorra signed the "Declaration of the Principat d'Andorra" in Paris, pledging to pass legislation before September 1, 2009, that would lift bank secrecy POLAND Law Passed on Recapitalization of Financial Institutions. It was reported on February 11, 2009, that the Polish Cabinet had passed a draft law on recapitalization of financial institutions. The law stipulates that On December 30, 2008, the President of the Republic of China (on Taiwan) promulgated amendments to the Banking Law. The Law now specifies that the Financial Supervisory Commission (FSC) of the Executive Yuan (Cabinet) is the Taiwan's new Statute on the Taiwan Financial Holding Co., Ltd. was promulgated on November 26, 2008. The Statute was given retroactive enforcement from January 1, 2008. The new law specifies: On October 26, 2008, the Austrian Parliament enacted a support package for the financial sector (Bundesgesetzblatt (BGBl) I No. 136/2008). It consists of two new laws: the Interbank Market Strengthening Act (Interbankmarktstabilisierungsgesetz) and the Financial Market Australia's corporate regulator, the Australian Securities and Investments Commission (ASIC), has extended its ban on covered short selling for financial securities until January 27, 2009, and ASIC's ban on covered short selling of non-financial securities may On October 17, 2008, the Federal Government of Germany promulgated the Act Creating a Financial Markets Stabilization Fund that became effective on October 18, 2008 (Gesetz zur Errichtung eines Finanzmarktstabilisierungsfonds (Bundesgesetzblatt (BGBl) I at 1982, The French Parliament recently passed Amended Law 2008-1061 of October 16, 2008, on Finances to Fund the Economy, aimed at restoring trust in the French banking and financial system and guaranteeing the good functioning of the On October 14, 2008, Pascal Lamy, Director-General of the World Trade Organization (WTO), reported to the WTO General Council on WTO actions in light of the global financial crisis. Lamy noted: The collapse of several of Iceland's banks has led to a highly charged diplomatic dispute and intensive negotiations between Icelandic and British authorities. A delegation of British Treasury officials was in Iceland over the weekend of The Government of the United Kingdom is currently in the process of amending its competition laws to facilitate the proposed merger of two large banking establishments in the UK, Lloyds TSB and Halifax Bank of Scotland Media sources have reported temporary amendments to Indonesian stock market and banking regulations. These amendments include: permitting companies to buy back 20 percent of their paid-up capital, double the previous maximum, without requiring shareholder approval (state-owned The Government of the Netherlands Antilles is reviewing a report, submitted to it by public sector financial services and tax advisors, on the feasibility of developing Islamic financial services in the islands. According to an article It was reported on October 7, 2008, that officials of the Nigerian Stock Exchange (NSE) and the Nigerian Securities and Exchange Commission were meeting to develop a plan to inject private funds into the stock market The Irish banking system is highly concentrated, with six major domestic banks operating throughout the country. On September 29, 2008, the governor of the central bank warned the Minister of Finance that the Irish banking system... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Wed, 08 Oct 2008 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540699_text Global Legal Monitor: European Union: Response to U.S. Financial Crisis http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540694_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would The Council of Ministers approved new regulations to encourage foreign banks to do business in Iran. The new regulations, organized in four parts and totaling 13 articles, are dated March 18, 2009, and entitled "The Executive The Dutch Banking Federation (Nederlandse Vereniging van Banken, NVB) published a code of conduct, applicable to domestic and foreign banking activities, on September 9, 2009. In particular, it regulates the bonuses of bank management board members, A recent ruling by the Special Commissioners, the tax courts of the United Kingdom, requires over 300 UK and foreign banks to disclose the details of 500,000 British taxpayers' accounts. The UK's tax authority, HM Revenue The China Banking Regulatory Commission (CBRC) issued a notice on July 6, 2009, effective the same day, on further regulation of the personal banking business of the country's commercial banks. The notice stipulates that the banks On July 13, 2009, the European Commission proposed amendments to the existing European Union rules on bank capitalization, that is, the Directive on Capital Requirements for Banks, in two critical areas: securitization and remuneration. Financial experts On July 10, 2009, the upper house of the German Federal Parliament (Bundestag) approved a bill enabling the creation of "bad banks" to help the country's commercial and state-owned banks recover from the domestic and global On June 29, 2009, the U.S. Supreme Court ruled that state governments are not preempted by the National Bank Act (NBA) from enforcing state law against national banks in judicial proceedings. The NBA, enacted in On June 25, 2009, the Federal Government of Mexico promulgated a decree on a package of financial reforms prepared last December but deadlocked for the first four months of 2009. The amending decree affects the Law It was reported on May 21, 2009, that the Nigerian National Assembly is working on amending the Nigeria Deposit Insurance Corporation (NDIC) Act of 1988, a law that established and regulates the powers of the NDIC. Effective June 1, 2009, new provisions will regulate foreign institutions that provide financial information services in China. The document, entitled "Provisions on Administration of Foreign Institutions Providing Financial Information Service within the Territory of China, was The Ministry of Finance (MOF) published a circular on April 10, 2009, setting a pay cap for top executives at state-owned financial institutions. Their maximum compensation for the year 2008 is now fixed at 90% of On March 11, 2009, the head of the government of the Principat d' Andorra signed the "Declaration of the Principat d'Andorra" in Paris, pledging to pass legislation before September 1, 2009, that would lift bank secrecy POLAND Law Passed on Recapitalization of Financial Institutions. It was reported on February 11, 2009, that the Polish Cabinet had passed a draft law on recapitalization of financial institutions. The law stipulates that On December 30, 2008, the President of the Republic of China (on Taiwan) promulgated amendments to the Banking Law. The Law now specifies that the Financial Supervisory Commission (FSC) of the Executive Yuan (Cabinet) is the Taiwan's new Statute on the Taiwan Financial Holding Co., Ltd. was promulgated on November 26, 2008. The Statute was given retroactive enforcement from January 1, 2008. The new law specifies: On October 26, 2008, the Austrian Parliament enacted a support package for the financial sector (Bundesgesetzblatt (BGBl) I No. 136/2008). It consists of two new laws: the Interbank Market Strengthening Act (Interbankmarktstabilisierungsgesetz) and the Financial Market Australia's corporate regulator, the Australian Securities and Investments Commission (ASIC), has extended its ban on covered short selling for financial securities until January 27, 2009, and ASIC's ban on covered short selling of non-financial securities may On October 17, 2008, the Federal Government of Germany promulgated the Act Creating a Financial Markets Stabilization Fund that became effective on October 18, 2008 (Gesetz zur Errichtung eines Finanzmarktstabilisierungsfonds (Bundesgesetzblatt (BGBl) I at 1982, The French Parliament recently passed Amended Law 2008-1061 of October 16, 2008, on Finances to Fund the Economy, aimed at restoring trust in the French banking and financial system and guaranteeing the good functioning of the On October 14, 2008, Pascal Lamy, Director-General of the World Trade Organization (WTO), reported to the WTO General Council on WTO actions in light of the global financial crisis. Lamy noted: The collapse of several of Iceland's banks has led to a highly charged diplomatic dispute and intensive negotiations between Icelandic and British authorities. A delegation of British Treasury officials was in Iceland over the weekend of The Government of the United Kingdom is currently in the process of amending its competition laws to facilitate the proposed merger of two large banking establishments in the UK, Lloyds TSB and Halifax Bank of Scotland Media sources have reported temporary amendments to Indonesian stock market and banking regulations. These amendments include: permitting companies to buy back 20 percent of their paid-up capital, double the previous maximum, without requiring shareholder approval (state-owned The Government of the Netherlands Antilles is reviewing a report, submitted to it by public sector financial services and tax advisors, on the feasibility of developing Islamic financial services in the islands. According to an article It was reported on October 7, 2008, that officials of the Nigerian Stock Exchange (NSE) and the Nigerian Securities and Exchange Commission were meeting to develop a plan to inject private funds into the stock market The Irish banking system is highly concentrated, with six major domestic banks operating throughout the country. On September 29, 2008, the governor of the central bank warned the Minister of Finance that the Irish banking system The repercussions of the recent financial crisis in the United States have already been felt across the European Union and in other markets as well. On September 30, 2008, in response to the failure of the... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Fri, 03 Oct 2008 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540694_text Global Legal Monitor: Belarus: Individual Credit History Will Be Regulated by Law http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540602_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would The Council of Ministers approved new regulations to encourage foreign banks to do business in Iran. The new regulations, organized in four parts and totaling 13 articles, are dated March 18, 2009, and entitled "The Executive The Dutch Banking Federation (Nederlandse Vereniging van Banken, NVB) published a code of conduct, applicable to domestic and foreign banking activities, on September 9, 2009. In particular, it regulates the bonuses of bank management board members, A recent ruling by the Special Commissioners, the tax courts of the United Kingdom, requires over 300 UK and foreign banks to disclose the details of 500,000 British taxpayers' accounts. The UK's tax authority, HM Revenue The China Banking Regulatory Commission (CBRC) issued a notice on July 6, 2009, effective the same day, on further regulation of the personal banking business of the country's commercial banks. The notice stipulates that the banks On July 13, 2009, the European Commission proposed amendments to the existing European Union rules on bank capitalization, that is, the Directive on Capital Requirements for Banks, in two critical areas: securitization and remuneration. Financial experts On July 10, 2009, the upper house of the German Federal Parliament (Bundestag) approved a bill enabling the creation of "bad banks" to help the country's commercial and state-owned banks recover from the domestic and global On June 29, 2009, the U.S. Supreme Court ruled that state governments are not preempted by the National Bank Act (NBA) from enforcing state law against national banks in judicial proceedings. The NBA, enacted in On June 25, 2009, the Federal Government of Mexico promulgated a decree on a package of financial reforms prepared last December but deadlocked for the first four months of 2009. The amending decree affects the Law It was reported on May 21, 2009, that the Nigerian National Assembly is working on amending the Nigeria Deposit Insurance Corporation (NDIC) Act of 1988, a law that established and regulates the powers of the NDIC. Effective June 1, 2009, new provisions will regulate foreign institutions that provide financial information services in China. The document, entitled "Provisions on Administration of Foreign Institutions Providing Financial Information Service within the Territory of China, was The Ministry of Finance (MOF) published a circular on April 10, 2009, setting a pay cap for top executives at state-owned financial institutions. Their maximum compensation for the year 2008 is now fixed at 90% of On March 11, 2009, the head of the government of the Principat d' Andorra signed the "Declaration of the Principat d'Andorra" in Paris, pledging to pass legislation before September 1, 2009, that would lift bank secrecy POLAND Law Passed on Recapitalization of Financial Institutions. It was reported on February 11, 2009, that the Polish Cabinet had passed a draft law on recapitalization of financial institutions. The law stipulates that On December 30, 2008, the President of the Republic of China (on Taiwan) promulgated amendments to the Banking Law. The Law now specifies that the Financial Supervisory Commission (FSC) of the Executive Yuan (Cabinet) is the Taiwan's new Statute on the Taiwan Financial Holding Co., Ltd. was promulgated on November 26, 2008. The Statute was given retroactive enforcement from January 1, 2008. The new law specifies: On October 26, 2008, the Austrian Parliament enacted a support package for the financial sector (Bundesgesetzblatt (BGBl) I No. 136/2008). It consists of two new laws: the Interbank Market Strengthening Act (Interbankmarktstabilisierungsgesetz) and the Financial Market Australia's corporate regulator, the Australian Securities and Investments Commission (ASIC), has extended its ban on covered short selling for financial securities until January 27, 2009, and ASIC's ban on covered short selling of non-financial securities may On October 17, 2008, the Federal Government of Germany promulgated the Act Creating a Financial Markets Stabilization Fund that became effective on October 18, 2008 (Gesetz zur Errichtung eines Finanzmarktstabilisierungsfonds (Bundesgesetzblatt (BGBl) I at 1982, The French Parliament recently passed Amended Law 2008-1061 of October 16, 2008, on Finances to Fund the Economy, aimed at restoring trust in the French banking and financial system and guaranteeing the good functioning of the On October 14, 2008, Pascal Lamy, Director-General of the World Trade Organization (WTO), reported to the WTO General Council on WTO actions in light of the global financial crisis. Lamy noted: The collapse of several of Iceland's banks has led to a highly charged diplomatic dispute and intensive negotiations between Icelandic and British authorities. A delegation of British Treasury officials was in Iceland over the weekend of The Government of the United Kingdom is currently in the process of amending its competition laws to facilitate the proposed merger of two large banking establishments in the UK, Lloyds TSB and Halifax Bank of Scotland Media sources have reported temporary amendments to Indonesian stock market and banking regulations. These amendments include: permitting companies to buy back 20 percent of their paid-up capital, double the previous maximum, without requiring shareholder approval (state-owned The Government of the Netherlands Antilles is reviewing a report, submitted to it by public sector financial services and tax advisors, on the feasibility of developing Islamic financial services in the islands. According to an article It was reported on October 7, 2008, that officials of the Nigerian Stock Exchange (NSE) and the Nigerian Securities and Exchange Commission were meeting to develop a plan to inject private funds into the stock market The Irish banking system is highly concentrated, with six major domestic banks operating throughout the country. On September 29, 2008, the governor of the central bank warned the Minister of Finance that the Irish banking system The repercussions of the recent financial crisis in the United States have already been felt across the European Union and in other markets as well. On September 30, 2008, in response to the failure of the On August 20, 2008, the lower chamber of the Belarus legislature approved the Credit History Law, which obligates all banks and credit institutions operating in Belarus to inform the National Bank of Belarus about borrowing and... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Fri, 29 Aug 2008 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540602_text Global Legal Monitor: Germany: Internet Banking http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540121_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would The Council of Ministers approved new regulations to encourage foreign banks to do business in Iran. The new regulations, organized in four parts and totaling 13 articles, are dated March 18, 2009, and entitled "The Executive The Dutch Banking Federation (Nederlandse Vereniging van Banken, NVB) published a code of conduct, applicable to domestic and foreign banking activities, on September 9, 2009. In particular, it regulates the bonuses of bank management board members, A recent ruling by the Special Commissioners, the tax courts of the United Kingdom, requires over 300 UK and foreign banks to disclose the details of 500,000 British taxpayers' accounts. The UK's tax authority, HM Revenue The China Banking Regulatory Commission (CBRC) issued a notice on July 6, 2009, effective the same day, on further regulation of the personal banking business of the country's commercial banks. The notice stipulates that the banks On July 13, 2009, the European Commission proposed amendments to the existing European Union rules on bank capitalization, that is, the Directive on Capital Requirements for Banks, in two critical areas: securitization and remuneration. Financial experts On July 10, 2009, the upper house of the German Federal Parliament (Bundestag) approved a bill enabling the creation of "bad banks" to help the country's commercial and state-owned banks recover from the domestic and global On June 29, 2009, the U.S. Supreme Court ruled that state governments are not preempted by the National Bank Act (NBA) from enforcing state law against national banks in judicial proceedings. The NBA, enacted in On June 25, 2009, the Federal Government of Mexico promulgated a decree on a package of financial reforms prepared last December but deadlocked for the first four months of 2009. The amending decree affects the Law It was reported on May 21, 2009, that the Nigerian National Assembly is working on amending the Nigeria Deposit Insurance Corporation (NDIC) Act of 1988, a law that established and regulates the powers of the NDIC. Effective June 1, 2009, new provisions will regulate foreign institutions that provide financial information services in China. The document, entitled "Provisions on Administration of Foreign Institutions Providing Financial Information Service within the Territory of China, was The Ministry of Finance (MOF) published a circular on April 10, 2009, setting a pay cap for top executives at state-owned financial institutions. Their maximum compensation for the year 2008 is now fixed at 90% of On March 11, 2009, the head of the government of the Principat d' Andorra signed the "Declaration of the Principat d'Andorra" in Paris, pledging to pass legislation before September 1, 2009, that would lift bank secrecy POLAND Law Passed on Recapitalization of Financial Institutions. It was reported on February 11, 2009, that the Polish Cabinet had passed a draft law on recapitalization of financial institutions. The law stipulates that On December 30, 2008, the President of the Republic of China (on Taiwan) promulgated amendments to the Banking Law. The Law now specifies that the Financial Supervisory Commission (FSC) of the Executive Yuan (Cabinet) is the Taiwan's new Statute on the Taiwan Financial Holding Co., Ltd. was promulgated on November 26, 2008. The Statute was given retroactive enforcement from January 1, 2008. The new law specifies: On October 26, 2008, the Austrian Parliament enacted a support package for the financial sector (Bundesgesetzblatt (BGBl) I No. 136/2008). It consists of two new laws: the Interbank Market Strengthening Act (Interbankmarktstabilisierungsgesetz) and the Financial Market Australia's corporate regulator, the Australian Securities and Investments Commission (ASIC), has extended its ban on covered short selling for financial securities until January 27, 2009, and ASIC's ban on covered short selling of non-financial securities may On October 17, 2008, the Federal Government of Germany promulgated the Act Creating a Financial Markets Stabilization Fund that became effective on October 18, 2008 (Gesetz zur Errichtung eines Finanzmarktstabilisierungsfonds (Bundesgesetzblatt (BGBl) I at 1982, The French Parliament recently passed Amended Law 2008-1061 of October 16, 2008, on Finances to Fund the Economy, aimed at restoring trust in the French banking and financial system and guaranteeing the good functioning of the On October 14, 2008, Pascal Lamy, Director-General of the World Trade Organization (WTO), reported to the WTO General Council on WTO actions in light of the global financial crisis. Lamy noted: The collapse of several of Iceland's banks has led to a highly charged diplomatic dispute and intensive negotiations between Icelandic and British authorities. A delegation of British Treasury officials was in Iceland over the weekend of The Government of the United Kingdom is currently in the process of amending its competition laws to facilitate the proposed merger of two large banking establishments in the UK, Lloyds TSB and Halifax Bank of Scotland Media sources have reported temporary amendments to Indonesian stock market and banking regulations. These amendments include: permitting companies to buy back 20 percent of their paid-up capital, double the previous maximum, without requiring shareholder approval (state-owned The Government of the Netherlands Antilles is reviewing a report, submitted to it by public sector financial services and tax advisors, on the feasibility of developing Islamic financial services in the islands. According to an article It was reported on October 7, 2008, that officials of the Nigerian Stock Exchange (NSE) and the Nigerian Securities and Exchange Commission were meeting to develop a plan to inject private funds into the stock market The Irish banking system is highly concentrated, with six major domestic banks operating throughout the country. On September 29, 2008, the governor of the central bank warned the Minister of Finance that the Irish banking system The repercussions of the recent financial crisis in the United States have already been felt across the European Union and in other markets as well. On September 30, 2008, in response to the failure of the On August 20, 2008, the lower chamber of the Belarus legislature approved the Credit History Law, which obligates all banks and credit institutions operating in Belarus to inform the National Bank of Belarus about borrowing and On July 5, 2007, the Administrative Court of Frankfurt am Main upheld an administrative decision of the German Banking Supervisory Agency (Bundesanstalt fur Finanzdienst-leistungsaufsicht) that forbade a Swiss provider of consumer loans to engage in loan... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Fri, 02 Nov 2007 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540121_text Global Legal Monitor: South America: Bank of the South http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540122_text Banks and financial institutions - On September 25, 2014, the European Commission instituted infringement proceedings against Bulgaria arising from its failure to pay the claims of depositors at two closed banks. The Commission sent a letter of formal notice to Bulgarian On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the In a decision issued by the Reykjavik district court on December 12, 2013, two bank directors were among the parties imprisoned for fraud in connection with the banking crisis of 2008. (Domur: H;raandeth;sdoms Reykjavikur 12. On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, "Bitcoin does not have any real trading value compared to gold and On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a In March 2014, the Philippines' Central Bank (Bangko Sentral ng Pilipinas, hereinafter BSP) issued a statement explaining the risks of using Bitcoin and other virtual currencies. (Press Release, BSP, Warning Advisory on Virtual Currencies (Mar. In March 2014, Mexico's Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedandaacute;neos On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) On January 29, 2014, the European Commission adopted a proposal to prohibit proprietary trading by banks, that is, trading by a bank on its own account in order to make a profit for the bank. If Indonesia's House of Representatives (Dewan Perwakilan Rakyat Republik Indonesia) is considering a new law on money laundering. (Draft Law andhellip; on the Prevention and Suppression of the Crime of Money Laundering [in Indonesian], House of On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico's Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peandntilde;a On September 10, 2013, the European Parliament endorsed a draft Regulation on Insider Dealing and Market Manipulation. 659 Members voted in favor, with 20 voting against and 28 abstentions. (Tougher Sanctions for Financial Muliaman D. Hadad, the head of Indonesia's Financial Services Authority (Otoritas Jasa Keuangan, or OJK), announced at a press conference on July 30, 2013, that the country's first regulation to protect financial services consumers has been The current banking crisis in Cyprus sparked debate at the European Union (EU) level as to whether bank depositors should be immune from bail-ins for troubled banks or whether only deposits in excess of 100,000 (about It was reported on March 26, 2013, that Denmark is reconsidering its "bail-in" policy towards lending institutions, in the aftermath of having lost 23% of its banks On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in On February 28, 2013, the European Parliament and representatives of the Council of the European Union reached a political agreement to put limits on bankers' annual bonuses and to adopt new rules on bank capital requirements. On January 2, 2013, the Polish Cabinet approved a proposal put forward by the Minister of Finance to create a special stabilization fund based on contributions from banks with operations in On December 12, 2012, the European Union (EU) Finance Ministers made progress towards a closer banking union by approving a legislative package designed to establish a single supervisory mechanism (SSM). The SSM will be composed of On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would The Council of Ministers approved new regulations to encourage foreign banks to do business in Iran. The new regulations, organized in four parts and totaling 13 articles, are dated March 18, 2009, and entitled "The Executive The Dutch Banking Federation (Nederlandse Vereniging van Banken, NVB) published a code of conduct, applicable to domestic and foreign banking activities, on September 9, 2009. In particular, it regulates the bonuses of bank management board members, A recent ruling by the Special Commissioners, the tax courts of the United Kingdom, requires over 300 UK and foreign banks to disclose the details of 500,000 British taxpayers' accounts. The UK's tax authority, HM Revenue The China Banking Regulatory Commission (CBRC) issued a notice on July 6, 2009, effective the same day, on further regulation of the personal banking business of the country's commercial banks. The notice stipulates that the banks On July 13, 2009, the European Commission proposed amendments to the existing European Union rules on bank capitalization, that is, the Directive on Capital Requirements for Banks, in two critical areas: securitization and remuneration. Financial experts On July 10, 2009, the upper house of the German Federal Parliament (Bundestag) approved a bill enabling the creation of "bad banks" to help the country's commercial and state-owned banks recover from the domestic and global On June 29, 2009, the U.S. Supreme Court ruled that state governments are not preempted by the National Bank Act (NBA) from enforcing state law against national banks in judicial proceedings. The NBA, enacted in On June 25, 2009, the Federal Government of Mexico promulgated a decree on a package of financial reforms prepared last December but deadlocked for the first four months of 2009. The amending decree affects the Law It was reported on May 21, 2009, that the Nigerian National Assembly is working on amending the Nigeria Deposit Insurance Corporation (NDIC) Act of 1988, a law that established and regulates the powers of the NDIC. Effective June 1, 2009, new provisions will regulate foreign institutions that provide financial information services in China. The document, entitled "Provisions on Administration of Foreign Institutions Providing Financial Information Service within the Territory of China, was The Ministry of Finance (MOF) published a circular on April 10, 2009, setting a pay cap for top executives at state-owned financial institutions. Their maximum compensation for the year 2008 is now fixed at 90% of On March 11, 2009, the head of the government of the Principat d' Andorra signed the "Declaration of the Principat d'Andorra" in Paris, pledging to pass legislation before September 1, 2009, that would lift bank secrecy POLAND Law Passed on Recapitalization of Financial Institutions. It was reported on February 11, 2009, that the Polish Cabinet had passed a draft law on recapitalization of financial institutions. The law stipulates that On December 30, 2008, the President of the Republic of China (on Taiwan) promulgated amendments to the Banking Law. The Law now specifies that the Financial Supervisory Commission (FSC) of the Executive Yuan (Cabinet) is the Taiwan's new Statute on the Taiwan Financial Holding Co., Ltd. was promulgated on November 26, 2008. The Statute was given retroactive enforcement from January 1, 2008. The new law specifies: On October 26, 2008, the Austrian Parliament enacted a support package for the financial sector (Bundesgesetzblatt (BGBl) I No. 136/2008). It consists of two new laws: the Interbank Market Strengthening Act (Interbankmarktstabilisierungsgesetz) and the Financial Market Australia's corporate regulator, the Australian Securities and Investments Commission (ASIC), has extended its ban on covered short selling for financial securities until January 27, 2009, and ASIC's ban on covered short selling of non-financial securities may On October 17, 2008, the Federal Government of Germany promulgated the Act Creating a Financial Markets Stabilization Fund that became effective on October 18, 2008 (Gesetz zur Errichtung eines Finanzmarktstabilisierungsfonds (Bundesgesetzblatt (BGBl) I at 1982, The French Parliament recently passed Amended Law 2008-1061 of October 16, 2008, on Finances to Fund the Economy, aimed at restoring trust in the French banking and financial system and guaranteeing the good functioning of the On October 14, 2008, Pascal Lamy, Director-General of the World Trade Organization (WTO), reported to the WTO General Council on WTO actions in light of the global financial crisis. Lamy noted: The collapse of several of Iceland's banks has led to a highly charged diplomatic dispute and intensive negotiations between Icelandic and British authorities. A delegation of British Treasury officials was in Iceland over the weekend of The Government of the United Kingdom is currently in the process of amending its competition laws to facilitate the proposed merger of two large banking establishments in the UK, Lloyds TSB and Halifax Bank of Scotland Media sources have reported temporary amendments to Indonesian stock market and banking regulations. These amendments include: permitting companies to buy back 20 percent of their paid-up capital, double the previous maximum, without requiring shareholder approval (state-owned The Government of the Netherlands Antilles is reviewing a report, submitted to it by public sector financial services and tax advisors, on the feasibility of developing Islamic financial services in the islands. According to an article It was reported on October 7, 2008, that officials of the Nigerian Stock Exchange (NSE) and the Nigerian Securities and Exchange Commission were meeting to develop a plan to inject private funds into the stock market The Irish banking system is highly concentrated, with six major domestic banks operating throughout the country. On September 29, 2008, the governor of the central bank warned the Minister of Finance that the Irish banking system The repercussions of the recent financial crisis in the United States have already been felt across the European Union and in other markets as well. On September 30, 2008, in response to the failure of the On August 20, 2008, the lower chamber of the Belarus legislature approved the Credit History Law, which obligates all banks and credit institutions operating in Belarus to inform the National Bank of Belarus about borrowing and On July 5, 2007, the Administrative Court of Frankfurt am Main upheld an administrative decision of the German Banking Supervisory Agency (Bundesanstalt fur Finanzdienst-leistungsaufsicht) that forbade a Swiss provider of consumer loans to engage in loan Argentina, Bolivia, Brazil, Ecuador, Paraguay, Uruguay, and Venezuela have agreed to create a regional development bank based on a proposal of Venezuelan President Hugo Chavez, in order to improve regional trade and growth with their own... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Fri, 02 Nov 2007 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540122_text