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Turkey: New Law Transfers Oversight of Payment System Providers to Central Bank

(Dec. 9, 2019) On November 22, 2019, the Grand National Assembly of Turkey passed Law No. 7192 (the amending law), which brought changes to Law No. 6493 on Payment and Security Settlement Systems, Payment Services and Electronic Money Institutions. Significantly, the Law includes an amendment transferring the authority to regulate and supervise payment services from […]

UAE: Law Allows Foreigners to Own Real Estate Properties in Abu Dhabi’s Investment Zones

(May 1, 2019) On April 17, 2019, Sheikh Khalifa bin Zayed Al-Nahyan, the governor of Abu Dhabi and the president of the United Arab Emirates (UAE) issued a new, unnumbered law that amends Law No. 19 of 2005 regulating the ownership of real-estate properties. The new amendment allows foreign individuals and foreign legal entities to […]

Iceland: Icelandic Central Bank Publishes Amended Rules on Foreign Exchange

(Apr. 29, 2019) On April 2, 2019, the Central Bank of Iceland published an amended version of its rules on foreign exchange. The new provisions lift some, but not all, of the remaining restrictions on foreign exchange that have been in place since Iceland’s 2008 banking crisis. (Press Release, Central Bank of Iceland, Amended Rules […]

Iran: IMF Evaluates Iran’s Legislative and Institutional Efforts to Combat Money Laundering and Terrorism Financing

(Apr. 13, 2018) In its March 2018 report assessing the economic situation in Iran, the International Monetary Fund (IMF) found that Iran had made progress in reforming its policies on combating money laundering and the financing of terrorism and was taking steps to improve the country’s connections to the international banking and trade system. (IMF, […]

European Union: New EU Legislative Framework to Regulate Financial Markets Enters into Force

(Feb. 27, 2018) On January 3, 2018, the European Union’s (EU’s) Second Directive on Markets in Financial Instruments (MiFID II) entered into force with the main objective of strengthening investor protection and increasing transparency in financial markets. (Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on Markets in Financial […]

Israel: Supreme Court Rejects Challenge to Constitutionality of FATCA’s Implementation

(Jan. 25, 2018) On January 2, 2018, Israel’s Supreme Court, sitting as a High Court of Justice, issued its reasoning for its decision of September 12, 2016, rejecting a petition challenging the constitutionality of the Income Tax Ordinance (Amendment No. 227) Law, 5776-2016 (Amendment Law). The main decision was rendered by Justice Hanan Melcer, with […]

New Zealand: New Foreign Trust Disclosure Rules to be Developed Following Release of Panama Papers

On July 13, 2016, the New Zealand government released its response to recommendations that resulted from a review of the country’s foreign trust disclosure rules.  (Press Release, Bill English & Michael Woodhouse, Government to Adopt Shewan Recommendations, BEEHIVE.GOVT.NZ (July 13, 2016); GOVERNMENT INQUIRY INTO FOREIGN TRUST DISCLOSURE RULES (Inquiry Report) (June 2016), Treasury website.)  The […]

Italy: Updated Legislation on Credit Entities and on Strengthening of Bank of Italy

(July 17, 2015) On June 27, 2015, new legislation on the supervision of credit entities and on the strengthening of the country’s central bank, Decree-Law No. 72, entered into effect in Italy. (Decree-Law No. 72 of May 12, 2015, Implementation of EU Directive 2013/36, That Amends Directive 2002/87/CE and Repeals Directives 2006/48/CE and 2006/49/CE, Concerning […]