Financial Regulation International

The Reserve Bank of India (RBI) has been working on defining standards for governing the issuance and servicing of credit cards in India. In the recently announced guidelines, the RBI has attempted to protect the interest of consumers. These guidelines address the following areas:

This is the first of two articles following the publication by the UK Financial Services Authority of its recent document on planning for the implementation of EU MiFID. This article looks at the major issues behind the implementation of the Directive. The second article will review some the specific areas, where technology investment may be required.

2005 has been characterised by flux and a steep learning curve, for both the Financial Services Authority (FSA) and firms; both traits are likely to continue in 2006. The regulatory burden on the insurance industry in the UK in 2005 was unprecedented. ICOB, ICAS, KFIs, TCF and more, have demanded strong measures and input from senior management throughout the year and although, under the circumstances, the industry as a whole has performed well, much more work will be needed to satisfy the regulator in 2006. However, the key issues affecting firms over the last twelve months indicate a change in culture within the industry and a more customer-focused approach, a move promoted and supported by FSA regulation.

Lin Zhong, Senior Partner, (linzhong@haoliwen.com), and Li Xing, Associate, (lixing@haoliwen.com), HaoLiWen PRC Attorneys.

The Malaysian Securities Commission (“SC”) released new guidelines on Islamic real estate investment trusts (“Islamic REITs”) on 21 November 2005. The SC’s Guidelines for Islamic Real Estate Investment Trusts..

Abstract Margins are necessary for a robust capital market. While margins help in mitigating systemic risk, adopting the appropriate margining methodology is a challenge. Since June 2000, when derivatives were introduced in Indian equity markets,..

Background to Appeal On 23 November the Civil Division of the Court of Appeal handed down a judgment in Financial Services Authority v Fradley & Woodward in an appeal brought by Mr Fradley against an order made by the High Court in December..

European bankers and regulators breathed a sigh of relief when the Capital Requirements Directive (CRD) got through the Parliament after a last-minute compromise deal that secures its power under comitology. The Directive was formally adopted by the Council of Ministers from the 25 member states and expected to be fully enacted law by March or April 2006 after it is translated into their respective languages and published in the Official Journal.