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China Anti-corruption Law ‘Broader in Scope than FCPA’

A record number of cross-border deals in China last year, by foreign companies using FCPA compliance, has provided a boost in trust for international buyers… The unprecedented Merger and Acquisition buying spree of 201 foreign deals in China last year – up 20 on the previous year – increased in value by nearly 80% to $38bn year-on-year, according to Mergermarket. ... Read More »

Reserve Bank of India: Interoperable Cash Deposit Machines Becomes Reality

Bank customers might in the near future be able to deposit cash in their accounts from any bank’s cash deposit machines(CDMs). The Reserve Bank of India (RBI) is considering a proposal to link these machines with the National Financial Switch (NFS). The latter is the backbone of Automated Teller Machines in the country, being managed by National Payments Corporation of India (NPCI). The organisation has ... Read More »

RBI to Issue Licenses of Small Banks and Payments Banks

The Reserve Bank of India has received 72 applications for small finance banks and 41 for payments banks The Reserve Bank of India (RBI) is processing about 100 applications for small finance banks and payments banks and might issue licenses in a few months. “We are processing them (applications) and hope to issue licenses to fit-and-proper applicants in a few ... Read More »

China P2P Online Lending: Regulation will be Crucial for Success

According to Chi Guan Jianzhong, president of the Chinese ratings agency Dagong Global, China is currently going through a quiet crisis: Many Internet-based money lenders (P2P platforms) are sinking, along with the funds they owe to their creditors.  The crisis may last into the middle of the year and incur a total loss of 100 billion yuan ($16 billion) to ... Read More »

Credit Information Regulations in Russia:  Who has the Right to See a Credit History?

Russian citizens, as well as companies residing in the Russian Federation have the right to view their own credit history.  However if somebody wants to review credit history of a third person (company or consumer), prior consent is required in writing authorizing access to their credit records.  The Term “credit history” has only appeared in Russia since 2005. Since that ... Read More »

EU Data Privacy Laws Annoy US Tech Companies

Europe is closer to approving new data-privacy legislation that threatens to raise tensions with US technology firms. The European Union body representing member countries on Friday reached a tentative agreement on a controversial power-sharing mechanism between national privacy watchdogs that had been holding up the legislation amid furious corporate lobbying.  Supporters say the new privacy rules are necessary to update ... Read More »

Data Protection:  US Data Broker Accountability & Transparency Act

Four Senate Democrats have re-introduced a bill that would enable consumers to wield control over how information about them is used by data brokers.  The Data Broker Accountability and Transparency Act (S. 668) empowers consumers to stop the use and sale of their personal information by data brokers.  The measure also allows consumers to correct information held by data brokers, ... Read More »

US Credit Bureaus Launch National Consumer Assistance Plan

Equifax, Experian and TransUnion Launch National Consumer Assistance Plan to Enhance Credit Report Accuracy, Consumer Experience Equifax, Experian and TransUnion announced a National Consumer Assistance Plan that will enhance their ability to collect complete and accurate consumer information and will provide consumers more transparency and a better experience interacting with credit bureaus about their credit reports. The plan was announced ... Read More »

EU Commission Green Paper on Building a Capital Markets Union – Implications for Credit Information

The European Commission published on February 18th a Green Paper on Building a Capital Markets Union. The Green Paper launches a consultation on the measures to be taken by the EU measures in order to create a single market for capital financing, with the focus on diversifying sources of funding, especially for SMEs, and removing obstacles for cross-border financing. This initiative, ... Read More »

Reserve Bank of India Enforces Transparency

Disclosure of Full Information on Credit Conditions to Borrowers The Reserve Bank of India (RBI) has asked banks to be more transparent in displaying information about the interest rate and the fees charged on loans. Lenders have been asked to display the interest range of loans in the past quarter, along with the average interest rate at which loans have ... Read More »

FCA due diligence review now vetting the finance sector

The Financial Conduct Authority’s (FCA) current thematic review into due diligence practices is this month scrutinising how advisers assess products and services and what barriers they may be facing in the process. The FCA – an independent UK body that regulates the conduct of over 50,000 businesses – is currently looking into advisory firms who engage, from a series of ... Read More »