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Regulatory News

CIBIL INDIA RECEIVED CERTIFICATION FROM REGULATOR

Credit Information Bureau (India) Limited (CIBIL) has been granted ‘In-principle approval’ for Certificate of Registration by the Reserve Bank of India. The approval is in line with the provisions of the Credit Information Companies (Regulation) Act, 2005, which regulates the flow of credit information in the country. Commenting on receiving the approval, Mr. Arun Thukral, Managing Director, CIBIL said, “We ... Read More »

CHINA CONSIDERS APPEAL ON WTO RULING ON PUBLISHING

The WTO ruling demands an end to state enterprise monopolies on import and distribution of foreign made books, films and digital video discs.  The ruling is expected to help transform China’s publishing and book retailing sectors.  Following the ruling China expressed regret and said it may appeal against it according to a statement of the Ministry of Commerce.     Source:  Financial ... Read More »

SEC TO CREATE GROUP TO CHECK RATING AGENCIES

The Securities and Exchange Commission has created a new group of examiners to oversee credit rating agencies, which came under sharp criticism for their role during the financial crisis. The SEC has already adopted a number of measures to increase transparency at credit rating agencies, which are paid by the issuers they rate. But greater oversight is needed with officials ... Read More »

CHINA REGULATOR ASKS BANKS TO MONITOR RISKY LOANS

In a guideline jointly released by the China Banking Regulatory Commission (CBRC) and Ministry of Finance, Chinese banks have been urged to enhance the capabilities to identify and tackle risks, closely monitor borrowers’ financial conditions and carefully assess risks when extending loans for mergers and acquisitions. In another guideline, CBRC also required commercial banks to set up a sound mechanism ... Read More »

REGULATORS CALL FOR MORE REFORMS IN PAYMENTS SECURITY

The problem of payments fraud, particularly credit card fraud, is worsening, driven by such factors as changing consumer behaviour, as more purchases are being made online or where the card is not present, the increasing sophistication of cybercriminals, and the slow adoption of chip and PIN and non-compliance with recommended security standards in countries such as the US. The fraud ... Read More »

CHINA’S IPR PROTECTION PROGRESS

Francis Gurry, director-general of the World Intellectual Property Organization (WIPO), said China’s development in the intellectual property sector was faster than that of many other countries, which contributed to the world’s innovation cause.  Gurry’s remarks reflected China’s persistent efforts over the past three decades to protect intellectual property, said Tian Lipu, director of the State Intellectual Property Office (SIPO).  Statistics ... Read More »

RESTRICTING THE FLOW OF INFORMATION: CHINA BACKTRACKS ON WTO AGREEMENT ON FINANCIAL INFORMATION SERVICES

China bans foreign financial news information providers to operate in China, backtracking on an agreement reached in a WTO dispute filed by the US, the EU and Canada in November last year, which was to allow companies like Bloomberg, Dow Jones and Thomson Reuters to distribute information to financial and corporate clients.  Financial information services businesses had been relatively unrestricted ... Read More »

ANTI MONEY LAUNDRING COMPLIANCE IT STILL LOW PRIRORITY

Many boards in the region remain unwilling to spend on upgrading their banks’ systems to combat money laundering. Failure to comply with anti-money laundering (AML) measures can be costly, as Lloyds Banking Group discovered in January when it was forced by the US Treasury to forfeit $350 million for facilitating and falsifying wire transfers from blacklisted parties in Iran and ... Read More »

RESERVE BANK OF INDIA ISSUES FOUR LICENSES FOR CREDIT BUREAUS

The Reserve Bank of India has after almost one year delay seen fit to improve transparency in credit transactions in India by granting four licenses for credit bureau operations.  In a short statement the RBI named the four companies:  “The Reserve Bank of India has, on April 16, 2009, issued ‘in-principle-approval’ to four companies to set up credit information companies ... Read More »

PROPOSED EU LAW ON SMALL BUSINESS ACCOUNTS FILING

Situation:  The European Parliament and Council of ministers is now considering whether to pass new EU law abolishing the need for businesses under 1 million Euro turnover to file accounts at official registries. According to Internal market and Services Commissioner, this would relieve micro-businesses of administrative burden in tough economic times. Annual accounts are a valuable tool to banks, credit ... Read More »

RESERVE BANK OF INDIA CREDIT BUREAU LICENCES STILL PENDING

The Reserve Bank of India has not made a decision that will be getting the much coveted licenses to operate credit bureaus in India.  The largest credit bureau operators have entered into partnerships with local Indian companies due to a 49% FDI equity restriction. UK based Experian has joined hands with HDFC, ICICI, (both are shareholders in CIBIL, only credit ... Read More »

CHINA TO IMPROVE PROFESSIONALISM OF JUDGES

A Chinese political advisor urged to raise the standard of professionalism of judges.  Currently, a number of judges do not have an adequate educational background and are not up to the professional standard.  Statistics from judicial authorities in southwest China’s Sichuan Province indicate that judges account for 54.8 percent of the total number of courts staff, but only 2 percent ... Read More »

CHINA CRACKS DOWN ON ILLEGAL ONLINE MAP SERVICES TO PROTECT STATE SECURITY

The Chinese government is to crack down on illegal online map and geographical information websites, claiming they threaten state security, according to an official of the State Bureau of Surveying and Mapping (SBSM).  Eight departments, including the SBSM, the Ministry of Foreign Affairs, and the Ministry of Public Security, said they would tighten supervision over online map and geographical information ... Read More »

EU INTENDS TO STOP SEARCH ENGINES FROM CREATING TRACKING DATABASES

European regulators have determined that companies such as Google, Microsoft and Yahoo violate European data protection rules by keeping data for too long and not telling users how stored search queries and clicks help target advertisements. Search engine companies would like to keep data up to twenty-four months. The EU would like to have a limit of six months.  If ... Read More »

EXPERIAN WELCOMES INDIAN GOVERNMENT DECISION ON FOREIGN OWNERSHIP IN CREDIT BUREAUS

Experian® has welcomed the announcement on 30 January by the Union Cabinet that it will allow foreign investment up to 49 per cent in Credit Information Companies, subject to specific approval by the Government and regulatory clearance from the Reserve Bank of India (RBI).  Experian has previously announced that it has made an application for a license to establish a ... Read More »

EUROPEAN COMMISSION SETTING THE STAGE FOR TOUGHER REGULATIONS FOR CREDIT RATING AGENCIES

European Commission is bent on setting the stage for a tougher regulatory regime for credit rating agencies.  Internal Market and Services Commissioner Charlie McCreevy said: “I want Europe to adopt a leading role in this area. Our proposal goes further than the rules which apply in other jurisdictions. These very exacting rules are necessary to restore the confidence of the ... Read More »

PEOPLE’S BANK OF CHINA WORKSHOP ON CREDIT INFORMATION

BIIA IN ACTION:  BIIA management and colleagues from the BIIA regulatory committee attended an important three day regulatory workshop organized by the People’s Bank of China and the IFC, which took place on Hainan Island.   Three major industry associations were invited:  BIIA representing rating services and business credit information services; ACCIS, the European Consumer Credit Information Association and CDIA, the ... Read More »