Regulation and Compliance News

Even though the UK classifies land banking as a collective investment scheme and regulates it as such, the Insolvency Service says that far too many people are losing their money in such schemes.

The USA's Federal Deposit Indemnity Corporation has issued a notice to all federally regulated banks "clarifying" the rules relating to those who are barred from the ownership or senior management of an FDIC regulated bank. Now it's OK if they committed small crime, it appears.

HKMA tackles over-borrowing and requires banks to ensure that debt can be serviced. The notice reproduced below has immediate effect and is stated to have a potential impact on customer risk ratios. The chosen method is improved sharing of credit data.

It's long overdue: at last the Securities and Exchange Commission - which allows "accredited investors" to take part in various investment activities outside a range of protections - included those who were "house rich, cash poor." That's all about to change.

The Securities and Exchange Commission today proposed a rule to require advisers to hedge funds and other private funds to report information for use by the Financial Stability Oversight Council (FSOC) in monitoring risk to the U.S. financial system.

On 18th November 2010, The Australian Securities and Investment Commission released updated guidance on how it will use its administrative powers to enforce the financial services legislation, including its new markets supervisory powers.

The USA's Federal Deposit Indemnity Corporation is making it clear: if you work for a financially challenged bank, you are going to have to justify why you should get a termination bonus.

India is so embarrassed that Russia and China - both big countries with huge problems in their financial sector - have been admitted to the FATF that it speeding up reforms. But given the low starting base, the latest are really nothing to shout about.

ASIC reminds AFSL holders that from 1 July 2010, all AFSL holders who wish to provide financial services in respect of margin lending products will need to have either margin lending authorisations or have lodged an application to vary their AFSLs to include margin lending authorisations.

"The agency would have almost limitless authority to tell dealers how to run their finance operations and to impose unnecessary new hurdles to getting consumers the credit they need," says Ed Tonkin, chairman of the National Automobile Dealers Association (NADA).