Publication
Reforming the Consumer Credit Act 1974
Among the documents that the Government published last December as part of its Edinburgh reforms was a consultation paper on reforming the UK’s Consumer Credit Act 1974 (CCA 1974).
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Global | Publication | October 2019
After almost a year since the draft revised Regulations on the Administration of Foreign Invested Bank1 (the Regulations) were published for public comment, the formal Regulations were promulgated on October 15, 2019.
The formal version of the Regulations does not differ very much from the previous draft, but compared to the 2014 version, there are quite a number of notable changes that liberalize restrictions on foreign investment in the retail banking sector in China.
The new Regulations no longer require the sole/principal Chinese shareholder of a joint venture bank to be a financial institution, although the sole/principal foreign shareholder must still be a commercial bank. This change provides foreign investors with a wider choice of Chinese joint venture partners.
The previous requirement for a foreign investor to have total assets of not less than:
no longer applies.
The removal of this requirement is good news for smaller sized foreign banks looking to enter the Chinese market.
The new Regulations have removed the single presence restriction and now allow a foreign bank to set up:
In addition, it is no longer a requirement for the branch’s business to be limited to wholesale banking.
These recent developments are very encouraging and will hopefully result in more foreign banks (in particular banks that are smaller and innovative) entering into or expanding their business in the China retail banking market. However, it remains to be seen how these new Regulations are implemented in practice and it is expected that implementation rules in respect of the new Regulations will be issued in order to provide more clarity and practical guidance on these key reforms.
Publication
Among the documents that the Government published last December as part of its Edinburgh reforms was a consultation paper on reforming the UK’s Consumer Credit Act 1974 (CCA 1974).
Publication
The collapse of Silicon Valley Bank, Signature Bank and Silvergate Bank in the last week has caused turmoil in global financial market.
Publication
The European Union’s Foreign Subsidies Regulation (the FSR) entered into force on 12 January 2023 and creates a new regime aimed at combating distortions of competition on the EU internal market caused by foreign subsidies. It imposes mandatory notification and approval requirements for acquisitions of significant EU businesses and large EU public tenders, and gives the European Commission (EC) extensive powers to launch ex officio investigations. The notification requirements go live on 12 October 2023.
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