Publication
UK Carbon Border Adjustment Mechanism: how will it work?
In February, we reported on the Department of Energy Security and Net Zero’s confirmation that a UK Carbon Border Adjustment Mechanism (CBAM) would be bought into force by 2027
Global | Publication | November 2018
Yesterday November 28, the China Banking and Insurance Regulatory Commission (CBIRC) published the draft amendments to the Detailed Rules for the Implementation of the Regulation on the Administration of Foreign-Funded Banks to complement another draft amendments to the Regulation on the Administration of Foreign-Funded Banks published a few days earlier (together, the Draft FIE Bank Rules). The Draft FIE Bank Rules are subject to public consultation for a period of one month and are expected to be released formally at the beginning of 2019.
The Draft FIE Bank Rules for the first time show how the principles of “national treatment” and “same market entry and administrative standards” in banking sector as announced by CBIRC are elaborated by legislations. A few significant movements are notable to the foreign banks who have already opened wholly-owned subsidiary banks and/or branches in China, especially the following:
Meanwhile, foreign banks who hold both FIE Banks and branches in China are required to ensure:
Other amendments include reporting requirements for conducting derivative business and some other business, approval requirements for conducting Reminbi business, various thresholds for regulatory asset/debt ratios, regular review and inspection requirements and so on.
Although the implementation of the new rules, if published, is still subject to test, at least these Draft FIE Bank Rules demonstrate the commitment made by Chinese government to further open the banking sector to foreign investment and the efforts made by CBIRC to apply the consistent requirements to domestically-funded banks and foreign-funded banks.
Publication
In February, we reported on the Department of Energy Security and Net Zero’s confirmation that a UK Carbon Border Adjustment Mechanism (CBAM) would be bought into force by 2027
Publication
Last November the Financial Conduct Authority (FCA) published Policy Statement 23/16 (PS23/16) containing final rules and guidance on sustainability disclosure requirements (SDR) and investment labels (UK SDR regime).
Publication
International financial markets have started to show significant interest in nature and biodiversity. Whilst climate change and greenhouse gas emissions have made the headlines in recent years, there has been much less focus on their equally important counterparts, nature and biodiversity. However, that has started to change.
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