http://www.loc.gov/lawweb/servlet/lloc_news?home The Global Legal Monitor is an online publication from the Law Library of Congress covering legal news and developments worldwide. It is updated frequently and draws on information from the Global Legal Information Network, official national legal publications, and reliable press sources. You can search previous news by searching the archive. en-us http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205403352_text Banks and financial institutions - On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011,... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Mon, 01 Oct 2012 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205403352_text http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205403156_text Banks and financial institutions - On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Thu, 17 May 2012 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205403156_text http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205403149_text Banks and financial institutions - On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Wed, 16 May 2012 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205403149_text http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402822_text Banks and financial institutions - On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Mon, 03 Oct 2011 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402822_text http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402697_text Banks and financial institutions - On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Fri, 03 Jun 2011 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402697_text http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402696_text Banks and financial institutions - On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Thu, 02 Jun 2011 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402696_text http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402671_text Banks and financial institutions - On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Thu, 12 May 2011 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402671_text http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402617_text Banks and financial institutions - On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar.... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Fri, 08 Apr 2011 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402617_text http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402531_text Banks and financial institutions - On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Tue, 22 Feb 2011 12:00:00 EST http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402531_text http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402442_text Banks and financial institutions - On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Tue, 28 Dec 2010 12:00:00 EST http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402442_text http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402384_text Banks and financial institutions - On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Fri, 19 Nov 2010 12:00:00 EST http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402384_text http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402277_text Banks and financial institutions - On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Tue, 28 Sep 2010 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402277_text http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402248_text Banks and financial institutions - On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Thu, 16 Sep 2010 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402248_text http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402244_text Banks and financial institutions - On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis.... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Thu, 16 Sep 2010 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402244_text http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402214_text Banks and financial institutions - On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Fri, 03 Sep 2010 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402214_text http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402107_text Banks and financial institutions - On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Wed, 14 Jul 2010 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402107_text http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402102_text Banks and financial institutions - On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance.... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Fri, 09 Jul 2010 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402102_text http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402067_text Banks and financial institutions - On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Wed, 23 Jun 2010 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402067_text http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402047_text Banks and financial institutions - On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Mon, 14 Jun 2010 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402047_text http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402031_text Banks and financial institutions - On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Tue, 08 Jun 2010 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205402031_text http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401975_text Banks and financial institutions - On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Tue, 11 May 2010 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401975_text http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401920_text Banks and financial institutions - On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Tue, 13 Apr 2010 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401920_text http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401874_text Banks and financial institutions - On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Wed, 17 Mar 2010 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401874_text http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401805_text Banks and financial institutions - On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan.... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Fri, 29 Jan 2010 12:00:00 EST http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401805_text http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401766_text Banks and financial institutions - On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG,... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Fri, 08 Jan 2010 12:00:00 EST http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401766_text http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401758_text Banks and financial institutions - On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Wed, 06 Jan 2010 12:00:00 EST http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401758_text http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401761_text Banks and financial institutions - On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Tue, 05 Jan 2010 12:00:00 EST http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401761_text http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401680_text Banks and financial institutions - On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Thu, 19 Nov 2009 12:00:00 EST http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401680_text http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401670_text Banks and financial institutions - On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Wed, 18 Nov 2009 12:00:00 EST http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401670_text http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401629_text Banks and financial institutions - On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Fri, 16 Oct 2009 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401629_text http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401596_text Banks and financial institutions - On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Mon, 05 Oct 2009 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401596_text http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401572_text Banks and financial institutions - On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would The Council of Ministers approved new regulations to encourage foreign banks to do business in Iran. The new regulations, organized in four parts and totaling 13 articles, are dated March 18, 2009, and entitled "The Executive... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Fri, 18 Sep 2009 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401572_text http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401566_text Banks and financial institutions - On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would The Council of Ministers approved new regulations to encourage foreign banks to do business in Iran. The new regulations, organized in four parts and totaling 13 articles, are dated March 18, 2009, and entitled "The Executive The Dutch Banking Federation (Nederlandse Vereniging van Banken, NVB) published a code of conduct, applicable to domestic and foreign banking activities, on September 9, 2009. In particular, it regulates the bonuses of bank management board members,... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Wed, 16 Sep 2009 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401566_text http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401516_text Banks and financial institutions - On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would The Council of Ministers approved new regulations to encourage foreign banks to do business in Iran. The new regulations, organized in four parts and totaling 13 articles, are dated March 18, 2009, and entitled "The Executive The Dutch Banking Federation (Nederlandse Vereniging van Banken, NVB) published a code of conduct, applicable to domestic and foreign banking activities, on September 9, 2009. In particular, it regulates the bonuses of bank management board members, A recent ruling by the Special Commissioners, the tax courts of the United Kingdom, requires over 300 UK and foreign banks to disclose the details of 500,000 British taxpayers' accounts. The UK's tax authority, HM Revenue... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Tue, 25 Aug 2009 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401516_text http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401465_text Banks and financial institutions - On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would The Council of Ministers approved new regulations to encourage foreign banks to do business in Iran. The new regulations, organized in four parts and totaling 13 articles, are dated March 18, 2009, and entitled "The Executive The Dutch Banking Federation (Nederlandse Vereniging van Banken, NVB) published a code of conduct, applicable to domestic and foreign banking activities, on September 9, 2009. In particular, it regulates the bonuses of bank management board members, A recent ruling by the Special Commissioners, the tax courts of the United Kingdom, requires over 300 UK and foreign banks to disclose the details of 500,000 British taxpayers' accounts. The UK's tax authority, HM Revenue The China Banking Regulatory Commission (CBRC) issued a notice on July 6, 2009, effective the same day, on further regulation of the personal banking business of the country's commercial banks. The notice stipulates that the banks... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Fri, 31 Jul 2009 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401465_text http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401442_text Banks and financial institutions - On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would The Council of Ministers approved new regulations to encourage foreign banks to do business in Iran. The new regulations, organized in four parts and totaling 13 articles, are dated March 18, 2009, and entitled "The Executive The Dutch Banking Federation (Nederlandse Vereniging van Banken, NVB) published a code of conduct, applicable to domestic and foreign banking activities, on September 9, 2009. In particular, it regulates the bonuses of bank management board members, A recent ruling by the Special Commissioners, the tax courts of the United Kingdom, requires over 300 UK and foreign banks to disclose the details of 500,000 British taxpayers' accounts. The UK's tax authority, HM Revenue The China Banking Regulatory Commission (CBRC) issued a notice on July 6, 2009, effective the same day, on further regulation of the personal banking business of the country's commercial banks. The notice stipulates that the banks On July 13, 2009, the European Commission proposed amendments to the existing European Union rules on bank capitalization, that is, the Directive on Capital Requirements for Banks, in two critical areas: securitization and remuneration. Financial experts... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Mon, 20 Jul 2009 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401442_text http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401436_text Banks and financial institutions - On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would The Council of Ministers approved new regulations to encourage foreign banks to do business in Iran. The new regulations, organized in four parts and totaling 13 articles, are dated March 18, 2009, and entitled "The Executive The Dutch Banking Federation (Nederlandse Vereniging van Banken, NVB) published a code of conduct, applicable to domestic and foreign banking activities, on September 9, 2009. In particular, it regulates the bonuses of bank management board members, A recent ruling by the Special Commissioners, the tax courts of the United Kingdom, requires over 300 UK and foreign banks to disclose the details of 500,000 British taxpayers' accounts. The UK's tax authority, HM Revenue The China Banking Regulatory Commission (CBRC) issued a notice on July 6, 2009, effective the same day, on further regulation of the personal banking business of the country's commercial banks. The notice stipulates that the banks On July 13, 2009, the European Commission proposed amendments to the existing European Union rules on bank capitalization, that is, the Directive on Capital Requirements for Banks, in two critical areas: securitization and remuneration. Financial experts On July 10, 2009, the upper house of the German Federal Parliament (Bundestag) approved a bill enabling the creation of "bad banks" to help the country's commercial and state-owned banks recover from the domestic and global... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Wed, 15 Jul 2009 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401436_text http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401427_text Banks and financial institutions - On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would The Council of Ministers approved new regulations to encourage foreign banks to do business in Iran. The new regulations, organized in four parts and totaling 13 articles, are dated March 18, 2009, and entitled "The Executive The Dutch Banking Federation (Nederlandse Vereniging van Banken, NVB) published a code of conduct, applicable to domestic and foreign banking activities, on September 9, 2009. In particular, it regulates the bonuses of bank management board members, A recent ruling by the Special Commissioners, the tax courts of the United Kingdom, requires over 300 UK and foreign banks to disclose the details of 500,000 British taxpayers' accounts. The UK's tax authority, HM Revenue The China Banking Regulatory Commission (CBRC) issued a notice on July 6, 2009, effective the same day, on further regulation of the personal banking business of the country's commercial banks. The notice stipulates that the banks On July 13, 2009, the European Commission proposed amendments to the existing European Union rules on bank capitalization, that is, the Directive on Capital Requirements for Banks, in two critical areas: securitization and remuneration. Financial experts On July 10, 2009, the upper house of the German Federal Parliament (Bundestag) approved a bill enabling the creation of "bad banks" to help the country's commercial and state-owned banks recover from the domestic and global On June 29, 2009, the U.S. Supreme Court ruled that state governments are not preempted by the National Bank Act (NBA) from enforcing state law against national banks in judicial proceedings. The NBA, enacted in... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Tue, 14 Jul 2009 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401427_text http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401421_text Banks and financial institutions - On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would The Council of Ministers approved new regulations to encourage foreign banks to do business in Iran. The new regulations, organized in four parts and totaling 13 articles, are dated March 18, 2009, and entitled "The Executive The Dutch Banking Federation (Nederlandse Vereniging van Banken, NVB) published a code of conduct, applicable to domestic and foreign banking activities, on September 9, 2009. In particular, it regulates the bonuses of bank management board members, A recent ruling by the Special Commissioners, the tax courts of the United Kingdom, requires over 300 UK and foreign banks to disclose the details of 500,000 British taxpayers' accounts. The UK's tax authority, HM Revenue The China Banking Regulatory Commission (CBRC) issued a notice on July 6, 2009, effective the same day, on further regulation of the personal banking business of the country's commercial banks. The notice stipulates that the banks On July 13, 2009, the European Commission proposed amendments to the existing European Union rules on bank capitalization, that is, the Directive on Capital Requirements for Banks, in two critical areas: securitization and remuneration. Financial experts On July 10, 2009, the upper house of the German Federal Parliament (Bundestag) approved a bill enabling the creation of "bad banks" to help the country's commercial and state-owned banks recover from the domestic and global On June 29, 2009, the U.S. Supreme Court ruled that state governments are not preempted by the National Bank Act (NBA) from enforcing state law against national banks in judicial proceedings. The NBA, enacted in On June 25, 2009, the Federal Government of Mexico promulgated a decree on a package of financial reforms prepared last December but deadlocked for the first four months of 2009. The amending decree affects the Law... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Thu, 09 Jul 2009 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401421_text http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401307_text Banks and financial institutions - On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would The Council of Ministers approved new regulations to encourage foreign banks to do business in Iran. The new regulations, organized in four parts and totaling 13 articles, are dated March 18, 2009, and entitled "The Executive The Dutch Banking Federation (Nederlandse Vereniging van Banken, NVB) published a code of conduct, applicable to domestic and foreign banking activities, on September 9, 2009. In particular, it regulates the bonuses of bank management board members, A recent ruling by the Special Commissioners, the tax courts of the United Kingdom, requires over 300 UK and foreign banks to disclose the details of 500,000 British taxpayers' accounts. The UK's tax authority, HM Revenue The China Banking Regulatory Commission (CBRC) issued a notice on July 6, 2009, effective the same day, on further regulation of the personal banking business of the country's commercial banks. The notice stipulates that the banks On July 13, 2009, the European Commission proposed amendments to the existing European Union rules on bank capitalization, that is, the Directive on Capital Requirements for Banks, in two critical areas: securitization and remuneration. Financial experts On July 10, 2009, the upper house of the German Federal Parliament (Bundestag) approved a bill enabling the creation of "bad banks" to help the country's commercial and state-owned banks recover from the domestic and global On June 29, 2009, the U.S. Supreme Court ruled that state governments are not preempted by the National Bank Act (NBA) from enforcing state law against national banks in judicial proceedings. The NBA, enacted in On June 25, 2009, the Federal Government of Mexico promulgated a decree on a package of financial reforms prepared last December but deadlocked for the first four months of 2009. The amending decree affects the Law It was reported on May 21, 2009, that the Nigerian National Assembly is working on amending the Nigeria Deposit Insurance Corporation (NDIC) Act of 1988, a law that established and regulates the powers of the NDIC.... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Thu, 28 May 2009 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401307_text http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401299_text Banks and financial institutions - On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would The Council of Ministers approved new regulations to encourage foreign banks to do business in Iran. The new regulations, organized in four parts and totaling 13 articles, are dated March 18, 2009, and entitled "The Executive The Dutch Banking Federation (Nederlandse Vereniging van Banken, NVB) published a code of conduct, applicable to domestic and foreign banking activities, on September 9, 2009. In particular, it regulates the bonuses of bank management board members, A recent ruling by the Special Commissioners, the tax courts of the United Kingdom, requires over 300 UK and foreign banks to disclose the details of 500,000 British taxpayers' accounts. The UK's tax authority, HM Revenue The China Banking Regulatory Commission (CBRC) issued a notice on July 6, 2009, effective the same day, on further regulation of the personal banking business of the country's commercial banks. The notice stipulates that the banks On July 13, 2009, the European Commission proposed amendments to the existing European Union rules on bank capitalization, that is, the Directive on Capital Requirements for Banks, in two critical areas: securitization and remuneration. Financial experts On July 10, 2009, the upper house of the German Federal Parliament (Bundestag) approved a bill enabling the creation of "bad banks" to help the country's commercial and state-owned banks recover from the domestic and global On June 29, 2009, the U.S. Supreme Court ruled that state governments are not preempted by the National Bank Act (NBA) from enforcing state law against national banks in judicial proceedings. The NBA, enacted in On June 25, 2009, the Federal Government of Mexico promulgated a decree on a package of financial reforms prepared last December but deadlocked for the first four months of 2009. The amending decree affects the Law It was reported on May 21, 2009, that the Nigerian National Assembly is working on amending the Nigeria Deposit Insurance Corporation (NDIC) Act of 1988, a law that established and regulates the powers of the NDIC. Effective June 1, 2009, new provisions will regulate foreign institutions that provide financial information services in China. The document, entitled "Provisions on Administration of Foreign Institutions Providing Financial Information Service within the Territory of China, was... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Fri, 22 May 2009 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401299_text http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401219_text Banks and financial institutions - On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would The Council of Ministers approved new regulations to encourage foreign banks to do business in Iran. The new regulations, organized in four parts and totaling 13 articles, are dated March 18, 2009, and entitled "The Executive The Dutch Banking Federation (Nederlandse Vereniging van Banken, NVB) published a code of conduct, applicable to domestic and foreign banking activities, on September 9, 2009. In particular, it regulates the bonuses of bank management board members, A recent ruling by the Special Commissioners, the tax courts of the United Kingdom, requires over 300 UK and foreign banks to disclose the details of 500,000 British taxpayers' accounts. The UK's tax authority, HM Revenue The China Banking Regulatory Commission (CBRC) issued a notice on July 6, 2009, effective the same day, on further regulation of the personal banking business of the country's commercial banks. The notice stipulates that the banks On July 13, 2009, the European Commission proposed amendments to the existing European Union rules on bank capitalization, that is, the Directive on Capital Requirements for Banks, in two critical areas: securitization and remuneration. Financial experts On July 10, 2009, the upper house of the German Federal Parliament (Bundestag) approved a bill enabling the creation of "bad banks" to help the country's commercial and state-owned banks recover from the domestic and global On June 29, 2009, the U.S. Supreme Court ruled that state governments are not preempted by the National Bank Act (NBA) from enforcing state law against national banks in judicial proceedings. The NBA, enacted in On June 25, 2009, the Federal Government of Mexico promulgated a decree on a package of financial reforms prepared last December but deadlocked for the first four months of 2009. The amending decree affects the Law It was reported on May 21, 2009, that the Nigerian National Assembly is working on amending the Nigeria Deposit Insurance Corporation (NDIC) Act of 1988, a law that established and regulates the powers of the NDIC. Effective June 1, 2009, new provisions will regulate foreign institutions that provide financial information services in China. The document, entitled "Provisions on Administration of Foreign Institutions Providing Financial Information Service within the Territory of China, was The Ministry of Finance (MOF) published a circular on April 10, 2009, setting a pay cap for top executives at state-owned financial institutions. Their maximum compensation for the year 2008 is now fixed at 90% of... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Wed, 15 Apr 2009 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401219_text http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401140_text Banks and financial institutions - On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would The Council of Ministers approved new regulations to encourage foreign banks to do business in Iran. The new regulations, organized in four parts and totaling 13 articles, are dated March 18, 2009, and entitled "The Executive The Dutch Banking Federation (Nederlandse Vereniging van Banken, NVB) published a code of conduct, applicable to domestic and foreign banking activities, on September 9, 2009. In particular, it regulates the bonuses of bank management board members, A recent ruling by the Special Commissioners, the tax courts of the United Kingdom, requires over 300 UK and foreign banks to disclose the details of 500,000 British taxpayers' accounts. The UK's tax authority, HM Revenue The China Banking Regulatory Commission (CBRC) issued a notice on July 6, 2009, effective the same day, on further regulation of the personal banking business of the country's commercial banks. The notice stipulates that the banks On July 13, 2009, the European Commission proposed amendments to the existing European Union rules on bank capitalization, that is, the Directive on Capital Requirements for Banks, in two critical areas: securitization and remuneration. Financial experts On July 10, 2009, the upper house of the German Federal Parliament (Bundestag) approved a bill enabling the creation of "bad banks" to help the country's commercial and state-owned banks recover from the domestic and global On June 29, 2009, the U.S. Supreme Court ruled that state governments are not preempted by the National Bank Act (NBA) from enforcing state law against national banks in judicial proceedings. The NBA, enacted in On June 25, 2009, the Federal Government of Mexico promulgated a decree on a package of financial reforms prepared last December but deadlocked for the first four months of 2009. The amending decree affects the Law It was reported on May 21, 2009, that the Nigerian National Assembly is working on amending the Nigeria Deposit Insurance Corporation (NDIC) Act of 1988, a law that established and regulates the powers of the NDIC. Effective June 1, 2009, new provisions will regulate foreign institutions that provide financial information services in China. The document, entitled "Provisions on Administration of Foreign Institutions Providing Financial Information Service within the Territory of China, was The Ministry of Finance (MOF) published a circular on April 10, 2009, setting a pay cap for top executives at state-owned financial institutions. Their maximum compensation for the year 2008 is now fixed at 90% of On March 11, 2009, the head of the government of the Principat d' Andorra signed the "Declaration of the Principat d'Andorra" in Paris, pledging to pass legislation before September 1, 2009, that would lift bank secrecy... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Wed, 18 Mar 2009 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401140_text http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401033_text Banks and financial institutions - On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would The Council of Ministers approved new regulations to encourage foreign banks to do business in Iran. The new regulations, organized in four parts and totaling 13 articles, are dated March 18, 2009, and entitled "The Executive The Dutch Banking Federation (Nederlandse Vereniging van Banken, NVB) published a code of conduct, applicable to domestic and foreign banking activities, on September 9, 2009. In particular, it regulates the bonuses of bank management board members, A recent ruling by the Special Commissioners, the tax courts of the United Kingdom, requires over 300 UK and foreign banks to disclose the details of 500,000 British taxpayers' accounts. The UK's tax authority, HM Revenue The China Banking Regulatory Commission (CBRC) issued a notice on July 6, 2009, effective the same day, on further regulation of the personal banking business of the country's commercial banks. The notice stipulates that the banks On July 13, 2009, the European Commission proposed amendments to the existing European Union rules on bank capitalization, that is, the Directive on Capital Requirements for Banks, in two critical areas: securitization and remuneration. Financial experts On July 10, 2009, the upper house of the German Federal Parliament (Bundestag) approved a bill enabling the creation of "bad banks" to help the country's commercial and state-owned banks recover from the domestic and global On June 29, 2009, the U.S. Supreme Court ruled that state governments are not preempted by the National Bank Act (NBA) from enforcing state law against national banks in judicial proceedings. The NBA, enacted in On June 25, 2009, the Federal Government of Mexico promulgated a decree on a package of financial reforms prepared last December but deadlocked for the first four months of 2009. The amending decree affects the Law It was reported on May 21, 2009, that the Nigerian National Assembly is working on amending the Nigeria Deposit Insurance Corporation (NDIC) Act of 1988, a law that established and regulates the powers of the NDIC. Effective June 1, 2009, new provisions will regulate foreign institutions that provide financial information services in China. The document, entitled "Provisions on Administration of Foreign Institutions Providing Financial Information Service within the Territory of China, was The Ministry of Finance (MOF) published a circular on April 10, 2009, setting a pay cap for top executives at state-owned financial institutions. Their maximum compensation for the year 2008 is now fixed at 90% of On March 11, 2009, the head of the government of the Principat d' Andorra signed the "Declaration of the Principat d'Andorra" in Paris, pledging to pass legislation before September 1, 2009, that would lift bank secrecy POLAND Law Passed on Recapitalization of Financial Institutions. It was reported on February 11, 2009, that the Polish Cabinet had passed a draft law on recapitalization of financial institutions. The law stipulates that... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Thu, 26 Feb 2009 12:00:00 EST http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205401033_text http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540964_text Banks and financial institutions - On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would The Council of Ministers approved new regulations to encourage foreign banks to do business in Iran. The new regulations, organized in four parts and totaling 13 articles, are dated March 18, 2009, and entitled "The Executive The Dutch Banking Federation (Nederlandse Vereniging van Banken, NVB) published a code of conduct, applicable to domestic and foreign banking activities, on September 9, 2009. In particular, it regulates the bonuses of bank management board members, A recent ruling by the Special Commissioners, the tax courts of the United Kingdom, requires over 300 UK and foreign banks to disclose the details of 500,000 British taxpayers' accounts. The UK's tax authority, HM Revenue The China Banking Regulatory Commission (CBRC) issued a notice on July 6, 2009, effective the same day, on further regulation of the personal banking business of the country's commercial banks. The notice stipulates that the banks On July 13, 2009, the European Commission proposed amendments to the existing European Union rules on bank capitalization, that is, the Directive on Capital Requirements for Banks, in two critical areas: securitization and remuneration. Financial experts On July 10, 2009, the upper house of the German Federal Parliament (Bundestag) approved a bill enabling the creation of "bad banks" to help the country's commercial and state-owned banks recover from the domestic and global On June 29, 2009, the U.S. Supreme Court ruled that state governments are not preempted by the National Bank Act (NBA) from enforcing state law against national banks in judicial proceedings. The NBA, enacted in On June 25, 2009, the Federal Government of Mexico promulgated a decree on a package of financial reforms prepared last December but deadlocked for the first four months of 2009. The amending decree affects the Law It was reported on May 21, 2009, that the Nigerian National Assembly is working on amending the Nigeria Deposit Insurance Corporation (NDIC) Act of 1988, a law that established and regulates the powers of the NDIC. Effective June 1, 2009, new provisions will regulate foreign institutions that provide financial information services in China. The document, entitled "Provisions on Administration of Foreign Institutions Providing Financial Information Service within the Territory of China, was The Ministry of Finance (MOF) published a circular on April 10, 2009, setting a pay cap for top executives at state-owned financial institutions. Their maximum compensation for the year 2008 is now fixed at 90% of On March 11, 2009, the head of the government of the Principat d' Andorra signed the "Declaration of the Principat d'Andorra" in Paris, pledging to pass legislation before September 1, 2009, that would lift bank secrecy POLAND Law Passed on Recapitalization of Financial Institutions. It was reported on February 11, 2009, that the Polish Cabinet had passed a draft law on recapitalization of financial institutions. The law stipulates that On December 30, 2008, the President of the Republic of China (on Taiwan) promulgated amendments to the Banking Law. The Law now specifies that the Financial Supervisory Commission (FSC) of the Executive Yuan (Cabinet) is the... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Wed, 28 Jan 2009 12:00:00 EST http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540964_text http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540819_text Banks and financial institutions - On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would The Council of Ministers approved new regulations to encourage foreign banks to do business in Iran. The new regulations, organized in four parts and totaling 13 articles, are dated March 18, 2009, and entitled "The Executive The Dutch Banking Federation (Nederlandse Vereniging van Banken, NVB) published a code of conduct, applicable to domestic and foreign banking activities, on September 9, 2009. In particular, it regulates the bonuses of bank management board members, A recent ruling by the Special Commissioners, the tax courts of the United Kingdom, requires over 300 UK and foreign banks to disclose the details of 500,000 British taxpayers' accounts. The UK's tax authority, HM Revenue The China Banking Regulatory Commission (CBRC) issued a notice on July 6, 2009, effective the same day, on further regulation of the personal banking business of the country's commercial banks. The notice stipulates that the banks On July 13, 2009, the European Commission proposed amendments to the existing European Union rules on bank capitalization, that is, the Directive on Capital Requirements for Banks, in two critical areas: securitization and remuneration. Financial experts On July 10, 2009, the upper house of the German Federal Parliament (Bundestag) approved a bill enabling the creation of "bad banks" to help the country's commercial and state-owned banks recover from the domestic and global On June 29, 2009, the U.S. Supreme Court ruled that state governments are not preempted by the National Bank Act (NBA) from enforcing state law against national banks in judicial proceedings. The NBA, enacted in On June 25, 2009, the Federal Government of Mexico promulgated a decree on a package of financial reforms prepared last December but deadlocked for the first four months of 2009. The amending decree affects the Law It was reported on May 21, 2009, that the Nigerian National Assembly is working on amending the Nigeria Deposit Insurance Corporation (NDIC) Act of 1988, a law that established and regulates the powers of the NDIC. Effective June 1, 2009, new provisions will regulate foreign institutions that provide financial information services in China. The document, entitled "Provisions on Administration of Foreign Institutions Providing Financial Information Service within the Territory of China, was The Ministry of Finance (MOF) published a circular on April 10, 2009, setting a pay cap for top executives at state-owned financial institutions. Their maximum compensation for the year 2008 is now fixed at 90% of On March 11, 2009, the head of the government of the Principat d' Andorra signed the "Declaration of the Principat d'Andorra" in Paris, pledging to pass legislation before September 1, 2009, that would lift bank secrecy POLAND Law Passed on Recapitalization of Financial Institutions. It was reported on February 11, 2009, that the Polish Cabinet had passed a draft law on recapitalization of financial institutions. The law stipulates that On December 30, 2008, the President of the Republic of China (on Taiwan) promulgated amendments to the Banking Law. The Law now specifies that the Financial Supervisory Commission (FSC) of the Executive Yuan (Cabinet) is the Taiwan's new Statute on the Taiwan Financial Holding Co., Ltd. was promulgated on November 26, 2008. The Statute was given retroactive enforcement from January 1, 2008. The new law specifies:... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Fri, 05 Dec 2008 12:00:00 EST http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540819_text http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540748_text Banks and financial institutions - On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would The Council of Ministers approved new regulations to encourage foreign banks to do business in Iran. The new regulations, organized in four parts and totaling 13 articles, are dated March 18, 2009, and entitled "The Executive The Dutch Banking Federation (Nederlandse Vereniging van Banken, NVB) published a code of conduct, applicable to domestic and foreign banking activities, on September 9, 2009. In particular, it regulates the bonuses of bank management board members, A recent ruling by the Special Commissioners, the tax courts of the United Kingdom, requires over 300 UK and foreign banks to disclose the details of 500,000 British taxpayers' accounts. The UK's tax authority, HM Revenue The China Banking Regulatory Commission (CBRC) issued a notice on July 6, 2009, effective the same day, on further regulation of the personal banking business of the country's commercial banks. The notice stipulates that the banks On July 13, 2009, the European Commission proposed amendments to the existing European Union rules on bank capitalization, that is, the Directive on Capital Requirements for Banks, in two critical areas: securitization and remuneration. Financial experts On July 10, 2009, the upper house of the German Federal Parliament (Bundestag) approved a bill enabling the creation of "bad banks" to help the country's commercial and state-owned banks recover from the domestic and global On June 29, 2009, the U.S. Supreme Court ruled that state governments are not preempted by the National Bank Act (NBA) from enforcing state law against national banks in judicial proceedings. The NBA, enacted in On June 25, 2009, the Federal Government of Mexico promulgated a decree on a package of financial reforms prepared last December but deadlocked for the first four months of 2009. The amending decree affects the Law It was reported on May 21, 2009, that the Nigerian National Assembly is working on amending the Nigeria Deposit Insurance Corporation (NDIC) Act of 1988, a law that established and regulates the powers of the NDIC. Effective June 1, 2009, new provisions will regulate foreign institutions that provide financial information services in China. The document, entitled "Provisions on Administration of Foreign Institutions Providing Financial Information Service within the Territory of China, was The Ministry of Finance (MOF) published a circular on April 10, 2009, setting a pay cap for top executives at state-owned financial institutions. Their maximum compensation for the year 2008 is now fixed at 90% of On March 11, 2009, the head of the government of the Principat d' Andorra signed the "Declaration of the Principat d'Andorra" in Paris, pledging to pass legislation before September 1, 2009, that would lift bank secrecy POLAND Law Passed on Recapitalization of Financial Institutions. It was reported on February 11, 2009, that the Polish Cabinet had passed a draft law on recapitalization of financial institutions. The law stipulates that On December 30, 2008, the President of the Republic of China (on Taiwan) promulgated amendments to the Banking Law. The Law now specifies that the Financial Supervisory Commission (FSC) of the Executive Yuan (Cabinet) is the Taiwan's new Statute on the Taiwan Financial Holding Co., Ltd. was promulgated on November 26, 2008. The Statute was given retroactive enforcement from January 1, 2008. The new law specifies: Australia's corporate regulator, the Australian Securities and Investments Commission (ASIC), has extended its ban on covered short selling for financial securities until January 27, 2009, and ASIC's ban on covered short selling of non-financial securities may... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Mon, 27 Oct 2008 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540748_text http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540723_text Banks and financial institutions - On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would The Council of Ministers approved new regulations to encourage foreign banks to do business in Iran. The new regulations, organized in four parts and totaling 13 articles, are dated March 18, 2009, and entitled "The Executive The Dutch Banking Federation (Nederlandse Vereniging van Banken, NVB) published a code of conduct, applicable to domestic and foreign banking activities, on September 9, 2009. In particular, it regulates the bonuses of bank management board members, A recent ruling by the Special Commissioners, the tax courts of the United Kingdom, requires over 300 UK and foreign banks to disclose the details of 500,000 British taxpayers' accounts. The UK's tax authority, HM Revenue The China Banking Regulatory Commission (CBRC) issued a notice on July 6, 2009, effective the same day, on further regulation of the personal banking business of the country's commercial banks. The notice stipulates that the banks On July 13, 2009, the European Commission proposed amendments to the existing European Union rules on bank capitalization, that is, the Directive on Capital Requirements for Banks, in two critical areas: securitization and remuneration. Financial experts On July 10, 2009, the upper house of the German Federal Parliament (Bundestag) approved a bill enabling the creation of "bad banks" to help the country's commercial and state-owned banks recover from the domestic and global On June 29, 2009, the U.S. Supreme Court ruled that state governments are not preempted by the National Bank Act (NBA) from enforcing state law against national banks in judicial proceedings. The NBA, enacted in On June 25, 2009, the Federal Government of Mexico promulgated a decree on a package of financial reforms prepared last December but deadlocked for the first four months of 2009. The amending decree affects the Law It was reported on May 21, 2009, that the Nigerian National Assembly is working on amending the Nigeria Deposit Insurance Corporation (NDIC) Act of 1988, a law that established and regulates the powers of the NDIC. Effective June 1, 2009, new provisions will regulate foreign institutions that provide financial information services in China. The document, entitled "Provisions on Administration of Foreign Institutions Providing Financial Information Service within the Territory of China, was The Ministry of Finance (MOF) published a circular on April 10, 2009, setting a pay cap for top executives at state-owned financial institutions. Their maximum compensation for the year 2008 is now fixed at 90% of On March 11, 2009, the head of the government of the Principat d' Andorra signed the "Declaration of the Principat d'Andorra" in Paris, pledging to pass legislation before September 1, 2009, that would lift bank secrecy POLAND Law Passed on Recapitalization of Financial Institutions. It was reported on February 11, 2009, that the Polish Cabinet had passed a draft law on recapitalization of financial institutions. The law stipulates that On December 30, 2008, the President of the Republic of China (on Taiwan) promulgated amendments to the Banking Law. The Law now specifies that the Financial Supervisory Commission (FSC) of the Executive Yuan (Cabinet) is the Taiwan's new Statute on the Taiwan Financial Holding Co., Ltd. was promulgated on November 26, 2008. The Statute was given retroactive enforcement from January 1, 2008. The new law specifies: Australia's corporate regulator, the Australian Securities and Investments Commission (ASIC), has extended its ban on covered short selling for financial securities until January 27, 2009, and ASIC's ban on covered short selling of non-financial securities may On October 14, 2008, Pascal Lamy, Director-General of the World Trade Organization (WTO), reported to the WTO General Council on WTO actions in light of the global financial crisis. Lamy noted:... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Fri, 17 Oct 2008 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540723_text http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540721_text Banks and financial institutions - On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would The Council of Ministers approved new regulations to encourage foreign banks to do business in Iran. The new regulations, organized in four parts and totaling 13 articles, are dated March 18, 2009, and entitled "The Executive The Dutch Banking Federation (Nederlandse Vereniging van Banken, NVB) published a code of conduct, applicable to domestic and foreign banking activities, on September 9, 2009. In particular, it regulates the bonuses of bank management board members, A recent ruling by the Special Commissioners, the tax courts of the United Kingdom, requires over 300 UK and foreign banks to disclose the details of 500,000 British taxpayers' accounts. The UK's tax authority, HM Revenue The China Banking Regulatory Commission (CBRC) issued a notice on July 6, 2009, effective the same day, on further regulation of the personal banking business of the country's commercial banks. The notice stipulates that the banks On July 13, 2009, the European Commission proposed amendments to the existing European Union rules on bank capitalization, that is, the Directive on Capital Requirements for Banks, in two critical areas: securitization and remuneration. Financial experts On July 10, 2009, the upper house of the German Federal Parliament (Bundestag) approved a bill enabling the creation of "bad banks" to help the country's commercial and state-owned banks recover from the domestic and global On June 29, 2009, the U.S. Supreme Court ruled that state governments are not preempted by the National Bank Act (NBA) from enforcing state law against national banks in judicial proceedings. The NBA, enacted in On June 25, 2009, the Federal Government of Mexico promulgated a decree on a package of financial reforms prepared last December but deadlocked for the first four months of 2009. The amending decree affects the Law It was reported on May 21, 2009, that the Nigerian National Assembly is working on amending the Nigeria Deposit Insurance Corporation (NDIC) Act of 1988, a law that established and regulates the powers of the NDIC. Effective June 1, 2009, new provisions will regulate foreign institutions that provide financial information services in China. The document, entitled "Provisions on Administration of Foreign Institutions Providing Financial Information Service within the Territory of China, was The Ministry of Finance (MOF) published a circular on April 10, 2009, setting a pay cap for top executives at state-owned financial institutions. Their maximum compensation for the year 2008 is now fixed at 90% of On March 11, 2009, the head of the government of the Principat d' Andorra signed the "Declaration of the Principat d'Andorra" in Paris, pledging to pass legislation before September 1, 2009, that would lift bank secrecy POLAND Law Passed on Recapitalization of Financial Institutions. It was reported on February 11, 2009, that the Polish Cabinet had passed a draft law on recapitalization of financial institutions. The law stipulates that On December 30, 2008, the President of the Republic of China (on Taiwan) promulgated amendments to the Banking Law. The Law now specifies that the Financial Supervisory Commission (FSC) of the Executive Yuan (Cabinet) is the Taiwan's new Statute on the Taiwan Financial Holding Co., Ltd. was promulgated on November 26, 2008. The Statute was given retroactive enforcement from January 1, 2008. The new law specifies: Australia's corporate regulator, the Australian Securities and Investments Commission (ASIC), has extended its ban on covered short selling for financial securities until January 27, 2009, and ASIC's ban on covered short selling of non-financial securities may On October 14, 2008, Pascal Lamy, Director-General of the World Trade Organization (WTO), reported to the WTO General Council on WTO actions in light of the global financial crisis. Lamy noted: Media sources have reported temporary amendments to Indonesian stock market and banking regulations. These amendments include: permitting companies to buy back 20 percent of their paid-up capital, double the previous maximum, without requiring shareholder approval (state-owned... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Wed, 15 Oct 2008 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540721_text http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540716_text Banks and financial institutions - On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would The Council of Ministers approved new regulations to encourage foreign banks to do business in Iran. The new regulations, organized in four parts and totaling 13 articles, are dated March 18, 2009, and entitled "The Executive The Dutch Banking Federation (Nederlandse Vereniging van Banken, NVB) published a code of conduct, applicable to domestic and foreign banking activities, on September 9, 2009. In particular, it regulates the bonuses of bank management board members, A recent ruling by the Special Commissioners, the tax courts of the United Kingdom, requires over 300 UK and foreign banks to disclose the details of 500,000 British taxpayers' accounts. The UK's tax authority, HM Revenue The China Banking Regulatory Commission (CBRC) issued a notice on July 6, 2009, effective the same day, on further regulation of the personal banking business of the country's commercial banks. The notice stipulates that the banks On July 13, 2009, the European Commission proposed amendments to the existing European Union rules on bank capitalization, that is, the Directive on Capital Requirements for Banks, in two critical areas: securitization and remuneration. Financial experts On July 10, 2009, the upper house of the German Federal Parliament (Bundestag) approved a bill enabling the creation of "bad banks" to help the country's commercial and state-owned banks recover from the domestic and global On June 29, 2009, the U.S. Supreme Court ruled that state governments are not preempted by the National Bank Act (NBA) from enforcing state law against national banks in judicial proceedings. The NBA, enacted in On June 25, 2009, the Federal Government of Mexico promulgated a decree on a package of financial reforms prepared last December but deadlocked for the first four months of 2009. The amending decree affects the Law It was reported on May 21, 2009, that the Nigerian National Assembly is working on amending the Nigeria Deposit Insurance Corporation (NDIC) Act of 1988, a law that established and regulates the powers of the NDIC. Effective June 1, 2009, new provisions will regulate foreign institutions that provide financial information services in China. The document, entitled "Provisions on Administration of Foreign Institutions Providing Financial Information Service within the Territory of China, was The Ministry of Finance (MOF) published a circular on April 10, 2009, setting a pay cap for top executives at state-owned financial institutions. Their maximum compensation for the year 2008 is now fixed at 90% of On March 11, 2009, the head of the government of the Principat d' Andorra signed the "Declaration of the Principat d'Andorra" in Paris, pledging to pass legislation before September 1, 2009, that would lift bank secrecy POLAND Law Passed on Recapitalization of Financial Institutions. It was reported on February 11, 2009, that the Polish Cabinet had passed a draft law on recapitalization of financial institutions. The law stipulates that On December 30, 2008, the President of the Republic of China (on Taiwan) promulgated amendments to the Banking Law. The Law now specifies that the Financial Supervisory Commission (FSC) of the Executive Yuan (Cabinet) is the Taiwan's new Statute on the Taiwan Financial Holding Co., Ltd. was promulgated on November 26, 2008. The Statute was given retroactive enforcement from January 1, 2008. The new law specifies: Australia's corporate regulator, the Australian Securities and Investments Commission (ASIC), has extended its ban on covered short selling for financial securities until January 27, 2009, and ASIC's ban on covered short selling of non-financial securities may On October 14, 2008, Pascal Lamy, Director-General of the World Trade Organization (WTO), reported to the WTO General Council on WTO actions in light of the global financial crisis. Lamy noted: Media sources have reported temporary amendments to Indonesian stock market and banking regulations. These amendments include: permitting companies to buy back 20 percent of their paid-up capital, double the previous maximum, without requiring shareholder approval (state-owned The Government of the Netherlands Antilles is reviewing a report, submitted to it by public sector financial services and tax advisors, on the feasibility of developing Islamic financial services in the islands. According to an article... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Fri, 10 Oct 2008 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540716_text http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540709_text Banks and financial institutions - On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would The Council of Ministers approved new regulations to encourage foreign banks to do business in Iran. The new regulations, organized in four parts and totaling 13 articles, are dated March 18, 2009, and entitled "The Executive The Dutch Banking Federation (Nederlandse Vereniging van Banken, NVB) published a code of conduct, applicable to domestic and foreign banking activities, on September 9, 2009. In particular, it regulates the bonuses of bank management board members, A recent ruling by the Special Commissioners, the tax courts of the United Kingdom, requires over 300 UK and foreign banks to disclose the details of 500,000 British taxpayers' accounts. The UK's tax authority, HM Revenue The China Banking Regulatory Commission (CBRC) issued a notice on July 6, 2009, effective the same day, on further regulation of the personal banking business of the country's commercial banks. The notice stipulates that the banks On July 13, 2009, the European Commission proposed amendments to the existing European Union rules on bank capitalization, that is, the Directive on Capital Requirements for Banks, in two critical areas: securitization and remuneration. Financial experts On July 10, 2009, the upper house of the German Federal Parliament (Bundestag) approved a bill enabling the creation of "bad banks" to help the country's commercial and state-owned banks recover from the domestic and global On June 29, 2009, the U.S. Supreme Court ruled that state governments are not preempted by the National Bank Act (NBA) from enforcing state law against national banks in judicial proceedings. The NBA, enacted in On June 25, 2009, the Federal Government of Mexico promulgated a decree on a package of financial reforms prepared last December but deadlocked for the first four months of 2009. The amending decree affects the Law It was reported on May 21, 2009, that the Nigerian National Assembly is working on amending the Nigeria Deposit Insurance Corporation (NDIC) Act of 1988, a law that established and regulates the powers of the NDIC. Effective June 1, 2009, new provisions will regulate foreign institutions that provide financial information services in China. The document, entitled "Provisions on Administration of Foreign Institutions Providing Financial Information Service within the Territory of China, was The Ministry of Finance (MOF) published a circular on April 10, 2009, setting a pay cap for top executives at state-owned financial institutions. Their maximum compensation for the year 2008 is now fixed at 90% of On March 11, 2009, the head of the government of the Principat d' Andorra signed the "Declaration of the Principat d'Andorra" in Paris, pledging to pass legislation before September 1, 2009, that would lift bank secrecy POLAND Law Passed on Recapitalization of Financial Institutions. It was reported on February 11, 2009, that the Polish Cabinet had passed a draft law on recapitalization of financial institutions. The law stipulates that On December 30, 2008, the President of the Republic of China (on Taiwan) promulgated amendments to the Banking Law. The Law now specifies that the Financial Supervisory Commission (FSC) of the Executive Yuan (Cabinet) is the Taiwan's new Statute on the Taiwan Financial Holding Co., Ltd. was promulgated on November 26, 2008. The Statute was given retroactive enforcement from January 1, 2008. The new law specifies: Australia's corporate regulator, the Australian Securities and Investments Commission (ASIC), has extended its ban on covered short selling for financial securities until January 27, 2009, and ASIC's ban on covered short selling of non-financial securities may On October 14, 2008, Pascal Lamy, Director-General of the World Trade Organization (WTO), reported to the WTO General Council on WTO actions in light of the global financial crisis. Lamy noted: Media sources have reported temporary amendments to Indonesian stock market and banking regulations. These amendments include: permitting companies to buy back 20 percent of their paid-up capital, double the previous maximum, without requiring shareholder approval (state-owned The Government of the Netherlands Antilles is reviewing a report, submitted to it by public sector financial services and tax advisors, on the feasibility of developing Islamic financial services in the islands. According to an article It was reported on October 7, 2008, that officials of the Nigerian Stock Exchange (NSE) and the Nigerian Securities and Exchange Commission were meeting to develop a plan to inject private funds into the stock market... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Thu, 09 Oct 2008 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540709_text http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540699_text Banks and financial institutions - On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would The Council of Ministers approved new regulations to encourage foreign banks to do business in Iran. The new regulations, organized in four parts and totaling 13 articles, are dated March 18, 2009, and entitled "The Executive The Dutch Banking Federation (Nederlandse Vereniging van Banken, NVB) published a code of conduct, applicable to domestic and foreign banking activities, on September 9, 2009. In particular, it regulates the bonuses of bank management board members, A recent ruling by the Special Commissioners, the tax courts of the United Kingdom, requires over 300 UK and foreign banks to disclose the details of 500,000 British taxpayers' accounts. The UK's tax authority, HM Revenue The China Banking Regulatory Commission (CBRC) issued a notice on July 6, 2009, effective the same day, on further regulation of the personal banking business of the country's commercial banks. The notice stipulates that the banks On July 13, 2009, the European Commission proposed amendments to the existing European Union rules on bank capitalization, that is, the Directive on Capital Requirements for Banks, in two critical areas: securitization and remuneration. Financial experts On July 10, 2009, the upper house of the German Federal Parliament (Bundestag) approved a bill enabling the creation of "bad banks" to help the country's commercial and state-owned banks recover from the domestic and global On June 29, 2009, the U.S. Supreme Court ruled that state governments are not preempted by the National Bank Act (NBA) from enforcing state law against national banks in judicial proceedings. The NBA, enacted in On June 25, 2009, the Federal Government of Mexico promulgated a decree on a package of financial reforms prepared last December but deadlocked for the first four months of 2009. The amending decree affects the Law It was reported on May 21, 2009, that the Nigerian National Assembly is working on amending the Nigeria Deposit Insurance Corporation (NDIC) Act of 1988, a law that established and regulates the powers of the NDIC. Effective June 1, 2009, new provisions will regulate foreign institutions that provide financial information services in China. The document, entitled "Provisions on Administration of Foreign Institutions Providing Financial Information Service within the Territory of China, was The Ministry of Finance (MOF) published a circular on April 10, 2009, setting a pay cap for top executives at state-owned financial institutions. Their maximum compensation for the year 2008 is now fixed at 90% of On March 11, 2009, the head of the government of the Principat d' Andorra signed the "Declaration of the Principat d'Andorra" in Paris, pledging to pass legislation before September 1, 2009, that would lift bank secrecy POLAND Law Passed on Recapitalization of Financial Institutions. It was reported on February 11, 2009, that the Polish Cabinet had passed a draft law on recapitalization of financial institutions. The law stipulates that On December 30, 2008, the President of the Republic of China (on Taiwan) promulgated amendments to the Banking Law. The Law now specifies that the Financial Supervisory Commission (FSC) of the Executive Yuan (Cabinet) is the Taiwan's new Statute on the Taiwan Financial Holding Co., Ltd. was promulgated on November 26, 2008. The Statute was given retroactive enforcement from January 1, 2008. The new law specifies: Australia's corporate regulator, the Australian Securities and Investments Commission (ASIC), has extended its ban on covered short selling for financial securities until January 27, 2009, and ASIC's ban on covered short selling of non-financial securities may On October 14, 2008, Pascal Lamy, Director-General of the World Trade Organization (WTO), reported to the WTO General Council on WTO actions in light of the global financial crisis. Lamy noted: Media sources have reported temporary amendments to Indonesian stock market and banking regulations. These amendments include: permitting companies to buy back 20 percent of their paid-up capital, double the previous maximum, without requiring shareholder approval (state-owned The Government of the Netherlands Antilles is reviewing a report, submitted to it by public sector financial services and tax advisors, on the feasibility of developing Islamic financial services in the islands. According to an article It was reported on October 7, 2008, that officials of the Nigerian Stock Exchange (NSE) and the Nigerian Securities and Exchange Commission were meeting to develop a plan to inject private funds into the stock market The Irish banking system is highly concentrated, with six major domestic banks operating throughout the country. On September 29, 2008, the governor of the central bank warned the Minister of Finance that the Irish banking system... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Wed, 08 Oct 2008 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540699_text http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540694_text Banks and financial institutions - On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would The Council of Ministers approved new regulations to encourage foreign banks to do business in Iran. The new regulations, organized in four parts and totaling 13 articles, are dated March 18, 2009, and entitled "The Executive The Dutch Banking Federation (Nederlandse Vereniging van Banken, NVB) published a code of conduct, applicable to domestic and foreign banking activities, on September 9, 2009. In particular, it regulates the bonuses of bank management board members, A recent ruling by the Special Commissioners, the tax courts of the United Kingdom, requires over 300 UK and foreign banks to disclose the details of 500,000 British taxpayers' accounts. The UK's tax authority, HM Revenue The China Banking Regulatory Commission (CBRC) issued a notice on July 6, 2009, effective the same day, on further regulation of the personal banking business of the country's commercial banks. The notice stipulates that the banks On July 13, 2009, the European Commission proposed amendments to the existing European Union rules on bank capitalization, that is, the Directive on Capital Requirements for Banks, in two critical areas: securitization and remuneration. Financial experts On July 10, 2009, the upper house of the German Federal Parliament (Bundestag) approved a bill enabling the creation of "bad banks" to help the country's commercial and state-owned banks recover from the domestic and global On June 29, 2009, the U.S. Supreme Court ruled that state governments are not preempted by the National Bank Act (NBA) from enforcing state law against national banks in judicial proceedings. The NBA, enacted in On June 25, 2009, the Federal Government of Mexico promulgated a decree on a package of financial reforms prepared last December but deadlocked for the first four months of 2009. The amending decree affects the Law It was reported on May 21, 2009, that the Nigerian National Assembly is working on amending the Nigeria Deposit Insurance Corporation (NDIC) Act of 1988, a law that established and regulates the powers of the NDIC. Effective June 1, 2009, new provisions will regulate foreign institutions that provide financial information services in China. The document, entitled "Provisions on Administration of Foreign Institutions Providing Financial Information Service within the Territory of China, was The Ministry of Finance (MOF) published a circular on April 10, 2009, setting a pay cap for top executives at state-owned financial institutions. Their maximum compensation for the year 2008 is now fixed at 90% of On March 11, 2009, the head of the government of the Principat d' Andorra signed the "Declaration of the Principat d'Andorra" in Paris, pledging to pass legislation before September 1, 2009, that would lift bank secrecy POLAND Law Passed on Recapitalization of Financial Institutions. It was reported on February 11, 2009, that the Polish Cabinet had passed a draft law on recapitalization of financial institutions. The law stipulates that On December 30, 2008, the President of the Republic of China (on Taiwan) promulgated amendments to the Banking Law. The Law now specifies that the Financial Supervisory Commission (FSC) of the Executive Yuan (Cabinet) is the Taiwan's new Statute on the Taiwan Financial Holding Co., Ltd. was promulgated on November 26, 2008. The Statute was given retroactive enforcement from January 1, 2008. The new law specifies: Australia's corporate regulator, the Australian Securities and Investments Commission (ASIC), has extended its ban on covered short selling for financial securities until January 27, 2009, and ASIC's ban on covered short selling of non-financial securities may On October 14, 2008, Pascal Lamy, Director-General of the World Trade Organization (WTO), reported to the WTO General Council on WTO actions in light of the global financial crisis. Lamy noted: Media sources have reported temporary amendments to Indonesian stock market and banking regulations. These amendments include: permitting companies to buy back 20 percent of their paid-up capital, double the previous maximum, without requiring shareholder approval (state-owned The Government of the Netherlands Antilles is reviewing a report, submitted to it by public sector financial services and tax advisors, on the feasibility of developing Islamic financial services in the islands. According to an article It was reported on October 7, 2008, that officials of the Nigerian Stock Exchange (NSE) and the Nigerian Securities and Exchange Commission were meeting to develop a plan to inject private funds into the stock market The Irish banking system is highly concentrated, with six major domestic banks operating throughout the country. On September 29, 2008, the governor of the central bank warned the Minister of Finance that the Irish banking system The repercussions of the recent financial crisis in the United States have already been felt across the European Union and in other markets as well. On September 30, 2008, in response to the failure of the... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Fri, 03 Oct 2008 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540694_text http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540602_text Banks and financial institutions - On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would The Council of Ministers approved new regulations to encourage foreign banks to do business in Iran. The new regulations, organized in four parts and totaling 13 articles, are dated March 18, 2009, and entitled "The Executive The Dutch Banking Federation (Nederlandse Vereniging van Banken, NVB) published a code of conduct, applicable to domestic and foreign banking activities, on September 9, 2009. In particular, it regulates the bonuses of bank management board members, A recent ruling by the Special Commissioners, the tax courts of the United Kingdom, requires over 300 UK and foreign banks to disclose the details of 500,000 British taxpayers' accounts. The UK's tax authority, HM Revenue The China Banking Regulatory Commission (CBRC) issued a notice on July 6, 2009, effective the same day, on further regulation of the personal banking business of the country's commercial banks. The notice stipulates that the banks On July 13, 2009, the European Commission proposed amendments to the existing European Union rules on bank capitalization, that is, the Directive on Capital Requirements for Banks, in two critical areas: securitization and remuneration. Financial experts On July 10, 2009, the upper house of the German Federal Parliament (Bundestag) approved a bill enabling the creation of "bad banks" to help the country's commercial and state-owned banks recover from the domestic and global On June 29, 2009, the U.S. Supreme Court ruled that state governments are not preempted by the National Bank Act (NBA) from enforcing state law against national banks in judicial proceedings. The NBA, enacted in On June 25, 2009, the Federal Government of Mexico promulgated a decree on a package of financial reforms prepared last December but deadlocked for the first four months of 2009. The amending decree affects the Law It was reported on May 21, 2009, that the Nigerian National Assembly is working on amending the Nigeria Deposit Insurance Corporation (NDIC) Act of 1988, a law that established and regulates the powers of the NDIC. Effective June 1, 2009, new provisions will regulate foreign institutions that provide financial information services in China. The document, entitled "Provisions on Administration of Foreign Institutions Providing Financial Information Service within the Territory of China, was The Ministry of Finance (MOF) published a circular on April 10, 2009, setting a pay cap for top executives at state-owned financial institutions. Their maximum compensation for the year 2008 is now fixed at 90% of On March 11, 2009, the head of the government of the Principat d' Andorra signed the "Declaration of the Principat d'Andorra" in Paris, pledging to pass legislation before September 1, 2009, that would lift bank secrecy POLAND Law Passed on Recapitalization of Financial Institutions. It was reported on February 11, 2009, that the Polish Cabinet had passed a draft law on recapitalization of financial institutions. The law stipulates that On December 30, 2008, the President of the Republic of China (on Taiwan) promulgated amendments to the Banking Law. The Law now specifies that the Financial Supervisory Commission (FSC) of the Executive Yuan (Cabinet) is the Taiwan's new Statute on the Taiwan Financial Holding Co., Ltd. was promulgated on November 26, 2008. The Statute was given retroactive enforcement from January 1, 2008. The new law specifies: Australia's corporate regulator, the Australian Securities and Investments Commission (ASIC), has extended its ban on covered short selling for financial securities until January 27, 2009, and ASIC's ban on covered short selling of non-financial securities may On October 14, 2008, Pascal Lamy, Director-General of the World Trade Organization (WTO), reported to the WTO General Council on WTO actions in light of the global financial crisis. Lamy noted: Media sources have reported temporary amendments to Indonesian stock market and banking regulations. These amendments include: permitting companies to buy back 20 percent of their paid-up capital, double the previous maximum, without requiring shareholder approval (state-owned The Government of the Netherlands Antilles is reviewing a report, submitted to it by public sector financial services and tax advisors, on the feasibility of developing Islamic financial services in the islands. According to an article It was reported on October 7, 2008, that officials of the Nigerian Stock Exchange (NSE) and the Nigerian Securities and Exchange Commission were meeting to develop a plan to inject private funds into the stock market The Irish banking system is highly concentrated, with six major domestic banks operating throughout the country. On September 29, 2008, the governor of the central bank warned the Minister of Finance that the Irish banking system The repercussions of the recent financial crisis in the United States have already been felt across the European Union and in other markets as well. On September 30, 2008, in response to the failure of the On August 20, 2008, the lower chamber of the Belarus legislature approved the Credit History Law, which obligates all banks and credit institutions operating in Belarus to inform the National Bank of Belarus about borrowing and... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Fri, 29 Aug 2008 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540602_text http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540121_text Banks and financial institutions - On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would The Council of Ministers approved new regulations to encourage foreign banks to do business in Iran. The new regulations, organized in four parts and totaling 13 articles, are dated March 18, 2009, and entitled "The Executive The Dutch Banking Federation (Nederlandse Vereniging van Banken, NVB) published a code of conduct, applicable to domestic and foreign banking activities, on September 9, 2009. In particular, it regulates the bonuses of bank management board members, A recent ruling by the Special Commissioners, the tax courts of the United Kingdom, requires over 300 UK and foreign banks to disclose the details of 500,000 British taxpayers' accounts. The UK's tax authority, HM Revenue The China Banking Regulatory Commission (CBRC) issued a notice on July 6, 2009, effective the same day, on further regulation of the personal banking business of the country's commercial banks. The notice stipulates that the banks On July 13, 2009, the European Commission proposed amendments to the existing European Union rules on bank capitalization, that is, the Directive on Capital Requirements for Banks, in two critical areas: securitization and remuneration. Financial experts On July 10, 2009, the upper house of the German Federal Parliament (Bundestag) approved a bill enabling the creation of "bad banks" to help the country's commercial and state-owned banks recover from the domestic and global On June 29, 2009, the U.S. Supreme Court ruled that state governments are not preempted by the National Bank Act (NBA) from enforcing state law against national banks in judicial proceedings. The NBA, enacted in On June 25, 2009, the Federal Government of Mexico promulgated a decree on a package of financial reforms prepared last December but deadlocked for the first four months of 2009. The amending decree affects the Law It was reported on May 21, 2009, that the Nigerian National Assembly is working on amending the Nigeria Deposit Insurance Corporation (NDIC) Act of 1988, a law that established and regulates the powers of the NDIC. Effective June 1, 2009, new provisions will regulate foreign institutions that provide financial information services in China. The document, entitled "Provisions on Administration of Foreign Institutions Providing Financial Information Service within the Territory of China, was The Ministry of Finance (MOF) published a circular on April 10, 2009, setting a pay cap for top executives at state-owned financial institutions. Their maximum compensation for the year 2008 is now fixed at 90% of On March 11, 2009, the head of the government of the Principat d' Andorra signed the "Declaration of the Principat d'Andorra" in Paris, pledging to pass legislation before September 1, 2009, that would lift bank secrecy POLAND Law Passed on Recapitalization of Financial Institutions. It was reported on February 11, 2009, that the Polish Cabinet had passed a draft law on recapitalization of financial institutions. The law stipulates that On December 30, 2008, the President of the Republic of China (on Taiwan) promulgated amendments to the Banking Law. The Law now specifies that the Financial Supervisory Commission (FSC) of the Executive Yuan (Cabinet) is the Taiwan's new Statute on the Taiwan Financial Holding Co., Ltd. was promulgated on November 26, 2008. The Statute was given retroactive enforcement from January 1, 2008. The new law specifies: Australia's corporate regulator, the Australian Securities and Investments Commission (ASIC), has extended its ban on covered short selling for financial securities until January 27, 2009, and ASIC's ban on covered short selling of non-financial securities may On October 14, 2008, Pascal Lamy, Director-General of the World Trade Organization (WTO), reported to the WTO General Council on WTO actions in light of the global financial crisis. Lamy noted: Media sources have reported temporary amendments to Indonesian stock market and banking regulations. These amendments include: permitting companies to buy back 20 percent of their paid-up capital, double the previous maximum, without requiring shareholder approval (state-owned The Government of the Netherlands Antilles is reviewing a report, submitted to it by public sector financial services and tax advisors, on the feasibility of developing Islamic financial services in the islands. According to an article It was reported on October 7, 2008, that officials of the Nigerian Stock Exchange (NSE) and the Nigerian Securities and Exchange Commission were meeting to develop a plan to inject private funds into the stock market The Irish banking system is highly concentrated, with six major domestic banks operating throughout the country. On September 29, 2008, the governor of the central bank warned the Minister of Finance that the Irish banking system The repercussions of the recent financial crisis in the United States have already been felt across the European Union and in other markets as well. On September 30, 2008, in response to the failure of the On August 20, 2008, the lower chamber of the Belarus legislature approved the Credit History Law, which obligates all banks and credit institutions operating in Belarus to inform the National Bank of Belarus about borrowing and On July 5, 2007, the Administrative Court of Frankfurt am Main upheld an administrative decision of the German Banking Supervisory Agency (Bundesanstalt fur Finanzdienst-leistungsaufsicht) that forbade a Swiss provider of consumer loans to engage in loan... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Fri, 02 Nov 2007 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540121_text http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540122_text Banks and financial institutions - On September 25, 2012, the Constitutional Court of Indonesia (Mahkamah Konstitusi Republik Indonesia) ruled on a case affecting banking rules for state-owned banking institutions. (Case 82/PUU-IX2011, On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for On May 9, 2012, Kenya's President, Mawi Kibaki, signed into law the Kenya Deposit Insurance Act, 2012, which provides for the establishment of a deposit insurance scheme and a corporation to manage the scheme and to It was reported on September 26, 2011, that the Italian Supreme Court of Cassation rejected an appeal brought by a family against a decision of the Court of Appeals that had refused to award them monetary The Parliament of Togo adopted a new Credit Unions Act on May 10, 2011. It replaces Law No. 95-014 of July 14, 1995. The new Act establishes a single licensing regime and provides for the reinforcement It was reported on May 17, 2011, that the Central Bank of Iran (Bank-e Markazi) has adopted ten guidelines that will be used to restructure banking with a view to combating money laundering and preventing the The Bangladesh Supreme Court has rejected the efforts of Muhammad Yunus to appeal an order of the Central Bank of Bangladesh that Yunus must leave his post as Managing Director of Grameen Bank. Yunus won the On March 23, 2011, the Australian government promulgated a regulation that will prevent lenders from charging mortgage exit fees. (Press Release, Hon. Wayne Swan MP, Exit Fee Ban A Victory for Australian Families (Mar. The Althingi, Iceland's Parliament, passed a bill on February 16, 2011, on Icesave deposits, the high-yield savings accounts offered by the online bank Icesave in the Netherlands and the United Kingdom. The purpose of the legislation Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was On October 22, 2010, the French Parliament adopted a very complex Law on Banking and Financial Regulation that implements the decisions of the 2009 G20 meeting in Pittsburgh at the national level. (Loi 2010-1249 du 22 On September 22, 2010, a class action lawsuit against the Australia and New Zealand Banking Group Limited (ANZ) was filed in the Federal Court of Australia, in the first of a series of claims being brought On September 13, 2010, the European Commission announced its intention to follow the new rules on higher capital standards, adopted recently by the Basel Committee on Banking Supervision, a group of regulators from 27 countries, including On September 11, 2010, a nine-member parliamentary commission in Iceland recommended that the former Prime Minister of that country, Geir Haarde, be charged, tried, and punished for negligence in connection with the 2008 financial crisis. The Central Bank of Burma (Myanmar) is reported to have issued a number of directives in recent months on newly privatized banks, as the government continues its large-scale privatization of state-owned businesses. One new set of New national consumer credit laws came into force in Australia on July 1, 2010. The reforms are intended to "improve credit and loan transactions, make financial institutions more responsible and to reduce red-tape for lenders and The European Parliament and the Member States of the European Union reached a political agreement on June 30, 2010, on draft legislation that imposes limits on bankers' bonuses and links them to their banks' overall performance. On June 15, 2010, the National Council, Switzerland's lower house of parliament, reversed its initial, June 8 rejection of the deal and approved an agreement with the United States to settle tax evasion lawsuits lodged by On May 26, 2010, the European Commission adopted a communication that outlines its key proposal to impose a new tax on banks within the European Union, to ensure that EU citizens will not be required to On June 2, 2010, the European Commission, in an effort to improve transparency and to ensure closer supervision and control of the functioning of credit-rating agencies at the European Union level, unveiled its plans to amend The de Wit Commission, a Dutch parliamentary group set up in 2009 to examine developments and problems in the world financial system in general and of the Netherlands' financial system in particular, published its findings on On April 12, 2010, a Special Investigation Committee of the Althingi, Iceland's parliament, released a special report on the collapse in 2008 of the country's financial system. (Available in Icelandic, together with excerpts in English entitled It was reported on March 11, 2010, that as part of an effort to reform the Nigerian banking industry, the Nigerian Senate is considering a bill that would establish a corporation to deal with "non performing On January 21, 2010, the Swiss Administrative Court rescinded a decision of the Swiss Federal Tax Administration that would have released Swiss banking records to the U.S. Internal Revenue Service (IRS) (Bundesverwaltungsgericht, docket number A-7789/2009, Jan. On January 5, 2010, the Federal Administrative Court issued a judgment in which it held that the Swiss Financial Markets Supervisory Authority (Eidgenssische Finanzmarktaufsicht, FINMA)had acted unlawfully on February 18, 2009, when it ordered UBS AG, On December 16, 2009, at a Council of Ministers meeting, Christine Lagarde, French Minister of Economy and Finances, unveiled a draft law on regulating banking and finance aimed at implementing, at the national level, the decision On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above 27,500 (about US$39,345) paid to bankers for the year 2009 will be It was announced on November 16, 2009, that mainland China and Taiwan (the terms of address used in the documents) have signed three memoranda of understanding (MOUs) on banking, insurance, and securities. The MOUs, to take On November 3, 2009, the Ministry of the Economy, Industry and Employment (MEIE) of France issued a regulation on compensation of financial market professionals, more specifically, on variable compensation, e.g. bonuses. The regulation is in line The serious financial crisis that has affected many European Union (EU) Member States provided the European Commission with the impetus to take drastic steps to deal with the issue of lack of adequate supervision over EU Denmark's Ministry of Commerce has proposed that the country's Financial Supervisory Authority consider a plan to require banks to compensate small businesses for losses due to hacked online accounts. The businesses eligible for the compensation would The Council of Ministers approved new regulations to encourage foreign banks to do business in Iran. The new regulations, organized in four parts and totaling 13 articles, are dated March 18, 2009, and entitled "The Executive The Dutch Banking Federation (Nederlandse Vereniging van Banken, NVB) published a code of conduct, applicable to domestic and foreign banking activities, on September 9, 2009. In particular, it regulates the bonuses of bank management board members, A recent ruling by the Special Commissioners, the tax courts of the United Kingdom, requires over 300 UK and foreign banks to disclose the details of 500,000 British taxpayers' accounts. The UK's tax authority, HM Revenue The China Banking Regulatory Commission (CBRC) issued a notice on July 6, 2009, effective the same day, on further regulation of the personal banking business of the country's commercial banks. The notice stipulates that the banks On July 13, 2009, the European Commission proposed amendments to the existing European Union rules on bank capitalization, that is, the Directive on Capital Requirements for Banks, in two critical areas: securitization and remuneration. Financial experts On July 10, 2009, the upper house of the German Federal Parliament (Bundestag) approved a bill enabling the creation of "bad banks" to help the country's commercial and state-owned banks recover from the domestic and global On June 29, 2009, the U.S. Supreme Court ruled that state governments are not preempted by the National Bank Act (NBA) from enforcing state law against national banks in judicial proceedings. The NBA, enacted in On June 25, 2009, the Federal Government of Mexico promulgated a decree on a package of financial reforms prepared last December but deadlocked for the first four months of 2009. The amending decree affects the Law It was reported on May 21, 2009, that the Nigerian National Assembly is working on amending the Nigeria Deposit Insurance Corporation (NDIC) Act of 1988, a law that established and regulates the powers of the NDIC. Effective June 1, 2009, new provisions will regulate foreign institutions that provide financial information services in China. The document, entitled "Provisions on Administration of Foreign Institutions Providing Financial Information Service within the Territory of China, was The Ministry of Finance (MOF) published a circular on April 10, 2009, setting a pay cap for top executives at state-owned financial institutions. Their maximum compensation for the year 2008 is now fixed at 90% of On March 11, 2009, the head of the government of the Principat d' Andorra signed the "Declaration of the Principat d'Andorra" in Paris, pledging to pass legislation before September 1, 2009, that would lift bank secrecy POLAND Law Passed on Recapitalization of Financial Institutions. It was reported on February 11, 2009, that the Polish Cabinet had passed a draft law on recapitalization of financial institutions. The law stipulates that On December 30, 2008, the President of the Republic of China (on Taiwan) promulgated amendments to the Banking Law. The Law now specifies that the Financial Supervisory Commission (FSC) of the Executive Yuan (Cabinet) is the Taiwan's new Statute on the Taiwan Financial Holding Co., Ltd. was promulgated on November 26, 2008. The Statute was given retroactive enforcement from January 1, 2008. The new law specifies: Australia's corporate regulator, the Australian Securities and Investments Commission (ASIC), has extended its ban on covered short selling for financial securities until January 27, 2009, and ASIC's ban on covered short selling of non-financial securities may On October 14, 2008, Pascal Lamy, Director-General of the World Trade Organization (WTO), reported to the WTO General Council on WTO actions in light of the global financial crisis. Lamy noted: Media sources have reported temporary amendments to Indonesian stock market and banking regulations. These amendments include: permitting companies to buy back 20 percent of their paid-up capital, double the previous maximum, without requiring shareholder approval (state-owned The Government of the Netherlands Antilles is reviewing a report, submitted to it by public sector financial services and tax advisors, on the feasibility of developing Islamic financial services in the islands. According to an article It was reported on October 7, 2008, that officials of the Nigerian Stock Exchange (NSE) and the Nigerian Securities and Exchange Commission were meeting to develop a plan to inject private funds into the stock market The Irish banking system is highly concentrated, with six major domestic banks operating throughout the country. On September 29, 2008, the governor of the central bank warned the Minister of Finance that the Irish banking system The repercussions of the recent financial crisis in the United States have already been felt across the European Union and in other markets as well. On September 30, 2008, in response to the failure of the On August 20, 2008, the lower chamber of the Belarus legislature approved the Credit History Law, which obligates all banks and credit institutions operating in Belarus to inform the National Bank of Belarus about borrowing and On July 5, 2007, the Administrative Court of Frankfurt am Main upheld an administrative decision of the German Banking Supervisory Agency (Bundesanstalt fur Finanzdienst-leistungsaufsicht) that forbade a Swiss provider of consumer loans to engage in loan Argentina, Bolivia, Brazil, Ecuador, Paraguay, Uruguay, and Venezuela have agreed to create a regional development bank based on a proposal of Venezuelan President Hugo Chavez, in order to improve regional trade and growth with their own... The Global Legal Monitor from the Law Library of Congress covers legal news and developments worldwide. Fri, 02 Nov 2007 12:00:00 EDT http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l20540122_text