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  • Ukraine: cross-border loans and foreign currency purchase regulations are relaxed

    The National Bank of Ukraine (the“NBU”) has extended the list of exceptions to the prohibition on the early repayment of cross-border loans and simplified procedure for repatriation of foreign investments. The NBU’s decision further liberalises the existing capital market regulations, simplifies capital flows and thus improves conditions for the investments ...
  • FCA launches investment platforms market study

    Earlier this week the FCA published the Terms of Reference (ToR) for its Investment Platforms Market Study. The ToR set out the specific areas the FCA is interested in exploring, including: the impact platforms have on overall charges for investment products; whether investors and advisers can assess the value for ...
  • Pensions Ombudsman Update – July 2017

    Welcome to the latest quarterly Pensions Ombudsman Update from the CMS Pensions Team. The Pensions Ombudsman resolves hundreds of cases every year which are not only important for the parties concerned but influence wider industry practice. However, the sheer volume of cases dealt with can make it hard to keep ...
  • First FCA undertaking under Consumer Rights Act published

    On 12 July 2017, the Financial Conduct Authority (“FCA”) published on its website notice of an undertaking given by London General Insurance Company Limited (“LGIC”) in respect of the terms and conditions of LGIC’s extended warranty policy (the “Policy”). The Policy is provided by Nationwide Building Society (“Nationwide”) to certain ...
  • Reform of European prospectus law – main changes and effects in practice

    The European Commission is planning to replace the 2003 Prospectus Directive with a revised Prospectus Regulation and to fully harmonise prospectus law in Europe. The existing provisions of the German Securities Prospectus Act (Wertpapierprospektgesetz) will largely cease to apply as a result. This reform is part of the drive to ...
  • Singapore: Next step in Singapore’s payments journey

    This article has been produced with Holborn Law, which operates in association with CMS. As Singapore moves towards a Smart Nation and a cashless society, our electronic payments system has also developed to allow consumers to send and receive money easily. The most recent development in this journey is PayNow, ...
  • CMS Germany: Banking and Finance newsletter (June 2017)


    The CMS Germany Banking and Finance newsletter - June 2017 edition - contains the following reports (DE and EN):

    Blockchain – bringing innovation to securities settlement?
    Germany reforms its law on contesting debtor‘s transactions in insolvency proceedings (a bit…)
    The impact of the General Data Protection Regulation on the banking sector

    Federal Court of Justice considers upstream collateral – what is the impact on limitation languages?

    Reform of the Audit Regulation
    Bitcoins, Smart Contracts and Payment Services: the new fintech brochure from CMS

    Capital markets
    Reform of European prospectus law – main changes and effects in practice

    Case Law
    German Federal Tax Court ends the era of the restructuring decree – with far-reaching consequences for corporate restructurings
    German Federal Court of Justice rules on right of building societies to terminate building loan agreements

  • Introducing Singapore’s new draft Cybersecurity Bill

    This article has been produced with Holborn Law, which operates in association with CMS. On 10 July 2017, Singapore’s long-awaited draft Cybersecurity Bill was introduced. This is a timely development, especially in view of recent cybersecurity attacks such as the Advanced Persistent Threat attacks targeting two of Singapore’s universities and ...
  • Brexit one year on: financial services

    Since the Brexit referendum, the UK’s financial services sector has moved relatively quickly to close out the risks to its business and clients. In stark contrast there has been little, if any, progress (despite much debate) in clarifying what will happen to the EU legal structure in which UK financial ...
  • Singapore: Blurred lines - MAS relaxes anti-commingling rules

    This article has been produced with Holborn Law, which operates in association with CMS 16 years ago, when MAS introduced the anti-commingling framework to separate financial and non-financial businesses of banks, the iPhone did not exist and clamshell Motorola Razrs were cool. Today, almost all Singaporeans carry smart phones and ...