ECB Publishes Practical Fit and Proper Assessments Guide for Board Members of Credit Institutions
On 15 May 2017, the European Central Bank ("ECB") published a guide on fit and proper assessments (the "Fit and Proper Guide"), which reflects the result of a public consolidation launched by the ECB on 16 November 2016.
First Draft for the New Austrian Data Protection Act Published
The long-awaited first draft for the new Austrian Data Protection Act, implementing and supplementing the EU General Data Protection Regulation, was finally published on 12 May 2017.
New Tax Legislation to comply with Fatca
16 May 2017 at 04:00 / NEWSPAPER SECTION: BUSINESS New Tax Legislation to comply with Fatca On March 4 last year, Thailand and the United States entered into an agreement to improve international tax compliance and to implement the Foreign Account Tax Compliance Act (Fatca), which Washington introduced in 2010 in an attempt to discourage …
What The Criminal Finances Bill Means For Asset Seizure And Forfeiture
Syedur Rahman and Nicola Sharp examine the changes likely when the Criminal Finances Bill becomes law.
The Policing And Crime Act 2017
Aziz Rahman talks through the Act’s implications for those in business in the UK.
Tesco: A Question Of Corporate Criminal Liability?
Aziz Rahman examines what the deferred prosecution agreement the supermarket giant has reached with the SFO may mean for other corporates.
The Laundromat Saga: The Fca And Money Laundering Risks
With banks being investigated over alleged Russian money laundering, Aziz Rahman examines the precautions financial professionals must take.
Problems In Kazakhstan Pension System
Synergy Partners Law Firm State Pension Fund. Kazakhstan made a state monopoly on managing pension assets in 2013. Prior that reform about dozens of private pension funds in Kazakhstan that had been a major driver for a local stock market and finance. Nowadays JSC United Pension Fund accumulates all pension contributions and manages all pension …
European Commission Proposes EMIR Reform that will Minimise the Clearing Obligation for NFC and Cert
On 4 May 2017, the European Commission published its proposal for an amendment of the European Market Infrastructure Regulation (EMIR). The Commission calls the proposed amendment a good example of "better regulation in practice" which is "essential to the creation of the Capital Markets Union (CMU)".
Premium Payment Clauses – Surcharges need to be transparent
The implementation of clauses on short-term premium instalments In its ruling (7 Ob 5/16k) of 17 February 2016, the Austrian Supreme Court determined that a clause on "short-term premium instalments" (Unterjährigkeitsklauseln) contained in the general terms and conditions for life insurance contracts with premium refund was non-transparent. The clause provided that premiums may be paid in semi-annual, …
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