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UK Department for International Trade selects Encompass Corporation for RegTech Trade Mission

Glasgow based Encompass Corporations has been chosen by the Department for International Trade to join its first RegTech mission to the United States. The mission will last from 24th to 28th April and will take shape through a range of workshops, seminars networking and events. As well as networking with US counterparts, the mission will give the opportunity for UK ... Read More »

BIIA Chairman David Worlock writes about “The Brexit Upside”

David Worlock is Chairman of BIIA and thus we follow closely his blogs.  With Brexit underway we found his recent discussion concerning Copy Right and Data Protection and Privacy in a post Brexit regulatory scenario highly relevant.  Here is what David Worlock wrote: “With friends and colleagues in the industry I have been looking at formulating a debate to be ... Read More »

Thomson Reuters: Ten Regulatory Insights for Asia-Pacific in 2017

Thomson Reuters Regulatory Intelligence Expert, Niall Coburn has uncovered key regulatory risks and priorities facing firms in Asia Pacific in 2017. As of 2017, a decade has passed since the start of the financial crisis, which brought some of the world’s largest economies to their knees, altering the regulatory landscape internationally. This year, many firms have placed compliance at the ... Read More »

BIIA at the Inter-American Development Bank (IDB) Washington Conference

BIIA attended a recent meeting organized by the IDB – Inter-American Development Bank on “Credit Reporting in the Americas: The current state of the industry and its regulations”.   At the IDB conference Neil Munroe, president of ACCIS and BIIA’s deputy managing director, provided an overview of the EU’s regulatory approaches to innovation.  Neil Munroe covered the following topics: EU policy ... Read More »

Equifax Gains Full FCA Authorisation

Equifax has been granted full Financial Conduct Authority (FCA) authorisation with effect from Wednesday 1 March 2017. The FCA approval comes at a pivotal time for credit reference agencies (CRAs), with technological advances and shifts in customer behaviour fuelling important developments in data sharing, evidenced by industry initiatives such as Commercial Credit Data Sharing (CCDS) and the Open Banking Standard. ... Read More »

Transparency: Russia Has Joined the Multilateral Competent Authority Agreement on Automatic Exchange of Country-by-Country Tax Reporting

The Multilateral Competent Authority Agreement on automatic exchange of Country-by-Country Reporting¹ was signed by the Federal Tax Service of Russia on 26 January 2017 within the framework of implementation of the Plan on counteracting tax base erosion and profit shifting (BEPS Plan); the Plan was approved by top public officials of “G-20 Group”. Currently over 50 countries have adopted the ... Read More »

Russian Regulatory News: VAT Levied on Foreign Providers of Electronic Services and Digital Content

According to new regulations foreign based providers of electronic services are required to pay VAT for business conducted in Russia.  The law defines electronic services as the granting of rights to use computer programs through internet. Such programs include games, content databases, advertising services, on-line trade, electronic books, music and video content etc.  Foreign companies rendering such services can pay ... Read More »

P2P Lending: China Regulators Warn That 90 Pc of Peer-to-Peer Lenders Could Fail in 2017

Nine out of 10 of the mainland’s peer-to-peer (P2P) lending platforms will struggle to survive this year as the government rolls out tightened regulatory supervisions, according to a multi-agency report recently led by the Beijing Bureau of Financial Work.  About 500 P2P companies, out of the total 4,856 players across the nation, are likely to maintain their operations this year, ... Read More »

Australian Privacy Actions: ABR Gazette Change, February 2017

The ABR Gazette is a subscription-only commercial information service, collating public record information on companies and individuals such as insolvency, bankruptcy and court data relating to debt. The cover of the ABR Gazette includes the terms and conditions of use, restricting it to the assessment of credit risk Veda has agreed to amend the ABR Gazette in the next three ... Read More »

Australia Adopts Law on Mandatory Data Breach Notification

The Privacy Amendment (Notifiable Data Breaches) Bill 2016 passed both Houses of Parliament on 13 February. Unless the Government fixes a date for commencement by Proclamation, the law will enter into force 12 months from the date the Bill receives Royal Assent.  The following is the official statement from Australian Privacy and Information Commissioner, Timothy Pilgrim: “I welcome the passage ... Read More »

European Commission Unveils ‘Data Economy Package’ – What’s included and how could it impact the information sector?

On January 10, 2017, the European Commission unveiled the “last major Digital Single Market initiatives” addressing Europe’s digital future.  These initiatives comprise the following: A proposal for a Regulation on Privacy and Electronic Communications (E-Privacy Regulation) A Communication on “Building a European Data Economy” and A Communication on exchanging and protecting personal data in a globalized world. This article has ... Read More »

Regulatory News from Russia: The Federal Law Regulating Debt Collection Has Come into Effect

The Federal law No. 230-FL “About protection of the rights and legitimate interests of physical persons when implementing activities for return of the overdue debt and about introduction of amendments to the Federal law ” came into effect on January 1, 2017. The new law governs the business activities of debt collection involving physical persons (private individuals). The key provisions ... Read More »

Thomson Reuters Report On Regulatory Reform Heralds An ‘Uncertain Era Of Dismantling’

Regulated firms should make full use of regulatory technology – regtech – to prepare for rule overhauls in the UK, US and beyond Facing uncertain times, financial firms preparing for significant regulatory reforms this year are focusing on regulatory technology to help them respond quickly to the opportunities offered by change, according to Thomson Reuters annual report on the State ... Read More »