Regulatory Framework

The RBI has decided to get involved in the nitty-gritty of the bad loans problem at both ends—acting against defaulters as well as helping the government figure out which banks deserve capital. The banking regulator has shown courage in taking on the rentier* networks in Indian finance. May 2017: The Narendra Modi government empowers the Reserve Bank of India (RBI) ... Read More »

Contributed by Harsh Walia (Associate Partner) and Shobhit Chandra (Senior Associate) Khaitan&Co. While European Parliament’s General Data Protection Regulation (GDPR) is slated to have global and far-reaching ramifications, a degree of uncertainty looms amongst Indian companies, especially those which are engaged in outsourced data processing activities (whether captive or otherwise) and consequently deal with personal data of data subjects in ... Read More »

The Credit Access and Inclusion Act Unanimously Passes Vote in the House Financial Services Committee The Credit Access and Inclusion Act (H.R. 435) unanimously passed the Committee on Financial Services of the House in a 60-0 vote today . We would like to thank Representatives Keith Ellison and Robert Pittinger, who sponsored H.R. 435 and the 28 Republican and Democrat ... Read More »

Thomson Reuters Expands its Award-Winning Connected Risk Platform with Model Risk Management Solution to Help Firms Increase Transparency and Efficiency.  Model inventory capture and reporting underpinned with advanced governance frameworks Building on its commitment to deliver a suite of next-generation governance, risk and compliance (GRC) solutions to assist the global financial and corporate communities, Thomson Reuters has expanded further its ... Read More »

Cyber Risk Prevention has become a Board Room Responsibility.  Here is a useful approach to proactively mitigate risk.    BIIA recommends members to carefully consider the contents of a speech delivered by Nausicaa Delfas, Chief Operating Officer at the FCA (UK’s Financial Conduct Authority), at the Cyber Security Summit and Expo 2017 Highlights: Cyber resilience is not tick box It should ... Read More »

One of the most challenging tasks for due diligence teams on the lookout for connections to money laundering, bribery, corruption is to uncover the identities of ultimate beneficial owners of entities, properties, and third-party business partners. The job of understanding who companies, and financial services organisations in particular, are doing business with has been made all the more difficult by ... Read More »

Australia is poised to sign a fintech deal with the UK to boost crosstalk in one of Britain’s fastest-growing industries, City A.M. can reveal. The Treasury is working on an agreement to aid co-operation on fintech between the regulatory authorities in the UK and Australia. Speaking at City & Financial Global’s trade conference yesterday, Alexander Downer, the Australian High Commissioner to ... Read More »

The minister for the Monetary Authority of Singapore (MAS), the nation’s central banking authority, has said the institution is working to create a regulatory framework for bitcoin payments. In response to a question on the matter from an MP, Tharman Shanmugaratnam – who is also deputy prime minister of Singapore – confirmed that while the MAS “has been monitoring” cryptocurrencies such as bitcoin ... Read More »

Singapore Central Bank Reveals 3 New Blockchain Payments Prototypes The Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS) announced today that the consortium which they are leading has successfully developed software prototypes of three different models for decentralised inter-bank payment and settlements with liquidity savings mechanisms. The project, conducted together with 11 financial institutions and ... Read More »

On May 25, 2018, the European Union’s (EU) General Data Protection Regulation (GDPR) will take effect throughout all European Union member states. GDPR is a new regulation by which the European Commission intends to strengthen and unify data protection for individuals whose data is managed by organisations within the EU and for EU resident data worldwide. In short, every country ... Read More »

China’s new Cybersecurity Law will become effective on June 1, 2017. In addition to focusing on cybersecurity, the law also details how companies are to handle personal information and data. In determining what is allowed and not allowed for handling personal information in China, it is important to examine The Decision on Strengthening Information Protection on Networks (2012), The Guidelines ... Read More »

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 »

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 »

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 »

To help security and risk professionals navigate the complex landscape of privacy laws around the world, Forrester created a data privacy heat map that highlights the data protection guidelines and practices for 54 different countries. It also covers other relevant issues like government surveillance, cross-border data transfers, and regulatory enforcement.  Due to the dynamic nature of data protection legislation, we ... Read More »