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Chinese Bank Lending Hits Record On Corporate Finance Demand

Chinese banks provided $169.27 billion in new loans during the month, the publication said, citing data from the People’s Bank of China. That figure surpassed analysts’ expectations, especially considering China’s efforts to reduce risk tied to a surge in corporate debt.  An earlier survey from Reuters found analysts predicted new yuan loans in November to hit 800 billion, up from ... Read More »

US Senators Demand Unrealistic Penalties for Data Breaches

Two senators on proposed this week “massive and mandatory” fines for data breaches at Equifax Inc. and other credit reporting companies, starting at $100 for each consumer whose sensitive information is compromised. The bill from Sens. Elizabeth Warren (D-Mass.) and Mark Warner (D-Va.) would add a $50 fine for each additional piece of compromised personally identifiable information for each consumer. ... Read More »

Reserve Bank of India (RBI) Grants two more Months to eWallets for Completing KYC

In the second week of October, the RBI introduced stricter norms for PPIs, as per which users of mobile wallets had until the end of this year to convert to the full KYC format. In a new development, the country’s central banking institution is currently “looking into” requests for an extension of the deadline.  In the interim period, the RBI reportedly received ... Read More »

USA: Directors Who Conceal Cyber Attacks Could Face Prison

In the USA a group of Democrats is planning to bring in new laws which appear to make compliance with the upcoming EU data protection legislation seem like a stroll in the park. Named the Data Security & Breach Notification Act, the proposed law seeks to implement nationwide breach notification standards and replace the confusing patchwork of state laws currently in ... Read More »

China and Australia ink fintech deal to share info on new developments

China and Australia‘s regulators have agreed to partner up on financial technology (fintech), a move that will give them oversight on new trends in each other‘s markets.  The Australian Securities and Investment Commission (ASIC) and China Securities Regulatory Commission (CSRC) said Monday that they would cooperate on the sharing of information related to emerging themes in the fintech sector. “Cooperation ... Read More »

ESMA Issues Statement on LEI Implementation under MIFID II

Difficulties of investment firms in obtaining LEI identity codes leads to extension compliance. The European Securities and Markets Authority (ESMA) has issued a statement to support the smooth implementation of Legal Entity Identifiers (LEI) requirements under the Markets in Financial Instruments Regulation (MiFIR). MiFIR obliges EU investment firms to identify their clients that are legal persons with LEIs for the purpose of MiFID ... Read More »

New Directions at the Reserve Bank of India (RBI)

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 »

Callcredit: Lack of GDPR Readiness Amongst UK Businesses

With only six months to go to the General Data Protection Regulation (GDPR), a worrying 76% of organisations have yet to review products to ensure they are GDPR compliant, finds new research launched today by Callcredit Information Group. Yet marketers’ confidence isn’t wavered by this with a large majority (84%) thinking that those who must know about GDPR know what ... Read More »

Australian Parliament Approves Anti-Money Laundering Legislation

The Australian Senate has passed legislation extending anti-money laundering and counter-terrorism financing regulation of digital currency exchanges. The legislation, which was passed last week, requires these exchanges to monitor and report suspicious and large transactions to the Australian Transaction Reports and Analysis Centre (AUSTRAC). The new regulations follow Parliament’s approval of legislation in October that recognized digital currencies as equivalent ... Read More »

The Impact of the European General Data Protection Regulations (GDPR) on Indian Data Processing Companies

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 »

US Credit Access and Inclusion Act is Taking Shape

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 »

Cuomo Announces new Regulations to Tighten Consumer Protection after Equifax Data Breach

Gov. Cuomo on December 12 2017 ordered additional state oversight of consumer credit monitoring agencies following last summer’s data breach at Equifax. Cuomo directed the Department of State to enact new regulations that would, among other steps, require credit reporting agencies to respond within 10 days to any inquiry made by the state’s Division of Consumer Protection on behalf of ... Read More »

Thomson Reuters Expands Its Connected Risk Platform with Model Risk Management Solution

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 »

RBI Issues Guidance for Peer to Peer Lenders

The Reserve Bank of India (RBI) issued Non-Banking Financial Company – Peer to Peer Lending Platform (Reserve Bank) Directions, 2017, on 4 October. By way of these master directions, the RBI has brought peer to peer lending platforms, also known as crowdfunding platforms, within its regulatory supervision and classified them as non-banking financial companies (NBFC-P2Ps). The master directions make provisions ... Read More »

International Standard Looks to Curb Theft of Personal Data

Privacy has taken on new dimensions in a hyper-connected world. New guidance from IEC, ISO and ITU – the world’s three leading international standards bodies – has just been published, providing a code of practice for the protection of personally identifiable information. The increasing prevalence of high-profile data breaches has motivated countries worldwide to investigate potential reforms to policy and ... Read More »

European GDPR Will Impact Data Management Globally

By Tim Heath, Cyber Security Intelligence With Europe’s General Data Protection Regulation set to take effect on May 25, 2018, IT and data management leaders across the world, including those in the United States, should be preparing for the new requirements affecting organizations inside and outside of Europe. You don’t have to have physical operations in Europe to be affected ... Read More »