financial services law

financial services law

the law applying to financial services such as investments and pensions. This area was thoroughly overhauled by the Financial Services Act 1986. The regime put in place by that Act operated through the Securities and Investments Board (SIB ), which authorized bodies to act as regulators. The SIB was replaced by the Financial Services Authority (FSA), created by the Financial Services and Markets Act 2000. This authority took over the regulatory functions previously divided between a wide range of other organizations. For example, it became responsible for the regulation of the Lloyds Insurance market, building societies and banks as well as companies in the investment industry. It has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; the protection of consumers; and fighting financial crime. The range of this newly organized law is wider than often thought; for example, it has been held that authorization is required to market and sell a computer package that gave advice on trading equity options.
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ASIC has banned Mr Glenn William Connor from providing any financial services for the next seven years, after it was found that he had not complied with a financial services law.
Specifically, new legislation will add a section to New York's Financial Services Law disqualifying certain individuals from the banking or insurance industries if, after a hearing, the Superintendent finds they have done something so severe as to have a direct bearing on their fitness or ability to continue participating in the industry.
Moreover, we anticipate that caps on lending rates and floors for deposit rates, as introduced by the new financial services law, will have negative credit implications on the banks' performance, as for the other banks in the system.
Reviewing the responsibilities for financial sector regulation and supervision in the context of the planned financial services law will also be helpful.
The team specialises in commercial and financial services law, being leading lawyers in rate swap litigation where they were pioneers in bringing action against banks for mis-sold rate swap products, which in many cases had cost businesses millions of pounds.
The central bank is planning to introduce financial services law (framework law), the new banking law and a new law regarding criminalisation of money laundering.
The Minister told the Economist this week that expectations are that, the bill, which will consolidate and harmonise laws regulating financial institutions in the country as well as give more bite to the Namibia Financial Institutions Supervisory Authority (Namfisa) in its supervisory and custodian role of the financial services law, will be tabled in Parliament before the end of this calender year.
In addition to this the ministry is working on a set of laws as part of a push to modernise the legislative system years ago including, Commercial Companies Law, Competition Law, Auditors Law, Arbitration Law, Investment Law, Industry Law, Consumer protection law, Small and Medium Enterprises law, Financial services law, Certificate of Origin Law and Anti-Fraud Law.
By mid-2009: The Commission must check whether terminology is used to the same effect in all EU financial services law.
As an associate at US law firm McDermott Will & Emery for the last six years, Mr Rambhai, aged 31, has gained a wealth of experience in banking and financial services law.
The presenting sponsor for the show is Clifford Chance LLP, a global financial services law firm.
A new German financial services law that took effect in July permits so-called open-end funds to increase their investments in commercial properties in the United States and allows for increased activities by German commercial mortgage banks in the United States.

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