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.
References in periodicals archive ?
EU financial services law includes around 40 areas for equivalence decisions.
John Funk is a shareholder-director at the Concord-based law firm of Gallagher, Callahan &'Gar-trell who specializes in financial services law. Robert J.
Related: 3 wise cybersecurity solutions for 2017 A key difference between the New York Department of Financial Services law and the NAIC's proposed legislation is that the latter would only apply to the insurance industry.
The regulations apply to any firm covered by the New York Banking Law, the Insurance Law or the Financial Services Law, although there are some exemptions, including firms with fewer than 10 employees, those with less than $5 million in gross annual revenue from their New York business operations over the last three years, or those with less than $10 million in total year-end assets.
According to the experts with whom I work at PLA, "covered entity" means "any person operating under or required to operate under a license, registration, charter, certificate, permit, accreditation or similar authorization under the Banking Law, the Insurance Law or the Financial Services Law."
It is a major focal point, as there have been a lot of changes to the law, a framework law for the financial services in the UAE, as well as many amendments in different laws, all in the umbrella of the wider law which is called the Financial Services Law of the UAE, and all of this is under the discussion between the Central Bank, Ministry of Finance, Ministry of Justice, Ministry of Economy and others, and this will put the UAE in a better position for the future.
However, recent changes to the Financial Services Law and related regulations will impose onerous lending mandates that could put pressure on asset quality indicators as the bank moves from its specialization in financing traders to granting loans to manufacturing and agriculture industries and the housing segment.
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.

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