On 11 July this year, the Indonesian Financial Services Authority (OJK) issued the long awaited OJK Regulation No. 11 of 2023 on Spin-off of Sharia Units of Insurance Companies and Reinsurance Companies, which replaces the provisions on sharia unit spin-off of insurance and reinsurance companies in OJK Regulation No. 67/POJK.05/2016 on Licensing and Institution of Insurance Companies, Sharia Insurance Companies, Reinsurance Companies and Sharia Reinsurance Companies.
The EU’s Digital Operational Resilience Act (DORA) aims to promote, improve and ensure operational resilience within the financial services sector. It comes into effect on 17 January 2025. Last month, six months into the two-year implementation period, the European Supervisory Authorities published a consultation package regarding the first batch of certain draft regulatory technical standards and draft implementing technical standards on certain aspects of DORA.
The UK financial services regulator, the Financial Conduct Authority (FCA), has published a consultation to update its guidance on social media financial promotions.
Our latest Doing Business in South Africa Guide outlines some of the principal matters affecting an overseas entity that wishes to establish and operate a business in the country. The Guide offers a range of practical advice and useful guidance for entities seeking to do business in the country.
Our popular Annual Compliance Conference, which attracts over 6,000 in-house senior legal and compliance professionals from across the world, will be held across five weeks from 5 September – 5 October 2023.
On 28 June 2023, the EU Commission published its long-awaited package of reforms to the EU payments regulatory regime. Deeming the package an “evolution not a revolution” of the EU payments framework, the Commission has published proposals for:
• A third Payment Services Directive repealing and replacing the Payment Services Directive and Electronic Money Directive
• A new Payment Services Regulation, which will harmonize and directly apply most of the conduct obligations imposed on payments firms
• A new Regulation on a framework for financial data access, relating to open finance
• A new Regulation on the establishment of a digital euro
This publication features the latest Financial Regulatory developments in Italy.
On 1 July 2023, the Government officially issued the new Decree No. 46/2023/ND-CP for implementing a number of articles of the new Law on Insurance Business 2022 (“Decree No. 46”). Decree No. 46 takes effective from 1 July 2023 (except for certain clauses, which take effect from 1 January 2023) and replaces the previous Decree No. 73/2016.
Among other things, Decree No. 46 provides detailed guidelines on the licensing requirements and process for participants in the insurance market, the operation of insurance agencies, insurance brokers and insurance ancillary service providers, and supplying cross-border services.
In this edition of Bite-size Briefings, we take a bite-size look at the latest developments concerning AI regulation as it affects financial services in Australia, the EU, Hong Kong SAR, Thailand, the UK and the US.
Welcome to the 2023 edition of Baker McKenzie’s Doing Business in Canada, a practical guide to the business and investment legal framework and developments in Canada. We hope that you find this guide a useful and practical resource.