The Financial Conduct Authority (FCA), which has identified regular shortcomings concerning general insurance intermediaries’ client money arrangements, is reminding companies of their responsibilities and the implications of non-compliance. “Firms holding client money are accountable for ensuring they understand the related regulatory requirements,” wrote the regulator in a new ‘Dear CEO’ letter to general insurance intermediaries. “Principle 10 of the FCA’s Principles for Business states […]
The EAPO Regulation in 2021; What creditors and debtors need to know.
The EAPO Regulation adopted in Luxembourg has been established to facilitate cross-border debt recovery by creditors. This regulation allows the freezing of the debtor’s bank account maintained in any EU Member state by a single order issued by another EU member state. The regulation is binding in all EU member states except the UK and […]
Auction of new benchmark five-year Government of Mauritius Bonds 2021
According to the issuance plan dated April 22nd, 2021 and under section 5 of the Public Debt Management Act 2008 and section 57 of the Bank of Mauritius Act 2004, the Bank of Mauritius (BoM) is pleased to advertise the issue of a New Benchmark Five-Year Government of Mauritius Bonds. They will mature on May […]
International Monetary Fund Concludes Official 2021 Article IV Consultation with the State of Kuwait
The Central Bank of Kuwait (CBK) issued a press statement on the conclusion of the International Monetary Fund’s (IMF) Article IV Consultation to the State of Kuwait, held virtually from April 4th to 8th 2021. CBK, in coordination with IMF and the relevant national authorities, made the necessary arrangements including information and data compilation, and […]
Estate Planning in 2021: What you need to know – effective solutions.
With the uncertainty we face during the COVID-19 pandemic, the need for effective estate planning has become more apparent. Furthermore, the prospect of important changes to the federal transfer tax regime makes 2021 the ideal time for attorneys to help their clients focus on updating old estate planning documents, create new ones to ensure assets […]
Introduction of a Regulatory Framework to Facilitate Foreign Currency Borrowings by Licensed Finance Companies 2021
The Monetary Board of the Central Bank of Sri Lanka (CBSL) issued directions on foreign currency borrowings by Licensed Finance Companies (LFCs) on 9th April 2021 with a view to provide flexibility for LFCs to obtain low-cost funding from foreign sources to support their business expansions. The objectives of these directions are to stabilize any […]
FinTech in Seychelles 2021: Innovations to make the country an international hub
There are numerous initiatives underway in Seychelles to foster innovation in FinTech, including digital assets and services. The Central Bank of Seychelles (CBS) has embraced the rapid pace of Fintech, while ensuring it is properly regulated and subsequently help payment service providers to leverage technological innovations in the financial sector to maximize economic growth. The […]
Singapore Digital Economy Partnership Agreement 2021
The Digital Economy Partnership Agreement (DEPA) between Singapore, Chile and New Zealand is the first digital economy partnership concluded by Singapore. The DEPA is a first of its kind agreement that establishes new approaches and collaborations in digital trade issues, promotes interoperability between different regimes and addresses the new issues brought about by digitalisation. Through […]
Mauritius : Statement Of Guidance On Income Subject To Partial Exemption 2021
The Mauritius Revenue Authority on 27th January 2021 released a statement on income subject to partial exemption intended to provide clarifications to tax payers and practitioners on the application of partial exemption on specific income following amendments brought to the Second Schedule of the Income Tax Act by the Finance Act 2018 and to the […]
The FSC Issues Special Purpose Funds Rules (2021) For Mauritius
A new set of rules under the Special Purpose Fund (SPF) regime has been released by the Mauritius Financial Services Commission (FSC) to provide further flexibility and ease access to new markets. The Mauritius National Budget which included the modernizing of the existing Special Purpose Fund (SPF) regime to provide further flexibility and ease access […]