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Supervision on bankers: banker’s oath and disciplinary law versus civil law

Supervision on bankers: banker’s oath and disciplinary law versus civil law

Additional supervision on the financial sector Various media recently reported on negative advice from the Council of State from 3 September 2014 in relation to a legislative proposal from the Minister of Finance, Jeroen Dijsselbloem. The minister’s proposal to (legally) impose disciplinary law on the financial sector was rejected by ... Read More »

Federal Government continues to target bank compliance programs

Federal Government continues to target bank compliance programs

The U.S. Treasury Department announced yesterday that Bank of America Corp’s banking unit agreed to pay $16.6 million to resolve allegations that it processed hundreds of transactions for drug traffickers who are subject to U.S. sanctions. The Office of Foreign Assets Control (OFAC) reported that the bank processed about 200 transactions totaling ... Read More »

Financing property in Germany – a market with risks and opportunities for Dutch banks and consumers

Financing property in Germany – a market with risks and opportunities for Dutch banks and consumers

Penalties for accelerated repayment of mortgages The number of Dutch citizens who buy a house just across the border in Germany has continued to increase in recent years. The favourable housing prices and the low cost of living are the main reasons for moving to Germany. The influx of Dutch ... Read More »

Citigroup, Inc. to pay $7 billion in a global settlement with the Department of Justice for the company’s role in the financial crisis

Citigroup, Inc. to pay $7 billion in a global settlement with the Department of Justice for the company’s role in the financial crisis

The Justice Department, along with federal and state partners, today announced a $7 billion settlement with Citigroup Inc. to resolve federal and state civil claims related to Citigroup’s conduct in the packaging, securitization, marketing, sale and issuance of residential mortgage-backed securities (RMBS) prior to Jan. 1, 2009. The resolution includes a ... Read More »

Guidelines on complaints-handling by insurance intermediaries.

Guidelines on complaints-handling by insurance intermediaries.

It is the Financial Supervisory Authority of Norway (FSA) who oversees the insurance intermediaries complaints proceedings. The European Insurance and Occupational Pensions Authority (EIOPA) announced on 16 May 2014 “Guidelines on complaints handling by insurance intermediaries”. These guidelines have been prepared with the aim to contribute to a coordinated supervision ... Read More »

Norwegian regulation on management of Alternative Investment Funds

Norwegian regulation on management of Alternative Investment Funds

The Norwegian Ministry of Finance has recently proposed for Parliament a new law on the management of alternative investment funds. The proposal implements the estimated future EEA obligations corresponding to the European Parliament and Council Directive 2011/61/EU, referred to as the AIFM Directive (“Alternative Investment Fund Managers Directive”). The AIFM ... Read More »

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The Swedish Financial Supervisory Authority is taking steps toward an increased consumer protection

The Swedish Financial Supervisory Authority is taking steps toward an increased consumer protection

The Swedish Financial Supervisory Authority (Sw. Finansinspektionen) believes that the consumer’s position in the financial market in general is good despite significant conflicts of interest and complexity of many services. The range of financial services and the options have increased in the past decade. This leads to more financial decisions ... Read More »

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