Insurance Quarterly Legal and Regulatory

Update

Period covered: 1 July 2018 30 September 2018

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Table of Contents

2018 will be a year of change, challenges and opportunities for banks and financial services providers.

The Paris office of Hogan Lovells is pleased to provide this English language edition of our monthly e-newsletter, which offers a legal and regulatory update covering France and Europe for June 2017.

Please note that French legal concepts are translated into English for information only and not as legal advice. The concepts expressed in English may not exactly reflect or correspond to similar concepts existing under the laws of the jurisdictions of the readers.

If you would like to consult this newsletter from past months, please click here.

Europe has struggled mightily during the last several years to triage a long series of critical blows to the economies of the 28 countries that comprise the European Union, as well as the collective viability of eurozone economies. Here we provide a snapshot of some recent developments regarding insolvency, restructuring, and related issues in the EU. 

Introduction

General context

The statutory regulation of cryptocurrency in Russia is yet to be made compatible with the current dynamics of digital assets.

28 June 2013 the Russian President signed Federal Law No. 134-FZ amending a number of laws in relation to combating illegal financial operations.

The Law amended, in particular, the Law on Banks and Banking Activity, the Anti-Money Laundering Law, the Criminal Code and the Code of Administrative Offenses, the Law on State Registration of Legal Entities, the Bankruptcy Law, laws regarding certain financial organizations, and the Tax Code. Below is a summary of the key changes (save for those made to the Tax Code).

Clearing and Netting Legislation

The Monetary Authority of Singapore (MAS) released a consultation paper (Insolvency and Winding-Up Consultation Paper) on 24 July pertaining to the proposed insolvency and winding-up regime (Insolvency Regime) for the Variable Capital Company (VCC) structure. This is the third in a series of consultation papers released since May 2019 pertaining to the VCC regulations, following the passage of the Variable Capital Companies Act on 1 October 2018.

On July 24, 2019, the Monetary Authority of Singapore (MAS) issued the Consultation Paper on the Proposed Framework for Variable Capital Companies Part 3 (the Consultation Paper), which covers the proposed subsidiary legislation relating to the insolvency and winding up of a v