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Banking Regulation

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Legal framework

1.1

Which legislative and regulatory provisions govern the banking sector in your jurisdiction?

1.2

Which bilateral and multilateral instruments on banking have effect in your jurisdiction? How is regulatory cooperation and consolidated supervision assured?

1.3

Which bodies are responsible for enforcing the applicable laws and regulations? What powers (including sanctions) do they have?

1.4

What are the current priorities of regulators and how does the regulator engage with the banking sector?

Form and structure

2.1

What types of banks are typically found in your jurisdiction?

2.2

How are these banks typically structured?

2.3

Are there any restrictions on foreign ownership of banks?

2.4

Can banks with a foreign headquarters operate in your jurisdiction on the basis of their foreign licence?

Authorisation

3.1

What licences are required to provide banking services in your jurisdiction? What activities do they cover?

3.2

What requirements must be satisfied to obtain a licence?

3.3

What is the procedure for obtaining a licence? How long does this typically take?

Regulatory capital and liquidity

4.1

How are banks typically funded in your jurisdiction?

4.2

What minimum capital requirements apply to banks in your jurisdiction?

4.3

What legal reserve requirements apply to banks in your jurisdiction?

Supervision of banking groups

5.1

What requirements apply with regard to the supervision of banking groups in your jurisdiction?

5.2

How are systemically important banks supervised in your jurisdiction?

5.3

What is the role of the central bank?

Activities

Reporting, organisational requirements, governance and risk management

7.1

What key reporting and disclosure requirements apply to banks in your jurisdiction?

7.2

What key organisational and governance requirements apply to banks in your jurisdiction?

7.3

What key risk management requirements apply to banks in your jurisdiction?

7.4

What are the requirements for internal and external audit in your jurisdiction?

Senior management

8.1

What requirements apply with regard to the management structure of banks in your jurisdiction?

8.2

How are directors and senior executives appointed and removed? What selection criteria apply in this regard?

8.3

What are the legal duties of bank directors and senior executives?

8.4

How is executive compensation in the banking sector regulated in your jurisdiction?

Change of control and transfers of banking business

10.

Consumer protection

11.

Data security and cybersecurity

11.1

What is the applicable data protection regime in your jurisdiction and what specific implications does this have for banks?

11.2

What is the applicable cybersecurity regime in your jurisdiction and what specific implications does this have for banks?

12.

Financial crime and banking secrecy

12.1

What provisions govern money laundering and other forms of financial crime in your jurisdiction and what specific implications do these have for banks?

12.2

Does banking secrecy apply in your jurisdiction?

13.

Competition

14.

Recovery, resolution and liquidation

15.

Trends and predictions

15.1

How would you describe the current banking landscape and prevailing trends in your jurisdiction? Are any new developments anticipated in the next 12 months, including any proposed legislative reforms?

15.2

Does your jurisdiction regulate cryptocurrencies? Are there any legislative developments with respect to cryptocurrencies or fintech in general?

16.

Tips and traps