This tool offers you the chance to see how jurisdictions compare for finance and investment around the world. Please select your country and legal topic area(s) of interest using the drop down menu on the left hand side of the page.

Law and regulation

What are the main laws and regulations that apply to entities that are involved in finance and investments generally?

Australia

Australia

Generally

Australian Securities and Investments Commission Act 2001 (Cth)
Australian Securities Exchange Listing Rules
Australian Prudential Regulation Authority Act 1998 (Cth)
Banking Act 1959 (Cth)
Banking Code of Practice
Competition and Consumer Act 2010 (Cth)
Corporations Act 2001 (Cth)
Customer Owned Banking Code of Practice
ePayments Code
Financial Sector (Collection of Data) Act 2001 (Cth)
Financial Sector (Shareholdings) Act 1998 (Cth)
Financial Sector (Transfer and Restructure) Act 1999 9 (Cth)
Financial Services Reform Act 2001 (Cth)
Foreign Acquisitions and Takeovers Act 1975 (Cth)
Payment Systems (Regulation) Act 1998 (Cth)
Payment Systems and Netting Act 1998 (Cth)
Reserve Bank Act 1959 (Cth)

Consumer credit

Banking Code of Practice
Competition and Consumer Act 2010 (Cth)
National Consumer Credit Protection Act 2010 (Cth)

Mortgages and other security interests

Banking Code of Practice
National Consumer Credit Protection Act 2009 (Cth)
Personal Property Securities Act 009 (Cth)

Corporations

Corporations Act 2001 (Cth)
Superannuation Act 1976 (Cth)
Superannuation Industry (Supervision) Act 1993 (Cth)

Taxation

Income Tax Assessment Act 1997 (Cth)
Income Tax Assessment Act 1936 (Cth)
Income Tax Assessment Act 1953 (Cth)

 

Funds and platforms

Corporations Act 2001 (Cth)

Other key market legislation

Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth)
Privacy Act 1988 (Cth)

NB Reference to an Act refers to all regulations under that Act.

Last modified 26 Feb 2020

Austria

Austria

Generally

Financial Market Authority Act 2011 (Finanzmarktaufsichtsbehördengesetz 2011) (organization of the Financial Market Authority)
Insurance Supervision Act 2016 (Versicherungsaufsichtsgesetz 2016) (insurance companies)
Securities Supervision Act 2007 (Wertpapieraufsichtsgesetz 2007) (dealing with securities)
Capital Market Act 2011 (Kapitalmarktgesetz 2011) (public offering of securities and other financial instruments)
Stock Exchange Act 1989 (Börsegesetz 1989) (Austrian Stock Market)
Banking Act 1993 (Bankwesengesetz 1993)
Securities Depository Act 1969 (Depotgesetz 1969) (purchase and disposition of securities)
Financial Markets Anti-Money Laundering Act 2016 (Finanzmarkt-Geldwäschegesetz 2016) (money laundering and terrorist financing)
E-Money Act 2010 (E-Geldgesetz 2010) (electronic money and regulating the conduct of institutions emitting electronic money)
Payment Services Act 2009 (Zahlungsdienstegesetz 2009) (offering of payment services)
Recovery and Resolution of Credit Institutions Act 2014 (Bundesgesetz über die Sanierung und Abwicklung von Banken 2014) (financial recovery and liquidation of credit institutions)
Austrian Custodian Act 1874 (Kuratorengesetz 1874) (joint representation of bearers of bearer bonds)
Austrian Stamp Duty Act 1957 (Gebührengesetz 1957) (stamp duty)

Consumer credit

Consumer Protection Act 1979 (Konsumentenschutzgesetz 1979) (protection of consumer rights)
Consumer Credit Act 2010 (Verbraucherkreditgesetz 2010) (loans and other forms of credit to consumers)

Mortgages

Austrian Civil Cole (Allgemeines Bürgerliches Gesetzbuch)
Mortgage Credit Directive (2014/17/EU Richtlinie über Wohnimmobilienkreditverträge)

Act on Mortgage and Real Estate Credit Agreements and Other Credit Agreements in favor of Consumers 2016 (Hypothekar- und Immobilienkreditgesetz 2016)

Corporations

Stock Corporation Act (Aktiengesetz – AktG)
Limited Liability Companies Act (Gesetz betreffend die Gesellschaften mit beschränkter Haftung – GmbHG)
Austrian business enterprise code (Unternehmensgesetzbuch – UGB)

Funds and platforms

Investment Fund Act 2011 (Investmentfondsgesetz 2011)
Alternative Investment Fund Managers Act 2013 (Alternative Investmentsfonds Manager-Gesetz 2013)
Real Estate Investment Funds Act 2003 (Immobilien-Investmentfondsgesetz 2003)
Alternative Financing Act 2015 (Alternativfinanzierungsgesetz 2015) (alternative forms of financing eg crowd funding)
Federal Trust and Funds Act 2015 (Bundes-Stiftungs- und Fondsgesetz 2015) (funds and trusts)

Other key market legislation

UCITS Directive (1985/61/EWG, OGAW Richtlinie)
Solvency II Directive (2014/51/EU, Solvabilität II Richtlinie)
EU Prospectus Regulation (2017/1129/EU, Prospektverordnung)
Bank Recovery and Resolution Directive (2014/59/EU, Abwicklungsrichtlinie) (recovery and resolution)
Capital Requirements Regulation (2013/575/EU, Kapitaladäquanzverordnung) (capital requirements)
European Market Infrastructure Regulation (2012/648/EU – EMIR) (derivatives)
Market Abuse Regulation (2014/596/EU, Marktmissbrauchsverordnung) (market abuse)
Markets in Financial Instruments Directive II (2014/65/EU – MiFID II) (financial instruments)
Clearstream's Central Securities Depositories (2014/909/EU – CSDR, Zentralverwahrerverordnung)
Funds Transfer Regulation (2015/847/EUFATF, Verordnung über die Übermittlung von Angaben bei Geldtransfers)
Foreign Account Tax Compliance Act 2010 (FATCA)
Basel IV: International framework for liquidity risk measurement, standards and monitoring
Bank Recovery and Resolution Directive (BRRD)
Alternative Investment Fund Managers Directive (2011/61/EU – AIFMD)

Last modified 6 Dec 2019

Belgium

Belgium

Relevant EU legislation

BANKING SUPERVISION

Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms

Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation 648/2012.

FINANCIAL MARKETS AND INVESTMENT SERVICES

The Markets in Financial Instruments Directive (Directive 2014/65/EU; "MiFID II")

Commission Delegated Directive (EU) 2017/593 of 7 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to safeguarding of financial instruments and funds belonging to clients, product governance obligations and the rules applicable to the provision or reception of fees, commissions or any monetary or non-monetary benefits; and Regulation on markets in financial instruments (Regulation n° 600/2014; "MiFIR")

Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC

Directive 2014/57/EU of the European Parliament and of the Council of 16 April 2014 on criminal sanctions for market abuse (market abuse directive)

Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014

Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC

INSURANCES

The Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 on insurance distribution

Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of insurance and reinsurance (Solvency II)

REGULATED CREDIT AND CONSUMER PROTECTION

Directive 2014/17/EU of the European Parliament and of the Council of 4 February 2014 on credit agreements for consumers relating to residential immovable property and amending Directives 2008/48/EC and 2013/36/EU and Regulation (EU) No 1093/2010

Directive 2014/92/EU of the European Parliament and of the Council of 23 July 2014 on the comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic features

Regulation (EU) No 1286/2014 of the European Parliament and of the Council of 26 November 2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs)

PAYMENT SERVICES

Directive 2015/2366/EU of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC

Regulation (EU) No 260/2012 of the European Parliament and of the Council of 14 March 2012 establishing technical and business requirements for credit transfers and direct debits in euro and amending Regulation (EC) No 924/2009

INVESTMENT FUNDS

Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS)

Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010

POST TRADE

Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories

Regulation 2015/2365 of the European Parliament and of the Council of 25 November 2015 on transparency of securities financing transactions and of reuse (SFTR)

Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012

Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems

Directive 2002/47/EC of the European Parliament and of the Council of 6 June 2002 on financial collateral arrangements

Relevant Belgian legislation

BANKING SUPERVISION

Law of 25 April 2014 on the legal status and supervision of credit institutions and stockbroking firms

FINANCIAL MARKETS AND INVESTMENT SERVICES

Law of 21 November 2017 on infrastructure for markets in financial instruments and on the implementation of Directive 2014/65/EU

Law of 2 August 2002 on the supervision of the financial sector and on financial services

Law of 11 July 2018 on public offers of investment instruments and the admission to trading of investment instruments on regulated markets

INSURANCE AND REINSURANCE

Law of 13 March 2016 on the legal status and supervision of insurance or reinsurance undertakings

Law of 4 April 2014 on insurance

REGULATED CREDIT AND CONSUMER PROTECTION

Book VI (Market Practices and consumer protection) of the Code Economic Law

Book VII (Payment Services and Credit) of the Code Economic Law

Royal Decree of 25 April 2014 on certain information requirements in relation to marketing of financial products with non-professional client

PAYMENT SERVICES

The Law of 11 March 2018 on the statute and supervision of payment institutions and electronic money institutions, access to the business of payment service provider and to the activity of issuing electronic money, and access to payment systems.

Book VII (Payment Services and Credit) of the Code Economic Law

INVESTMENT FUNDS

Law of 3 August 2012 on certain forms of collective management of investment portfolios (the UCITS Law)

Law of 19 April 2014 on alternative investment funds and their managers (the AIFM Law)

POST TRADE

Law of 28 April 1999 transposing Directive 98/26/EC of 19 May 1998 on settlement finality in payment and securities settlement systems

Law of 15 December 2004 on financial collateral and containing various tax provisions in respect of collateral security agreements and loans of financial instruments

OTHER KEY LEGISLATIONS

The Law of 18 September 2017 on the prevention of money laundering and terrorist financing and on the restriction of the use of cash.

Last modified 18 Dec 2019

Brazil

Brazil

Generally

Law No. 4.595 (Brazlian Financial System Law) 31/12/1964
Law No. 10.406/2002 (Brazilian Civil Code - Código Civil) 10/01/2002

Consumer credit

Law No. 4.595 (Brazilian Financial System Law) 31/12/1964
Law No. 8.078 (Brazilian Consumer Defense Code – Código de Defesa do Consumidor) 11/09/1990

Mortgages

Law No. 9.514 (Brazilian Real Estate Financial System) 20/11/1997
Law No. 10.406/2002 (Brazilian Civil Code - Código Civil) 10/01/2002

Corporations

Law No. 6.404 (Brazilian Corporation Law – Lei de Sociedades por Ações) 15/12/1976

Funds and platforms

Brazilian Securities Commission (CVM - Comissão de Valores Mobiliários) Instruction No. 555 17/12/2014

Other key market legislation

Law No. 4.728 (Brazilian Stock Markets Law) 14/07/1965
Law No. 6.385 (Brazilian Securities Law) 07/12/1976

Last modified 4 Dec 2019 | Authored by Campos Mello Advogados

Canada

Canada

Generally

Federal

Bank Act (S.C. 1991, c. 46)

Office of the Superintendent of Financial Institutions Act (R.S.C, 1985, c. 18 (3rd Supp.), Part I)

Financial Administration Act (R.S.C., 1985, c. F-11)

Canadian Securities Administrators (group that co-ordinates securities regulation among the 13 provincial and territorial regulators)

Provincial

Each province and territory has enacted its own securities legislation and has established a regulatory authority to administer it. Many provinces and territories interpret securities laws in the same manner through the adoption of National and Multilateral Instruments. These National and Multilateral Instruments can be found at each province’s or territory’s respective securities commission website.

Securities Act (Alberta) and Alberta Securities Commission

Securities Act (BC) and the British Columbia Securities Commission

Securities Act (Ontario) and Ontario Securities Commission

Securities Act (Québec), Derivatives Act (Québec) and the Autorité des marchés financiers

Consumer credit

Federal

Financial Consumer Agency of Canada Act (S.C. 2001, c.9)

Québec

Consumer Protection Act-RSO c.P40

Civil Code of Quebec

Mortgages

Federal

Canada Mortgage and Housing Corporation Act (R.S.C., 1985, c. C-7)

Québec

In Québec, the equivalent to a mortgage is a hypothec, which is the most common form of securities.

Civil Code of Québec

Regulation No. 29 respecting Mutual Funds Investing in Mortgages (V-1.1, r. 45)

Corporations

Federal

Canada Business Corporations Act

Provincial

Each province and territory has its own provincial legislation.

Ontario Business Corporations Act

Alberta Business Corporations Act

Business Corporations Act (Québec) and Civil Code of Québec

Funds and platforms

Provincial (Ontario)

National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (Advisors, Dealers, Investment Fund Managers)

National Instrument 81-101 Mutual Fund Prospectus Disclosure

National Instrument 81-102 Investment Funds

National Instrument 81-104 Commodity Pools

National Instrument 81-105 Mutual Fund Sales Practices

National Instrument 81-106 Investment Fund Continuous Disclosure

National Instrument 81-107 Independent Review Committee for Investment Funds

Provincial (Québec)

National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (Advisors, Dealers, Investment Fund Managers)

National Instrument 81-101 Mutual Fund Prospectus Disclosure

National Instrument 81-102 Investment Funds

National Instrument 81-104 Commodity Pools

National Instrument 81-105 Mutual Fund Sales Practices

National Instrument 81-106 Investment Fund Continuous Disclosure

National Instrument 81-107 Independent Review Committee for Investment Funds

Other key market legislation

Investment Industry Regulatory Organization of Canada

Mutual Fund Dealers Association of Canada

Provincial

Multilateral Instrument 91-101 Derivatives: Product Determination

Multilateral Instrument 96-101 Trade Repositories and Derivative Data Reporting

(Ontario)

Instruments 91-301 to 94-101

(Québec)

Instrument 41-101 to 45-513

Derivatives Regulation (I-14.01, r. 1)

Instruments 91-506 to 94-102

Last modified 2 Jan 2020

Chile

Chile

Generally

Decree with Force of Law No 1, Chilean Civil Code (2000) (Fija texto refundido, coordinado y sistematizado del Código Civil)

Chilean Commerce Code (1865) (Código de Comercio) (regulates commercial obligations and commercial contracts in general)

Law No 18,010, Establishes rules for credit operations (1981) (Establece normas para las operaciones de crédito y otras obligaciones de dinero) (establishes rules for credit operations and other monetary obligations)

Decree with Force of Law No 3, General Banking Act (1997) (Fija texto refundido, sistematizado y coordinado de la Ley General de Bancos) (regulation of banking activity and financial institutions and establishes the Financial Market Commission (CMF) (formerly known as Superintendence of Securities and Insurance /”SVS”/).

Law No 20,848, Establishes the framework for the Direct Foreign Investment in Chile (2015) (Establece marco para la inversión extranjera directa en Chile y crea la institucionalidad respectiva)

Consumer credit

Law No 20,555, establishes protection of rights of consumers, in order to grant financial powers to the National Consumer Service (SERNAC) (2012) (Modifica Ley N° 19.496, sobre protección de los derechos de los consumidores, para dotar de atribuciones en materias financieras, entre otras, al Servicio Nacional del Consumidor) (establishes protection of rights of consumers, in order to grant financial powers to the National Consumer Service)

Mortgages

Law No 20,855, Regulates the cancellation of mortgages and pledges that guarantee credits (2015) (Regula el alzamiento de hipotecas y prendas que caucionen créditos)

Corporations

Law No 18,046, Corporations Act (1981) (Ley de Sociedades Anónimas) (establishes regulations to corporations)

Law No 18,045, Chilean Securities Act (1981) (Ley de Mercado de Valores) (regulates securities issuers, securities trading and other activities related to securities)

Funds and platforms

Law No 20,712, Third party funds and individual portfolios (2014) (Administración de fondos de terceros y carteras individuales)

Law No 6,640, Establishes the Chilean Economic Development Agency (CORFO) (1941) (Texto refundido, creación de las corporaciones de reconstrucción y auxilio y de fomento a la producción)

Decree Law No 211, Establishes the regulation for the Chilean Development Agency (1960) (fija normas porque se regirá la Corporación de Fomento de la Producción)

Other key market legislation

Chapter XIV of the Compendium of Foreign Exchange Regulation of the Chilean Central Bank (Capítulo XIV del Compendio de Normas de Cambios Internacionales del Banco Central de Chile, sobre Normas aplicables a los créditos, depósitos, inversiones y aportes de capital provenientes del exterior) (rules applicable to credits, deposits, investments and capital contributions from abroad)

Law No 19,496, Consumer Protection Law (1997) (Establece Normas sobre Protección de los Derechos de los Consumidores) (establishes Norms on Protection of Consumer Rights)

Last modified 6 Dec 2019 | Authored by BAZ|DLA Piper

Colombia

Colombia

Generally

Organic Statute of the Financial System (Estatuto Orgánico del Sistema Financiero) (general statute of the financial system)

Law 964/2005 (Ley 964 de 2005) (structure and institutions of the financial system)

Decree 2555/2010 (Decreto Único) (structure of the financial system, securities and securities trading)

Legal Basic Circular (Circular Básica Jurídica - C.E. 029/2014)

Basic Accounting and Financial Circular (Circular Externa 100/1995 - Circular Básica Contable y Financiera)

Consumer credit

Financial Consumer Protection Regime (Régimen de Protección al Consumidor Financiero) (consumer protection regime)

Mortgages

Colombian Civil Code (Código Civil Colombiano)

Law 1555/2012 - Advance Payment of Credit Operations (Pago anticipado de operaciones de crédito)

Corporations

Colombian Code of Commerce (Código de Comercio Colombiano)

Legal Basic Circular (Circular Básica Jurídica - C.E. 029/2014)

Funds and platforms

Decree 2555/2010 (Decreto Único) (structure of the financial system, securities and securities trading)

Other key market legislation

Financial Consumer Protection Regime (Régimen de Protección al Consumidor Financiero) (consumer protection regime)

Anti-trust and Competition (Protección de la Competencia)

Habeas Data and Management of Information (Habeas Data y Manejo de la Información) (protection and management of the financial consumer information)

Last modified 20 Oct 2017 | Authored by DLA Piper Martinez Beltrán

Czech Republic

Czech Republic

Generally

Act No. 21/1992 Coll., on Banks (Zákon o bankách) (the regulation of banks, licensing, organization of banks, accounting rules, bank supervision and related fines etc)

Act No. 87/1995 Coll., on Credit Unions (Zákon o spořitelních a úvěrních družstvech) (regulating creation of credit unions, crisis management, articles of association, bodies within credit unions, disclosure of information and other related topics)

Act No. 277/2009 Coll., on Insurance (Zákon o pojišťovnictví) (regulating conduct in the field of insurance, including supervision, disclosure of information and related topics)

Act No. 15/1998 Coll., on Supervision of Capital Market (Zákon o dohledu v oblasti kapitálového trhu) (primarily regulating the competence of the Czech National Bank to supervise and regulate the capital market in the Czech Republic)

Act No. 256/2004 Coll., on Capital Market Undertakings (Zákon o podnikání na kapitálovém trhu) (regulating investment instruments and investment services, including the investment instruments market generally, the public auction of investment securities, prospectuses and its registration)

Consumer credit

Act No. 257/2016 Coll., on Consumer Credit (Zákon o spotřebitelském úvěru) (regulating the persons approved to provide consumer credit, its register, rules of conduct, conditions for agreement on consumer credit, supervision etc)

Act No. 284/2009 Coll., on Direct Debit (Zákon o platebním styku) (regulating the persons approved to provide payment services and issue electronic money, payment systems per se, rules and obligations for providing these payment services and related supervision)

Investment funds

Act No. 240/2013 Coll., on Investment Companies and Investment Funds (Zákon o investičních společnostech a investičních fondech) (regulating the positions of the administrator, deposit manager, investment funds, funds of collective investment, funds of qualified investors, investment offers, reporting obligations and supervision of the Czech National Bank)

Corporations

Act No. 90/2012 Coll., on Business Corporations (Zákon o obchodních korporacích) (the primary legislation for business law in the Czech Republic, regulating all kinds of business corporations – limited liability companies, joint-stock companies, companies limited by shares, partnerships etc, as well as their organizational/management arrangements)

Funds and platforms

Act No. 42/1994 Coll., on pension insurance with state contribution (Zákon o penzijním připojištění se státním příspěvkem) (regulating pension funds)

Other key market legislation

Act No. 89/2012 Coll., Civil Code (Občanský zákoník) (the primary legislation for private law in the Czech Republic, governing (among others) all contractual relationships between parties)

Act No. 300/2016 Coll., on Central Evidence of Accounts (Zákon o centrální evidenci účtů) (regulating the establishment of evidence, terms of use, including details for each account and conditions for entering data into the central register of accounts)

Capital Requirements Regulation (Regulation EU) 575/2013 (capital requirements) (Nařízení o obezřetnostních požadavcích na úvěrové instituce na investiční podniky a o změně nařízení) (regulating the rules concerning general requirements in relation to own funds requirements, requirements limiting large exposures, liquidity requirements, reporting requirements and public disclosure requirements)

European Market Infrastructure Regulation (Regulation (EU) 648/2012) (derivatives) (Nařízení o OTC derivátech, ústředních protistranách a registrech obchodních údajů) (setting out clearing and bilateral risk management requirements for over-the-counter derivative contracts, related reporting requirements and uniform requirements for the performance of activities of central counterparties and trade repositories)

Market Abuse Regulation (Regulation (EU) 596/2014) (market abuse) (Nařízení o zneužívání trhu) (regulating the insider trading, unlawful disclosure of inside information and market manipulation (market abuse) as well as measures to prevent market abuse)

Last modified 20 Oct 2017

Finland

Finland

Generally

Securities Markets Act (746/2012, Arvopaperimarkkinalaki)

Unfair Business Practices Act (1061/1978, Laki sopimattomasta menettelystä elinkeinotoiminnassa)

Act on Trading in Financial Instruments (1070/2017, Laki kaupankäynnistä rahoitusvälineillä)

Act on Security Accounts (750/2012, Laki arvopaperitileistä)

Act on Detecting and Preventing Money Laundering and Terrorist Financing (444/2017, Laki rahanpesun ja terrorismin rahoittamisen estämisestä ja selvittämisestä)

The Act on Finnish Financial Supervisory Authority (878/2008, Laki Finanssivalvonnasta)

Consumer credit

Act on Consumer Mortgage Brokers (852/2016, Laki asunto-omaisuuteen liittyvien kuluttajaluottojen välittäjistä)

Consumer Protection Act (38/1978, Kuluttajansuojalaki)

Act on Registration of Certain Loan Providers and Credit Brokers (853/2016, Laki eräiden luotonantajien ja luotonvälittäjien rekisteröinnistä)

Credit institutions

Act on Credit Institutions (610/2014, Laki luottolaitostoiminnasta)

Payment Services Act (290/2010, Maksupalvelulaki)

Act on Payment Institutions (297/2010, Maksulaitoslaki)

Act on Foreign Payment Institutions’ Actions in Finland (298/2010, Laki ulkomaisen maksulaitoksen toiminnasta Suomessa)

Act of Registration of Entities Undertaking Debt Collection (411/2018, Laki perintätoiminnan harjoittajien rekisteröinnistä)

Act on Agent of Bondholders (574/2017, Laki joukkolainanhaltijoiden edustajasta)

Corporations

Limited Liability Companies Act (624/2006, Osakeyhtiölaki)

Partnerships Act (389/1988, Laki avoimesta yhtiöstä ja kommandiittiyhtiöstä)

Funds, platforms and investing

Act on Crowd Funding (734/2016, Joukkorahoituslaki)

Act on Investment Services (747/2012, Sijoituspalvelulaki)

Act on Alternative Fund Managers (162/2014, Laki vaihtoehtorahastojen hoitajista)

Act on Mutual Funds (213/2019, Sijoitusrahastolaki)

Other key market legislation

Bank Recovery and Resolution Directive (2014/59/EU), implemented by the Act on Resolution of Credit Institutions and Investment Firms and by the Act on the Financial Stability Authority

Markets in Financial Instruments Directive (2004/39/EC), implemented by several national acts, mainly however, by the Act on Investment Services and by the Securities Markets Act

Capital Requirements Regulation (Regulation (EU) 575/2013) (capital requirements)

European Market Infrastructure Regulation (Regulation (EU) 648/2012) (derivatives)

Market Abuse Regulation (Regulation (EU) 596/2014) (market abuse)

Last modified 26 Nov 2019

France

France

Generally

Civil Code (Code civil), in particular Book III, Title III (Contracts), IV (Obligations' regime) & Title X (Loan), and Book IV (Security & Guarantee)

Monetary and Financial Code (Code monétaire et financier)
Regulation of the French authorities (AMF, ACPR, Banque de France)

Consumer credit

Consumer Code (Code de la consommation), in particular Chapter IV (Consumer Credit)

Mortgages

Civil Code (Code civil), in particular article 2393 and seq.

Corporations

Commercial Code (Code de commerce), in particular Book II (Companies and other groups)

Funds and platforms

Monetary and Financial Code (Code monétaire et financier)

AMF General Regulations (Réglement Général de l'AMF)

Other key market legislation

Commercial Code (Code de commerce), in particular Book VI (Insolvency Proceedings)

Last modified 4 Dec 2019

Germany

Germany

Generally

German Banking Act (Kreditwesengesetz – KWG)
Securities Trading Act (Wertpapierhandelsgesetz – WpHG)
Payment Services Supervision Act (Zahlungsdienstaufsichtsgesetz – ZAG)

Consumer credit

German Civil Code (Bürgerliches Gesetzbuch – BGB)
Introductory Act to the Civil Code (Einführungsgesetz zum Bürgerlichen Gesetzbuche – EGBGB)

Mortgages

German Civil Code (Bürgerliches Gesetzbuch – BGB)

Corporations

Stock Corporation Act (Aktiengesetz – AktG)
Limited Liability Companies Act (Gesetz betreffend die Gesellschaften mit beschränkter Haftung – GmbHG)
Commercial Code (Handelsgesetzbuch – HGB)

Funds and platforms

German Capital Investment Code (Kapitalanlagegesetzbuch – KAGB)

Other key market legislation

Bank Recovery and Resolution Directive (2014/59/EU) (recovery and resolution)
Capital Requirements Regulation (Regulation (EU) 575/2013) (capital requirements)
European Market Infrastructure Regulation (Regulation (EU) 648/2012) (derivatives)
Market Abuse Regulation (Regulation (EU) 596/2014) (market abuse)
Markets in Financial Instruments Directive (2004/39/EC) (financial instruments)

Last modified 20 Oct 2017

Ghana

Ghana

Banking and Securities 

Bank of Ghana Act, 2002 (Act 612)
Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930)
Non-Bank Financial Institutions Act, 2008 (Act 774)
Bank of Ghana notices, directives and circulars
Securities Industry Act, 2016 (Act 929)
Securities and Exchange Commission Guidelines, Directives, Codes and Circulars
Ghana Stock Exchange Listing Rules 2006
Ghana Stock Exchange Listing Regulations, 1990 (LI 1509)
Ghana Stock Exchange Membership Regulations, 1990 (LI1510) 

Bodies Corporate 

Companies Act, 2019 (Act 992)1
Incorporated Private Partnerships Act, 1962 (Act 152)
Bodies Corporate Official Liquidations Act, 1963 (Act 180) 

Mortgages 

Mortgages Act, 1972 (NRCD 96)
Home Mortgage Finance Act, 2008 (Act 770) 

Insurance and Pensions 

Insurance Act, 2006 (Act 724)
National Pensions Act, 2008, (Act 766) 

Other relevant legislation

Anti-Money Laundering Act, 2008 (Act 749)
Anti-Terrorism Act, 2008 (Act 762)
Bills of Exchange Act, 1961 (Act 55)
Borrowers and Lenders Act, 2008 (Act 773)
Central Securities Depository Act, 2007 (Act 733)
Contracts Act, 1960 (Act 25)
Credit Reporting Act, 2007 (Act 726)
Data Protection Act, 2012 (Act 843)
Electronic Transactions Act, 2008 (Act 772)
Finance Lease Act, 1993 (PNDCL 331)
Foreign Exchange Act, 2006, (Act 723)
Ghana Deposit Protection Act, 2016 (Act 931)
Ghana Investment Promotion Centre Act, 2013 (Act 865)
Income Tax Act, 2015 (Act 896)
Payment Systems and Services Act, 2019 (Act 987)
Public Financial Management Act, 2016 (Act 921)
Stamp Duty Act, 2005 (Act 689)
Venture Capital Trust Fund Act, 2004 (Act 680) 

Reference to an Act includes its amendments and regulations.

1The Companies Act, 2019 (Act 992) came into effect on 2 August 2019.

Last modified 15 Jan 2020 | Authored by Reindorf Chambers

Hungary

Hungary

Generally

Act CXXXIX of 2013 on the National Bank of Hungary (2013. évi CXXXIX. törvény a Magyar Nemzeti Bankról) (regulates the primary objectives, basic tasks and responsibilities of the National Bank of Hungary)

Act CCXXXVII of 2013 on Credit Institutions and Financial Enterprises (2013. évi CCXXXVII. törvény a hitelintézetekről és a pénzügyi vállalkozásokról) (regulates the obligations of credit institutions and financial enterprises regarding their establishment and operation)

Act CXXXVIII of 2007 on Investment Firms and Commodity Dealers, and on the Regulations Governing their Activities (2007. évi CXXXVIII. törvény a befektetési vállalkozásokról és az árutőzsdei szolgáltatókról, valamint az általuk végezhető tevékenységek szabályairól) (regulates the obligations of investment firms and commodity dealers regarding their establishment and operation)

Act CXXXVI of 2007 on the Prevention and Combating of Money Laundering and Terrorist Financing (2007. évi CXXXVI. törvény a pénzmosás és a terrorizmus finanszírozása megelőzéséről és megakadályozásáról) (combating money laundering and terrorist financing)

Act CXX of 2001 on the Capital Market (2001. évi CXX. törvény a tőkepiacról) (regulates the capital markets and the obligations of the market participants thereof)

Act XXXVII of 2014 on the further development of the system of institutions strengthening the security of the individual players of the financial intermediary system (2014. évi XXXVII. törvény a pénzügyi közvetítőrendszer egyes szereplőinek biztonságát erősítő intézményrendszer továbbfejlesztéséről) (stipulates provisions regarding the financial stability of the financial sector and establishes the framework for the administrative restructuring of financial institutions)

Consumer credit

Act CLXII of 2009 on Consumer Credit (2009. évi CLXII. törvény a fogyasztónak nyújtott hitelről) (consumer lending and the rights and obligations of the lenders and consumers)

Mortgages

Mortgage Credit Directive (2014/17/EU) (mortgage credit)

Act XXX of 1997 on Mortgage Loan Companies and on Mortgage Bonds (1997. évi XXX. törvény a jelzálog-hitelintézetről és a jelzáloglevélről) (regulates the establishment and operation of mortgage loan companies and the use of mortgage bonds)

Corporations

Act V of 2013 on Civil Code (2013. évi V. törvény a Polgári Törvénykönyvről) (body of rules regulating the core areas of private law)

Act V of 2006 on Public Company Information, Company Registration and Winding-up Proceedings (2006. évi V. törvény a cégnyilvánosságról, a bírósági cégeljárásról és a végelszámolásról) (establishes the legal framework regarding the foundation and registration of companies and for providing full public access to information from registers of official company records)

Act CXXXII of 1997 on Hungarian Branch Offices and Commercial Representative Offices of Foreign Companies (1997. évi CXXXII. törvény a külföldi székhelyű vállalkozások magyarországi fióktelepeiről és kereskedelmi képviseleteiről) (business establishment for foreign companies)

Act XLIX of 1991 on Bankruptcy Proceedings and Liquidation Proceedings (1991. évi XLIX. törvény a csődeljárásról és a felszámolási eljárásról) (bankruptcy and liquidation proceedings)

Funds and platforms

Alternative Investment Fund Managers Directive (2011/61/EU) (fund managers)

Undertakings for Collective Investment in Transferable Securities Directive (2009/65/EC) (mutual funds)

Other key market legislation

Bank Recovery and Resolution Directive (2014/59/EU) (recovery and resolution)

Capital Requirements Regulation (Regulation (EU) 575/2013) (capital requirements)

European Market Infrastructure Regulation (Regulation (EU) 648/2012) (derivatives)

Market Abuse Regulation (Regulation (EU) 596/2014) (market abuse)

Markets in Financial Instruments Directive (2004/39/EC) (financial instruments)

Last modified 20 Oct 2017

Italy

Italy


Generally

Italian Civil Code
Legislative Decree No. 385 dated 1 September 1993 (Consolidated Banking Act)
Legislative Decree No. 58 dated 24 February 1998 (Consolidated Financial Act)
CONSOB Regulation No. 20307 dated 15 february 2018 (Intermediaries Regulation)
CONSOB Regulation No. 11971 dated 14 May 1999 (Issuers Regulation)
Ministerial Decree No. 53 dated 2 April 2015
Presidential Decree No. 600/1973
Legislative Decree No. 239 dated 1 April 1996
Presidential Decree No. 601/1973

Consumer credit

Legislative Decree No. 206 dated 6 September 2005 (Consumer Code)
Bank of Italy Regulation of 29 July 2009, as subsequently amended, containing the transparency provisions for banking and financial transaction and services and for correctness of the relationship between the intermediaries and their clients (Transparency Provisions)

Mortgages

Legislative Decree No. 385 dated 1 September 1993 (Consolidated Banking Act)

Corporations

Italian Civil Code

Funds and platforms

Alternative Investment Fund Managers Directive (2011/61/EU)
Undertakings for Collective Investment in Transferable Securities Directive (2009/65/EC), as amended by Directive 2014/91/EU
Bank of Italy Regulation on collective asset management services dated 19 January 2015 (Bank of Italy Regulation)
Ministerial Decree No. 30 dated 5 March 2015 (Ministerial Decree)
European Long Term Investment Funds Regulation (Regulation (EU) 760/2015)

Other key market legislation

Bank Recovery and Resolution Directive (2014/59/EU) as amended from time to time (recovery and resolution)
Capital Requirements Regulation (Regulation (EU) 575/2013) as amended by Regulation EU 876/2019 (capital requirements)
European Market Infrastructure Regulation (Regulation (EU) 648/2012) (derivatives)
Market Abuse Regulation (Regulation (EU) 596/2014) (market abuse)
PRIIPs Regulation (Regulation (EU) 1286/2014) (packaged retail and insurance-based investment products)
Regulation on the prospectus to be published when securities are offered to the public or admitted to trading (Regulation (EU) 1129/2017) and repealing Directive 2003/71/EC and relevant delegated regulations 2019/979/EU and 2019/980/EU
Benchmark Regulation (Regulation (EU) 1011/2016) (indices used as benchmarks in financial instruments or financial contracts)
Capital Requirements Directive (2013/36/EU) (CRD IV)
STS Regulation (Regulation (EU) 2017/2402) (laying down a general framework for securitisation and creating a specific framework for simple, transparent and standarised securitisation)
Markets in Financial Instruments Directive (2014/65/EU) (MiFID II) (financial instrumets)
Payment Service Directive (2015/2366/EU) (PSD2)
E-Money Directive (2009/110/EC), as subsequently amended and supplemented (EMD)
Directive  for the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (2015/849/EU), as amended by Directive 2018/843/EU (Fifth AML Directive) (money laundering)
Legislative Decree No. 231 of 21 November 2007 (AML Decree) 
Law No. 108 dated 7 March 1996 as amended and implemented from time to time (Italian Usury Legislation)
Royal Decree Law No. 267 of 16 March 1942 as amended and implemented from time to time (Bankruptcy Law)
Law No. 130 of 30 April 1999 (Italian Securitization Law)
Legislative Decree No. 170 of 21 May 2004, implementing in Italy the Directive 2002/47/EC on financial collateral guarantees
Legislative Decree No. 11, 27 January 2010, as amended from time to time (PS Decree) (payment services)
Legislative Decree No. 45, 16 April 2012 implementing Directive 2009/110/EC (e-money)
CONSOB Regulation 18592 of 26 June 2013, as subsequently amended and supplemented (Crowdfunding Regulation)

Securities listed on Borsa Italiana (Italian regulated market)

Rules of the Markets organized and managed by Borsa Italiana S.p.A.
Instructions accompanying the Rules of the Markets organized and managed by Borsa Italiana S.p.A.

Last modified 22 Jan 2020

Japan

Japan

Generally

Financial Instruments and Exchange Act (Kinyu Shohin Torihiki Hou) (securities transactions)

Foreign Exchange and Foreign Trade Act (Gaikokukawase oyobi Gaikokuboeki Hou) (foreign transactions)

Payment Services Act (Shikinkessai ni kansuru Houritsu) (fund transfer business other than banking)

Trust Act (Shintaku Hou) (trusts)

Consumer credit

Consumer Contract Act (Shohisha Keiyaku Hou) (consumer contracts)

Mortgages

Act on Securitization of Assets (Shikin no Ryudoka ni kansuru Houritsu) (securitization of assets using special purpose companies or special purpose trusts)

Secured Bonds Trust Act (Tanpotsuki Shasai Shintaku Hou) (trusts relating to secured bonds)

Mortgage Securities Act (Teito Shoken Hou) (mortgage securitization)

Corporations

Companies Act (Kaisha Hou) (company)

Banking Act (Ginko Hou) (banking)

Money Lending Business Act (Kashikingyo Hou) (moneylending business)

Funds and platforms

Limited Partnership Act for Investment (Toshijigyouyugensekininkumiaikeiyaku ni kansuru Houritsu) (partnerships to conduct investment business)

Act on Investment Trusts and Investment Corporations (Toshishintaku oyobi Toshihojin ni kansuru Houritsu) (investment in securities using investment trusts and investment corporations)

Limited Liability Partnership Act (Yugensekininjigyoukumiaikeiyaku ni kansuru Houritsu) (limited liability partnerships)

Other key market legislation

Interest Rate Restriction Act (Risoku Seigen Hou) (interest rate)

Act on Prevention of Transfer of Criminal Proceeds (Hanzai niyoru Shueki no Itenboshi ni kansuru Houritsu) (anti-money laundering)

Last modified 5 Dec 2019

Luxembourg

Luxembourg

Generally

Law of 5 April 1993 on the financial sector, as amended from time to time

Consumer credit

The Luxembourg Consumer Code

Law of 23 December 2016, (i) transposing Directive 2014/17/EU of the European Parliament and of the Council of 4 February 2014 on credit agreements for consumers relating to residential immovable property and amending Directives 2008/48/EC and 2013/36/EU and Regulation (EU) No 1093/2010 and (ii) amending the Luxembourg Consumer Code

Mortgages

Articles 2114 to 2203 of the Luxembourg Civil Code

Mortgage loans are governed by the Luxembourg Consumer Code (please refer to the legislation in the ‘Consumer credit’ section above)

Companies

Articles 1832 to 1873 of the Luxembourg Civil Code

Law of 10 August 1915 on commercial companies, as amended from time to time

Funds and platforms

Law of 10 August 1915 on commercial companies, as amended from time to time

Law of 13 February 2007 on specialized investment funds

Law of 17 December 2010 on undertakings for collective investment

Law of 12 July 2013 on alternative investment fund managers

Law of 23 July 2016 on reserved alternative investment funds

Law of 15 June 2004 relating to companies investing in risk capital

Grand-ducal regulation of 8 February 2008 regarding Undertakings for Collective Investment in Transferable Securities (UCITS)

CSSF Regulation No. 10-04 regarding organizational requirements, conflicts of interest, conduct of business, risk management and content of the agreement between a depositary and a management company of UCITS

CSSF Regulation No. 10-05 regarding mergers, master-feeder structures and notification procedures

CSSF Circular 07/283 regarding specialized investment funds

CSSF Circular 08/380 regarding eligible assets for investments by UCITS

CSSF Circular 11/498 regarding undertakings for collective investment

CSSF Circular 18/698 regarding authorisation and organisation of investment fund managers incorporated under Luxembourg law – special provisions on the fight against money laundering and terrorist financing applicable to investment fund managers and entities carrying out the activity of registrar agent

 

Other key market legislation

Law of 5 August 2005, on financial collateral agreements, as amended from time to time

Law of 18 December 2015 on the resolution, reorganization and winding up measures of credit institutions and certain investment firms and on deposit guarantee and investor compensation schemes

Bank Recovery and Resolution Directive (2014/59/EU) (recovery and resolution)

Capital Requirements Regulation (Regulation (EU) 575/2013) (capital requirements)

European Market Infrastructure Regulation (Regulation (EU) 648/2012) (derivatives), as amended by Regulation (EU) 2019/834 of the European Parliament and of the Council of 20 May 2019

Market Abuse Regulation (Regulation (EU) 596/2014) (market abuse)

Law of 23 December 2016 on market abuse

Markets in Financial Instruments Directive (2004/39/EC) (financial instruments)

Law of 30 May 2018 on markets in financial instruments

LuxSE Rules and Regulations

Law of 8 April 2019 on the measures to be taken in relation to the financial sector in the event of the withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union

The law of 22 March 2004 on securitisation 

 

Last modified 10 Dec 2019

Mauritius

Mauritius

Generally 

Financial Services Act 2007
Securities Act 2005
Investment Promotion Act 2000
Business Facilitation Act 2017
Code of Commerce 1809 
Environment Protection Act 2002

Banking 

Bank of Mauritius Act 2004
Banking Act 2004

Consumer Credit

Borrower Protection Act 2007
Code Civil Act 1805 

Mortgage 

Code Civil Act 1805 

Corporations 

Companies Act 2001
Foundations Act 2012
Limited Partnerships Act 2011
Protected Cell Companies Act 1999 

Funds 

Securities (Collective Investment Schemes and Closed-end Funds)
Regulations 2008

Last modified 6 Dec 2019 | Authored by Juristconsult Chambers

Mexico

Mexico

Generally

Bank of Mexico Law (Ley del Banco de México)
Credit Institutions Law (Ley de Instituciones de Crédito)
Securities Market Law (Ley del Mercado de Valores)
Financial Groups Law (Ley para Regular las Agrupaciones Financieras)
Credit Organizations and Auxiliary Activities General Law (Ley General de Organizaciones y Actividades Auxiliares del Crédito)
General Law of Negotiable Instruments and Credit Transactions (Ley General de Títulos y Operaciones de Crédito)

Consumer credit

Law for the Protection and Defense of the User of Financial Services (Ley de Protección y Defensa al Usuario de Servicios Financieros)
Financial Services Transparency and Regulation Law (Ley para la Transparencia y Ordenamiento de los Servicios Financieros)

Mortgages

State Civil Codes (Códigos Civiles Estatales)

Special types of mortgages regulated in the following laws:

Corporations

General Law of Commercial Companies (Ley General de Sociedades Mercantiles)
Securities Market Law (Ley del Mercado de Valores)

Funds and platforms

Investment Funds Law (Ley de Fondos de Inversión)

Other key market legislation

Monetary Law of the United Mexican States (Ley Monetaria de los Estados Unidos Mexicanos)
Financial Technology Institutions Law (Ley para Regular las Instituciones de Tecnología Financiera)
Payments Systems Law (Ley de Sistemas de Pagos)
Bankruptcy Law (Ley de Concursos Mercantiles)
Bank Savings Protection Law (Ley de Protección al Ahorro Bancario)
Law to Regulate Credit Information Corporations (Ley para Regular las Sociedades de Información Crediticia)
Guaranteed Credit Transparency Law (Ley de Transparencia y de Fomento a la Competencia en el Crédito Garantizado)
Anti-Money Laundering Law (Ley Federal para la Prevención e Identificación de Operaciones con Recursos de Procedencia Ilícita)
Several regulations (circulares) issued by Banco de México, the National Banking and Securities Commission and other regulatory bodies

Last modified 5 Dec 2019

Morocco

Morocco

  • The Dahir of 12 August 1913 establishing the Code of Obligations and Contracts;
  • The Dahir No. 1-96-83 of 1 August 1996 promulgating Law No. 15-95 which establishes the Commercial Code;
  • The Dahir No. 1-11-03 of 18 February 2011 promulgating Law No. 31-08 which provides consumer protection measures;
  • The Dahir No. 1-14-193 of December 24, 2014 promulgating Law No. 103-12 on credit institutions and similar bodies;
  • The circulars and directives of Bank Al-Maghrib (BAM) and the Moroccan capital market authority (Autorité marocaine du marché des capitaux/AMMC);
  • The Law No. 18-95 establishing the investment charter (charte de l'investissement).

Last modified 6 Jan 2020

Netherlands

Netherlands

Generally

Financial Supervision Act (Wet op het financieel toezicht)
Market Conduct Supervision Decree (Besluit gedragstoezicht financiële ondernemingen)
Prudential Rules Decree (Besluit prudentiële regels Wft)
Exemption Regulation (Vrijstellingsregeling Wft)
Economic Offences Act (Wet Economische Delicten)

Consumer credit

Financial Supervision Act (Wet op het financieel toezicht)
Consumer Credit Act 1974 (as amended), as implemented in Book 7 of the Civil Code (Burgerlijk Wetboek)
Consumer Credit Act (Wet op het consumentenkrediet)

Mortgages

Financial Supervision Act (Wet op het financieel toezicht)
Mortgage Credit Directive (2014/17/EU), as implemented in Book 7 of the Civil Code (Burgerlijk Wetboek)
Market Conduct Supervision Decree (Besluit gedragstoezicht financiële ondernemingen)

Corporations

Financial Supervision Act (Wet op het financieel toezicht)
Book 2 of the Civil Code (Burgerlijk Wetboek)
Corporate Governance Code 2016

Funds and platforms

Alternative Investment Fund Managers Directive (2011/61/EU) (fund managers), as implemented in the Financial Supervision Act (Wet op het financieel toezicht)
Undertakings for Collective Investment in Transferable Securities Directive (2009/65/EC) (mutual funds), as implemented in the Financial Supervision Act (Wet op het financieel toezicht)
The European Venture Capital Funds (EuVECA) regulation (345/2013/EU)
The European social entrepreneurship funds (EuSEF) regulation (346/2013/EU)

Other key market legislation

Capital Requirements Regulation (Regulation (EU) 575/2013)
Capital Requirements Directive (2013/36/EU) (capital requirements), as implemented in the Financial Supervision Act (Wet op het financieel toezicht)
European Market Infrastructure Regulation (Regulation (EU) 648/2012) (derivatives)
Market Abuse Regulation (Regulation (EU) 596/2014) (market abuse)
Markets in Financial Instruments Directive (2004/39/EC) (financial instruments), as implemented in the Financial Supervision Act (Wet op het financieel toezicht)
Amended Payment Services Directive (2015/2366/EU) (payment institutions), as implemented in the Financial Supervision Act (Wet op het financieel toezicht)
Prospectus Regulation (Regulation (EU) 2017/11291/EC) (prospectus Anti-Money Laundering Directive (2015/849/EU), as implemented in the Act for the prevention of money laundering and financing of terrorism (Wet ter voorkoming van witwassen en financieren van terrorisme) (anti-money laundering)

Last modified 6 Dec 2019

New Zealand

New Zealand

Generally

Anti-Money Laundering and Countering Financing of Terrorism Act 2009
Personal Property Securities Act 1999
Fair Trading Act 1986
Consumer Guarantees Act 1993
Corporations (Investigation and Management) Act 1989
Commerce Act 1986

Consumer credit

Credit Contracts and Consumer Finance Act 2003
Land Transfer Act 2017
Property Law Act 2007

Mortgages

Credit Contracts and Consumer Finance Act 2003

Corporations

Companies Act 1993
Limited Partnerships Act 2008

Funds and platforms

Financial Markets Conduct Act 2013
Financial Markets Conduct Regulations 2014
Financial Service Providers (Registration and Dispute Resolution) Act 2008
Financial Advisors Act 2008
Financial Advis0rs (Custodians of FMCA Financial Products) Regulations 2014
Financial Services Legislation Amendment Act 2019

Other key market legislation

Non-Bank Deposit Takers Act 2013
Reserve Bank of New Zealand Act 1989
Income Tax Act 2007

Last modified 13 Dec 2019

Norway

Norway

Generally

Financial Institution Act (Finansforetaksloven) 2015

Consumer credit

Financial Contracts Act (Finansavtaleloven) 1999

Corporations

Partnerships Act (Selskapsloven) 1985
Private Limited Liability Companies Act (Aksjeloven) 1997
Public Limited Liability Companies Act (Allmennaksjeloven) 1997

Funds and platforms

Alternative Investment Fund Managers Act (AIF-loven) 2014
Securities Fund Act (Verdipapirfondloven) 2011

Mortgages

Mortgage/Liens Act (Panteloven) 1980

Other key market legislation

Money Laundering Act (Hvitvaskingsloven) 2009
Securities Trading Act (Verdipapirhandelloven) 2007
Stock Exchange Act (Børsloven) 2007
Financial Collateral Act (Lov om finansiell sikkerhetsstillelse) 2004
Enforcement Act (Tvangsfullbyrdelsesloven) 1992

Last modified 20 Oct 2017

Peru

Peru

Generally

The General Act of the Financial and Insurance Systems and Internal Organization Act of the Superintendence of Banking and Insurance (Ley General del Sistema Financiero y del Sistema de Seguros y Orgánica de la Superintendencia de Banca y Seguros) – Law 26702

The Securities Act (Ley del Mercado de Valores) – Supreme Decree 093-2002-EF

Regulations on the Initial Public Offering of Marketable Securities (Reglamento de Oferta Pública Primaria y de Venta de Valores Mobiliarios) – Resolution SMV 141-1998-EF/94.10

Consumer credit

The Consumer Protection and Defense Code (Código de Protección y Defensa del Consumidor) – Law 29571

Regulations on Market Conduct Assessment of the Financial System (Reglamento de Gestión de Conducta de Mercado del Sistema Financiero) – Resolution SBS 3274-2017

The Supplemented Act on Consumer Protection in Financial Service Matters (Ley Complementaria a la Ley de Protección al Consumidor en Materia de Servicios Financieros) – Law 28587

Mortgages

The Peruvian Civil Code (Código Civil Peruano) – Legislative Decree 295

The General Security Interest Act (Ley de la Garantía Mobiliaria) – Law 28677

Corporations

The General Business Corporations’ Act (Ley General de Sociedades) – Law 26887

Regulations of the Registry of Companies (Reglamento del Registro de Sociedades) – Resolution 200-2001-SUNARP-SN

Funds and platforms

The Investment Funds and their Management Companies Act (Ley de Fondos de Inversión y sus Sociedades Administradoras) – Legislative Decree 862

Regulations on Investment Funds and their Management Companies Act (Reglamento de Fondos de Inversión y sus Sociedades Administradoras) – Resolution SMV 029-2014-SMV/-01

Regulations on Mutual Funds and their Management Companies Act (Reglamento de Fondos Mutuos de Inversión de Valores y sus Sociedades Administradoras) – Resolution Conasev 068-2010-SMV/01

The Collective Fund Act (A las Empresas Administradoras de Fondos Colectivos contralará SMV) – Executive Order 21907

Regulations on the Collective Funds System and their Management Companies (Reglamento del Sistema de Fondos Colectivos y de sus Sociedades Administradoras) – Resolution SMV 020-2014-SMV/01

Other key market legislation

The General Bankruptcy System Act (Ley General del Sistema Concursal) – Law 27809

Last modified 5 Dec 2019 | Authored by DLA Piper Pizarro Botto Escobar

Poland

Poland

Generally

Act of 23 April 1964 – Civil Code (Ustawa z dnia 23 kwietnia 1964 r. – Kodeks cywilny) (civil code)

Act of 29 August 1997 – Banking Law (Ustawa z dnia 29 sierpnia 1997 r. – Prawo Bankowe) (banking law)

Act of 29 July 2005 on Public Offering, the Conditions Governing the Introduction of Financial Instruments to Organized Trading, and on Public Companies (Ustawa z dnia 29 lipca 2005 r. o ofercie publicznej i warunkach wprowadzania instrumentów finansowych do zorganizowanego systemu obrotu oraz o spółkach publicznych) (public offering and public companies)

Act of 29 July 2005 on Trading in Financial Instruments (Ustawa z dnia 29 lipca 2005 r. o obrocie instrumentami finansowymi) (financial instruments trading)

Act of 15 January 2015 on Bonds (Ustawa z dnia 15 stycznia 2015 r. o obligacjach) (bond issue and trading)

Act of 21 July 2006 on Financial Markets Supervision (Ustawa z dnia 21 lipca 2006 r. o nadzorze nad rynkiem finansowym) (financial markets supervision)

Act of 29 July 2005 on Capital Markets Supervision (Ustawa z dnia 29 lipca 2005 r. o nadzorze nad rynkiem kapitałowym) (capital markets supervision)

Act of 27 July 2002 – Foreign Exchange Law (Ustawa z dnia 27 lipca 2002 r. – Prawo dewizowe) (foreign exchange)

Act on Payment Services dated 19 August 2011, implementing Directive 2007/64/EC of the European Parliament and of the Council of 13 November 2007 on payment services in the internal market  of 27 July 2002 – Foreign Exchange Law (Ustawa z dnia 27 lipca 2002 r. – Prawo dewizowe) (foreign exchange)

Act on Settlement Finality in Payment and Securities Settlement Systems and on the Rules on Oversight of these Systems dated 24 August 2001, implementing Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems

Consumer credit

Act of 12 May 2011 on consumer credit (Ustawa z dnia 12 maja 2011 r. o kredycie konsumenckim) (consumer credit)

Mortgages and mortgage credit

Act of 6 July 1982 on Land and Mortgage Registers and on Mortgage (Ustawa z dnia 6 lipca 1982 r. o księgach wieczystych i hipotece) (land and mortgage registers and mortgage)

Act of 23 March 2017 on Mortgage Credit and Supervision of Mortgage Credit Brokers and Agents (Ustawa z dnia 23 marca 2017 r. o kredycie hipotecznym oraz o nadzorze nad pośrednikami kredytu hipotecznego i agentami) (mortgage credit) (NB The act enters into force on 22 July 2017.)

Corporations

Act of 15 September 2000 – Code of Commercial Companies (Ustawa z dnia 15 sierpnia 2000 r. – Kodeks spółek handlowych) (company law)

Funds and platforms

Act of 27 May 2004 on Investment Funds and Alternative Investment Funds Management (Ustawa z dnia 27 maja 2004 r. o funduszach inwestycyjnych i zarządzaniu alternatywnymi funduszami inwestycyjnymi) (general investment funds law)

Other key market legislation

Act of 10 June 2016 on Bank Guarantee Fund, Guaranteed Deposit Scheme and Mandatory Restructuring (Ustawa z dnia 10 czerwca 2016 r. o Bankowym Funduszu Gwarancyjnym, systemie gwarantowania depozytów i przymusowej restrukturyzacji) (guaranteed deposit scheme)

Bank Recovery and Resolution Directive (2014/59/EU) (recovery and resolution)

Capital Requirements Regulation (Regulation (EU) 575/2013) (capital requirements)

European Market Infrastructure Regulation (Regulation (EU) 648/2012) (derivatives)

Market Abuse Regulation (Regulation (EU) 596/2014) (market abuse)

REGULATION (EU) 2019/452 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 19 March 2019 establishing a framework for the screening of foreign direct investments into the Union (the screening of investments from non-EU countries (foreign direct investment) that may affect security or public order).

Last modified 6 Dec 2019

Portugal

Portugal

Generally

Banking Act (Regime Geral das Instituições de Crédito e Sociedades Financeiras) (establishes the general regulatory framework for banks and other financial entities)

Legal Regime on Payment Institutions and Electronic Currency (DL n.º 91/2018, de 12 de novembro) (regulates the activity of payment institutions and the provision of payment services)

Securities Act (Código dos Valores Mobiliários) (establishes the general legal framework applicable to securities and to the activity of financial intermediation)

Legal Regime on the Taking-Up and Pursuit of the Business of Insurance and Reinsurance (Lei 147/2015, de 9 de setembro) (regulates access to the insurance and reinsurance business, the procedures applicable to special crimes involving the insurance sector and pension funds, as well as the administrative offences supervised by the Portuguese insurance authority Autoridade de Supervisão de Seguros e Fundos de Pensões (ASF))

Legal Regime on the Taking-Up and Pursuit of the Activity on Insurance and Reinsurance Mediation (DL n.º 144/2006, de 31 de julho) (regulates the regime applicable to insurance and reinsurance brokerage activities in the EU territory, by natural or legal persons resident or having their registered office in Portugal)

Legal Regime on Insurance Contracts (DL n.º 72/2008, de 16 de abril) (that sets out the legal framework applicable to insurance contracts)

Consumer credit

Legal Regime on Credit Agreements for Consumers (DL n.º 133/2009, de 2 de junho) (transposes the European Directive 2008/48/CE of the European Parliament and of the Council regarding consumer credit agreements)

Mortgages

Legal Regime on Housing Credit (DL n.º 74-A/2017, de 23 de junho) approves the legal framework of housing credit agreements and sets out the applicable rules for consumer credit when secured by mortgage or by other types of security over real estate – partially transposes Directive 2014/17/UE relating to housing consumer credit)

Legal Regime on Mortgage Obligations and Mortgage Credit Institutions (DL n.º 59/2006, de 20 de março) (sets out the legal regime on mortgage obligations and mortgage credit institutions)

Corporations

Companies Act (Código das Sociedades Comerciais) (establishes the general legal framework applicable to the incorporation and organization of commercial companies)

Funds and platforms

Legal Regime on Undertakings for Collective Investment in Transferable Securities (Lei n.º 16/2015, de 24 de fevereiro) (partially transposes European Directives 2011/61/EU and 2013/14/EU on collective investment undertakings and establishes framework applicable to collective investment undertakings)

Legal Regime on the Setting Up and Operation of Pension Funds and Managing Entities of Pension Funds (DL n.º 12/2006, de 20 de janeiro) (regulates the setting up and operation of pension funds and the managing entities of pension funds)

Other key market legislation

Legal Regime on  Prevention of Money Laundering and Terrorism Financing(Lei n.º 83/2017, de 18 de agosto)

Legal Regime on the Central Register of the Beneficial Owner (Lei n.º 89/2017, de 21 de agosto)

Bank Recovery and Resolution Directive (2014/59/EU) (recovery and resolution)

Capital Requirements Regulation (Regulation (EU) 575/2013) (capital requirements)

European Market Infrastructure Regulation (Regulation (EU) 648/2012) (derivatives)

Market Abuse Regulation (Regulation (EU) 596/2014) (market abuse)

Markets in Financial Instruments Directive II – MiFID II - (Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014) (financial instruments)

Markets in Financial Instruments Regulation – MiFIR- (Regulation (EU) No 600/2014) (financial instruments)

PRIPS Regulation (EU) No 1286/2014 of the European Parliament and of the Council of 26 November 2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs) – adopted by CMVM regulation no. 8/2018, of 5 December 2018

Legal Regime on Securitisation (Lei n.º 69/2019, de 21 de agosto)

Last modified 6 Dec 2019

Puerto Rico

Puerto Rico

Generally

Puerto Rico Banking Act (regulation of commercial banks)

Uniform Securities Act (regulation of securities broker-dealers and investment advisors) (PRUSA)

Financial Intermediary Act (regulation of lenders and financial advisors that are not regulated by special laws)

Small Loan Concessionaires Act (regulation of lenders of loans of US$D5,000 or less)

Mortgage Concessionaires Act (regulation of mortgage banks)

International Financial Center Act (regulation of international financial entities)

International Banking Center Act (regulation of international banking entities)

General Credit Unions Act of 2004, as amended (regulation of Puerto Rico credit unions)

Puerto Rico Incentives Code, act 60-2019 (regulation on general tax incentives)

Consumer credit

Personal Property Leasing Act

Retail Instalment Sales Act (Act 68)

Small Loan Concessionaires Act (regulation of lenders of loans of US$5,000 or less)

Puerto Rico Civil Code

Puerto Rico Registry of the Property Act (regulating mortgages over real property)

Act to Regulate Mortgage Loan Industry

Act to Regulate Monetary Services Industry

Mortgages

 

Mortgage Concessionaires Act and the Puerto Rico Mortgage Law

Puerto Rico Civil Code

Puerto Rico Registry of the Property Act (regulating mortgages over real property)

Corporations

The General Corporations Act of 2009, as amended

Funds and platforms

The Investment Companies Act (Act No. 6), Investment Companies Act of 2013, as amended

Other key market legislation

Most, if not all, of the US federal laws regulating entities that are involved in finance and investments apply in Puerto Rico as well.

Last modified 11 Dec 2019

Romania

Romania

Credit institutions

Government Emergency Ordinance No 99/2006 on credit institutions and capital adequacy (Ordonanta de urgenta nr. 99/2006 privind institutiile de credit si adecvarea capitalului) (taking up and pursuit of the business of credit institutions)

National Bank of Romania (NBR) Regulation No 5/2013 on prudential requirements for credit institutions (Regulamentul nr. 5/2013 privind cerinte prudentiale pentru institutiile de credit) (prudential requirements for credit institutions)

Law No 312/2015 regarding the recovery and resolution of credit institutions and investment firms, as well as for amending and completing certain regulations in the financial field (Legea nr. 32/2015 privind redresarea si rezolutia institutiilor de credit si a firmelor de investitii, precum si pentru modificarea si completarea unor acte normative in domeniul financiar) (recovery and resolution of credit institutions and investment firms)

NBR Regulation No 4/2014 on reporting statistic data and information to the National Bank of Romania (Regulamentul nr. 4/2014 privind raportarea de date si informatii statistice la Banca Nationala a Romaniei) (reporting for statistic purpose of financial data and information to the National Bank of Romania by credit institutions, non-banking financial institutions, investment firms or other reporting entities)

NBR Regulation No 4/2005 on the foreign exchange regime (Regulamentul nr. 4/2005 privind regimul valutar) (foreign exchange regime)

Non-banking financial institutions

Law No 93/2009 regarding non-banking financial institutions (Legea nr. 93/2009 privind institutiile financiare nebancare) (taking up and pursuit of the business of non-banking financial institutions)

Regulation No 20/2009 regarding non-banking financial institutions (Regulament nr. 20/2009 privind institutiile financiare nebancare) (registration, communication of changes occurred in the status of non-banking financial institutions and prudential requirements applicable to non-banking financial institutions)

Consumer credit

Government Emergency Ordinance No 52/2016 on credit agreements for consumers relating to immovable property, as well as for amending and supplementing the Government Emergency Ordinance No 50/2010 on credit agreements for consumers (Ordonanta de urgenta nr. 52/2016 privind contractele de credit oferite consumatorilor pentru bunuri imobile, precum si pentru modificarea si completarea Ordonantei de urgenta a Guvernului nr. 50/2010 privind contractele de credit pentru consumatori) (credit agreements for consumers relating to immovable property, prudential and supervisory requirements (including for the establishment and supervision of credit intermediaries and debt recovery entities), aspects regarding the provision of ancillary services)

Government Emergency Ordinance No 50/2010 on credit agreements for consumers (Ordonanta de urgenta a Guvernului nr. 50/2010 privind contractele de credit pentru consumatori) (credit agreements for consumers)

Government Ordinance No 21/1992 on consumer protection (Ordonanta nr. 21/1992 privind protectia consumatorilor) (consumer protection)

Mortgages

Law No 287/2009 regarding the Civil Code (Legea nr. 287/2009 privind Codul Civil) (Civil Code of Romania)

Law No 77/2016 on giving in payment of real estate assets for discharging loan debts (Legea nr. 77/2016 privind darea in plata a unor bunuri imobile in vederea stingerii obligatiilor asumate prin credite) (giving in payment of real estate assets for discharging loan debts – datio in solutum)

Law No 190/1999 regarding mortgage loans for real estate investments (Legea nr. 190/1999 privind creditul ipotecar pentru investitii imobiliare) (mortgage credits for real estate investments)

Corporations

Companies Law No 31/1990 (Legea societatilor comerciale) (legal regime of companies)

Funds and platforms

Law No 297/2004 on the capital market (Legea nr. 297/2004 privind piața de capital) (capital market)

Law No 74/2015 on alternative investment fund managers (Legea nr. 74/ 2015 privind administratorii de fonduri de investiţii alternative) (alternative investment fund managers)

Government Emergency Ordinance No 32/2012 on undertakings for collective investment in transferable securities and investment management companies and for amending and supplementing Law No 297/2004 on the capital market (Ordonanţa de urgenţă nr. 32/2012 privind organismele de plasament colectiv în valori mobiliare şi societăţile de administrare a investiţiilor, precum şi pentru modificarea şi completarea Legii nr. 297/2004 privind piaţa de capital) (undertakings for collective investment in transferable securities and investment management companies)

Financial Supervisory Authority (FSA) Regulation No 9/2014 on the authorization and operation of investment management companies, undertakings for collective investment in transferable securities and depositaries of undertakings for collective investment in transferable securities (Regulamentul ASF nr. 9/2014 privind autorizarea şi funcţionarea societăţilor de administrare a investiţiilor, a organismelor de plasament colectiv în valori mobiliare şi a depozitarilor organismelor de plasament colectiv în valori mobiliare) (authorization and operation of investment management companies, undertakings for collective investment in transferable securities and of the depositaries of undertakings for collective investment in transferable securities)

National Securities Commission (NSC) Regulation No 15/2004 on the licensing and functioning of investment management firms, collective investment undertakings and depositories (Regulamentul CNVM nr. 15/2004 privind autorizarea şi funcţionarea societăţilor de administrare a investiţiilor, a organismelor de plasament colectiv şi a depozitarilor) (licensing and functioning of investment management firms, collective investment undertakings and depositories)

FSA Regulation No 10/2015 on alternative investment funds management (Regulamentul ASF nr. 10/2015 privind administrarea fondurilor de investiţii alternative) (alternative investment funds management)

Other key market legislation

Government Ordinance No 9/2004 on financial collateral agreements (Ordonanța nr. 9/2004 privind unele contracte de garanție financiară) (financial collateral agreements)

Law No 304/2015 regarding the issue of mortgage covered bonds (Legea 304/2015 privind emisiunile de obligatiuni ipotecare) (issue of mortgage covered bonds)

NSC Regulation No 32/2006 on financial investment services (Regulamentul nr. 32/2006 privind serviciile de investiţii financiare) (financial investment services)

Capital Requirements Regulation (Regulation (EU) 575/2013) (capital requirements)

European Market Infrastructure Regulation (Regulation (EU) 648/2012) (derivatives)

Market Abuse Regulation (Regulation (EU) 596/2014) (market abuse)

Last modified 20 Oct 2017

Russia

Russia

Generally

Civil Code of the Russian Federation, Part I (Гражданский кодекс Российской Федерации (часть 1)) (general provisions of civil law)

Civil Code of the Russian Federation, Part II (Гражданский кодекс Российской Федерации (часть 2)) (distinct types of obligations)

Civil Code of the Russian Federation, Part III (Гражданский кодекс Российской Федерации (часть 3)) (succession law and international private law)

Federal Law 'On Securities Market' (Федеральный закон 'О рынке ценных бумаг') (securities market)

Federal law 'On Banks and Banking Activities' (Федеральный закон 'О банках и банковской деятельности') (banks and banking activities)

Federal law 'On Foreign Investments in the Russian Federation' (Федеральный закон 'Об иностранных инвестициях в Российской Федерации') (foreign investments)

Federal Law 'On the Procedure of Foreign Investment in Business Undertakings Strategically Important for National Defense and State Security of the Russian Federation' (Федеральный закон 'О порядке осуществления иностранных инвестиций в хозяйственные общества, имеющие стратегическое значение для обеспечения обороны страны и безопасности государства') (foreign investments into certain undertakings)

Federal Law 'On the Central Bank of the Russian Federation (Bank of Russia)' (Федеральный закон 'О Центральном банке Российской Федерации (Банке России)') (status of the Central Bank of the Russian Federation)

Consumer credit

Federal Law 'On Consumer Credit (Loan)' (Федеральный закон 'О потребительском кредите (займе)') (consumer lending)

Federal Law 'On Microfinance Activities and Microfinance Organizations' (Федеральный закон 'О микрофинансовой деятельности и микрофинансовых организациях') (micro financing)

Federal Law 'On Credit Histories' (Федеральный закон 'О кредитных историях') (credit histories)

Federal Law 'On Protection of Rights and Legitimate Interests of Individuals In Activities of Collection of Overdue Repayment of Debts and Amendments to Federal Law 'On Microfinance Activities and Microfinance Organizations'' (Федеральный закон 'О защите прав и законных интересов физических лиц при осуществлении деятельности по возврату просроченной задолженности и о внесении изменений в Федеральный закон ‘О микрофинансовой деятельности и микрофинансовых организациях') (collection activities)

Mortgages

Federal Law 'On the Mortgage (Pledge of Immovable Property)' (Федеральный закон 'Об ипотеке (залоге недвижимости)') (mortgages)

Corporations

Federal Law 'On Joint-Stock Companies' (Федеральный закон 'Об акционерных обществах') (joint-stock companies)

Federal Law 'On Limited Liability Companies' (Федеральный закон 'Об обществах с ограниченной ответственностью') (limited liability companies)

Federal Law  'On International Companies and International Funds' (redomiciliation opportunities)

Funds and platforms

Federal Law 'On Investment Funds' (Федеральный закон 'Об инвестиционных фондах') (investment funds)

Federal Law 'On Investment Partnership' (Федеральный закон 'Об инвестиционном товариществе') (investment partnerships)

Federal Law 'On Encouragement of Investment by Investment Platforms and Amendments to Certain Legislative Acts of the Russian Federation' (investment platforms)

Other key market legislation

Federal Law 'On Currency Regulation and Currency Control' (Федеральный закон 'О валютном регулировании и валютном контроле') (currency regulation and control)

Federal Law 'On Concession Agreements' (Федеральный закон 'О концессионных соглашениях') (concession agreements)

Federal Law 'On Public Private Partnership, Municipal Private Partnership in the Russian Federation and Amendments to Certain Legal Acts of the Russian Federation' (Федеральный закон 'О государственно-частном партнерстве, муниципально-частном партнерстве в Российской Федерации и внесении изменений в отдельные законодательные акты Российской Федерации') (public private partnership)

Federal Law 'On Anti-money Laundering and Counter-Terrorism Financing Measures' (Федеральный закон 'О противодействии легализации (отмыванию) доходов, полученных преступным путем, и финансированию терроризма') (AML and CTF rules)

Federal Law 'On Amendments to Certain Legislative Acts of the Russian Federation for the Purpose of Countering the Financing of the Spread of Weapons of Mass Destruction' (WMD rules)

Law of the Russian Federation 'On Organization of Insurance Activities in the Russian Federation' (Закон РФ 'Об организации страхового дела в Российской Федерации') (insurance)

Federal Law 'On the Non-governmental Pension Funds' (Федеральный 'О негосударственных пенсионных фондах') (non-governmental pension funds)

Federal Law 'On Syndicated Credit (Loan) and Amendments to Certain Legislative Acts of the Russian Federation' (syndicated loans)

Last modified 5 Dec 2019

Singapore

Singapore

Generally

Banking Act
Finance Companies Act
Monetary Authority of Singapore Act
Hire-Purchase Act
Payment System (Oversight) Act 2006
Securities and Futures Act
Securities and Futures (Licensing and Conduct of Business) Regulations
Securities and Futures (Offers of Investments) (Shares and Debentures) Regulations 2005
Code on Collective Investment Schemes

Consumer credit

Consumer Protection (Fair Trading) Act

Mortgages

Land Titles Act
Registration of Deeds Act

Corporations

Companies Act

Funds and platforms

Financial Advisers Act
Financial Advisers Regulations
Insurance Act

Other key market legislation

Moneylenders Act
Limited Liability Partnership Act
Monetary Authority of Singapore (Control and Resolution of Financial Institutions) Regulations 2013

Last modified 20 Oct 2017

Slovak Republic

Slovak Republic

Generally

Act No. 186/2009 Coll. on Financial Intermediation and Financial Advisory Services, as amended (Zákon o finančnom sprostredkovaní a finančnom poradenstve a o zmene a doplnení niektorých zákonov) (regulating mainly financial intermediation and financial counselling)

Act No. 747/2004 Coll. on Supervision of the Financial Market, as amended (Zákon o dohľade nad finančným trhom a o zmene a doplnení niektorých zákonov) (regulating the supervision of the financial markets as exercised by the National Bank of Slovakia)

Act No. 483/2001 Coll. on Banks, as amended (Zákon o bankách a o zmene a doplnení niektorých zákonov) (regulating the establishment, organization, management, business operations, and termination of banks)

Act No. 566/2001 Coll. on Securities and Investment Services, as amended (Zákon o cenných papieroch a investičných službách a o zmene a doplnení niektorých zákonov) (regulating mainly securities and investment services)

Act No. 429/2002 Coll. on Stock Exchange, as amended (Zákon o burze cenných papierov) (regulating the stock exchange)

Act No. 492/2009 Coll. on Payment Services, as amended (Zákon o platobných službách a o zmene a doplnení niektorých zákonov) (regulating the payment services and establishment and operation of payment systems, payment institutions and electronic money institutions)

Act No. 530/1990 Coll. on Bonds, as amended (Zákon o dlhopisoch) (regulating bonds)

Act No. 202/1995 Coll. the Foreign Exchange Act, as amended (Devízový zákon) (regulating trading in foreign exchange assets, foreign exchange authorities and foreign exchange supervision)

Act No. 566/1992 Coll. on National Bank of Slovakia, as amended (Zákon o Národnej banke Slovenska) (regulating the activities of the National Bank of Slovakia)

Act No. 118/1996 Coll. on Deposit Protection, as amended (Zákon o ochrane vkladov a o zmene a doplnení niektorých zákonov) (regulating the protection of deposits held in accounts with banks and branches of foreign banks)

Act No. 371/2014 Coll. on Resolution in the Financial Market, as amended (Zákon o riešení krízových situácií na finančnom trhu a o zmene a doplnení niektorých zákonov) (regulating the procedure to be followed in connection with resolution in the financial market of the Slovak Republic)

Act No. 343/2015 Coll. on Public Procurement, as amended (Zákon o verejnom obstarávaní a o zmene a doplnení niektorých zákonov) (regulating procurement processes in Slovak Republic)

Act No. 18/2018 Coll. on Protection of Personal Data and on amending and supplementing of certain acts (Zákon o ochrane osobných údajov a o zmene a doplnení niektorých zákonov) (regulating processing of personal data in Slovak Republic)

Consumer credit

Act No. 129/2010 Coll. on Consumer Credits and Other Credits and Loans for Consumers, as amended (Zákon o spotrebiteľských úveroch a o iných úveroch a pôžičkách pre spotrebiteľov a o zmene a doplnení niektorých zákonov) (regulating the provision of consumer credits)

Act No. 250/2007 Coll. on Consumer Protection, as amended (Zákon o ochrane spotrebiteľa) (regulating the rights of consumers and the obligations of producers, traders, importers and suppliers)

Act No. 40/1964 Coll. Civil Code, as amended (Občiansky zákonník) (regulating the property relations of natural persons and legal entities as well as property relations between such persons and the state)

Mortgages

Act No. 90/2016 Coll. on Housing Loans, as amended (Zákon o úveroch na bývanie a o zmene a doplnení niektorých zákonov) (regulating the provision of housing loans)

Corporations

Act No. 513/1991 Coll. Commercial Code, as amended (Obchodný zákonník) (regulating the status of entrepreneurs, commercial obligations and some other relations relating to entrepreneurial activity)

Funds and platforms

Act No. 43/2004 Coll. on Old-Age Pension Saving Scheme, as amended (Zákon o starobnom dôchodkovom sporení a o zmene a doplnení niektorých zákonov) (regulating the scope and financing of old-age pension scheme)

Act No. 650/2004 Coll. on Supplementary Pension Scheme, as amended (Zákon o doplnkovom dôchodkovom sporení a o zmene a doplnení niektorých zákonov) (regulating the supplementary pension scheme and the transformation of supplementary pension insurance companies)

Investment funds

Act No. 203/2011 Coll. on Collective Investment, as amended (Zákon o kolektívnom investovaní) (regulating the rules of collective investment)

Other key market legislation

Capital Requirements Regulation (Regulation (EU) 575/2013) (capital requirements)

European Market Infrastructure Regulation (Regulation (EU) 648/2012) (derivatives)

Market Abuse Regulation (Regulation (EU) 596/2014) (market abuse)

Last modified 6 Dec 2019

South Africa

South Africa

Generally

Banks Act No. 94 of 1990
Co-Operative Banks Act No. 40 of 2007
Financial Advisory and Intermediaries Services Act No. 37 of 2002
Financial Intelligence Centre Act No. 38 of 2001
Financial Markets Act No. 19 of 2012
Income Tax Act No. 58 of 1962
Mutual Banks Act No. 124 of 1993

Consumer credit

Consumer Protection Act No. 68 of 2008
Insolvency Act No. 24 of 1936
National Credit Act No. 34 of 2005

Mortgages

Home Loan and Mortgage Disclosure Act No. 63 of 2000

Corporations

Companies Act No. 71 of 2008
Trust Property Control Act No. 57 of 1988

Funds and platforms

Collective Investment Schemes Control Act No. 45 of 2002

Energy and infrastructure

Civil Aviation Act No. 13 of 2009
Electricity Regulation Act No. 4 of 2006
Gas Act No. 48 of 2001
Independent Communications Authority of South Africa Act No. 13 of 2000
Petroleum Pipelines Act No. 60 of 2003
Preferential Procurement Framework Act No.5 of 2000

Other key market legislation

Broad-Based Black Economic Empowerment Act No.53 of 2003
Commercial Paper Regulations
Competition Act No. 89 of 1998
Conventional Penalties Act No. 15 of 1962
Currency and Exchanges Act, No. 9 of 1933 (including the Exchange Control Regulations)
Inspection of Financial Institutions Act No. 80 of 1998
Securitization Regulations

Last modified 5 Dec 2019

Spain

Spain

Generally

Law 10/2014, dated 26 June, on the management, supervision and solvency of credit entities (Ley 10/2014, de 26 de junio, de ordenación, supervisión y solvencia de entidades de crédito) (banking regulation)

Royal Legislative Decree 4/2015, dated 23 October, which enacts the consolidated text of the Securities Market Law (Real Decreto Legislativo 4/2015, de 23 de octubre, por el que se aprueba el texto refundido de la Ley del Mercado de Valores) (securities markets)

Royal Decree-Law 21/2017, dated 29 December, on urgent measures for the adaptation of the Spanish legislation to the EU legislation on securities market (Real Decreto-ley 21/2017, de 29 de diciembre, de medidas urgentes para la adaptación del derecho español a la normativa de la Unión Europea en materia del mercado de valores) (securities markets)

Law 11/2015, dated 18 June, on the recovery and resolution of credit entities and investment services companies (Ley 11/2015, de 18 de junio, de recuperación y resolución de entidades de crédito y empresas de servicios de inversión) (recovery and resolution)

Royal Decree-Law, dated 11 March, on the urgent measures to encourage productivity and improve public sector procurement (Real Decreto-ley 5/2005, de 11 de marzo, de reformas urgentes para el impulso a la productividad y para la mejora de la contratación pública) (collateral and close-out netting)

Consumer credit

Law 16/2011, dated 24 June, on credit agreements for consumers (Ley 16/2011, de 24 de junio, de contratos de crédito al consumo) (credit agreements for consumers)

Mortgages

Law 2/1981, dated 25 March, on the regulation of mortgage market (Ley 2/1981, de 25 de marzo, de regulación del mercado hipotecario) (mortgage market)

Law 2/2009, dated 31 March, which regulates contracting with consumers of mortgage loans or mortgage-backed facilities and brokering services for loan or credit facility agreements (Ley 2/2009, de 31 de marzo, por la que se regula la contratación con los consumidores de préstamos o créditos hipotecarios y de servicios de intermediación para la celebración de contratos de préstamo o crédito) (mortgages with consumers)

Law 5/2019, dated 15 March, on real estate credit agreements (Ley 5/2019, de 15 de marzo, reguladora de los contratos de crédito inmobiliario) (mortgages with consumers)

Corporations

Royal Legislative Decree, dated 2 July, by virtue of which it is enacted the consolidated text of Companies Law (Real Decreto Legislativo 1/2010, de 2 de julio, por el que se aprueba el texto refundido de la Ley de Sociedades de Capital) (companies law)

Funds and platforms

Alternative Investment Fund Managers Directive (2011/61/EU) (Directiva 2011/61/ue del parlamento europeo y del consejo de 8 de junio de 2011 relativa a los gestores de fondos de inversión alternativos) (alternative investment fund managers)

Undertakings for Collective Investment in Transferable Securities Directive (2009/65/EC) (Directiva 2009/65/ce del parlamento europeo y del consejo de 13 de julio de 2009 por la que se coordinan las disposiciones legales, reglamentarias y administrativas sobre determinados organismos de inversión colectiva en valores mobiliarios) (UCITS funds)

Law 35/2003, dated 4 November, on the Collective Investment Schemes (Ley 35/2003, de 4 de noviembre, de Instituciones de Inversión Colectiva) (collective investment schemes)

Law 22/2014, dated 12 November, which regulates venture capital companies, close-ended collective investment entities and management companies of close-ended collective investment entities, and which amends Law 35/2003, dated 4 November, on Collective Investment Schemes (Ley 22/2014, de 12 de noviembre, por la que se regulan las entidades de capital-riesgo, otras entidades de inversión colectiva de tipo cerrado y las sociedades gestoras de entidades de inversión colectiva de tipo cerrado, y por la que se modifica la Ley 35/2003, de 4 de noviembre, de Instituciones de Inversión Colectiva) (closed-ended collective investment entities)

Other key market legislation

Bank Recovery and Resolution Directive (2014/59/EU) (Directiva de Reestructuración y Resolución) (recovery and resolution)

Capital Requirements Regulation (Regulation (EU) 575/2013) (Reglamento de Requisitos de Capital) (capital requirements)

European Market Infrastructure Regulation (Regulation (EU) 648/2012) (Reglamento de Infraestructura Europea del Mercado) (derivatives)

Market Abuse Regulation (Regulation (EU) 596/2014) (Reglamento de Abuso de Mercado) (market abuse)

Markets in Financial Instruments Directive (2014/65/EU) (Directiva de Mercados de Instrumentos Financieros) (financial instruments)

Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (Reglamento de Mercados de Instrumentos Financieros) (financial instruments)

Last modified 5 Dec 2019

Sweden

Sweden

Generally

Banking and Financing Act 2004 (Lag (2004:297) om bank och finansieringsrörelse)

Securities Market Act 2007 (Lag (2007:528) om värdepappersmarknaden)

Foreign Branch Offices Act 1992 (Lag (1992:160) om utländska filialer)

Financial Instruments Trading Act 1991 (Lag (1991:980) om handel med finansiella instrument)

Act Regarding Issue of Covered Bonds 2013 (Lag om utgivning av säkerställda obligationer (2003:1223))

Money Laundering and Terrorism Financing (Prevention) Act 2017 (Lag (2017:630) om åtgärder mot penningtvätt och finansiering av terrorism)

Anti-Money Laundering Act 2014 (Lag (2014:307) om straff för penningtvättsbrott)

Penalties for Market Abuse on the Securities Market Act 2016 (Lag (2016:1307) om straff för marknadsmissbruk på värdepappersmarknaden)

Act on Supervision over Credit Institutes and Securities Companies 2014 (Lag (2014:968) om särskild tillsyn över kreditinstitut och värdepappersbolag)

Marketing Practices Act 2008 (Marknadsföringslag (2008:486))

Consumer credit

Consumer Credit Act 2010 (Konsumentkreditlagen (2010:1846))

Act Concerning Certain Activities with Consumer Credits 2014 (Lag (2014:275) om viss verksamhet med konsumentkrediter)

Credit Reporting Act 1973 (Kreditupplysningslag (1973:1173))

Mortgages

Act on Mortgage Credit Activities 2016 (Lag (2016:1024) om verksamhet med bostadskrediter)

Mortgage Credit Directive (2014/17/EU) (mortgage credit)

Corporations

Companies Act 2005 (Aktiebolagslagen (2005:551))

Partnership and Non-registered Partnership Act (Lag (1980:1102) om handelsbolag och enkla bolag)

Funds and platforms

Swedish UCITS Act 2004 (Lag (2004:46) om värdepappersfonder)

Alternative Investment Fund Managers Act 2013 (Lag om förvaltare av alternativa investeringsfonder (2013:561))

Alternative Investment Fund Managers Directive (2011/61/EU) (fund managers)

Undertakings for Collective Investment in Transferable Securities Directive (2009/65/EC) (mutual funds)

Other key market legislation

Bank Recovery and Resolution Directive (2014/59/EU) (recovery and resolution)

Capital Requirements Regulation (Regulation (EU) 575/2013) (capital requirements)

European Market Infrastructure Regulation (Regulation (EU) 648/2012) (derivatives)

Market Abuse Regulation (Regulation (EU) 596/2014) (market abuse)

Markets in Financial Instruments Directive (2014/65/EU) (financial instruments)

Last modified 22 Jan 2020

Thailand

Thailand

Generally

Civil and Commercial Code of Thailand

Securities and Exchange Act B.E. 2535 (1992)

Financial Institution Act B.E. 2551 (2008)

Payment System Act B.E. 2560 (2017)

Security Business Act B.E. 2558 (2015)

Consumer credit

Civil and Commercial Code of Thailand

Credit Information Business Act B.E. 2545 (2002)

Consumer Protection Act B.E. 2522 (1979)

MOF Notification re Business Subject to Approval to Clause 5 of the Revolutionary Council Decree 58 as amended

MOF Notification re Business Subject to Approval to Clause 5 of the Revolutionary Council Decree 58 (Regulated Personal Loan) as amended

MOF Notification re Business Subject to Approval to Clause 5 of the Revolutionary Council Decree 58 (Regulated Nano Finance) as amended

MOF Notification re Business Subject to Approval to Clause 5 of the Revolutionary Council Decree 58 (Pico Finance) as amended

MOF Notification re Business Subject to Approval to Clause 5 of the Revolutionary Council Decree 58 (Regulated Peer-to-Peer Lending Platform Business)

Mortgages

Civil and Commercial Code of Thailand

Security Business Act B.E. 2558 (2015)

Corporations

Civil and Commercial Code of Thailand

Public Limited Companies Act B.E. 2535 (1992)

Foreign Business Act B.E. 2542 (1999)

Investment Promotion Act B.E. 2520 (1977)

Funds and platforms

Securities and Exchange Act B.E. 2535 (1992)

Emergency Decree on Digital Asset Business B.E. 2561 (2018)

Ministerial Regulations - Approval for operation of securities business B.E. 2551 (2008)

Notification of the Office of the Securities and Exchange Commission No. SorNor. 87/2558 - Criteria, conditions and method of management of Mutual Funds for General Investors, Mutual Funds for Non-Retail Investors, Mutual Funds for Institutional Investors and Private Funds

Notification of Capital Market Supervisory Board No. TorNor. 88/2558 - Establishment of Mutual Funds for General and Non-Retail Investors and Execution of Agreements for Private Fund Management

Notification of Capital Market Supervisory Board No. TorNor. 89/2558 - Criteria for management of Mutual Funds for General and Non-Retail Investors and Mutual Funds for Institutional Investors and Private Funds

Notification of the Securities and Exchange Commission No. KorNor. 19/2540 (criteria, conditions and method of establishment of property fund for institutional investors)

Notification of Capital Market Supervisory Board No. TorNor. 73/2552 (criteria, conditions and method of establishment of funds for foreign investors)

Notification of Capital Market Supervisory Board No. TorNor. 38/2562 (criteria, conditions and method of establishment and management of infrastructure funds)

Notification of Capital Market Supervisory Board No. TorNor. 42/2555 (criteria, conditions and method of establishment and management of carbon funds)

Notification of the Securities and Exchange Commission No. KorNor. 22/2545 (criteria, conditions and method of management of venture capital funds)

Notification of the Office of the Securities and Exchange Commission No. KorJor. 15/2561 (Public Offer for Sale of Digital Tokens)

Notification of the Office of the Securities and Exchange Commission No. KorJor. 12/2562 (Private Placement Offer for Sale of Digital Tokens)

Notification of Capital Market Supervisory Board No. TorJor. 21/2562 (Regulations on Offer for Sale of Securities through Crowdfunding System)

Notification of Capital Market Supervisory Board No. TorJor. 1/2563 (Public Offer by a Private Limited Company Social Enterprise)

Notification of Capital Market Supervisory Board No. TorJor. 17/2563 (Private Placement Offer by SMEs)

SEC Guidelines on Issuance and Offer for Sale of Green Bond, Social Bond and Sustainability Bond​

Other key market legislation

Derivatives Act B.E. 2546 (2003)

Notification of the Securities and Exchange Commission No. KorKor. 9/2552 (criteria of approval and approval to operate as trustee)

Notification of Capital Market Supervisory Board No. TorJor. 39/2559 (approval for sale of newly issued shares)

Notification of Capital Market Supervisory Board No. TorJor. 17/2561 (approval for sale of newly issued debt instruments)

Notification of Capital Market Supervisory Board No. TorJor. 49/2555 (issuance and sale of trust unit of Real Estate Investment Trust)

Notification of Capital Market Supervisory Board No. TorJor. 12/2558 (issuance and sale of units of Infrastructure Trust)

Last modified 4 Apr 2020

Ukraine

Ukraine

Generally

Civil Code of Ukraine (No.435-IV, 16.01.2003) (general contractual principles)

Commercial Code of Ukraine (No.436-IV, 16.01.2003) (general principles governing business to business transactions)

Law of Ukraine ‘On Financial Services and State Regulation of Financial Services Markets’ dated 12 July 2001 (No. 2664-III, 12.07.2001) (financial services other than banking activity)

Law of Ukraine ‘On Protection of Foreign Investment in Ukraine’ dated 10 September 1991 (No.1540a-XII, 10.09.1991) (principles of state protection of foreign investments)

Law of Ukraine ‘On the Foreign Investment Regime’ dated 19 March 1996 (No.93/96-BP, 19.03.1996) (protection of foreign investments, change in law and effective compensation)

Consumer credit

Law of Ukraine ‘On Protection of Consumers' Rights’ dated 12 May 1991 (No.1023-XII, 12.05.1991) (consumer rights)

Law of Ukraine ‘On Consumer Lending’ dated 10 June 2017 (No.1734-VIII, 10.06.2017) (consumer lending)

Mortgages

Law of Ukraine ‘On Pledge’ dated 2 October 1992 (No.2654-XII, 02.10.1992) (general provisions on pledges, including mortgage transactions)

Law of Ukraine ‘On Mortgage’ dated 5 June 2003 (No.898-IV, 05.06.2003) (mortgages and mortgage notes)

Law of Ukraine ‘On Mortgage Lending, Operations with Consolidated Mortgage Debt and Mortgage Notes (Certificates)’ dated 19 June 2003 (No. 979-IV, 19.06.2003) (mortgage lending)

Law of Ukraine ‘On Mortgage Bonds’ dated 22 December 2005 (No.3273-IV, 22.12.2005) (issuance, placement and circulation of mortgaged bonds)

Business entities (banks, financial institutions)

Law of Ukraine ‘On Joint-stock Companies’ dated 17 September 2008 (No.514-VI, 17.09.2008) (incorporation, operation and liquidation of joint-stock companies)

Law of Ukraine ‘On Banks and Banking Activity’ dated 7 December 2000 (No.2121-III, 07.12.2000) (banks and banking services)

Law of Ukraine ‘On Credit Unions’ dated 20 December 2001 (No. 2908-III, 20.12.2001) (incorporation of credit unions and their operation)

Funds and platforms

Law of Ukraine ‘On Collective Investment Funds’ dated 5 July 2012 (No.5080-VI, 05.07.2012) (establishment, operation and termination of collective investment funds)

Other key market legislation

Law of Ukraine ‘On Securities and Stock Market’ dated 23 February 2006 (No.3480-IV, 23.02.2006) (issuance and circulation of securities and professional activities in the securities market)

Law of Ukraine ‘On State Regulation of Securities Market in Ukraine’ dated 30 October 1996 (No.448/96-BP, 30.10.1996) (principles of state regulation of the securities market)

Law of Ukraine ‘On Currency and Currency Operations’ 21 June 2018 (No.2473-VIII, 21.06.2018) (general principles governing currency transactions regime)

Decision No. 1688 ‘On Approval of Regulation on Functioning of Stock Markets’ approved by the National Securities and Stock Market Commission dated 22 November 2012 (No.1688, 22.11.2012) ttp://zakon3.rada.gov.ua/laws/show/z2082-12 (principles and requirements for trading on the stock exchanges)

Law of Ukraine ‘On Financial Leasing’ dated 16 December 1997 (No.723/97-BP, 16.12.1997) (financial leasing regulation)

Law of Ukraine ‘On Payment Systems and Money Transfer in Ukraine’ dated 5 April 2001 (No.2346-III, 05.04.2001) (payment systems regulation)

Law of Ukraine ‘On Prevention and Counteraction to Legalization (Laundering) of the Proceeds from Crime, Terrorist Financing and Financing of Proliferation of Mass Destruction Weapons’ dated 14 October 2014 (No.1702-VII, 14.10.2014) (anti-money laundering regulation)

Last modified 24 Jan 2020

UK - England and Wales

UK - England and Wales

Generally

Bank of England and Financial Services Act 2016
Financial Services Act 2012
Financial Services and Markets Act 2000
Financial Services and Markets Act 2000 (Regulated Activities) Order 2001
The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005
FCA Handbook and PRA Rulebook

Consumer credit

Consumer Credit Act 1974 (as amended)
FCA Handbook, Consumer Credit sourcebook

Mortgages

Mortgage Credit Directive (2014/17/EU) (mortgage credit)
Mortgages and Home Finance: Conduct of Business sourcebook

Corporations

Companies Act 2006
Overseas Companies Regulations 2009

Funds and platforms

Alternative Investment Fund Managers Directive (2011/61/EU) (fund managers)
Alternative Investment Fund Managers Regulations 2013 (fund managers)
Undertakings for Collective Investment in Transferable Securities Directive (2009/65/EC) (mutual funds)

Other key market legislation

Bank Recovery and Resolution Directive (2014/59/EU) (recovery and resolution)
Capital Requirements Regulation (Regulation (EU) 575/2013) (capital requirements)
European Market Infrastructure Regulation (EMIR) (Regulation (EU) 648/2012) (derivatives)
EMIR Refit Regulation (Regulation (EU) 2019/834) (derivatives)
Market Abuse Regulation (Regulation (EU) 596/2014) (market abuse)
Markets in Financial Instruments Directive II (2014/65/EC) (financial instruments)
Markets in Financial Instruments regulation (600/2014) (financial instruments)
Payment Services regulations 2017 (payment service providers)
Electronic Money Regulations 2011 (electronic money issuers)

Last modified 6 Dec 2019

UK - Scotland

UK - Scotland

Generally

Bank of England and Financial Services Act 2016
Financial Services Act 2012
Financial Services and Markets Act 2000
Financial Services and Markets Act 2000 (Regulated Activities) Order 2001

Consumer credit

Consumer Credit Act 1974 (as amended)
FCA Handbook, Consumer Credit sourcebook

Mortgages

FCA Handbook
Mortgage Credit Directive (2014/17/EU) (mortgage credit)
Mortgages and Home Finance: Conduct of Business sourcebook

Corporations

Companies Act 2006
Overseas Companies Regulations 2009

Funds and platforms

Alternative Investment Fund Managers Directive (2011/61/EU) (fund managers)
Undertakings for Collective Investment in Transferable Securities Directive (2009/65/EC) (mutual funds)

Other key market legislation

Bank Recovery and Resolution Directive (2014/59/EU) (recovery and resolution)
Capital Requirements Regulation (Regulation (EU) 575/2013) (capital requirements)
European Market Infrastructure Regulation (Regulation (EU) 648/2012) (derivatives)
Market Abuse Regulation (Regulation (EU) 596/2014) (market abuse)
Markets in Financial Instruments Directive (2004/39/EC) (financial instruments)

Last modified 20 Oct 2017

United Arab Emirates

United Arab Emirates

Generally

Legislation in the UAE

The Consolidated Constitution of the UAE (as amended) – (Article 7 establishes the Shari’a law as a fundamental source of legislation)

UAE Central Bank Federal Law No. 14 of 2018

UAE Federal Law No. 8 of 2018 on Financial Leasing

Central Bank Circulars

UAE Basel II Guidelines for Banks

Corporate Governance Guidelines 2009

Foreign Account Tax Compliance Act (FATCA)

UAE Federal Law Bo. 10 of 2018 regarding Netting

UAE Civil Code Federal Law No. 5 of 1985

UAE Law of Civil Procedure Federal Law No. 11 of 1992 and Federal Law No. 10 of 2014

UAE Commercial Transactions Law Federal Law 18 of 1993

UAE Commercial Companies Law Federal Law No. 2 of 2015

UAE Insurance Law Federal Law No. 6 of 2007

Central Bank Framework on Stored Values and Electronic Payment Systems of 2017

UAE Federal Law No. 9 of 2018 (Regarding Public Debt)

Free/Special Economic Zones in the UAE

There are over 40 free zones in the UAE currently which are set up under the laws of its host emirate regarding free zone companies and establishments. There is no federal free zone authority (although one was discussed extensively in 2007 and 2008) those free zones are given a degree of freedom to self-regulate so long as such regulation does not violate the provisions of local/national law, or constitute a violation of public morals or be contrary to public interest.

In addition to the free zones generally, Abu Dhabi Global Market (ADGM) and Dubai International Financial Centre (DIFC) are two financial free zones which have their own court system and legislative capacity.

While we do not cover the free zones in any great detail on this site, it is important to recognize that ADGM and DIFC have signed memoranda of understanding and mutual recognition with the local courts and/or federal court systems in their respective Emirates which means a decision from either of ADGM or DIFC can be enforced and executed directly through the local courts respectively without the case being heard ab initio.

Consumer credit

UAE Credit Information Law Federal Law No 6 of 2010 and Cabinet Resolution 16 of 2014 (information requirements and sharing)

UAE Consumer Protection Law Federal Law No 2 of 2006 and Executive Regulations of 2007

Mortgages

UAE Civil Code

UAE Commercial Transactions Law

UAE Central Bank Circular October 2013 established a loan to value ratio for mortgages

Dubai Law No. 8 of 2008 and 9 of 2009

Dubai Mortgage Law Decree No 31 of 2016

UAE Law No. 20 of 2016 on the Mortgage of Moveable Assets to Secure a Debt and its executive regulations (Cabinet Resolutions No. 5 and No. 6 of 2018). This law which came into effect on 15 March 2017 has established the Emirates Moveables Collateral Registry which is an online registry allowing the registration of security over moveables in the UAE.  This law is perceived as a much welcomed addition to the UAE financial landscape (especially for cross-border financing).

Corporations

UAE Civil Code

UAE Commercial Companies Law Federal Law No. 2 of 2015

Funds and platforms

SCA Chairman's Regulation No. 9 of 2016

SCA Chairman's Regulation No. 3 of 2017

Taken together, these regulations establish procedures for licensing, management, offer document contents, subscription, issuance and listing of funds.

Funds are listed on the Dubai Financial Market and NASDAQ Dubai. There are many trading platforms available including online trading platforms.

Other key market legislation

The United Arab Emirates is a federation of seven independent states, each of which has judicial capacity. In addition, through changes to the UAE Constitution, special free economic and financial free zones have been set up to attract foreign direct inward investment, each of which has its own regulatory authority.

It is possible that in order to establish the regulatory framework applicable to a company, fund, investment scheme, or activity that one or more and potentially all of the following legislation will need to be reviewed:

  • UAE Federal legislation;
  • legislation passed by each individual emirate but note:
    • Ajman, Fujairah, Sharjah, and Umm Al Quwain generally follow the same or substantially similar laws and adhere to the Federal Court System; and
    • Dubai, Abu Dhabi and Ras Al Khaimah have derogated from the Federal Court System and each have their own court system or judicial departments (independent from the federal system) – they pass laws which affect their emirate alone;
  • DIFC Legislation;
  • The Law and Regulations enacted in each other free zone;
  • DFSA Rules and Regulations;
  • ADGM Legislation;
  • UAE Central Bank Circulars and Resolutions; and
  • UAE Securities and Commodities Authority.

Last modified 23 Jan 2020

United States

United States

Generally

Federal

Federal Deposit Insurance Act (FDI Act)

Federal Reserve Act

Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act)

Volcker Rule (implementing section 619 of the Dodd-Frank Act)

Regulation W (implementing sections 23A and 23B of the Federal Reserve Act pertaining to restrictions on lending to affiliates)

12 US Code (USC) section 84 and 12 Code of Federal Regulations (CFR) section 32 (restrictions on lending limits)

Regulation O (restrictions on lending to insiders)

Bank Holding Company Act (BHC Act) (anti-tying rules)

Equal Credit Opportunity Act (ECOA) (fair lending)

Regulation B (implementing the ECOA)

Bank Secrecy Act

Securities Act of 1933 (Securities Act) and the Securities and Exchange Commission (SEC) rules thereunder

Securities Exchange Act of 1934 (SEA) and the SEC rules thereunder

Investment Advisers Act of 1940 (IAA) and the SEC rules thereunder

Investment Company Act of 1940 (ICA) and the SEC rules thereunder

State

Individual state laws and related state regulations apply.

Consumer credit

Federal

Truth in Lending Act (TILA)

Regulation Z (implementing TILA)

State

Individual state laws and related state regulations, including licensing and compliance regimes apply.

Mortgages

Federal

Fair Housing Act

Home Mortgage Disclosure Act (HMDA)

Regulation C (implementing the HMDA)

Truth in Lending Act (TILA)

Regulation Z (implementing TILA)

Real Estate Settlement Procedures Act (RESPA)

Regulation X (implementing RESPA)

TILA/RESPA Integrated Disclosure Rule (TRID)

State

Individual state laws and related state regulations, including licensing and compliance regimes apply.

Securities

Broker-dealers/investment advisers (as defined in the Investment Advisers Act of 1940)

Federal

Securities Act and the SEC rules thereunder

SEA and the SEC rules thereunder

IAA and the SEC rules thereunder

ICA and the SEC rules thereunder

State

Individual State Securities ('blue sky') laws and related state regulations apply.

Broker-dealers only

Self-regulatory organizations

Financial Industry Regulatory Authority (FINRA) Rules

National Securities Exchange Rules (e.g. New York Stock Exchange, NASDAQ Stock Market)

Federal Reserve Board of Governors Margin Rules (Regulation T)

Last modified 24 Jan 2020

What are the main laws and regulations that apply to entities that are involved in finance and investments generally?

Generally

Australian Securities and Investments Commission Act 2001 (Cth)
Australian Securities Exchange Listing Rules
Australian Prudential Regulation Authority Act 1998 (Cth)
Banking Act 1959 (Cth)
Banking Code of Practice
Competition and Consumer Act 2010 (Cth)
Corporations Act 2001 (Cth)
Customer Owned Banking Code of Practice
ePayments Code
Financial Sector (Collection of Data) Act 2001 (Cth)
Financial Sector (Shareholdings) Act 1998 (Cth)
Financial Sector (Transfer and Restructure) Act 1999 9 (Cth)
Financial Services Reform Act 2001 (Cth)
Foreign Acquisitions and Takeovers Act 1975 (Cth)
Payment Systems (Regulation) Act 1998 (Cth)
Payment Systems and Netting Act 1998 (Cth)
Reserve Bank Act 1959 (Cth)

Consumer credit

Banking Code of Practice
Competition and Consumer Act 2010 (Cth)
National Consumer Credit Protection Act 2010 (Cth)

Mortgages and other security interests

Banking Code of Practice
National Consumer Credit Protection Act 2009 (Cth)
Personal Property Securities Act 009 (Cth)

Corporations

Corporations Act 2001 (Cth)
Superannuation Act 1976 (Cth)
Superannuation Industry (Supervision) Act 1993 (Cth)

Taxation

Income Tax Assessment Act 1997 (Cth)
Income Tax Assessment Act 1936 (Cth)
Income Tax Assessment Act 1953 (Cth)

 

Funds and platforms

Corporations Act 2001 (Cth)

Other key market legislation

Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth)
Privacy Act 1988 (Cth)

NB Reference to an Act refers to all regulations under that Act.

Who are the regulators?

Regulation of the financial services sector is split between the Reserve Bank of Australia (RBA), the Australian Prudential and Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC).

The RBA is Australia’s central bank and responsible for the overall stability of financial markets and monetary policy.

APRA has the responsibility of supervising Australia’s Authorized Deposit Taking Institutions (ADIs), with the primary task to ensure that organizations in the banking and financial services sector manage their risk appropriately.

ASIC has responsibility for the supervision of operators of financial markets, clearing and settlement facilities, and market participants. It advises the Australian government on licensee operating rules as well as on new market and clearing and settlement facility operators. ASIC’s other main role is to regulate consumer protection in the financial sector.

Other regulators to note are:

  • the Australian Transaction Reports and Analysis Centre (Austrac); and
  • the Australian Competition and Consumer Commission (ACCC).

Austrac is the regulator and specialist financial intelligence unit responsible for regulation of anti-money laundering and counter-terrorism financing.

The ACCC is the national agency responsible for enforcing the Competition and Consumer Act 2010 (Cth)(CCA), Australia's key legislation in respect of trade practices. The ACCC regulates anti-competitive and unfair market practices, mergers or acquisitions of companies, consumer protection (including product safety) and third-party access to facilities of national significance.

What are the authorization requirements and process?

Australian Financial Services (AFS)

If an entity wishes to carry on a financial services business, it will have to apply to the ASIC for an AFS license or have the benefit of an exemption. Financial services include advice and dealing in respect of financial products such as investment products, non-cash payment facilities and arrangements for the management of financial risk.

To apply for a license, the entity is required to lodge an application form and a suite of proof documents (i.e. business descriptions, organizational structures, people proofs and financial statements). In some cases, ASIC may require additional information, and request the entity lodge further proof documents or answer specific questions in relation to the documents submitted with ASIC.

When evaluating an application for an AFS License, ASIC will assess if the entity:

  • is competent to carry on the type of financial services indicated in the application;
  • has sufficient resources to carry on the business; and
  • can meet the obligations of an AFS licensee (i.e. training, compliance, insurance and dispute resolution).

The application fee depends on the type of application application and, as at December 2019, ranges from AUD899 (i.e. paper lodgement for a request to cancel a body corporate AFS license), AUD3,721 (i.e. online application for a body corporate AFS license for retail clients and low complexity products) to AUD11,305 (i.e. paper lodgement for a body corporate AFS license for retail clients and high complexity products).

The application process takes around five to eight months in total, depending on the type of application lodged.

Firms which hold AFS Licenses are listed on the ASIC register.

Australian Prudential and Regulation Authority 

If an entity wishes to carry on a banking business in Australia it is required to be authorized by APRA as an 'authorized deposit-taking institution' (ADI) or have the benefit of an exemption.

To apply for authorization, the applicant must:

  • engage in a preliminary consultation with APRA to discuss the applicant's intention to engage in banking business in Australia;
  • lodge an application and required documentation with APRA; and
  • arrange meeting(s) with APRA to complete an onsite review.

The application fee depends on the type of application and ranges from AUD30,000 to AUD80,000.

The time required to process an application is dependent on the nature of the application and the supporting documents required to be provided to APRA. APRA states that generally the overall licensing process could take from three to twelve months.

Institutions classified as ADIs are listed on the APRA website.

Engagement with APRA prior to an application being made is recommended.

Credit

Credit providers and intermediaries require an Australian Credit License to provide credit or financial broking services (unless they are exempt). The credit licensing system is based on the AFS licensing concepts and requirements as ASIC is now the national regulator for consumer credit and finance broking.

To apply for a license, the entity will be required to lodge an application, answer questions in relation to proposed credit activities, provide supporting documents regarding employees and operations and provide a declaration the entity will comply with set obligations if granted a credit license.

To be granted a credit license, you will need to be able to comply with the general conduct obligations under the National Consumer Credit Protection Act 2009 (Cth), and be a 'fit and proper' person to engage in credit activities.

The application fee is determined by reference to a calculation method prescribed in the relevant regulatory guide and information sheets published by ASIC, and the relevant tiered scale. Depending on the calculation and scale, the application fee can range AUD450 to AUD26,250.

ASIC aims to decide whether to grant a credit licence within 60 days. However, the the time required to process an application is dependent on the nature of the application, and the supporting documents required to be provided to ASIC.

Australian Transaction Reports and Analysis Centre 

The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) imposes legal obligations on certain financial services providers, including the obligation to register with the Austrac if providing designated services, such as deposit-taking, currency exchange, loan, life insurance, securities and derivatives market services.

To register an entity with Austrac, the entity must complete and lodge an Austrac business profile form.

What are the main ongoing compliance requirements?

Australian Financial Services (AFS)

AFS Licenses carry a range of financial solvency and risk management requirements. Current general obligations include, but are not limited to:

  • ensuring the financial services covered by the license are provided honestly and fairly;
  • ensuring adequate arrangements are in place for managing conflicts of interests;
  • complying with financial services laws and conditions of the license;
  • employing adequate resources (e.g. financial, technological and human resources) to carry out the services covered by the license;
  • maintaining the skills and competence to provide the financial services covered by the license;
  • employing a dispute resolution and risk management system; and
  • ensuring employees are adequately trained and competent to provide the financial services.

The time and resources required for a new license and to maintain ongoing compliance with an AFS License can be significant depending on the required AFS License authorizations. Some of the more time-consuming requirements concern the preparation of licensing proofs on topics such as risk management, compliance, information technology processes and capabilities.

AFS licensees are required to notify ASIC of any 'significant' breach (or likely breach) of their obligations or financial services laws as soon as practically possible, and in any event within ten business days of becoming aware of the significant breach (or likely breach). Failure to report a significant breach is an offence and may result in penalties.

Australian Prudential and Regulation Authority 

APRA requires all ADIs to comply with its prudential requirements relating to governance, audit, risk management and capital adequacy from the commencement of their banking operations.

APRA's current prudential requirements include but are not limited to:

  • maintaining sufficient capital adequacy (namely the prudential capital ratio (PCR));
  • ensuring substantial shareholders are 'fit and proper' in the sense that they are financially sound;
  • ensuring persons who hold key positions within the ADI are 'fit and proper';
  • providing evidence of adequate risk management and internal control systems, business continuity management and information security standards;
  • providing evidence of adequate compliance systems and processes;
  • employing accounting systems that maintain secure, up-to-date records of all transactions and commitments undertaken by the ADI; and
  • engaging in adequate internal and external audit procedures and arrangements.

If APRA authorizes an entity to be deemed an 'authorized deposit-taking institution' this does not automatically allow the ADI to refer to itself as a 'bank' unless special provision has been made. APRA will generally permit an ADI to refer to itself as a 'bank' in its trading name and advertising if the ADI holds at least AUD50 million in Tier 1 capital.

Depending on the nature of the breach, if an APRA-regulated institution becomes aware that it has breached (or will breach) a prudential requirement and that breach is ‘significant’, a breach of a prudential requirement must be reported immediately, or within 10 business days after the institution becomes aware a breach has occurred. Failure to report such a breach is an offence and may result in penalties.

A corporation may also be required to register with APRA as a registered financial corporation under the Financial Sector (Collection of Data) Act 2001 (Cth). In general, this Act applies to any corporation which engages in the provision of finance in the course of carrying on business in Australia. Provision of finance includes but is not limited to:

  • the lending of money, with or without security;
  • carrying out of activities, whether directly or indirectly, that result in the funding of originating loans or other financing;
  • the supplying of goods by way of hire-purchase;
  • purchase of debentures or other securities (other than shares) issued by a corporation; and
  • acquisition of debts due to another person.

Intra-group financing activity between corporations that are related to one another does not constitute provision of finance.

There are some exemptions, including that this Act does not apply to corporations whose:

  • sum of assets in Australia, consisting of debts due to the corporation resulting from transactions entered into in the course of the provision of finance by the corporation, does not exceed AUD50 million in aggregate value; and
  • sum of the values of the principal amounts outstanding on loans or other financing, as entered into in a financial year, does not exceed AUD50 million in aggregate value.

Under this Act, APRA collects data from registered financial corporations. Corporations may be required to submit the appropriate forms on a monthly or quarterly basis, as confirmed by APRA upon registration.

What are the penalties for failure to be authorized?

A person undertaking a regulated activity without being authorized, licensed or exempt, commits a criminal offence and may be liable to imprisonment.

For example, engaging in financial services without an Australian Financial Services license, attracts a criminal penalty under the Corporations Act 2001 (Cth) of five years’ imprisonment, and, in the case of a body corporate, a maximum 6,000 penalty units (having a monetary value of AUD1.26 million). The court may also declare a maximum pecuniary civil penalty.

A person who engages in consumer credit activity without an Australian Credit License is, in the case of a body corporate, subject to a civil penalty of up to 5,000 penalty units (having a monetary value of AUD1.05 million) and a criminal penalty fine of up to AUD504,000, or in the case of an individual, two years' imprisonment.

If a corporation should be registered with APRA as a registrable financial corporation, and fails to provide APRA with the relevant documents within 60 days of becoming a corporation that should be registered with APRA, the corporation is subject to a fine of 50 penalty units (having a monetary value of AUD10,500) for every day that it does not comply with the reporting requirements.

What finance and investment activities require authorization?

Generally

To carry on banking business an entity must be authorized by APRA to be an ADI.

All financial activity requires regulatory authorization by ASIC when it is carried on by way of financial services or consumer credit business in Australia.

The following activities are likely to require authorization, if they have sufficient connection with Australia:

  • providing financial services, such as advice and dealing in respect of financial products, investment products, non-cash payment facilities, arrangements for the management of financial risk, derivatives, shares and managed investment schemes;
  • engaging in Australian financial securities activities, such as arranging and underwriting services in ‘financial products’ in the wholesale markets;
  • providing deposit-taking services, such as accepting deposits; and
  • engaging in consumer credit activities, relating to consumer leases, consumer credit contracts, credit assistance and securing payment obligations.

Financial Sector (Shareholdings) Act 1998

Acquisitions of shareholdings are covered by the Financial Sector (Shareholdings) Act 1998 (Cth) (FSSA). The FSSA restricts individual shareholdings in financial sector companies to a 20% stake. A financial sector companies is:

  • an authorised deposit-taking institution; or
  • an authorised insurance company; or
  • a holding company of an authorised deposit-taking institution or an authorised insurance company.

The Treasurer may approve a higher percentage stake limit if it is in the national interest to do so or the person is a fit and proper person and the company is new or recently establish, with assets below a certain threshold amount.
If a person obtains practical control of the Australian company, as declared by the Treasurer, then steps will need to be taken to end the practical control.

Foreign Investment Policy

The Australian government’s regulation of foreign investment has two main aspects. The first is the Foreign Acquisitions and Takeovers Act 1975 (Cth) (FATA) and the regulations made under FATA. The second consists of various ministerial statements and policy guidelines issued from time to time.

The Treasurer, assisted by the Foreign Investment Review Board (FIRB), administers this regulation. The Australian government has the power to block notifiable proposals determined to be contrary to the national interest or may impose conditions on an approval.

FIRB is a non-statutory body to advise the Treasurer and the Australian government on Australia’s foreign investment policy and its administration. FIRB examines foreign investment proposals and advises the Treasurer whether or not they comply with the policy. It also generally advises the Australian government on foreign investment matters and can assist foreign investors to ensure their proposals (and their associates) confirm with government policy.

For business acquisitions, foreign persons should obtain approval for the acquisition of:

  • a substantial interest in an Australian corporation or in an offshore company having Australian assets; or
  •  control of an Australian business, the value of which exceeds the prescribed limits.

A substantial interest exists if the foreign person (and any associates) has 20% or more or several foreign persons (and any associates) have 40% or more of the share capital or voting power in the corporation. Different thresholds apply for designated sectors such as agribusiness.

Foreign persons will require approval for the acquisition of interests in certain types of Australia real estate, depending on its value.

All foreign government investors must obtain approval before making a direct investment in Australia, starting a new business or acquiring interests in land regardless of the value of those acquisitions. Foreign government investors includes bodies politic, entities in which foreign governments or their agencies and related entities have an interest of 20% or more (or such entities from more than one foreign country having an aggregate interest of 40% or more) and entities that are controlled by foreign governments or their agencies or related entities.

Notification and approval of foreign investment will differ depending on the type of transaction and the type of investor (ie. private sector or foreign government investor). Applications are typically considered within 30 days and a further 10 days to notify the applicant, however this period may be extended, and in the case of the Treasurer making an interim order, by up to a further 90 days.

Are there any possible exemptions?

ASIC, APRA and the ACCC have the power to grant a large variety of exemptions in relation to authorisation and licensing requirements.

ASIC may exempt an individual or entity from the requirement to hold an Australian Financial Services license under the Corporations Act 2001 (Cth). For example, product providers are not required to hold an Australian Financial Services (AFS) license when providing general financial product advice on their own products. It must be noted that when an individual or entity relies on this exemption they must disclose to the recipient that the provider does not hold an AFS license. There are a wide variety of other exemptions that may apply.

APRA has the power to grant exemptions to certain institutions (such as charitable, religious and other registered entities) to engage in 'banking business' without violating the Banking Act 1959 (Cth).

The ACCC may exempt an individual or entity from the requirement to hold a Credit License under the National Consumer Credit Protection Act 2009 (Cth). For example, a public body or authority constituted under legislation, is not required to hold a credit license for any credit activities they engage in.

Do any exchange controls or other restrictions on payments apply?

Generally, banks are authorized to deal in foreign exchange and can operate foreign currency accounts. The RBA maintains general oversight of dealers in the foreign exchange market and sets conditions and prudential standards, but does not impose general restrictions on the import and export of funds in and out of Australia.

The flow of currency into and out of Australia is monitored through a reporting system. Under this system, designated cash dealers and individuals are required to report significant transactions – those involving AUD10,000 (other the foreign currency equivalent) or more – to Austrac. This report is due within 10 business days after the date of the transaction.

The RBA’s express approval may be required to complete some foreign exchange transactions that are real-time gross settlement (RTGS) systems (being RITS, Austraclear and CHESS) and multilateral netting arrangements. For example, the RBA has restricted foreign exchange transactions with governments and nationals of countries subject to United Nations sanctions.

There may also be anti-money laundering and tax considerations to take into account.

What are the rules around financial promotions?

Chapter 7 of the Corporations Act 2001 (Cth) outlines various criteria which must be met when issuing promotional material relating to financial products and financial services. The Australian Securities and Investments Commission Act 2001 (Cth) also prescribes other requirements such as consumer protection provisions.

Any promotional material relating to financial products must not include the use of restricted titles, words or expressions unless strict criteria are met, or the scope of an Australian financial services license permits the provider to do so. For retail clients, advertising materials for financial products are often required to specify the issuer and seller of the product, and inform the client to consider the Product Disclosure Statement (PDS) when making a decision about the financial product.

In addition, tax promoter penalty laws prohibit the promotion of tax avoidance schemes and schemes implemented directly to the way it has been described in a tax product ruling approved by the ATO.

What types of legal entity are generally used to undertake financial or investment activity?

Generally

The type of legal entity used to undertake financial or investment activity in Australia will to a degree depend on the nature of that investment or activity.

Companies

A company is a separate legal entity capable of holding assets and being sued in its own name. The most common types of companies are proprietary companies limited by shares (denoted by 'Proprietary Limited' or 'Pty Ltd' appearing at the end of the company’s name) and public companies limited by shares (denoted by 'Limited' or 'Ltd').

A key advantage of undertaking financial or investment activity through a company limited by shares is that the liability of the  shareholders for the company's liabilities is limited to the company's assets and unpaid share capital.

A public company may also be listed on the Australian Securities Exchange, subject to compliance with additional regulatory requirements that apply to listed entities.

Partnerships

Partnerships involve two or more individuals or companies carrying on a business, generally pursuant to a partnership agreement. Most partnerships are limited to no more than 20 partners, unless the partnership applies to a particular profession (e.g. an accountancy practice). A partnership is not a separate legal entity. Its partners are jointly and severally liable for the partnership’s liabilities. In certain states limited liability partnerships can be registered with State regulatory authorities. An incorporated limited partnership is a special kind of limited partnership. Limited partnerships are far less common than ordinary partnerships.

Joint ventures

A joint venture is usually a contractual arrangement entered into by two or more parties to carry out a specific commercial endeavour. A joint venture may be incorporated or unincorporated. An incorporated joint venture operates through a company, which is a separate legal entity. An unincorporated joint venture is a purely contractual arrangement between the joint venturers, and they will directly engage in the activities of the joint venture.

Trusts

A trust is an arrangement where one person, the trustee, holds property for the benefit of another person, the beneficiary. The trustee holds legal title to the property and must deal with the property for the benefit of the beneficiary. The trustee may be an individual or a company. The trustee is liable for any obligations it incurs as trustee, but it generally has a right to be indemnified out of the trust property.

Common types of trusts are discretionary trusts, unit trusts and bare trusts. The trustee of a discretionary trust may determine which of the beneficiaries are to receive distributions from the trust. The beneficiaries of a unit trust hold units in the trust and their respective entitlements to distributions from the trust isare determined by the number and class of units held. The trustee of a bare trust simply holds the property without having any active duties in relation to it, except to convey the property on demand to the beneficiaries or to deal with the property as they direct. 

Funds

An Australian hedge or debt fund is usually structured as a unit trust and would ordinarily fall within the definition of a 'managed investment scheme' in the Corporations Act 2001 (Cth). That Act imposes a wide range of obligations and requirements on the operators of managed investment schemes. Managed investment schemes are regulated by the ASIC. Managed investment schemes may also qualify for tax concessions if they qualify as a “managed investment trust” under Australian tax laws.

Is it possible to conduct lending or investment business through a branch or establishment?

Yes.

Foreign companies wishing to carry on business in Australia through a branch need to register as a foreign company with ASIC. To apply, a company must lodge an application form with ASIC, along with certified copies of the company's certificate of registration and constituent documents.

To be registered, the foreign company must have a registered office in Australia and a local agent to act on its behalf.

Registered foreign companies are required to lodge annual financial statements with ASIC and comply with certain notice obligations. The local agent will be responsible for acts, matters and things that the company is required to do under the Corporations Act 2001 (Cth) and may be held personally liable for any penalties imposed should a company contravene the Corporations Act 2001 (Cth).

Australia is in the process of transitioning to a new licensing framework for foreign financial service providers with Australian wholesale clients. ASIC has issued Consultation Paper 301: Foreign financial service providers (June 2018) and Consultation Paper 315: Foreign financial service providers: Further consultation (July 2019). The new regime is expected to commence on 1 April 2020, alongside transitional arrangements.

Onno Bakker

Onno Bakker

Partner
DLA Piper Australia
[email protected]
T +61 2 9286 8260
View bio

Add to home screen

To add this site to your home screen open the browser option menu and tap on Add to home screen.

To add this site to your home screen tap arrow and then plus