Most Read Contributor in New Zealand, September 2016
Confirmation of Financial Products 83 Section 211 requires the issuer of a regulated
product to send to the product holder within one month of issue a
product or confirmation document that properly describes the
nature, terms and conditions of the product and the name of the
84 Almost all derivative transactions are
already evidenced by a standard confirmation document. However the
document countenanced by the Bill is quite different in terms of
the information it would carry. To require this new documentation
will impose significant extra cost.
85 We submit that derivatives should be
excluded from section 211 provided that the product holder has been
sent a copy of the underlying master derivative contract (e.g. an
ISDA Master Agreement) and a copy of the standard derivative
confirmation setting out the relevant terms of the individual
Licensed markets 86 Clause 307, appropriately, excludes from
licensing requirements any facility provided by an issuer for
matching buyers and sellers of financial products issued by that
issuer. This is a welcome exclusion, as it is not uncommon for
non-listed entities to wish to provide such facilities. It would,
however, be useful for this to be extended to subsidiaries which
provide such facilities for products issued by their parents, and
87 We accordingly submit that clause 307(2)(b)
read "a company matching persons who wish to acquire financial
products issued by that company or a related company (which is part
of the same wholly-owned group as the company providing the
facility) with persons who wish to dispose of financial products of
that company or related company (whether at a specified price or
The committee set up to draft a Code on Resolution of Financial Firms, by the Ministry of Finance, Government of India, on September 28, 2016, released a draft bill – The Financial Resolution and Deposit Insurance Bill, 2016...
In a race to adopt technology innovations, Banks have increased their exposure to cyber incidents/ attacks thereby underlining the urgent need to put in place a robust cyber security and resilience framework.
RG 256 deals primarily with remediation programs conducted by licensees who provide personal advice to retail clients.
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