Financial Institutions and Markets (J)

Financial Institutions and Markets (J)

Fenech Farrugia Fiott Legal are proud to announce the publication of the Malta chapter in the prestigious publication- The Transport Finance Law Review. The publication is international in scope and is designed to provide industry insights to transport finance in each of the key jurisdictions in which ships, rolling stock and aircraft are financed.

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A.S.A Bari, a Barrister at Lincoln’s Inn, Managing Partner of A.S & Associates and, and an Advocate of the Supreme Court of Bangladesh discusses Bangladesh’s current biggest legal challenge, Non-Performing Loan recovery. 

In Bangladesh, the foremost challenge for the financial institutes is Non-Performing Loan (NPL) recovery. Recently the Ministry of Finance of the Government of the People’s Republic of Bangladesh informed the national Parliament that the total amount of non-performing loan is BDT 560 Billion. According to Bangladesh Bank, the Central Bank of Bangladesh, NPL ratio increased by 113 basis points, reaching 9.9 percent at end of March 2016 from 8.8 percent (9.3 as per World Bank) recorded at end of December 2015. 

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On 23 June 2016 the electorate in the UK voted to exit the European Union (EU).

Asset management is an area which is heavily regulated at EU level and there is now great uncertainty surrounding what will happen to the UK's asset management offering.

The three major regulatory regimes affecting the asset management industry in the EU are:

  1. The Undertakings for Collective Investment in Transferable Securities Directive (UCITS) which governs collective investment schemes open to retail investors;
  2. The Alternative Investment Fund Managers Directive (AIFMD) which governs collective investment schemes which invest in alternative asset classes; and
  3. Markets in Financial Instruments Directive (MiFID) which governs investment firms.

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Effective May 11, 2016, Nebraska adopted a new exemption from the State’s investment adviser registration requirements which, subject to certain conditions, excludes private fund advisers from registration as an “investment adviser” with the State. The new exemption reduces regulatory burdens and is expected to provide Nebraska-based companies a better opportunity to access growth capital and facilitate capital formation in the State.

Read more: Q&A on Change in Nebraska Investment Rules


A bank is an institution of trust whose fields of activity, foundation, management, internal auditing systems, financial reporting, equity, capital sufficiency ratios and auditing is determined by Banking Law numbered 5411 (“Banking Law” or “BL”). The legal liability of banks for their actions are determined within the scope of several legislations, the first of which is the general provisions enshrined in the Turkish Code of Obligations numbered 6098 (“TCO”). In addition, the Turkish Commercial Code numbered 6012 (“TCC”) sets forth under Art 18(2) that all merchants shall act prudently in all matters relating to their commercial activities. The second basis for banks’ stricter legal liability as merchants arises from this provision. Banks, as institutions which generate public trust, shall act with a level of prudence that is required specifically in their field of activity. In other words, such generation of trust in the public eye results in the obligation of banks to act with even more prudence when compared to a common merchant.

Read more: Legal Liability of Banks as Trustworthy Institutions