News and Updates Issue 14 Duration May 16-31, 2019

Law is order, and good law is good order.

ARISTOTLE, 4TH- CENTURY B.C. GREEK PHILOSOPHER

BANKING AND FOREIGN EXCHANGE

  • The Reserve Bank of India (RBI) has issued a notification RBI/2018-19/184 dated May 16, 2019 in relation to Risk Management System – Appointment of Chief Risk Officer (CRO) for NBFCs. ‘While Boards of NBFCs should strive to follow best practices in risk management, it has been decided that NBFCs with asset size of more than Rs. 50 billion shall appoint a CRO with clearly specified role and responsibilities. The CRO is required to function independently so as to ensure highest standards of risk management.’
    For more information, please access –ReadMore
  • The Reserve Bank of India (RBI) has issued a notification RBI/2018-19/187 A.P. (DIR Series) Circular No.34 dated May 24, 2019 in relation to ‘Voluntary Retention Route’ (VRR) for Foreign Portfolio Investors (FPIs) investment in debt.
    For more information, please access –
    https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11561&Mode=0
  • The Reserve Bank of India (RBI) has released draft circular on “Liquidity Risk Management Framework for Non-Banking Financial Companies and Core Investment Companies” for public comments dated May 24, 2019. The Framework is intended to be adopted by all deposit taking NBFCs; non-deposit taking NBFCs with an asset size of ` 100 crore and above; and all CICs registered with the Reserve Bank.
    For more information, please access–ReadMore 
  • The Reserve Bank of India (RBI) has issued a notification RBI/2018-19/189 dated May 28, 2019 in relation to Real Time Gross Settlement (RTGS) System – Extension of Timings for Customer. It has been decided to extend the timings for customer transactions (initial cut-off) in RTGS from 4:30 pm to 6:00 pm.
    For more information, please access –ReadMore 
  • The Reserve Bank of India (RBI) has issued a notification RBI/2018-19/190 dated May 29, 2019 in relation to amendment to Master Direction (MD) on KYC. Important amendments include;
    a)  Banks have been allowed to carry out Aadhaar authentication/ offline-verification of an individual who voluntarily uses his Aadhaar number for identification purpose. (Section 16 of the amended MD on KYC)
    b)  ‘Proof of possession of Aadhaar number’ has been added to the list of Officially Valid Documents (OVD) with a proviso that where the customer submits ‘Proof of possession of Aadhaar number’ as OVD, he may submit it in such form as are issued by the Unique Identification Authority of India (UIDAI). (Section 3 of the amended MD).
    For more information, please access –ReadMore 
  • The Reserve Bank of India (RBI) has issued a notification RBI/2018-19/191 dated May 29, 2019 in relation to Extension of relaxation on the guidelines to NBFCs on securitisation transactions, whereby dispensation provided therein has been extended till December 31, 2019.
    For more information, please access –ReadMore

COMPETITION LAW

  • International Competition (ICN) Network Adopts Framework for Competition Agency Procedures and Recommended Practices on Investigative Process [May 17, 2019]
    For more information, please access –ReadMore
  • The Federal Trade Commission has agreed to extend by 60 days the deadline for the public to submit comments on proposed changes to the Safeguards Rule, which requires financial institutions to develop, implement, and maintain a comprehensive information security program. [May 21, 2019]
    For more information, please access –ReadMore
  • The Federal Trade Commission (FTC) FTC Staff Issues FY 2016 Report on Branded Drug Firms’ Patent Settlements with Generic Competitors [May 23, 2019]
    For more information, please access –ReadMore
  • The Federal Trade Commission (FTC) announces Amendments to Rule Providing Model Forms and Disclosures to Facilitate Compliance with the Fair Credit Reporting Act [May 23, 2019]
    For more information, please access –ReadMore
  • Antitrust: Commission fines Barclays, RBS, Citigroup, JPMorgan and MUFG €1.07 billion for participating in foreign exchange spot trading cartel [May 16, 2019]
    For more information, please access –
    http://europa.eu/rapid/press-release_IP-19-2568_en.pdf
  • Antitrust: Commission confirms unannounced inspections in the grocery retail sector in France [May 22, 2019]
    For more information, please access –
    http://europa.eu/rapid/press-release_MEMO-19-2689_en.pdf
  • The Federal Trade Commission (FTC) releases agenda for workshop examining online event ticket sales [May 28, 2019]
    For more information, please access –ReadMore

ENERGY

  • MNRE cancels 438 Mw hydro power proposals of 50-odd private companies [May 25, 2019]
    For more information, please access –ReadMore 

NEWS

  • The Securities and Exchange Board of India (SEBI) fines IFCI Financial Services for not complying with power of attorney norms [May 16, 2019]
    For more information, please access –ReadMore 
  • Reserve Bank of India (RBI) to bank on data analytics for timely fraud detection [May 17, 2019]
    For more information, please access –ReadMore 
  • Government open to giving more powers to Reserve Bank of India (RBI) in insolvency cases [May 17, 2019]
    For more information, please access –ReadMore
  • Centre moves Supreme Court on retrospective effect of Black Money law [May 20, 2019]
    For more information, please access –ReadMore
  • Tax officials move Supreme Court (SC), seek clarity on ‘power to arrest’ [May 28, 2019]
    For more information, please access –ReadMore
  • The Securities and Exchange Board of India (SEBI) floats discussion paper on regulatory sandbox for fintechs [May 28, 2019]
    For more information, please access –ReadMore

 

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