The US's Foreign Account Tax Compliance Act, or Fatca, was widely criticised when it was enacted by Congress in 2010. Newly proposed regulations have brought with them some concessions, as well as an intent among some European countries to share this approach, meaning that the act is here to stay.
Latest articles from Regulations
Europe's banking sale of the century
March 1, 2012Regulatory pressure and the high cost of capital are driving a radical change of asset ownership in Europe. But most banks could take years to sell their non-core assets.
Latam banks gain as European giants retreat
March 1, 2012Since the onset of the financial crisis, Europe-based international banks such as HSBC and Santander have been scaling down operations in Latin America. This has created myriad opportunities for emerging regional financial players, which have lost no time in filling the gaps left by the European retreat.
Rwandan banks seek to boost profitability amid high growth
March 1, 2012Rwanda’s banks have benefited from the country’s rapid development since its genocide less than 20 years ago. With a high unbanked population and expectations of continued near double-digit economic growth, their rise is unlikely to slow soon. But the banks will have to boost their efficiency quickly if they want their profitability to match that of other east African lenders.
Using a sledgehammer to crack a nut
February 1, 2012In response to a request from the European Commission, a recent consultation paper from the European pensions body looks at ways the proposed Solvency II directive for insurers could be applied to occupational pensions. Many in the industry see far more problems than solutions in its application
Will outside events hinder Malaysia's reform plans?
February 1, 2012Malaysia is going through a period of transformation as the government seeks to push the country to developed nation status. The ambitious economic goals, however, are being tested by events further afield and observers are questioning to what degree Malaysia’s growth will be impacted by the troubles of the eurozone.
Tech-savvy Kenyan banks set the template for financial inclusion
February 1, 2012Kenya’s banks have proved themselves to be among Africa’s savviest and most innovative when it comes to tapping the unbanked market, which has helped them and their profits expand quickly in the past few years. And with a significant proportion of the market still unbanked, not to mention a relatively small number of mortgages in the country, there is still room for further growth.
Crisis forces regulation refocus in UAE
February 1, 2012The events triggered by the 2008 global financial crisis have ushered in a new wave of banking regulation in the United Arab Emirates and led to a greater focus on risk management. While UAE banks now boast some of the highest capitalisation levels in the world, the biggest challenge facing the sector as a whole is that of tightening liquidity.
Too soon to say goodnight Vienna
February 1, 2012The effects of eurozone deleveraging on central and eastern Europe should not be exaggerated, but certain countries look particularly exposed, especially in the Balkans. And the principles of European integration are under pressure.
Rethink needed on bank stress-testing
January 3, 2012With certain banks in the core eurozone states initially passing the European Banking Authority's generic stress-tests but then needing to be saved, surely now is the time to apply more rigorous testing procedures much like those endured by banks in the eurozone periphery countries?