"Safe and trusted AI is when you do the innovation, try and be...
Category:
Regulation
Latest
IRDA may unveil new regulations to check insurers’ overdependence on promoter banks
In some cases, parent banks of insurers are selling over...
Secure messaging apps big challenge to counter online radicalisation: Govt
"The use of more secured messaging applications like Signal,...
2021 will witness lot of regulatory efforts channelled towards virtual assets: SBI official
” The use of crowdfunding websites, although not entirely new, create an additional risk as these are specially designed to solicit funding and can be misused for terror financing,” he said.
Varma also noted that crypto currencies and its potential means to finance terrorism is a significant threat especially when is anonymous in nature.
Factbox-Brexit and the City of London: what changes and when
For now, no. London still has a towering lead over rivals Frankfurt, Milan and Paris when it comes to trading stocks, currencies and derivatives and playing host to asset managers.
Financial firms say shifting more capital out of London than is necessary under Brexit would cause unnecessary and costly market fragmentation.
But in the longer term, if the EU takes a tough line on equivalence and its financial centers reach a critical mass in trading key asset classes, the attractions of London as a financial hub would diminish.
Govt extends validity of vehicle documents like DL, RC, permits till Mar 31
“The Union Ministry of Road Transport and Highways has extended the validity of vehicular documents like DLs, RCs, permits etc till March 31, 2021 in the light of need to prevent spread of COVID-19. Ministry has today issued a directory to the states and Union Territory administrations in the regard,” a MoRTH statement said.
Earlier through various notifications, it was advised that the validity of fitness, permit (all types), licence, registration or any other concerned document(s) may be treated to be valid till December 31, 2020.
Brexit offers Britain chance to do financial services differently -minister
Under a system known as equivalence, access to EU markets will not be granted to banks, insurers and other financial firms based in Britain unless their home rules are deemed by Brussels to be “equivalent”, or as robust as regulations in the bloc.
The two sides will aim to agree a memorandum of understanding on regulatory cooperation in financial services by March 2021, and Sunak said that such language should provide reassurance.
China launches antitrust probe into tech giant Alibaba
It follows China’s dramatic suspension last month of Ant’s planned $37 billion initial public offering, which had been on track to be the world’s largest, just two days before shares were due to begin trading in Shanghai and Hong Kong.
In a strongly worded editorial, the ruling Communist Party’s People’s Daily said that if “monopoly is tolerated, and companies are allowed to expand in a disorderly and barbarian manner, the industry won’t develop in a healthy, and sustainable way”.
Aon’s $30 billion Willis deal faces EU probe – sources
A full probe by the EU’s executive, the European Commission, would follow a preliminary review due to end on Dec. 21. The Commission declined to comment, as did Aon and Willis. A full-scale EU investigation normally takes about five months.
LIC’s PK Arora appointed as member, Actuary, IRDA
The post of member IRDAI had fallen vacant after Pournima Gupte, completed her five year tenure in Januray
Six actuaries including Gupte were interviewed by a high powered panel headed by the Cabinet Secretary Rajiv Gauba.
Get used to limited access, EU tells City of London bankers & insurers
Brexit makes it “even more urgent” for the EU to develop its own capital market to cut reliance on the City of London, Europe’s biggest financial centre, Mairead McGuinness said.
Britain’s full access to the EU ends on Dec. 31 when a transition period that followed Brexit in January expires.
Many banks, asset managers and insurers in London have opened hubs in the bloc to avoid disruption to clients from limited direct access from the UK.
Covid 19 Pandemic to hit life insurers’ investment income,ULIP and Pension and Annuity business:LIC Chief
TR Alamelu, member, IRDAI explained that that the solution to the issue of under-insurance in the country does not lie in mandating insurance because a stage has been reached where insurance should be a product on “demand” and It cannot be forced upon consumers by the industry or other stakeholders.
Italian regulator probes Allianz, Generali and UnipolSai over car claims
The regulator said the top European three companies had allegedly made it difficult for clients to properly access accident files. This might have hampered claims and masked the criteria for quantifying compensation, it added