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In early September it emerged that fewer than 10 UK-based banks had applied for EU licences to continue trading after Brexit. According to Reuters, the sloth pace is concerning to those at the European Central Bank (ECB), who are beginning to think that either banks are ill-prepared (unlikely), or that there's a loophole in the legislation (slightly more likely).

Akbar Komijani, deputy governor of the Central Bank of Iran, tells IFLR what is needed to help the Islamic finance market take off

The FCA’s announcement that it would phase out Libor by 2021 has confirmed that some key historic benchmarks are likely to be obsolete over time. But their replacements still have a role to play in the future

The UK’s PRA has intensified bank recovery planning requirements far beyond existing UK and EU rules

The congress of Guatemala has been discussing Bill 5157, which contains amendments to Decree 19-2002 (Law of Banks and Financial Groups, or Ley de Bancos y Grupos Financieros). These amendments have the backing of the Ministry of Economy, the Monetary Board and the General Secretariat of the Presidency of the Republic.

The publication of the Code has raised more questions than answers, especially when it comes to how it interacts with EU legislation

Both jurisdictions continue to invest heavily in initiatives that support the mutual development of their financial markets

The Cyprus Securities and Exchange Commission (CySEC) has issued a summary of the changes to passporting arrangements and conditions governing the provision of investment services and activities by third country firms. These changes will apply as from January 3 2018 under Law 87(I)/2017, which transposes the Markets in Financial Instruments Directive (Mifid) II into Cyprus law. The scope of Mifid II is wider than the existing regulatory regime and the Mifid II passporting arrangements will apply to a broader range of activities, services and financial instruments than before. CySEC advises all the investment firms it regulates to review their passports and authorisations to determine whether they require amendment under the scope of Law 87 (I)/2017 and, if so, to submit the requisite notifications using the forms provided on CySEC's website.

It has been more than three decades since the enactment of the law that regulates the Fideicomiso. The Fideicomiso, in general terms, is the legal act whereby a settlor transfers assets to a fiduciary (trustee) that agrees to manage those assets under the provisions established in the Fideicomiso instrument (trust), for the benefit of a beneficiary, which could be the settlor itself.

Bond issuances in the Latam nation are rising, but investor confidence needs a further boost