Malaysia: Financial Institutions Do Not Owe A Duty Of Care To Non-Customers

On 26 July 2023, the Federal Court allowed the appeal against the Court of Appeal’s decision in Koperasi Sahabat Amanah Ikhtiar Bhd v RHB Investment Bank Bhd [2022] 6 MLJ 722, where the Court of Appeal had extended the duty of care owed by financial institutions to non-customers.

One of the questions of law posed to the Federal Court was whether a financial institution owes a duty of care to third parties who are not its customers […]

By | August 9th, 2023 ||

UK: Bank Of England Launches First System-wide Exploratory Scenario Exercise

The Bank of England has announced the launch of its first system-wide exploratory scenario (SWES) exercise and published a new webpage setting out relevant information.

The Bank has asked a group of banks and non-bank financial institutions (NBFIs) to provide information on how they react to turbulence in financial markets, such as the gilts crisis in autumn 2022.

The Bank hopes to enhance its understanding of the risks to and from NBFIs, and the behaviour of NBFIs […]

By | August 8th, 2023 ||

Bahamas: Joint Statement From Bahamas Financial Services Board, Association Of International Banks And Trust Companies, Ministry Of Finance, Office Of The Attorney General

AIBT, BFSB and the Ministry of Finance held an industry consultation on the new provisions in the Business License Bill, 2023 (the “Bill”) as it pertains to IBCs who are doing business in or from within The Bahamas and the financial services industry. We are providing this written statement for the benefit of those who were not able to attend the consultation.

The Business License Act (the “Act”) is only applicable to a person who […]

By | August 6th, 2023 ||