Norton Rose Fulbright (LexBlog India)

On 5 September 2023, the Financial Stability Board (FSB) published two letters from its Chair, Klaas Knot, addressed to G20 leaders ahead of the New Delhi Summit. The first letter outlines the work the FSB has undertaken under the leadership of India’s G20 Presidency to address existing vulnerabilities in the financial system and enhance its...

On 6 June 2023, there was published on the legislation.gov.uk website The Central Counterparties (Equivalence) (India) (Reserve Bank of India) Regulations 2023. The Regulations specify that the legal and supervisory arrangements in relation to specified central counterparties (CCPs) authorised by the Reserve Bank of India (RBI) are equivalent to the UK’s corresponding regime. The determination...

On 31 October 2022, the European Securities and Markets Authority (ESMA) announced that six central counterparties (CCPs) established in India will have their recognition decisions withdrawn in accordance with the European Market Infrastructure Regulation (EMIR). ESMA had to tier and review the recognition of all third country CCPs (TC-CCPs) that had been recognised prior to...

On 13 January 2022, the Indian Minister for Commerce and Industry, Piyush Goyal and UK Secretary of State for International Trade, Anne-Marie Trevelyan published a joint statement stating that the Republic of India and UK have formally launched negotiations for a Free Trade Agreement between the two countries. Both sides have agreed to double bilateral...

This article was co-authored with India Bennett. After months of anticipation regarding the ongoing review of the Privacy Act 1988 (Cth), the Federal Government has galvanized the Australian privacy landscape with two significant developments. Firstly, the Government has released a discussion paper about the reform of the Privacy Act. The discussion paper considers stakeholder feedback on the...

Earlier this year, the Indian Parliament enacted the Prevention of Corruption Act (Amendment) Act 2018 (the Act) in July, effecting a raft of changes to the Prevention of Corruption Act 1988 (PCA). Those set out below are worthy of particular note for businesses operating in India. It is now an offence for any person to...

There are only two grounds on which a bank that issues an on-demand guarantee can refuse to pay the amounts guaranteed, namely fraud or if the demand for payment does not comply with the requirements of the guarantee. Otherwise banks are required to honour the obligations they have assumed in terms of demand guarantees issued...

India’s cabinet has approved an increase of the Foreign Direct Investment (FDI) limit for insurance from 26% to 49%. Insurance companies will still have to be locally controlled. Investment up to 26% will be automatically allowed, and investment between 26% and 49% will have to be approved by the Foreign Investment Promotion Board. The FDI...

On March 7, 2013, the Southern District of New York ruled that the Federal Trade Commission (“FTC”) could serve foreign defendants via Facebook and e-mail in connection with a case where the FTC charged defendants with a violation of U.S. law relating to deceptive conduct.[1] According to the FTC, the underlying complaint related to an...