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1
قادر, احمد. "(السرية المصرفية (دراسة مقارنة." Al-Kitab Journal for Human Sciences 2, no. 3 (October 4, 2020): 65–88. http://dx.doi.org/10.32441/kjhs.02.03.p4.
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and it is not permissible to disclose these secrets but only in certain cases for the benefit of the credit or in exceptional cases estimated by law. The present study sheds light on the trends of comparative legislation on the protection of bank secrecy between Iraqi and French laws. The Iraqi law regulated the banking secrecy in the articles (52-49) of the Banking Law, and the French legislator regulated banking secrecy in the Article (57). The legislator also regulated in the law of monetary the financial professional secrecy in Article (511-33) and its paragraphs which prohibited the managers of Banks and its employees to reveal the financial information belonging to the clients of the banks. Banks in Iraq and France are subject to the control of the Central Bank and are committed to its regulations especially to reveal and inform about any suspected financial operations or crimes. Banning revealing bank secrecy shall be subject to any information relating to the affairs of the bank or its customers or other banks subject to the supervision of the Central Bank. Finally, the study recommends increasing the penalty for the crime of disclosure of bank secrecy
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Kuchina, Yaroslava O. "Regulating Fintech in Russia: The Issues Raised from the Absence of Legal Definition." Pravosudie / Justice 3, no. 2 (June 25, 2021): 80–102. http://dx.doi.org/10.37399/2686-9241.2021.2.80-102.
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Introduction. Financial technology or fintech is one of the most discussed problems of the modern digitalization. Particular attention is paid to describing what the fintech industry is, how it relates to traditional financial regulation and to what extent the official recognition of financial technologies can affect economic regulation and the global economy. Theoretical Basis. Methods. The article examines the concept of fintech and the regulatory as- pects of the so-called “sandbox”, which allows, being based on the comparative legal method and the method of legal expertise, to extrapolate specific problems to the entire situation in the field of fintech regulation. The author offers an overview of the main stages of the formation of legislation on financial technologies and examines the role of the Bank of Russia in this process. Results. Arguing about the consequences of such a concentration of regulatory mechanisms in the banking sector, the author thinks about the actual leveling of digitalization of banks with banking financial technologies in the science and practice of the Russian Federation. Based on a brief review of academic approaches to the definition of financial technologies, the author draws a number of parallels that allow one to outline the reasons for judicial errors and the reasons for excluding changes in fintech legislation from the attention of domestic courts, and draws conclu- sions about the general and particular consequences of the current situation. Discussion and Conclusion. During the study, the author comes to the conclusion that the scien- tific opinion about the development of the fintech industry and the need for its regulation in the Russian Federation is based on a narrow understanding of fintech itself and the peculiarities of introducing financial technologies into the practice of services. The author believes that the par- adigm for the development of the domestic fintech market is focused on the so-called banking fintech, when financial technologies are consumed and built into the ecosystem of specific banks’ activities and are not provided by non-banking entities. This leads to the fact that legislative regu- lation focuses on the development of banking law and, at the same time, excludes from the atten- tion of the legislator and the main regulator – the Central Bank of the Russian Federation – other areas, such as, for example, insurance or non-banking investment. This situation makes it pos- sible to ask the question of how much the image of fintech, formed in domestic law, corresponds to its actual state and market development, and in what proportion is the process of digitalization of traditional banking services understood by fintech.
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Klochko, Alyona, Oksana Kvasha, Zoia Zahynei, Mykola Logvinenko, and Mykola Kurylo. "Combating crime in the banking sector as a method for ensuring its stability (evidence from Ukraine)." Banks and Bank Systems 15, no. 1 (March 25, 2020): 143–57. http://dx.doi.org/10.21511/bbs.15(1).2020.14.
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An effective system for combating banking crimes can ensure the stability of the Ukrainian banking sector. Developing such a system requires an analysis of public policy institutional instruments to counter threats to the banking system stability. The article proposes the crime counteraction concept for the Ukrainian banking system based on the analysis of scientific articles dealing with the issue, relevant provisions of legal acts and on the study of functions of law enforcement agencies, individual executive bodies, central public authorities, state collegial bodies, territorial NBU departments, Ukrainian banks and their branches, the Deposit Guarantee Fund, international institutions, and bank clients.It has been established that the stability of the Ukrainian banking system can be ensured by effective interaction of all actors in combating crime in the banking business. Overlapping of their functions and some conflict rules negatively affect ensuring the banking system stability by entities engaged in banking crime counteraction. Therefore, an algorithm of cooperation between relevant counteraction entities should be developed and reflected in the Banking and Financial Security Strategy on the legislative level. Optimization of statistical reporting on crime in the Ukrainian banking sector in a more informative format requires data on both individual types of banking crimes and on the persons who commit them. As part of the work of the National Bank of Ukraine’s Public Council, it is necessary to organize regional public councils and ensure cooperation between bank clients and local banking institutions. It is assumed that the development of effective mechanisms for protecting rights and legitimate interests of depositors and creditors, as well as combating criminalization in the banking sector will be the main functions of these regional public councils. The relevant innovations require amendments to the Regulation on the NBU Public Council. AcknowledgmentThe article was prepared as part of a project for young scientists of Ukraine in 2017 (state registration number – 0117 U 006531), Improving the Legislation of Ukraine Regarding the Protection of Banking Activities in the Context of European Integration: Economic and Legal Aspect, by Alyona M. Klochko, Ph.D. (Law), Sumy National Agrarian University, Head of the Chair of International Relations.
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Gardaloev, Alavdin S. "On measures to counter the illegal implementation of activities for the provision of consumer credits (loans)." Current Issues of the State and Law, no. 3 (2022): 331–36. http://dx.doi.org/10.20310/2587-9340-2022-6-3-331-336.
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We conduct a detailed analysis of the current legislation regulating the suppression of illegal activities in the financial market. Particular attention is paid to the provisions of Article 1715 of the Criminal Code of the Russian Federation. Among other things, this study shows in most detail the invaluable role of the Central Bank of Russia as a regulator of law enforcement activities, namely in the issue of suppressing the illegal activities of banks and non-banking credit organizations in the financial market, the trend of its further activities in this legal aspect. We substantiate the debatable, actively discussed opinion in the legal community, which states that the lack of an exhaustive list of non-banking financial institutions that are entitled to issue a consumer loan complicates the work of law enforcement agencies to identify entities that do not have the authority to carry out such activities. It is also worth noting separately that the work below provides the author's arguments in support of the introduction of a qualitatively new article 1715 of the Criminal Code of the Russian Federation. Among other things, this study proposes options for further legal regulation of countering the illegal implementation of activities for the provision of consumer credits (loans), supported by references to the current regulatory legal acts.
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Korniienko, V. V. "Circumstances for Committing Crimes in the Banking Sector: Normative and Legal Aspect." Bulletin of Kharkiv National University of Internal Affairs 91, no. 4 (December 20, 2020): 295–304. http://dx.doi.org/10.32631/v.2020.4.28.
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The historical way of the development of banking business and the state of its legislative provision, which had an impact on criminal behavior in this area, has been studied. It has been noticed that the responsible officials of banking institutions, due to their high level of education, skillfully used gaps or contradictions in the legislation for the useful purposes of illegal enrichment. They quickly adapt to amendments in normative and legal regulation and invent new schemes of criminal technology.
The key factors in the situation of committing crimes in the presented area are: search for opportunities for criminal enrichment by using existing powers; conspiracy of officials of commercial banks with representatives of supervisory agencies (curators from some units of the National Bank of UKraine) in order to cover up criminal activity; development of a plan of financial fraud with representatives of commercial organizations in order to steal the entrusted funds and their further legalization. Typically, such criminal “associations” try to have long-term relationships under the guise of corrupt relations with supervisors and banking secrecy in order to systematically generate illicit proceeds. In case of the risk of detecting criminal schemes, the banking institution may be brought to bankruptcy, which is used as the method to hide traces of criminal activity.
Analysis of the impact of regulatory factor in the context of committing economic crimes in the banking sector is a perspective and relevant area of further research. In this regard, the development of the doctrine of forensic forecasting in conditions of instability of processes in the economy in its individual segments (lending, currency regulation), weak control over the conduct and accounting of banking transactions, etc. is of great importance.
Equally important is the development of cooperation between law enforcement agencies involved in the fight against crime in the banking sector, with the units of the National Bank, the State Fiscal Service and financial monitoring; the improvement of the methodology of conducting certain types of examinations, etc. Provisions for such cooperation are enshrined in law and are in force, but some need to be revised in the light of central government reforms.
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Bebeji, Umar Sani, Hussaini Bala, and Hassan Bala. "THE LEGAL FRAMEWORK FOR ISLAMIC BANKING AND THE QUEST FOR FINANCIAL INCLUSION IN NIGERIA." Jurnal Syariah 28, no. 3 (December 31, 2020): 501–38. http://dx.doi.org/10.22452/js.vol28no3.6.
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The banking sector is the backbone of every economy. It determines not only the pace of growth of modern economic systems, but also the prosperity of nations. But its reliance on interest, liberal prudential guidelines and its very capitalist foundation make it incompatible with Islamic law – the faith practiced predominantly in some regions of Nigeria. Securing loans for investments comes with cut-throat conditions, riddled with cases of fraudulent and unfair practices. As a way around this, scholars began to think of how to expurgate those elements considered incompatible with the Shariah. Since the enactment of the Banks and Other Financial Institution’s Decree in 1991, which vaguely introduced the profit loss sharing principle of banking, nothing tangible was done to give effect to the provisions until 2011 when the Non-Interest Financial (NIFI) Services Guidelines was issued by the CBN. As a result of this development Jaiz Bank PLC was granted a license as a regional full-fledged Islamic bank, which metamorphosed into a national bank. This, however, was not without resistance as manifested in a suit against the CBN for issuing the guidelines. The paper, thus, attempts an analysis of the legal framework and how it can push up financial inclusion in Nigeria, adopting the doctrinal methodology approach to examine legislation, case-law and existing literature. It highlights some of the approaches of the Central Bank of Nigeria (CBN) and efforts to make the legal and institutional framework favourable for Islamic banking to thrive so that the substantial Muslim population can be brought into the formal financial stream to access funds for investments without upsetting the fundamental teachings of Islam. It further argues that that there is a strong correlation between the inadequacy of legal support for Islamic banking and high rate of financial exclusion particularly in the Muslim-dominated communities. Similarly, it reveals that there is not a shred of rational basis for the opposition to Islamic banking in Nigeria as it does not seek to foster any sinister agenda of “Islamising” the polity. As Nigeria is trying to push for more financial inclusion, Islamic banking can help improve existing credit delivery mechanisms for effective outreach to the teeming excluded population of Muslims. It, therefore, strongly recommends that a comprehensive legislation be enacted by the National Assembly (NASS) of Nigeria to support the prospects of this novel and popular banking model and also help promote and protect investments in the area. This will shove off financial inclusion in many ways.
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Korolkov, Evgeniy. "Cost Minimization: Philosophical and Methodological Analysis." Ideas and Ideals 14, no. 4-2 (December 27, 2022): 351–68. http://dx.doi.org/10.17212/2075-0862-2022-14.4.2-351-368.
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In modern economic literature, as well as regulatory documents, the concepts of ‘inputs’, ‘expenses’ and ‘costs’ are often used as identical to each other. At the same time, there are differences between them and their incorrect interpretation can lead to incorrect analytical conclusions and, as a result, erroneous conclusions and subsequent losses in the financial and economic activities of a commercial organization. The problem of the theme in relation to ‘credit costs’ is also reflected in the fact that currently special regulatory documents regulating banking activities, such as Federal Law “About the Central Bank of the Russian Federation (Bank of Russia)” and Federal Law “About Banks and Bank Activities” do not contain a decoding of the mentioned concepts of ‘expenses’ or ‘costs’. Moreover, another document that could clarify this issue – the Accounting Regulations “Expenses of the Organization” № 10/99 in paragraph 1 we read: ‘1. This Regulation establishes the rules for the formation in accounting of information on expenses of commercial organizations (except credit and insurance organizations) that are legal entities under the legislation of the Russian Federation.’ In the paper, the author aims to differentiate the concepts of ‘expenses’ and ‘costs’, as well as to clarify and formulate such a concept as ‘credit costs’. The subjects raised by the author could be interesting for external investors, specialists of internal services of a commercial bank analyzing the effectiveness of a credit institution and, of course, the top management of the bank, most interested in both the profitability of its own investments and the formation of further policy of the bank led by them. The theoretical significance of the study lies in the consideration of different approaches to the concept of ‘costs’, the definition of banking instruments that affect the amount of credit costs, their systematization and the allocation of those that, according to the author, can be optimized without reducing the profitability of the credit organization. The concept of ‘credit costs’ is systematized.
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Kherkhadze, Alim. "POTENTIAL AND POSSIBLE EFFECT OF THE DEVELOPMENT OF GEORGIAN FINANCIAL MARKETS." Economic Profile 17, no. 1(23) (August 4, 2022): 152–65. http://dx.doi.org/10.52244/ep.2022.23.09.
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The country's central property rests on the institutional and organizational strength of the major price chaos market and the banking sector. Georgian banking system is currently developed not only in the country, but in all regions, the Georgian securities market and the only licensed representative of this market in the country - the Georgian Stock Exchange is undeveloped and unique. The securities market is a kind of economic barometer of the country, a measure of the pulse, which is primarily reflected in the ongoing political, economic and social changes in the country and in the world. The securities market provides fast mobilization of temporarily free cash without bureaucratic intermediaries (in this case banks) and with minimal additional fees compared to bank credit, respectively the banking system and the stock market are competitors. In 1998-2000, with the help of the best government and financial market experts in Georgia, the foundations of the securities market began to form. During this period, everyone was well aware that these two most important financial institutions should be developed together on an equal footing, under conditions of fair competition, and tried not to allow one sphere to be absorbed or oppressed by another. For some reason, the new post-Soviet Georgia had better starting conditions in the banking sector, as enshrined in the 1998 Law on the Securities Market adopted by the Georgian Parliament. By law, the securities industry was separated from the banking sector in order for securities to be newly established mechanisms to enable independent real development opportunities. JSC "Georgian Stock Exchange" (JSC) was established on January 12, 1999 at the initiative of leading brokerage companies, commercial banks, insurance companies and investment funds. Special activity on the Georgian Stock Exchange began in 2004, when after the change of government, the legislation related to privatization was changed and the economic recovery began, corruption was significantly reduced, the financial market was opened, investments were increased. The reduction of trading volume on the Georgian Stock Exchange was caused by the financial crisis of 2008 and a change in the legislation, which resulted in the abolition of the self-regulatory system of the stock exchange and its controlling body became the National Bank of Georgia. Since 2007, the stock exchange has been managed by a group of banks that currently own 58% of the stock exchange shares, of which the Bank of Georgia has the largest package with 46%. As of March 1, 2022, the balance of deposits of legal entities and individuals attracted by commercial banks in national currency is 15.06 billion GEL, weighted by an average of 11.06%, and the volume of deposits of legal entities and individuals attracted in foreign currency - equivalent to 22.03 billion GEL. , On average by 0.81%. (SEB, 2022) In total, 37.1 billion GEL of free cash is deposited in Georgian banks, and if at least a quarter of it returns to the Georgian Stock Exchange, it is easy to imagine the level of economic growth and the size of the national economy. As of May 6, 2022, about 2.31 billion GEL has been accumulated in the pension fund, 60% of the objects are placed on certificates of deposit, 1.3% - on time deposits, 5.8% - on foreign corporate shares (133.98 million 56 l),% - interest Accounts in foreign currency, and 24.69% - on interest accounts (Pension Agency, 2022). In other words, the funds kept by the citizens of Georgia in the pension fund either go to the banking system and only then take part in the short-term activity, ie by buying their securities for about 134 million GEL with the growth of the foreign economy. The development of the Georgian stock market would have facilitated the growing funds of the pension fund, invested more profitably with bank deposits, and the national economy growing faster, with more commission and interest rate pressures than bank credit. As of April 30, 2022, the capitalization of the stock market on the Georgian Stock Exchange amounted to about 2.29 billion GEL, which is only 3.8% of the GDP of Georgia in 2021 (60.2 billion GEL), while this figure has developed stock markets. Countries have more than 100% of GDP. According to the years, the ratio of capitalization of the Georgian stock market to GDP in the same year is declining and was 4.8% in 2020 (due to the pandemic, GDP decreased this year, the capitalization of companies remained largely unchanged), in 2019 - 3.97%; In 2018 - 4.39%; In 2017 - 8.16%. As of May 2, 2022, securities of 23 companies with a total market capitalization of USD 0.748 billion and an average daily turnover of 21 GEL in April 2022 were admitted to the trading system of the CBS. On March 24-30, 2022, we conducted a survey on how people manage their savings through the platform google forms, in which 629 people participated. The results of the survey showed that the culture of accumulation in the population is quite high and they would like to buy securities on the Georgian Stock Exchange. In our opinion, the development of the securities market in Georgia will reduce the employment problem partly through self-employment, the economy will be developed thanks to direct financing of economic entities (and not by scheme = population = bank => enterprises) and increase the speed of cash circulation. The state has a big role to play in the process of establishing a securities market in developing economies. The securities market is a necessary and important element of the global economy, without which the normal functioning of a market economy is impossible. Relevant legislative changes and political will are needed to strengthen the Georgian stock market.
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Babaskin, Anatoliy. "Legal nature of the payment account agreement in the civil legislation of Ukraine." Yearly journal of scientific articles “Pravova derzhava”, no. 33 (September 2022): 385–95. http://dx.doi.org/10.33663/1563-3349-2022-33-385-395.
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Since the Law of Ukraine «On Payment Services» introduced in 2022, the Law of Ukraine «On Payment Services» is being introduced to the legislation of Ukraine, the state of low normative legal acts of the EU, in the wake of the provisions of the Directive (EU) 2015/2366 in 2015 internal market, that about the introduction of changes to Directives 2002/65 / С, 2009/110 / ЄС and 2013/36 / ЄС and Regulation (ЄС) No. 1093/2010, which skasovy Directive 2007/64 / ЄС. that the pre-emptive provisions of the Law, Chapter 72 of the Central Committee of Ukraine will be supplemented by par. 3 «Payment rakhunok» (Articles 1076.9, 1076.10). I’ll look at the introduction of the meaning of the advancement of civil legislation, as it will be introduced at once from the introduction into the Law. The aim of the article. On the basis of the analysis of Ukrainian legislation, EU legislation, scientifi c advances in the sphere of civil law and banking legislation, to the standards of Ukrainian legislation, how to regulate the payment agreement. To achieve the goal of setting up the contract: 1. Conduct an analysis of the legal nature of the payment agreement. 2. Viznachiti sp_vvvіdnoshennya agreement of payment rakhunku іf agreement of bank rakhunku. 3. Viznachiti norms according to the agreement of the bank account, as it is subsidized to be fi xed up to the agreement of the payment order. Results. SOCA those scho power law regulyuvannya klієntskih bankіvskih rahunkіv prisvyachena-valued Quantity NAUKOVO publіkatsіy of Ukrainian іnozemnih avtorіv that, in the same hour okremih doslіdzhen legal regulyuvannya contract platіzhnogo rahunku in ukraїnskіy tsivіlіstichnіy nautsі not conducted through vіdsutnіst in tsivіlnomu zakonodavstvі Ukraine konstruktsії this contract. Appointed, due to the implementation of the legislation of Ukraine, the norms of Directive 2015/2366, will increase the need for such scientifi c advances. Conclusions. Agreement of a payment rakhunka є by the type of a bank rakhunka agreement, which type of rakhunka shall be accepted as a type of such rid. Instruction of the contract is an agreement on the provision of payment services, which is characterized as follows: wine is consensual, bilateral, can be paid or free of charge. Oskilki, arranging the agreements of the bank’s rakhunka, the parties and passing through the meta (the state of the non-cash transactions, cash transactions too), the agreements of the payment rakhunku should be brought up to the causal rights. As a matter of fact, the agreement can be either stringless or stringless. Uninvolved on those scho h. 1 tbsp. 65 The law will establish depriving the right of non-bank payment of payment services for the approval of payment services, by virtue of Part 3 of Art. 1076.9 of the Central Committee of Ukraine, that part 2 of Art. 1067 of the Central Committee of Ukraine the agreement of a payment rakhunka is close to a public agreement, but in practice we can keep up with the model of the agreement. On the basis of the agreement of the bank rakhunku, the instructions of the agreements, according to the Law, are characterized by the following: a) a special sub-warehouse. With a non-bank charge of payment services for a payment agreement, you can install (including small payments), the operator of the mail order, install the electronic pennies, accredited by the Ukrainian branch of the Ukrainian payment, the last payment , overridden in clauses 1 – 3 h. 1 tbsp. 5 of the Law included by the National Bank of Ukraine to the Registry of Payment Infrastructure. We can corroborate both physical and legal individuals (resident and non-resident), albeit on the view of the bank’s agreement on the basis of the agreement of a bank rakhunku, such a clerk cannot be a legal person –a non-resident; b) the hour of the knowledge of costs for the payment rakhunka of the koristuvach, the law is deprived of the hour necessary for a specifi c payment operation; c) the increase of interest on the surplus of cash on the payment rakhunka of the koristuvach is imperatively fenced off by law; d) don’t compromise on the status of the deposit and do not miss the guarantees established by the Law of Ukraine «On the system of guaranteeing deposits of physical assets». On vіdmіnu od tsogo Act nadaє nebankіvskim nadavacham platіzhnih poslug lishe right zabezpechuvati zberezhennya koshtіv koristuvachіv Shlyakhov strahuvannya vlasnoї vіdpovіdalnostі on vipadok nemozhlivostі vikonannya fіnansovih zobov’yazan before koristuvachami, abo zabezpechuvati takі Costa bankіvskoyu garantієyu in the minds scho give zmogu koristuvacham otrimati od strahovoї kompanії abo bank -Guarantee of vidshkoduvannya in size, equivalent to the sum of financial crops’yazan. Key words: payment account, payment account agreement, bank account agreement, payment institution, fi nancial institution, bank, non-bank fi nancial institution, monetary obligations, interest.
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Maggs, Peter B. "Islamic Banking in Kazakhstan Law." Review of Central and East European Law 36, no. 1 (2011): 1–32. http://dx.doi.org/10.1163/092598811x12960354394641.
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AbstractKazakhstan has adopted legislation designed to facilitate Islamic banking, and at least one Islamic bank has started operations in Kazakhstan. Islamic banking is based upon traditional Islamic law, which forbids the taking of interest, the making of profit without risk, and profiting from "sinful" businesses such as pornography. The legislation in Kazakhstan forbids such activities for Islamic banks and also requires each Islamic bank to have an independent "Council on the principles of Islamic finance" to rule on bank policies and specific transactions. Islamic banking practices use complex combinations of transactions, each permitted by Islamic law, to mimic common conventional banking transactions, such as loans bearing fixed interest rates and repayable on a fixed date. Stable income and manageable principal obligations from credit-worthy borrowers can ensure that a bank will receive high ratings from leading international credit rating agencies and, thus, can satisfy the requirements of Kazakhstan's bank regulators. The formal difference between Islamic banking transactions and the conventional transactions that they mimic could lead to differing treatment for taxation. To provide a level playing field, Kazakhstan has amended its Tax Code to provide for equal treatment of economically equivalent Islamic and conventional banking transactions. Adjustments have also been made to bankruptcy legislation, reflecting the unavailability of deposit insurance for Islamic banks and the special nature of investment deposits in Islamic banks. There are controversies among Islamic law scholars as to whether or not various practices used to mimic conventional banking transactions are unlawful because they violate the spirit of Islamic law. This creates what is called "Sharia risk", the risk that a transaction will be found unlawful after it has been concluded, with consequences highly unfavorable for a party.
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Kraja, Ardvin. "Bank Contracts in Albanian Legislation, Legal and Practical Issues in this Field." European Journal of Multidisciplinary Studies 3, no. 1 (December 1, 2016): 122. http://dx.doi.org/10.26417/ejms.v3i1.p122-125.
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Banks perform an economic activity that is based on principles similar to those of an ordinary business. Banking activity includes the acceptance of deposits of individuals, firms, etc. As a result of the major needs and demands of the economy, household credit, with pertaining high interest rates, the banking sector dynamics experienced a high development. This progress has emerged since the establishment of relations between these banks and individuals by creating a particular system of rights as the law of banking, the focus of which is in the relationship between banks and customers. This kind of relationship is focused on banking contract. Various problems that have emerged from the effect of agreements between parties have brought the need for rating this field of law. Except the provisions provided in the Civil Code about the banking contract, specific laws for the regulation of this relation were approved. As instance could be mentioned the Law on Banks in the Republic of Albania and the normative framework that addresses the whole activity of banks in the territory, upon which the Albanian state has sovereignty. Specific treatment is required about the relations of banks with the customers, where may arise major legal and economic difficulties, because banks are major monetary formations
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Yakunina, Maria. "Barriers of the Russian legislation to the functioning of Islamic banking in the territory of the Russian Federation." nauka.me, no. 2 (2021): 1. http://dx.doi.org/10.18254/s241328880015517-2.
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The subject of the article are the norms of the Russian legislation, in particular, the Federal Law of the Russian Federation «About banks and banking activities», the Federal Law of the Russian Federation «On Deposit Insurance in Banks of the Russian Federation», Civil Code of the Russian Federation, Internal Revenue Code of the Russian Federation in order to identify barriers of the Russian legislation that hinder Islamic banking activity in the territory of the Russian Federation. Analysis of the provisions of legislation allows to reveal the essential differences between the principles of conventional banks and principles of Islamic banks. The article detects the perspective of development of Islamic banking in the Russian Federation. Conducted research represents that the majority of the barriers excepting the prohibition of traditional banks to carry out trading activities, are related to the terminological aspect and to the question of perception and interpretation of sharia’s principles by the Russian legal system.
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James, John A., and David F. Weiman. "The National Banking Acts and the Transformation of New York City Banking During the Civil War Era." Journal of Economic History 71, no. 2 (June 6, 2011): 338–62. http://dx.doi.org/10.1017/s0022050711001550.
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Focusing on the New York banking sector, we analyze a neglected, but profound impact of the National Banking Acts. By resisting federal banking legislation and “boycotting” newly chartered national banks, the New York Clearing House Association members created market opportunities for the new entrants to dominate the correspondent banking market. The new entrants’ aggressive tactics including interest payments on deposits increased their vulnerability to panicky withdrawals by country banks. They also magnified conflicts of interest within the clearinghouse, which weakened its central banking functions and further destabilized the macroeconomy.
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Babaskin, Anatoliy. "Legal nature of the requirements of the banking legislation of Ukraine to ensure credit operations of banks." Yearly journal of scientific articles “Pravova derzhava”, no. 32 (2021): 297–305. http://dx.doi.org/10.33663/0869-2491-2021-32-297-305.
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Іintroduction. Despite the fact that a significant number of scientific publications by well-known Ukrainian authors are devoted to the issues of legal regulation of credit obligations, at the same time separate studies of banking legislation requirements on "acceptability of collateral" have not been conducted in Ukrainian civil science in recent years. This, taking into account the gradual alignment of banking legislation of Ukraine with the standards of Basel III, and Directive 2002/47 / EC of the European Parliament and of the Council of 6 June 2002 on financial collateral mechanisms, necessitates such scientific research. The aim of the article. On the basis of the analysis of the legislation of Ukraine, the legislation of the European Union, scientific advances in the sphere of civil law and banking legislation, in the context of the analysis of the banking legislation of Ukraine, it is safe for creditors. In order to achieve this goal: 1. Conduct an analysis of civil and legal species for the protection of crops for the subject of іх possible delivery to “acceptable safety” and vrahuvannya banks when opening a credit card. 2. Significantly "quasi-security", as viewed by the banking legislation in the form of "acceptable security" for credit cards. 3. Zdіysniti analysis of the approaches to the legislation of the EU in the field of protection from credit denominations. Results. The methodological basis of the study is general scientific and special legal methods of scientific knowledge. In particular, the dialectical method, the method of analysis and synthesis, the comparative law method, the functional method, the modeling method, etc. Conclusions. First, the banking legislation does not consider as "acceptable collateral" such types of collateral as penalty, surety, deposit, retention. Secondly, the banking legislation considers as "acceptable collateral" not only those specified in Part 1 of Art. 546 of the Civil Code of Ukraine types of security for performance of obligations (pledge, right of trust ownership, guarantee), and other types of security for performance of obligations provided by law or contract (reserve letter of credit, performing the function of financial guarantee, guarantees of public entities, guarantee payment), but also contractual constructions which do not concern types of maintenance of performance of obligations (repo agreements). Thus, the banking legislation considers collateral in credit operations from the economic point of view, according to which "acceptable collateral" is only such liquid collateral that guarantees the rapid recovery of the property of the creditor bank, which suffered damage due to default or improper performance of the counterparty loan obligation, as well as "quasi-collateral", if such is referred by banking legislation to "acceptable collateral". Third, the existence of rules in the banking legislation on the acceptability of collateral in no way affects the right of banks to use any type of collateral provided by law or contract, if the application of such is possible in credit relations, taking into account the legal nature of the relevant types. software. Fourth, the set of regulations of the National Bank of Ukraine on the acceptability of collateral can be considered as an institution of banking law, which includes as rules of civil law governing the types of collateral, other rules of contract law governing other "quasi-collateral" contractual constructions, as well as public-law special norms of banking legislation, which establish additional regulatory requirements for banks to ensure credit operations and calculate credit risk.
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GROSSMAN, RICHARD S. "Charters, corporations and codes: entry restriction in modern banking law." Financial History Review 8, no. 2 (October 2001): 107–21. http://dx.doi.org/10.1017/s096856500100021x.
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This paper examines the evolution of the legal foundation under which commercial banks operated in different countries. The earliest incorporated banks were established under charters issued by sovereigns or legislatures. Subsequently, charters were issued: (1) though corporation law; or (2) via special banking codes. Countries that concentrated their note issues in central banks earlier were less in need of detailed banking codes and were, therefore, more likely to have allowed banks to operate under general corporation laws. By contrast, countries in which note issue was not centralised were more likely to have established a detailed banking code.
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Al Animat, Mohammad. "Legislation of Legal Protection for Electronic Banking Operations and Challenges in Jordan." International Journal of Economics, Business and Management Research 06, no. 11 (2022): 211–19. http://dx.doi.org/10.51505/ijebmr.2022.61116.
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The larger growth in the operations and activities of electronic banks has created new problems for banks and the responsible authorities in the context of the lack of management and those in charge of the banks to qualify, and sufficient practice to catch up with the accelerating technological progress. In addition to the high potential for deception and fraud on open networks internet and this is due to the absence of traditional practices that u to ensure the identity and legitimacy of the client it is worth noting that electronic payment methods have appeared in conjunction with the emergence of e-commerce and have become one of its components and complete its procedures and most important main risks facing the work of electronic banks, which threaten the conduct of banking and financial operations in various countries of the world. The article also touched on the most important risks facing electronic banks, through this study, it aims to shed light on the legal mechanisms of protection in the field of electronic banking transactions given the novelty of the consumer, the seriousness and the lack of texts the legal regulations that govern electronic transactions in general and electronic banking operations in particular, the regulatory legislation issued by the Central Bank of Jordan and dealing with cyber security risks.
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Setiadi, Tri. "POLITIK HUKUM FUNGSI BANK SEBAGAI AGEN REKSADANA DI PASAR MODAL." Yustitia 5, no. 1 (April 20, 2019): 141–54. http://dx.doi.org/10.31943/yustitia.v5i1.64.
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The politics of law in the field of Indonesian piracy associated with the function of banks as mutual fund agents in the capital market in the era of free trade must be able to accommodate the main objectives of regulating banking institutions, namely the stability of the banking institutions as described above. The involvement of banks as mutual fund agents must pay attention to risk management because mutual funds are investment products that have risks and can affect the relationship between the bank and its customers and have a large impact on public trust in the bank. The legal policy must be stated in the product of legislation that regulates banking and capital market investment in this case the involvement of banks in mutual funds. The law must be a guide in the relationship between banking institutions and society.
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Shofiana, Gabrielia Febrianty, Abd Shomad, and Rahadi Wasi Bintoro. "Transformation of Banking Law in Indonesia." Jurnal Dinamika Hukum 19, no. 2 (December 22, 2019): 429. http://dx.doi.org/10.20884/1.jdh.2019.19.2.2523.
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Globalization development through the market economy system has created injustice for humankind,encouraging Muslims to implement the Sharia in their economic activities. The rapid growth of shariaeconomy in Indonesia, ultimately affects the financial industry, including the banking that implicatesregulation and organizational structure causing two banking systems, namely conventional banking andsharia banking. Based on the description, this paper discusses the national banking law that applies two rulesof law in Indonesia. To address these legal issues, conceptual approach, statutory approach and historicalapproach are used. Based on the analysis, since the enactment of Law Number 21 Year 2008 on Sharia Banking,the existence of sharia banking is getting stronger. Therefore, in Indonesia there is a dual bank system in onerule, namely banking law. Both banks are responsible to bank Indonesia as national central bank.Conventional banks may conduct business activities based on sharia principles, but not so for sharia banks.Keyword: conventional bank, sharia bank, sharia principles
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Galih Raka Siwi, Galih Raka S. "PERLINDUNGAN HUKUM NASABAH BANK DALAM HAL PEMBERIAN INFORMASI NASABAH KEPADA PIHAK FINTECH LENDING BERDASARKAN PRINSIP KERAHASIAAN." Esensi Hukum 3, no. 1 (June 30, 2021): 41–54. http://dx.doi.org/10.35586/esensihukum.v3i1.50.
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Bank is a financial institution that collects funds and distributes public funds, in accordance with Article 3 of the Banking Law. Banking institutions have a very important role, especially in moving the economy of a country. The role of banking cannot be separated from the enactment of Law Number 10 of 1998 concerning Banking. In carrying out its functions and duties, banking cannot be separated from customers, be they depositors or borrowing customers. In carrying out its functions, the Bank is bound by several principles, one of which is the principle of confidentiality. The principle of bank secrecy is regulated in Article 4- to Article 47A of the Banking Law. The principle of confidentiality is very important to be maintained by the bank as a financial service provider, this is related to public trust in the banking sector itself. Banks are prohibited from opening data from customers without permission from the BI leadership or if the law says otherwise. Banks are prohibited from disclosing secrets related to financial data or loans from customers to third parties, in this case the fintech lending party. Banks as service providers will certainly comply with the Consumer Protection Law. The purpose of this paper is to identify and understand the principles of banking confidentiality. The method used in this paper is normative juridical, by examining primary and secondary legal materials, especially in terms of legislation.
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Pastushenko, Elena Nikolaevna, Natalia Vladimirovna Neverova, Elena Vladimirovna Kornukova, and Larisa Nikolaevna Zemtsova. "Banking law as the complex branch of legislation." SHS Web of Conferences 118 (2021): 04003. http://dx.doi.org/10.1051/shsconf/202111804003.
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The objective of the present research is the formation of the concept of teaching banking law as the interdisciplinary subject of the Master’s degree in Economics and Law in higher educational institutions. The work used the dialectic and technical methods that allowed showing the interrelation and mutual influence of the various aspects of the banking law as the interdisciplinary subject in the higher educational institutions. The comparative and legal method was used for revealing the stages of the legal regulation of the banking system of the Russian Federation and the formation of the banking law as the complex branch of legislation. The inductive method was applied when analyzing the Russian legislation with regard to the status of the Central Bank of the Russian Federation, lending institutions, bank operations and transactions and deals from the point of view of client-oriented approach and protection of consumers’ rights when obtaining financial services. The most important result of the present research is the grounding of advisability to teach the banking law in the higher educational institutions as the interdisciplinary subject of the Master’s degree in Economics and Law. This offer was introduced basing upon the position of the Theory of the state and law and the sectoral science of Financial Law to consider the banking law as the complex branch of legislation that allows characterizing the offer made as a result characterized by the scientific novelty having the scientific and theoretical significance for the further scientific discussions regarding the role of the complex educations in law, improvement of the law-making, law-enforcement and law-interpretive activity of the Central Bank of the Russian Federation and also the day-to-day update of the legislation due to the changing realias, performing works on education in the law and financial literacy, improvement of client-oriented approach when providing banking services and protection of rights and legal interests of the consumers of financial services.
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Çabucak, Ersin. "Türkiye’de Katılım Bankacılık Sistemi ile İlgili Örnekler." International Journal of Social Sciences 6, no. 26 (October 11, 2022): 329–39. http://dx.doi.org/10.52096/usbd.6.26.20.
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In this study, it has been tried to reveal the success levels of participation banking systems within the general banking system by giving examples in terms of the size of the participation banking system within the general banking system and the performance of the participation banking systems in terms of factors such as service diversity, numerical proportionality and dividend distribution since the establishment of the participation banking systems. . The interest-free banking system, which is called the participation banking system, came out of the idea stage in the 1970s and started to be implemented in Egypt for the first time in 1976. Private Financial Institutions, which were established in Turkey in 1983 with the Statutory Decree (Executive Decree), and Participation Banks with their new names, have shown rapid acceleration on a global scale and especially in Turkey in the last twenty years. Participation banking system in Turkey has shown a serious development especially after 2001 and has become competitive with commercial banks. The fact that participation banking systems were subject to the Banks Law with the amendments made in 1999 and 2001 and that participation banking systems had similar rights in the legislation with commercial banks had a significant impact. Key Words: Private Financial Institutions, Participation Banking, Savings Deposit Insurance Fund
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Ifebunandu, Joseph C. "Settling Disputes in the Nigerian Banking Sector: Why Not Arbitration?" Journal of International Arbitration 33, Issue 5 (October 1, 2016): 563–75. http://dx.doi.org/10.54648/joia2016040.
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In every economy, it is commonly accepted that the financial health and stability of its banking sector is a key indicator of that economy’s performance. As a result, the volume of banking transactions is bound to rise with increased economic activities. With increased foreign direct investment in Nigeria and the Central Bank of Nigeria (CBN) consolidation exercise of 2005, Nigerian banks have achieved increased transactional capacity within the past decade. A primary result of these increased economic and banking activities is a similar increase in disputes arising from banking transactions and activities, ranging from retail banking disputes to those arising from specialized products. For all stakeholders in growing economies (particularly foreign investors), an effective and prompt mode of dispute resolution has a high impact on the sustainable growth of such economies. This article analyses the current dispute resolution trends in the Nigerian banking sector as well as key considerations for banks in using arbitration as a dispute resolution mechanism. It also assesses major challenges that banks may face, with likely mitigations. Finally, it discusses the need for the further development of arbitration as an effective option for resolving banking disputes in Nigeria.
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Kalika, Satya Narayan. "Evolutionary Overview of Central Banking in Nepal: An Account of Law and Practice." Management Dynamics 22, no. 1 (December 31, 2019): 107–20. http://dx.doi.org/10.3126/md.v22i1.30244.
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There are a number of legal and non-legal research works done in regard to analyzing the powers, functions and roles of Central Banks. However, there is the need of a study on the evolutionary aspects of central banking laws and practices. This study aims to fulfill that purpose by giving an account of the historical and evolutionary development of central banking in Nepal. It highlights both the law and practice parts of the evolution of central banking, and gives an account of the major laws and their enactments.
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Kalika, Satya Narayan. "Evolutionary Overview of Central Banking in Nepal: An Account of Law and Practice." Management Dynamics 22, no. 2 (December 31, 2019): 107–20. http://dx.doi.org/10.3126/md.v22i2.30244.
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There are a number of legal and non-legal research works done in regard to analyzing the powers, functions and roles of Central Banks. However, there is the need of a study on the evolutionary aspects of central banking laws and practices. This study aims to fulfill that purpose by giving an account of the historical and evolutionary development of central banking in Nepal. It highlights both the law and practice parts of the evolution of central banking, and gives an account of the major laws and their enactments.
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Krahlevych, Vyacheslav. "THE DEPOSIT GUARANTEE FUND OF UKRAINE: TOWARDS EU STANDARDS OF RIGHTS PROTECTION." Access to Justice in Eastern Europe 5, no. 4 (October 18, 2022): 1–11. http://dx.doi.org/10.33327/ajee-18-5.4-n000430.
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Abstract An effective deposit insurance system is commonly considered the strongest instrument for increasing confidence in banking systems, as well as for encouraging private investments in banking services. In developing relevant legislation and institutions in line with EU standards, Ukraine will ensure that its deposit guarantee system can be integrated with that of the EU. In light of the relevant legislation, we examine the EU’s deposit guarantee system in general and with regard to its particular characteristics, namely: insured entity, compensation amount, legal terminology, and financing. Then, we compare those characteristics to those of Ukraine and assess the necessity and priority of their development. As a result, we first emphasise that individual entrepreneurs and legal entities, as well as individual entities, must be insured under the Deposit Guarantee Fund. Second, we argue that the current state compensation amount for deposits in case of bank insolvency is insufficient and suggest that it must be revised and increased. Third, we draw attention to the fact that Ukrainian banking and deposit guarantee legislation must be revised and integrated with relevant European legal terminology. Finally, we also analysed the particular aspects of financing for the European deposit guarantee system, especially the various means of investing free funds in the deposit guarantee system, which we thought could be useful to implement in Ukraine. Our results suggest distinct legislative and other empirical measures needed to improve the Ukrainian deposit guarantee system and generally consolidate it with that of the EU. Background: The deposit insurance system provides insurance for the deposits of individuals who have entrusted their money to banks. In the event of the insolvency of a banking institution, the deposit insurance system, to a greater or lesser extent, guarantees the payment of deposits to that institution’s clients and protects the rights of other creditors involved in the insolvency proceedings. As a result of the banking sector crisis in Ukraine during 2014-2017, almost 100 banks were classified as insolvent. Therefore, the Deposit Guarantee Fund of individuals was subject to a huge burden, which exposed several problematic issues related to the protection of depositors’ rights. Methods: To obtain reliable and valid conclusions, the author used comparative and analytical methods of research. These methods consist of the analysis and comparison of the provisions of EU and Ukrainian legislation in the field of the protection of depositors’ rights. Results and Conclusions: The Ukrainian deposit guarantee system has significant differences from the relevant European system. First and foremost, this concerns the amount of guaranteed compensation for deposits in Ukraine. The author concludes that this deposit coverage amount was not reviewed during the period from 2012 to 2022, which does not contribute to the interest of depositors in keeping money in banking institutions. However, on 1 April 2022, during the period of martial law, Ukraine adopted Law No. 2180-IX ‘On Amendments to Certain Laws of Ukraine on Ensuring the Stability of the Deposit Guarantee System for Individuals’, which provides a full guarantee of individuals’ deposits during martial law and three months after its termination, as well as increases the guaranteed deposit compensation to UAH 600,000. These changes will have positive consequences for depositors, but the author points out that in the context of these legislative changes, the state should provide support to the Deposit Guarantee Fund by writing off interest arrears to the Ukrainian Ministry of Finance, which has emerged due to the banking crisis in 2014-2017. In addition, to preserve the liquidity of banks’ assets, the author proposes to ensure that the Fund starts preparing banks for the management of their assets by evaluating and monitoring their status. Furthermore, the author emphasises the need for the harmonisation of the Ukrainian banking legislation with the requirements of Directives 2014/49/EU and 2014/59/EU. For this purpose, the guaranteed amount of reimbursement should be gradually increased to the equivalent of EUR 100,000, and guarantees should be extended to depositors who are legal entities. The relevant legislation must also be amended so that its terminology corresponds with that of the EU, the Deposit Guarantee Fund participants must be included in other credit institutions, and the Deposit Guarantee Fund must guarantee legal entities’ deposits.
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Гончарук, Natalya Goncharuk, Кулаженкова, and Nataliya Kulazhenkova. "Problems of administrative responsibility for violation of the law on banks and banking." Central Russian Journal of Social Sciences 11, no. 3 (June 26, 2016): 126–36. http://dx.doi.org/10.12737/20394.
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In the article the phenomenon of discussion in legal science and practice, of administrative responsibility for violation of the law on banks and banking activities is discussed. The relevance of the research topic is determined by the fact that the litigation of violations in this sphere causes difficulties in judicial practice, because the rules of banks and banking activities are also contained in other federal laws, causing significant controversy in determining proper measures of responsibility. The article provides a comparative analysis of the legal liability for violation of the law on banks and banking activities, provided by the rules of the Administrative Code and the Federal Law «On the Central Bank of the Russian Federation (Bank of Russia)»; types of interventions provided for banking offenses are discussed and the ways of solving the problem are indicated.
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MUKANOV, Malik Rsbaevich, and Ernar Nurlanovich BEGALIEV. "The Current State of the Monetary Sphere of Kazakhstan, Kyrgyzstan, Tajikistan within the Framework of Changes in the Legislation." Journal of Advanced Research in Law and Economics 9, no. 5 (June 10, 2019): 1708. http://dx.doi.org/10.14505//jarle.v9.5(35).24.
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The article discusses the current state of the monetary – credit sphere in the former states of the Soviet Union. The authors note that, the collapse of the Soviet Union in 1991, which led to the defragmentation of the monetary system, is an important event in the formation of the financial sector in Central Asia. The single monetary and financial system, which was adapted to the conditions of the planned economy, had started rapidly falling apart. The result was a break of the traditionally existing economic ties.
It is important to note that the monetary policy has a direct impact on the major macro-economic indicators such as GDP, employment and the level of prices. It is thus important to have a solid legal base. The accelerated formation of national monetary systems in Central Asian states has required the creation of genuinely independent emission center as the Central Banks of Central Asia. Since 1994, Central Asian governments have begun to carry out macroeconomic regulation, mutual settlement in the economy and emission activity.
The next step was a reform of the banking system in Central Asia. At the beginning of the independence of the Central Asian states a legal framework was created and a transition was made to a two-tier banking system. According to the adopted laws in the countries of Central Asia, a two-tier banking system was formed, where the upper level was represented by the State Bank of the region (with emission rights), and the bottom were - commercial and government specialized. Creating second tier banks was a response to the needs of the Central Asian countries.
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BLAIR, WILLIAM. "THE LEGAL STATUS OF CENTRAL BANK INVESTMENTS UNDER ENGLISH LAW." Cambridge Law Journal 57, no. 2 (July 1998): 374–90. http://dx.doi.org/10.1017/s0008197398000075.
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Central banks have enormous sums of money in various forms of investments. When claims are made either against the banks themselves, or against other governmental bodies, issues arise as to whether these assets can be attached, and made available to satisfy judgments. The article explains how central banks are treated in English law. It explains the special provision made in respect of their assets under the State Immunity Act 1978. There is wide immunity from attachment, though questions can arise as to the ownership of such assets. The UK legislation is, in some respects, wider than its counterpart, the US Foreign Sovereign Immunities Act 1976. Recent case law is described in which the English courts have recognised that the public responsibilities of central banks have to be taken account of when determining the extent of their liability to attachment.
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Komarudin, Parman, and Muhammad Syarif Hidayatullah. "Alur Legislasi dan Transformasi Hukum Perbankan Syariah di Indonesia." Mizan: Journal of Islamic Law 5, no. 1 (June 18, 2021): 133. http://dx.doi.org/10.32507/mizan.v5i1.868.
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This paper aims to study the flow of legislation and transformation of Islamic banking law in the national legal system or legislation in Indonesia. The research method used is normative legal research with a statutory approach and historical approach. The results of the discussion showed that the flow of legislation and transformation of Islamic banking law in Indonesia can be divided into four phases, namely the free phase of Islamic values when law No. 14 of 1967 on Banking Fundamentals, then the phase of the introduction of a revenue sharing system with the issuance of Law No. 7 of 1992 on Banking, then the advanced phase with the form of affirmation of the existence of Islamic Banks through Law No. 10 of 1998 on Amendments to Law No. 7 of 1992 on Banking , after that until the phase of refinement or purification with the presence of Law No. 21 of 2008 on Islamic Banking.Keywords: Legislation; Legal Transformation; Islamic Banking Law AbstrakTulisan ini bertujuan untuk mengkaji alur legislasi dan transformasi hukum perbankan syariah dalam sistem hukum nasional atau perundang-undangan di Indonesia. Metode penelitian yang digunakan adalah penelitian hukum normatif dengan pendekatan perundang-undangan dan pendekatan historis. Pengkajian yang dilakukan menunjukkan bahwa alur legislasi dan transformasi hukum perbankan syariah di Indonesia dapat dibagi menjadi beberapa fase, yakni fase bebas nilai Islam ketika berlaku Undang-undang No. 14 Tahun 1967 tentang Pokok-pokok Perbankan, dilanjutkan fase pengenalan sistem bagi hasil dengan dikeluarkannya Undang-undang No. 7 Tahun 1992 tentang Perbankan, kemudian fase lanjutan dengan bentuk penegasan keberadaan Bank Syariah melalui Undang-undang No. 10 Tahun 1998 tentang Perubahan atas UU No. 7 Tahun 1992 Tentang Perbankan, setelah itu sampai pada fase penyempurnaan atau pemurnian dengan hadirnya Undang-undang No. 21 Tahun 2008 tentang Perbankan Syariah.Keywords: Legislasi; Transformasi Hukum; Hukum Perbankan Syariah
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Benvenuto, Marco, Roxana Loredana Avram, Alexandru Avram, and Carmine Viola. "Assessing the Impact of Corporate Governance Index on Financial Performance in the Romanian and Italian Banking Systems." Sustainability 13, no. 10 (May 15, 2021): 5535. http://dx.doi.org/10.3390/su13105535.
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Background: Our study aims to verify the impact of corporate governance index on financial performance, namely return on assets (ROA), general liquidity, capital adequacy and size of company expressed as total assets in the banking sector for both a developing and a developed country. In addition, we investigate the interactive effect of corporate governance on a homogenous and a heterogeneous banking system. These two banking systems were chosen in order to assess the impact of corporate governance on two distinct types of banking system: a homogenous one such as the Romanian one and a heterogeneous one such as the Italian one. The two systems are very distinct; the Romanian one is represented by only 34 banks, while the Italian one comprises more than 350 banks. Thus, our research question is how a modification in corporate governance legislation is influencing the two different banking systems. The research implication of our study is whether a modification in legislation, thus in the index of corporate governance, is feasible for two different banking sectors and what the best ways to increase the financial performance of banks are without compromising their resilience. Methods: Using survey data from the Italian and Romanian banking systems over the period 2007–2018, we find that the corporate governance has a significant, positive and long-lasting effect on profitability and capital adequacy in both countries. Results: Taking the size of the company into consideration, the impact of the Index of Corporate Governance (ICG) on a homogenous banking system is positive while the impact on a heterogeneous banking system is negative. Conclusions: Our study provides evidence of the impact of IGC on financial performance and sheds light on the importance of the size of the company. Therefore, one can state that the corporate governance principles applied do not encourage the growth of large banks in heterogeneous banking sectors, thereby suggesting new avenues of research associated with new perspectives.
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Jemović, Mirjana, and Borko Krstić. "Comparative Analysis of Financial Stability Policy of The National Bank of Serbia and The European Central Bank." Economic Themes 53, no. 2 (June 1, 2015): 142–61. http://dx.doi.org/10.1515/ethemes-2015-0009.
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AbstractThe Republic of Serbia has successfully completed the first part in the European Union integration process, being granted candidate status for membership in the European Union (EU). The stage of accession negotiations is in progress, and it includes the full harmonization with the EU acquis, whereby the analytical review of legislation, the so-called screening is being carried out in 35 chapters. The global financial crisis that affected our country in 2008 has required a timely reaction of the National Bank of Serbia (NBS) in order to preserve the financial system stability, especially the banking sector as its most important segment. As the financial services sector adjusts within chapter 9, the aim of this paper is to assess the level of compliance of national legislation with the EU legislation regarding banking sector. Along with the regulatory initiatives in the field of preserving financial stability in the EU countries, the NBS has paid great attention to the harmonization of its financial stability policy with the financial stability policy of the European System of Central Banks (ESCB).
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Kunhibava, Sherin. "Islamic Banking in Malaysia†." International Journal of Legal Information 40, no. 1-2 (2012): 191–201. http://dx.doi.org/10.1017/s0731126500006478.
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AbstractIslamic banking is the conduct of banking according to Shariah or Islamic law. Statistically Islamic banking has had phenomenal growth, according to the Asian Banker Research Group, the world's 100 largest Islamic banks have set an annual asset growth rate of 26.7% and the global Islamic finance industry is experiencing an average growth of 15-20% annually1. Recently the Prime Minister of Malaysia commented that Malaysia has been maintaining its leadership in Islamic banking and finance for over three decades2. As an International leader in Islamic banking, it would be interesting to explore the development of Islamic banking in Malaysia. This will be the objective of this paper. This paper will focus on the historical development of Islamic banking in Malaysia, from the creation of the Haj Pilgrim's Fund Board in the 1960s to the current Islamic banking scene of 17 local Islamic banks and five International Islamic banks in operation. This paper will also explore the unique regulatory and governance framework of Islamic banking in Malaysia, by touching on the Islamic banking Act 1983, the Central Bank of Malaysia Act 2009, the Banking and Financial Institutions Act 1989 and the Shariah Governance Framework introduced in 2011 by the Central Bank of Malaysia. This paper will also briefly introduce how Islamic banking works.
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Nobanee, Haitham, Osama F. Atayah, and Charilaos Mertzanis. "Does anti-corruption disclosure affect banking performance?" Journal of Financial Crime 27, no. 4 (June 1, 2020): 1161–72. http://dx.doi.org/10.1108/jfc-04-2020-0047.
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Purpose This paper aims to test the levels of anti-corruption disclosure and its implication on the banking performance of both conventional and Islamic banks listed on the Abu Dhabi Securities Exchange and Dubai Financial Market. Design/methodology/approach The authors have used the content analysis to identify the levels of anti-corruption disclosure in the banks’ annual reports. They have also used the two-steps generalized method of moments (GMM) regression applied to dynamic panel data analysis to examine the effect of the anti-corruption disclosure on the banking performance. Findings The empirical results show that the anti-corruption disclosure is at low levels for all banks and conventional and Islamic banks samples. The results also show no significant differences in the anti-corruption disclosure between Islamic and conventional banks. The results of the two-steps GMM regression applied to dynamic panel data analysis show a negative and significant impact of the levels of anti-corruption disclosure on the bank’s performance for both all banks and conventional banks; the results of the dynamic panel data analysis show an insignificant impact of anti-corruption discloser for the Islamic banks' sample. Practical implications The findings recommended a comprehensive framework of anti-corruption disclosure to the central banks and financial market regulators to enhance anti-corruption practices within the financial institutions to increase transparency and enhance their performance. Originality/value Fighting against anti-corruption is essential for financial institutions. This paper is the first study that examined the extent of anti-corruption levels and their effect on banking performance for both Islamic and conventional banks operates in the UAE. The findings help in enhancing reporting practices in terms of anti-corruption to improve transparency and performance in the banking sector.
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Ahmad, Hakam, Sri Anggraini, and Gesang Iswahyudi. "Perlindungan Hukum Terhadap Keamanan Rahasia Bank dalam Menjaga Kepentingan Nasabah Perbankan." AL-MANHAJ: Jurnal Hukum dan Pranata Sosial Islam 4, no. 2 (October 14, 2022): 337–50. http://dx.doi.org/10.37680/almanhaj.v4i2.1800.
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Banking is a driving force for national development. In order to avoid misappropriation of customer finances, it is necessary to make rules that prohibit banks from providing registered information to anyone relating to customer finances and deposits as regulated in Law Number 10 of 1998 concerning Banking except in certain cases which are explicitly stated in the Act. the law. The security of bank secrecy needs to be safeguarded under the legal umbrella for the benefit of customers and bank security. Violation of this provision is considered a banking crime and can be subject to criminal or civil sanctions. The conclusion in this thesis is that bank secrecy is important because banks as financial institutions are obliged to provide protection to customers. The research in this thesis uses the normative legal method which is carried out or aimed only at written regulations and or legislation, legal principles and expert opinions. This type of research is qualitative through a literature review (Library Research).
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Abad Shahpori, Saeid Eshragh, and Zeynab Porkhaghan Shahrezaei. "Position of Commercial Arbitration in Resolving Disputes among Customers and Banks in Iran." Journal of Politics and Law 10, no. 3 (June 1, 2017): 174. http://dx.doi.org/10.5539/jpl.v10n3p174.
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In today’s business environment and financial markets, banks are responsible for financial intermediaries and their relationships with customers are established in form of signed contracts. We are witnessing disputes in monetary transactions; thus, parties tend to resolve their conflicts outside the framework of court due to continue cooperation in the future and preserve the value of money and the principle of confidentiality. This research has been conducted to determine the position of commercial arbitration in resolving disputes among banks and customers. Research method is descriptive-analytical and its practical aspects can be used in the banking system. Data has been gathered from theoretical library discussions, the ideas of legal experts, the principles finance and banking sciences, and banking conventions. The results indicate that banks do not like to refer files to arbitration and monetary market has no arbitration committee to resolve disputes. Therefore, banks have used alternative methods such as negotiation and referral to banking expert; in some cases, the role of expert is close to arbitrator. In other cases, resolving the dispute does not arbitration with respect to social order and legislation. Based on findings, main banking services are provided in the form of a contract written by banks in the framework of the Article 10 of the civil law. This contract contains terms. Customers have to accept the terms and sign the contract; otherwise, banks will not provide the considered services.
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Agus Salim, Muhammad. "KESIAPAN PEMERINTAH MENERAPKAN GREEN BANKING MELALUI POJK DALAM MEWUJUDKAN PEMBANGUNAN BERKELANJUTAN BERDASARKAN HUKUM POSITIF DI INDONESIA." Yustitia 4, no. 2 (October 22, 2018): 119–41. http://dx.doi.org/10.31943/yustitia.v4i2.40.
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The world of banking in Indonesia began to show its concern for environmental problems through various banking activities known as Green banking. Green banking is a program for a financial institution that makes sustainability a top priority in its business. Currently banks that have pledged green banking are required in OJK Regulation Number 51 / POJK.03 of 2017 concerning the Implementation of Sustainable Finance for Financial Service Institutions, Issuers and Public Companies to report on the results of implementing green banking. This writing discusses how the legal consequences of the implementation of green banking for banking business activities in Indonesia after the enactment of POJK Number 51 / POJK.03 in 2017 concerning the Implementation of Sustainable Finance for Financial Services Institutions, Issuers and Public Companies and how OJK conducts supervision.
This study is a legal research using a normative juridical approach and descriptive analytical research specifications. The data used in this study are secondary data consisting of primary, secondary and tertiary legal materials. Data obtained through library studies and field research in the form of legislation, books, journals, and electronic media.
The findings of this study are 2 (two) explanations namely First, the legal consequences of the implementation of green banking in banking business activities in Indonesia in realizing sustainable development have not been able to be carried out due to banks and financial services institutions both banks and non-banks do not yet have specific guidelines or references governing this green banking. Second, the obligation for banks that have pledged green banking is to provide insurance for the environment, considering that banking business activities also include insurance referring to Article 7 of the Banking Law. OJK has actually launched environmental insurance, but the Indonesian government has not responded to anything that has been conveyed by the OJK. The reason for the government according to the OJK informants is that the development of a little more would certainly damage the environment, so that environmental insurance is impossible in Indonesia.
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Stoika, Viktoriia. "Integration of Islamic banking in the national banking sector: foreign experience." SHS Web of Conferences 65 (2019): 09004. http://dx.doi.org/10.1051/shsconf/20196509004.
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The rules of banking management in Muslim countries are based on the Sharia Law, that is, a set of rules and laws relating to the management of the economy, social, political and cultural aspects of Islamic society. Sharia Law also prohibits the conclusion of immoral transactions and endorses social justice, which is ensured through the distribution of risks and returns, and the implementation of social investment. In the context of economic globalization, this phenomenon is already quite distinguished and is considered a worthy competitor to the traditional banking system. Features of Islamic banking institutions activities become their advantages in comparison with traditional banking institutions. That is why Islamic banks have become active participants in the global financial market, despite the specific nature of their operations and the difficulties of their adaptation to international practice. Islamic banking has spread not only in the developed countries of Western Europe, but also in Central Asia. The study of the process of Islamic banks activities in the financial markets of such countries as Great Britain, Germany, Kazakhstan and Uzbekistan allows us to identify two forms of their functioning: establishment of Islamic windows by banking institutions of these countries and direct entry of banks that originate from Islamic countries. The experience of the above-mentioned countries regarding the integration of Islamic banking into the national financial sector has shown, first of all, the need to develop an appropriate regulatory framework, to form an appropriate infrastructure, to conduct awareness-raising activities, to strengthen international cooperation with investor countries.
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Khujayev, Shokhjakhon Akmaljon. "JUDGMENTS UNDER THE LAW OF THE REPUBLIC OF UZBEKISTAN «ON BANKS AND BANK ACTIVITY» IN THE NEW EDITION." International Journal of Legal Studies ( IJOLS ) 4, no. 2 (December 30, 2018): 295–301. http://dx.doi.org/10.5604/01.3001.0013.0020.
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This article analyses contents and an entity of the bill of the Republic of Uzbekistan «On banks and banking activity», specifies distinctive features, states proposals and recommendations. Also article analysis the entity and value of legal regulation of foreign bank activity on the basis of the current legislation. Article indicates expediency of adoption of the new law on banks and bank activity. In turn, it is noted that legal regulation is the best way of increase in efficiency of activity of foreign banks. On the basis of the analysis of the bill the author gave the relevant theoretical and practical proposals. Author proposed to use the concept «foreign bank activity», to provide norms concerning a possibility of application of improving measures concerning banks, to specify that the term of accreditation is five years and also to provide them advantages during creation of bank with the foreign capital.
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Bassani, Giovanni. "Of Viruses, Economic Crises and Banks: The European Banking Union and the Response to Covid-19." European Business Law Review 32, Issue 3 (June 1, 2021): 437–72. http://dx.doi.org/10.54648/eulr2021016.
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This article provides an account of how the Covid-19 outbreak and its impact on the banking sector were tackled in the European Union. The Covid-19 crisis is the first economic crisis after the enactment of the regulatory reforms of the last decade and represents the first relevant test for the assessment of their effectiveness in particular in the Eurozone. The analysis focuses specifically on the new framework for Banking Supervision in the Euroarea, the Single Supervisory Mechanism within the Banking Union, and explains how ECB Banking Supervision reacted to the economic and financial shock generated by the Covid-19 outbreak until the end of 2020. In this context, the article discusses the ECB’s policy interventions within the wider European and international context where also significant initiatives from the central bank side of the ECB, the European Commission, the European Banking Authority, the European Systemic Risk Board, the EU co-legislators and the Basel Committee on Banking Supervision took place.1 The Article also analyses the potential limitations of the existing European framework for crisis management, should a further severe shock with new waves of infections and lockdowns require extraordinary policy interventions. The article is divided into 4 sections: section A sets the scene and briefly describes the unprecedented economic shock deriving from the outbreak of the virus followed by the various measures of containment and lockdown. Section B analyses the various policy initiatives taken by ECB Banking Supervision to tackle the crisis within the wider European and international context. Section C discusses the potential use of the European framework for crisis management in the banking sector, should a further severe economic shock with ample repercussions on the banking sector materialise. Section D concludes. European Banking Supervision, Covid-19, microprudential supervision, macroprudential supervision, distribution restrictions, usable capital, crisis management framework, precautionary recapitalisation, non-performing loans, asset management company
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GUNPUTH, Rajendra Parsad. "Micro-Credit in Conventional Banking: Would Islamic Banking be the Golden Age for Entrepreneurs? -The Mauritius Case Study." Journal of Social and Development Sciences 5, no. 1 (March 30, 2014): 14–25. http://dx.doi.org/10.22610/jsds.v5i1.801.
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The broad aim of this paper is to make an analogy between conventional banks and Islamic banking in micro-credit and the incentives they may provide for entrepreneurs and small and medium enterprises (SMEs) in a Mauritian perspective? Indeed, in Mauritius traditional or conventional banks are more and more reluctant to give loans to entrepreneurs who are considered as high risk investors (their fragile entrepreneurs may collapse unexpectedly) despite they create jobs and employment. In contrast, in most Islamic countries Islamic banks allow businessmen and investors among others to have loans without interest (or riba) according to sha’ria compliants and tailor made Islamic contracts (mudabara and musarakha) to support their innovations and proposals. Despite Islamic banking is at its burgeoning state it has expanded considerably in most Islamic and Arab countries. Would Islamic banks uproot conventional banks irrespective it is in Islamic countries or Western countries? This paper therefore adds to an already abundant literature on the subject-matter but it enlightens a central issue: would Islamic banking, sha’ria law and Islamic economies be the golden age for entrepreneurs and SMEs in Mauritius and worldwide?
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Savchenko, T., and L. Mynenko. "FORMATION OF UKRAINE TRANSPARENCY BANKING." Vìsnik Sumsʹkogo deržavnogo unìversitetu, no. 4 (2019): 35–41. http://dx.doi.org/10.21272/1817-9215.2019.4-4.
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The article analyzes requirements of the National Bank of Ukraine for transparency of banks, banking groups and non-banking financial market participants. Transparency development process in the Ukrainian banking sector considered in a dynamic and in context of the EU's transparency requirements. Authors came to conclusion that the National Bank of Ukraine have to extended last achievements at banks transparency issues on activities of banking groups and to non-banking financial institutions. This conclusion based on rudiments of effective supervision of banking groups on a consolidated basis, as well as the adoption by the Verkhovna Rada of Ukraine of the Law on "Split". This law extends the National Bank's responsibility in the supervision of non-banking financial institutions (insurance, leasing, financial companies, credit unions, pawnshops and credit bureaus) since July 2020. Therefore, the National Bank should introduce new regulatory requirements to increase the transparency of banking groups and non-bank financial intermediaries. These reforms will establish uniform approaches and standards for disclosure of information on the activities of financial institutions, as well as provide the harmonization of national legislation with EU requirements. Expanding the list of public reporting information and establishing proper reporting intervals will ensure the stable functioning of the financial market and will increase the confidence in the financial system by the users of financial services. These measures will also help management of the financial organization to make informed decisions in defining their development strategy. Besides, they will provide further development of the competitive environment in the financial services industry. Keywords: transparency of banking system, transparency requirements, bank, banking group.
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Spolaore, Piergiuseppe. "Ownership and Governance of Central Banks: Insights from the Italian Experience." European Company and Financial Law Review 17, no. 6 (December 1, 2020): 619–56. http://dx.doi.org/10.1515/ecfr-2020-0030.
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Between the end of 2013 and the beginning of 2014, a radical reform of Banca d’Italia – the Italian central bank and banking supervisory authority – was enacted. It was the last chapter of an historical evolution, started in 1893 with its incorporation as a joint-stock-corporation under private law, whose result places the Italian system within the niche of countries that entail the participation of private investors to the ownership and governance of central banks. This article analyzes the relevant Italian regulation also by comparing it with other international experiences. While most of the debate on central banking independence focuses on independence from politics, this article explores another side of the problem, namely the risk of capture by the banking sector and of subsequent conflicts of interests.Said risk significantly increases when the central bank’s shareholders are private investors which elect some of its governing bodies and receive dividends out of its earnings. Since a central bank carries out monetary operations that generate seigniorage, the distribution of profits out of these earnings is a transfer of public value to the private sector. Such circumstances can create incentives for the owners to influence the central bank’s decisions, also according to the magnitude of the values at stake.
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Tucker, Paul. "How the European Central Bank and Other Independent Agencies Reveal a Gap in Constitutionalism: A Spectrum of Institutions for Commitment." German Law Journal 22, no. 6 (September 2021): 999–1027. http://dx.doi.org/10.1017/glj.2021.58.
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AbstractToday’s central banks wield extraordinary powers, both monetary and regulatory, and with a capacity to substitute for elected governments tempted to pass the buck. Debates about central banking’s powers and legitimacy barely touch, however, on whether and how monetary independence fits with the values that drive constitutionalism. It turns out that, for modern economies using fiat money, independence is a corollary of the higher level separation of (fiscal) powers between the legislative and executive branches. Even though independence is necessary, it needs to be carefully constrained by a “money-credit constitution.” Those general arguments, applicable in liberal democracies, do not carry across cleanly to the euro area. A principled case can be made for the ECB’s mandate being specially tight, but that is in tension with its de facto role as the emergency economic actor for the euro area. Facing up to that will be necessary sooner or later.
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Rasheed, Burhan, Zohair Farooq Malik, Amer Shakeel, and Syed Taha Fraz Haider Kazmi. "Evaluating the State Laws and Regulations of Microfinance Institutions (MFIs) in Asia: A Comparative Study." Audit and Accounting Review 1, no. 2 (December 1, 2021): 91–110. http://dx.doi.org/10.32350/aar.12.05.
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This study evaluates the laws and regulations of Microfinance Institutions (MFIs) in Asia. It compares the regulatory framework of MFIs with institutional development and macroeconomic perspective and concludes that central banks control formal MFIs by applying legislation. Conversely, semiformal MFIs are regulated and controlled by a government body or an apex organization. Unfortunately, informal MFIs are not regulated at all. It was observed that even though regulations are effective; however, the ownership structure, governance, and internal controls are not adequate and appropriate for all types of MFIs. Since the existing rules do not apply to all MFIs, this study recommends formulating special prudential regulations for MFIs, similar to the ones used in the banking sector. Formulating regulations should be the responsibility of the government, central banks, private sector, and the donors. Furthermore, regulators should develop a separate team of qualified members to monitor the regulatory environment, protect the interest of depositors and donors, and encourage MFIs to attain sustainability as well as outreach.Keywords: central banks, Microfinance Institutions (MFIs), prudential regulations, regulatory bodyJEL classifications: G2, G21, G28
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Badarin, Abdalla. "Shari'a Supervisory Legislation on Islamic Banks in Jordan: Reality and Hope." مجلة إسرا الدولية للمالية الإسلامية 8, no. 2 (December 25, 2017): 119–47. http://dx.doi.org/10.55188/ijifarabic.v8i2.276.
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This study reviews and evaluates the banking legislation regarding Shari’ah supervision of Islamic banks in Jordan to determine the positive and negative aspects and to suggest proposals to improve its level. The study found a number of positive aspects to the legislation; however, it suffers from the following: not paying sufficient attention to diversity in the members' academic qualifications, failing to clarify the mechanism of the Shari’ah board’s work at various stages, shortcoming in the requirements for realizing its independence, not determining the maximum number of memberships of a member in other financial institutions’ boards, not specifying the relationship between the Shari’ah supervisory board and the internal Shari’ah audit, not dealing with inadequate Shari’ah supervisory board performance of duties and how to treat the possible effects of that inadequacy. The study recommended granting national institutions such as the central bank or General Iftaa' Department the powers of appointment and dismissal, determining the remuneration of members, requiring members to fully devote themselves to this function, placing a limit on the number of boards that any person can be member of at the same time, and placing the internal Shari’ah audit under the supervision of the Shari’ah supervisory board.
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A. Rahman, Aspalella. "Combating money laundering and the future of banking secrecy laws in Malaysia." Journal of Money Laundering Control 17, no. 2 (May 6, 2014): 219–29. http://dx.doi.org/10.1108/jmlc-09-2013-0036.
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Purpose – The purpose of this paper is to analyze banking secrecy laws against the background of the Malaysian anti-money laundering laws. It has been argued that the anti-money laundering law makes greater inroads into the banking secrecy rule when compared to the common law or other statutes. Banks can disclose customer’s information on even grounds of suspicion of money laundering. Banking secrecy is a customer privilege, whereas combating money laundering is critical for public safety and security. Indeed, achieving a proper balance is a desirable goal. But how do we go about achieving such a balance is a question encountered by many law enforcement authorities. This paper looks into these issues. Design/methodology/approach – This paper mainly relies on statutes as its primary sources of information. As such, the relevant Malaysian laws that provide the banking secrecy rule will be identified and analyzed. It will be necessary to examine the banking secrecy rule in the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (AMLATFA) and other relevant statutes in detail, as these are the most important legislation for the purpose of this paper. Findings – On closer inspection, it is submitted that AMLATFA provides sufficient safeguards to ensure that the disclosure of customer’s information is carried out in a manner that is not prejudicial to the interest of legitimate customers. This is a positive approach that could protect the innocent customers from being mistreated by the law. Ultimately, it can be said that the growing threat of global money laundering and terrorism makes the overriding of banking secrecy justified because without a flow of information from the banks, the effective prevention of the menace is not possible. Originality/value – This paper analyzes the inroads into the banking secrecy rule under the Malaysian anti-money laundering laws. It would provide some guidelines into this particular area for academics, banks, their legal advisers, practitioners and policy makers, not only in Malaysia but also elsewhere.
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Gladkikh, Aleksandr Andreevich. "On the issue of the legal status of credit institutions as a subject of financial monitoring." Финансовое право и управление, no. 2 (February 2019): 1–9. http://dx.doi.org/10.7256/2454-0765.2019.2.33854.
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The subject of the study was the legislation on countering the legalization (laundering) of proceeds from crime and the financing of terrorism", established for credit institutions, banks and banking activities, as well as on the State Development Corporation "VEB.RF". The object of the research of the article is the legal relations that develop in the process of implementation by credit institutions of the requirements of AML/CFT legislation. The author considers the question of the correlation of subjects of financial monitoring in the aspect of the powers granted by legislation and the duties assigned to agents. Special attention is paid by the author to the study of the special role of credit institutions among financial monitoring agents. The author studies the content of the concept of "credit institution" from the point of view of AML/CFT legislation. Within the framework of the study, the author concluded about the special role of credit institutions in the AML/CFT system due to the specifics of their activities by virtue of granting them unique powers in relation to other agents and assigning a role to ensure the implementation of financial monitoring by other groups of agents. It is noted that the current legal regulation on countering the legalization (laundering) of proceeds from crime and the financing of terrorism forms an understanding of the term "credit organization" in this area, as a group of entities combining credit organizations in the meaning established by the Federal Law "On Banks and Banking Activities" and the state development Corporation "WEB.The Russian Federation" in the implementation of its operations characteristic of banking activities.
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Azharuddin, Azharuddin. "LEGAL PROTECTION FOR USERS OF INTERNET BANKING CUSTOMERS FOLLOWING CHANGES IN INFORMATION AND ELECTRONIC TRANSACTIONS LAW." Jurnal Pembaharuan Hukum 6, no. 1 (March 6, 2019): 54. http://dx.doi.org/10.26532/jph.v6i1.4674.
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The presence of the Internet Banking service has offered a number of convenience and flexibility in conducting transactions, both between the bank and its customers, the bank and merchant, bank with the bank and the customer with the customer. However, this simplicity does not mean no risk. In addition to the Internet Banking service provides convenience, also in fact have some risks. The risk of a new character and is a challenge for practitioners and experts in the field of Internet Banking service to handle it, so it becomes important to discuss the legal efforts to protect customers' personal data in the operation of Internet Banking service after changes in legislation and elektronic information transaction. Forms of protection against customer data in Internet Banking in Indonesia are from several types of regulations that have regulated internet banking, namely Bank Indonesia Regulation Number 9/15 / PBI / 2007 concerning Application of Risk Management in the Use of Information Technology by Commercial Banks and Act No. 19 of 2016 concerning Amendments to Act No. 8 of 2011 concerning Electronic Information and Transactions along with the Financial Services Authority Act in the section on consumer protection
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Majewska-Jurczyk, Barbara. "European Banking Union – an institutional analysis." Central European Review of Economics and Management 5, no. 1 (December 17, 2020): 59–75. http://dx.doi.org/10.29015/cerem.896.
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Aim: The Banking Union is an important step towards a genuine Economic and Monetary Union. The strengthening of the European banking system has become a topic of debate since the 2008 crisis when it became clear that stability and security of the system security may require increased supervision over operations conducted. The Banking Union was created to avoid the situation that taxpayers are first in line to pay for bailing out ailing banks. The Banking Union consists of three pillars: 1) the Single Supervisory Mechanism (SSM), which centralizes supervision of European banks around the European Central Bank, 2) the Single Resolution Mechanism (SRM), which the main purpose is to ensure the efficient resolution for recapitalization failing banks, and 3) the European Deposit Insurance Scheme (EDIS), which is still unfinished. The creation of the Banking Union is accompanied by a remarkable transfer of sovereignty to the European level. This article aims to provide an overview of the changes unfolding across the Banking Union from a law and economics perspective and to explain the role of the European Central Bank in supervision over the banking system, which is different from the policy of controlling prices through determining the level of interest rates and keeping inflation under control.
Design/Research methods: The analysis of the functioning Banking Union is based on the review of literature and analysis of reports and legal acts.
Findings: The Banking Union supports financial integration in the EU by implementing a common set of rules and a common supervisory and resolution mechanism. The creation of the Deposit Insurance Scheme is likely to contribute to the protection of banks and consumers in case of a potential future crisis. The author argues that the European Central Bank as a supervisor of the financial market should create a second supervisory body, which would significantly strengthen the system and allow the ECB more efficiently fulfill its task as chief supervisor.
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Frolova, Evgenia E. "LEGAL REGULATION OF INTERNET BANKING IN INDIA." RUDN Journal of Law 23, no. 3 (December 15, 2019): 351–74. http://dx.doi.org/10.22363/2313-2337-2019-23-3-351-374.
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The features of the legal regulation of Internet banking in India are investigated. Internet banking is gradually replacing the use of cash, checks, and, most importantly, customers who personally come to bank offices: according to statistics, the total amount of transactions in the digital payments segment of India in 2019 will be $ 64.775 billion. USA. Electronic banking is a generic term for the provision of banking services and products via electronic channels, such as telephone, Internet, mobile phone, etc. The main regulatory act regulating Internet banking in India is the Information Technologies Act 2000, which provides for legal recognition of electronic transactions and other means of electronic commerce. In addition to the new law, the norms of traditional banking legislation also apply to Internet banking. The main financial regulator of India the Reserve Bank - also provides direct management of Internet banking: it developed guidelines for Internet banking in India in 2001; as well as the Mobile Banking Guide, which was transformed into the Mobile Banking Master Circular51 in 2016. The rights of consumers of Internet banking services are protected on the basis of the Consumer Protection Act 198652, which defines the rights of consumers in India and also applies to banking services. India’s law is based on case law, and in this regard, a number of new case law on disputes between banks and their customers in the field of Internet banking has been studied. However, in the legislation, the article notes, there are a number of gaps related primarily to ensuring the safety of online banking. Information security in electronic banking represents two main areas of risk: preventing unauthorized transactions and maintaining the integrity of customer transactions. When writing the article, general scientific methods of cognition were used: dialectical, hypothetical-deductive method, generalization, induction and deduction, analysis and synthesis, empirical description; private scientific methods were also used: legal, dogmatic, statistical, comparative legal analysis, and others.