#Financial Regulation

[ivygorgon]

AN OPEN LETTER to THE U.S. CONGRESS

Hold Bank Execs Financially Accountable for Mismanagement! Pass the DEPOSIT Act.

274 so far! Help us get to 500 signers!

I am writing to urge you to pass the Deliver Executive Profits on Seized Institutions to Taxpayers (DEPOSIT) Act that was recently introduced by Sen. Richard Blumenthal and U.S. Reps Adam Schiff (D-CA) and Mike Levin (D-CA).

This important legislation would hold executives at failed banks financially responsible for their mismanagement and prevent them from selling off shares of stock, potentially profiting from their bank failure -- like Silicon Valley Bank CEO Greg Becker might have done when he sold $3.6 million of stock shortly before the collapse of SVB.

American taxpayers shouldn’t be left holding the bag and bailing out banks while their executives are walking away with multi-million dollar compensation and bonus packages. Please respond in writing and let me know you co-sponsored this bill. Thanks!

▶ Created on March 24, 2023 by Jess Craven

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[beingliverpool]

[angel0news]

RBI to Launch Public Repository for Digital Lending Apps

In a significant move to enhance consumer protection and transparency in digital lending, the Reserve Bank of India (RBI) has announced the creation of a public repository for digital lending apps (DLAs). This initiative aims to help customers verify whether a lending app is associated with regulated entities, such as banks, and avoid potentially illegal apps.

Background and Need

On September 2, 2022, the RBI issued comprehensive guidelines for digital lending, addressing critical issues like customer protection, data privacy, interest rates, recovery practices, and mis-selling. Despite these guidelines, reports have surfaced about unscrupulous digital lenders falsely claiming affiliations with RBI-regulated entities.

A recent RBI Working Group found that about 600 of the 1,100 digital lending apps available on Indian Android devices are illegal. With the proliferation of new lending apps, it’s increasingly challenging for users to determine the legitimacy of these apps.

The Repository’s Role

The RBI’s new repository will be a valuable tool for consumers. It will list digital lending apps deployed by regulated entities, allowing users to check if an app is legitimate or illegal. The data will be submitted directly by regulated entities to the repository and updated regularly. This will ensure that borrowers can easily identify whether a lending app is associated with a recognized, regulated entity.

Guidelines and Compliance

The RBI’s guidelines mandate that regulated entities disclose loan rates upfront and ensure borrowers are well-informed about loan products during the onboarding process. Additionally, these entities are required to assess borrowers' economic profiles before extending loans.

Protecting Consumers

This initiative follows alarming trends where predatory lending practices have led to severe consequences for many individuals, including harassment and extortion. By providing a centralized, publicly accessible list of verified lending apps, the RBI aims to curb these unethical practices and safeguard consumers against fraudulent activities.

For more information, the repository will be accessible on the RBI’s official website, offering a crucial resource for both current and prospective borrowers.

[global-times-network]

Unmasking Spartan Capital: The Scandals, Lawsuits, and Investor Deceptions

Spartan Capital Securities Lawsuits have emerged due to numerous investor complaints involving allegations of fraud, churning, excessive trading, and significant compliance failures. The company's CEO, John Lowry, and Chief Compliance Officer, Kim Monchik, have been charged by FINRA for failing to disclose reportable events involving Spartan stockbrokers, including customer complaints and arbitrations. Investors who have suffered financial losses due to these actions may seek restitution through the FINRA arbitration process. The ongoing investigations and regulatory actions highlight the critical need for robust compliance and transparent practices within the firm to protect investor interests.

[tmarshconnors]

Against Britcoin and The Digital Pound

As the digital age advances, the concept of money is evolving beyond physical coins and banknotes into the realm of digital currencies. One such development is the proposed "Britcoin," a digital version of the British pound. While this initiative promises to bring convenience and modernity to financial transactions, it also raises significant concerns. It's crucial to scrutinise the implications of Britcoin and advocate for a cautious approach to its adoption.

What is Britcoin?

Britcoin, the proposed digital pound, is envisioned as a state-backed digital currency, aiming to complement physical cash and existing digital payment systems. This initiative is part of a broader trend where countries are exploring central bank digital currencies (CBDCs) to streamline monetary transactions, reduce costs, and provide a government-backed alternative to cryptocurrencies like Bitcoin.

The Promised Benefits

Proponents of Britcoin highlight several potential benefits:

Efficiency and Speed: Digital transactions can be executed instantly, improving the efficiency of financial operations for both consumers and businesses.

Financial Inclusion: Britcoin could offer financial services to unbanked or underbanked populations, providing them access to secure and efficient payment methods.

Reduced Costs: Digital currency can potentially lower the costs associated with printing, storing, and transporting physical money.

Enhanced Security: With advanced encryption and blockchain technology, digital currencies can offer robust security against fraud and counterfeiting.

The Concerns

Despite these advantages, the introduction of Britcoin raises several red flags:

Privacy Issues: Digital currencies are inherently traceable, which could lead to increased surveillance of financial transactions by the state. This threatens individual privacy and could be misused for unwarranted tracking of personal spending habits.

Centralization Risks: The control of Britcoin by a central authority, such as the Bank of England, centralizes financial power, potentially leading to misuse or policy decisions that may not reflect the best interests of the public.

Cybersecurity Threats: As a digital entity, Britcoin would be susceptible to cyberattacks. A breach could have catastrophic consequences, destabilizing the financial system and leading to significant economic losses.

Technological Dependence: A move towards digital currency increases dependence on technology and infrastructure. In cases of technical failures or power outages, access to money could be disrupted, affecting daily life and business operations.

Economic Inequality: While intended to promote financial inclusion, Britcoin could exacerbate existing inequalities if its implementation doesn't consider those without access to digital technologies or the internet.

The Need for Vigilance

Given these potential drawbacks, it's imperative to approach Britcoin with caution. Here's how we can advocate for a balanced and thoughtful consideration of this digital currency:

Demand Transparency: Push for clear and transparent communication from the government and financial institutions about the development and implementation of Britcoin. Public consultations and debates should be encouraged to address concerns and gather diverse viewpoints.

Privacy Protections: Insist on robust privacy measures to ensure that users' financial data is protected from misuse and unwarranted surveillance. This could involve stringent regulations and oversight mechanisms.

Cybersecurity Measures: Advocate for the highest standards of cybersecurity to safeguard against potential threats. This includes regular audits, risk assessments, and investment in cutting-edge security technologies.

Inclusivity Plans: Ensure that plans for Britcoin include provisions for those without access to digital technologies, such as rural populations and the elderly. This could involve providing alternative methods of access or maintaining physical cash options.

Legal Frameworks: Call for the establishment of comprehensive legal frameworks that govern the use, distribution, and regulation of Britcoin. These frameworks should protect users and ensure the stability of the financial system.

While the advent of Britcoin represents a significant step towards modernizing the financial landscape, it's essential to proceed with caution. By understanding the potential risks and advocating for robust safeguards, we can ensure that the digital pound serves the public interest without compromising privacy, security, or inclusivity. The fight against a hasty and ill-considered rollout of Britcoin is not about resisting progress but about ensuring that progress benefits everyone fairly and equitably.

[lexlawuk]

Cryptocurrency Litigation Success: Assessing Compensatory Damages in Lieu of an Injunction for Specific Performance

London, UK – 2 July 2024 – In a significant victory for our client, Mr. Southgate, the Chancery Division of the High Court, has issued a favourable ruling in the case of Southgate v Adam Graham [2024] EWHC 1692 (Ch). Our successful litigation case centered on a dispute arising from a loan agreement involving a cryptocurrency. The initial court decision found Adam Graham in breach of the…

[signode-blog]

The 2008 Market Crash: Causes, Impacts, and Lessons Learned

l. Introduction The 2008 market crash stands as one of the most significant financial upheavals in modern history, reshaping economies and livelihoods around the globe. Understanding the causes and impacts of this crisis is crucial for navigating future economic challenges. ll. Background of the 2008 Market Crash A. Economic conditions leading up to the crash Prior to 2008, the United States…

[techminsolutions]

Is Paytm Payments Bank in Trouble? Unraveling the RBI's Actions and Impact on Paytm's Future

Adapting to Change: Paytm’s Response and Future Strategies In response to the RBI’s intervention, Paytm is mobilizing efforts to navigate these challenging times. The company, known for its resilience, assures users that withdrawals are unaffected, offering a semblance of relief. Paytm, traditionally not heavily invested in direct lending, suggests it can manage the potential panic-driven…

[kevinmmiller]

Treaty of the European Union and Basel III Reforms

Abstract: First I give a brief overview of Article 107 of the Treaty of the EU(TEU). Next, I give a summation of the issues which have come up for the EU in the last decade which have affected state aid, and the guarantees inherent in the Treaty of the EU

Abstract: First I give a brief overview of Article 107 of the Treaty of the EU(TEU). Next, I give a summation of the issues which have come up for the EU in the last decade which have affected state aid, and the guarantees inherent in the Treaty of the EU. These include the Greek Debt Crisis, as well as extraterritorial measures which have been taken an order to further enhance the quality, and…

[acepatrons123]

[ladookhotnikov]

Decision Made: Coinbase Defeats SEC

Coinbase wins case against the Securities and Exchange Commission in the US Supreme Court. The decision is made; claims that were previously filed in federal court are being suspended now until the defendant files an appeal and sends the case to arbitration. This means that disputes will be resolved not through a long and difficult litigation but through arbitration where a third neutral party will make the final decision.

Earlier the SEC suspected Coinbase that since 2019 the exchange has illegally earned “billions” on asset purchases and sales. In addition, the Commission accuses the company of ignoring the mandatory disclosure requirement, thereby depriving investors of the necessary protection that prevents fraud and manipulation.

The main accusation is that Coinbase failed to register in accordance with the requirements of the SEC which deprived investors of access to important protective procedures. The company did not pass the SEC review, did not comply with record keeping requirements and did not provide conflict of interest protection.

The case has moved on which means that Coinbase is strengthening its position as one of the leading players in the market and confirming its case.

[pebblegalaxy]

The Career and Contributions of Economist Nouriel Roubini: Predicting the Global Financial Crisis

Nouriel Roubini is a world-renowned economist, academic, and advisor, who rose to fame in the aftermath of the global financial crisis of 2008. Nouriel Roubini earned the moniker “Dr. Doom” due to his negative predictions regarding the global economy, which ultimately proved to be accurate. Despite the initial perception of pessimism surrounding his views, his insights proved to be prescient in…

[beingliverpool]

EXPULSION AHEAD?? 

Man City have been charged by the FA with a hundred breaches of financial regulations and could face points deduction, relegation and titles being taken away. Is this the end of Man City?

The Premier League has accused Manchester City of over 100 breaches of financial regulations following a four-year investigation. The alleged breaches stretch from the 2009-10 season to the 2022-23 campaign.

[ilucyliu-blog]

Fraudulent Cryptocurrency Abounds

With indictments and massive fines being announced almost daily, it is becoming increasingly difficult to differentiate between legitimate crypto activity and companies like Binance, and fringe fraud. A year ago, a typical cryptocurrency headline that would grab your attention would be about some obscure coin that suddenly skyrocketed in value. Nowadays, a typical headline about cryptocurrency…

[rickybaby]

Is an RB podium bad for F1?

[askagamedev]

Hello, I've been paying attention to Dustborn and the only actual question I would like to make is if you see anything worth dissecting on the fact that it got tax money from the EU? Games funded by a government are very rare, so I wonder if analyzing the game from that perspective provides something interesting into game development.

Getting tax breaks and incentives from various governments is actually very common. Government investment is often a lot like scholarships to university - they have bundles of money set aside for applicants that meet certain criteria. Most governments are interested in encouraging economic activity within their borders, especially tech industry growth. Tech pays pretty well, isn't large on space, and encourages secondary growth - tech workers that move to the area will buy usually houses and spend with local businesses, leading to a positive cycle of improved economic growth for the area.

As an example of this, in 2020 the Department of Community & Economic Development of Pennsylvania offered a [tax credit] of 25% of qualified expenses for the first four years of development and 10% for each subsequent year back in 2020 to game developers who spent at least 60% of their total production costs in Pennsylvania. The politicians were hoping to encourage game developers to move to Pennsylvania and they were offering tax credits as incentive.

Similarly, the Norwegian Film Institute offers funding to [audiovisual productions that meet their criteria]:

The screenplay, or the literary work on which the screenplay is based, has originally been written in the Norwegian or Sami language

The main theme is connected to Norwegian history, culture or social conditions

The action takes place in Norway, in another EEA country (countries of the European Union [EU] plus Iceland, Liechtenstein)

The work contains significant contributions from rights holders or artists resident in Norway or in another EEA country.

Dustborn ticked enough of these boxes that the NFI agreed to fund them. It wasn't a special thing, it was government money set aside to encourage the development of Norwegian-focused cultural audio visual works. That includes video games, movies, television, or any other kind of audio visual production. Lots of smaller works, games included, find funding through programs and grants like this.

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