The South African Reserve Bank (SARB) has imposed administrative sanctions on Safrican Insurance Company Limited (Safrican) due to its non-compliance with the provisions of the Financial Intelligence Centre Act 38 of 2001 (FIC Act). This decision follows a FIC Act inspection conducted in 2020.
The Bank of Russia has released its annual ranking of insurers based on complaints related to Compulsory Motor Third Party Liability Insurance (CMTPLI) for 2023. The companies are listed according to their consumer risk indicator, which is calculated as the ratio of the number of complaints received by the Bank of Russia per 10,000 insurance contracts concluded.
On July 5, 2024, the Bank of Russia issued a two-ruble silver commemorative coin titled ‘Surgeon Alexander Vishnevsky,’ marking the 150th anniversary of his birth. This release is part of the Outstanding Personalities of Russia series (Catalogue No. 5110-0184).
On July 5, 2024, the Bank of Russia issued one-ruble silver commemorative coins as part of the Russian Sports series. The series includes two coins: "Spartak" and "Labor Reserves." These one-ruble silver coins have a fine precious metal content of 7.78 grams and a fineness of 925/1,000. They are round in shape with a diameter of 25.0 mm.
The units of closed-end unit investment funds (UIFs) for qualified investors can now be divided into classes, the maximum life cycle of closed-end UIFs will be extended, and funds will be able to change their status from ‘a closed-end UIF for qualified investors’ to ‘a closed-end UIF for non-qualified investors’. Such innovations are provided for by the draft law adopted by the State Duma in the first reading.
The Bank of Russia Governor Elvira Nabiullina and the Governor of the Central Bank of the Islamic Republic of Iran Mohammad Reza Farzin held a working meeting at the Financial Congress of the Bank of Russia in St Petersburg on 4 July 2024. The governors discussed a wide range of issues concerning financial and banking cooperation between Russia and Iran.
The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), announced a forthcoming hearing titled "The Federal Reserve’s Semi-Annual Monetary Policy Report." The full committee hearing is scheduled for 10:00 AM ET on Wednesday, July 10, 2024. It will take place at 2128 Rayburn House Office Building.
The Johannesburg Interbank Average Rate (JIBAR) is a money market term reference rate used in South Africa. JIBAR is constructed using quoted rates for Negotiable Certificates of Deposit (NCD) by JIBAR contributing banks. The South African Reserve Bank (SARB) serves as the administrator of JIBAR, holding primary responsibility for all aspects of the determination process and ensuring the integrity of the reference rate.
The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), announced a field hearing on financial institutions and monetary policy. The hearing is titled “Financial Institution-Fintech Partnerships: Leveraging Third-Party Relationships to Increase Access to Financial Services.”
On July 3, 2024, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, called for transparency from Uber and Lyft regarding their use of surge pricing to set fares. In letters addressed to the CEOs of both companies, Brown expressed concern over frequent and opaque price changes and diminishing competition in the ride-hailing market.
The Bank of Russia has advised market participants to exercise caution when disseminating information concerning investors' rights and legitimate interests. The bank emphasized that communications to customers should be comprehensive and clearly worded to prevent any incorrect or ambiguous interpretations.
The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), announced a forthcoming hearing titled “The Annual Testimony of the Secretary of the Treasury on the State of the International Financial System.”
Russians brought over 31 million coins to banks during Coin Week, which took place from May 20 to June 2. This figure is almost 1.5 times more than last year. In total, people put ₽135 million back into circulation, exchanging coins for banknotes or depositing them in their bank accounts.
Some major Russian banks have reported a significant increase in credit concentration on corporate borrowers over recent years. However, based on international and Russian experience, even large companies can become insolvent. The potential default of such borrowers may cause banks to lose their financial stability and pose risks to the financial system as a whole. Therefore, the Bank of Russia believes it is important to regulate concentration risks.
At its meeting on 27 June 2024, the National Financial Board (NFB) considered the Bank of Russia Annual Report for 2023, information from the Bank of Russia Board of Directors on key issues of the regulator’s activities in Q1 2024, as well as the report of Limited Liability Company Fund of Banking Sector Consolidation Asset Management Company for 2023.
The Bank of Russia will increase risk-weight add-ons for unsecured consumer loans starting September 1, 2024. This measure aims to curb the rise in household debt and strengthen banks' macroprudential capital buffers.
The Bank of Russia has identified instances of market manipulation in on-exchange trading at Moscow Exchange and PJSC SPB Exchange involving 19 issues of corporate high-yield bonds over the period from December 12, 2018, to April 13, 2023. The issuance of these bonds was organized by Limited Liability Company UniService Capital (LLC USC).