The South African Reserve Bank (SARB) has imposed administrative sanctions on Assupol Life Limited (Assupol) due to its non-compliance with the provisions of the Financial Intelligence Centre Act 38 of 2001 (FIC Act). This action follows a FIC Act inspection conducted in 2020.
Customers from rural areas, people with disabilities, and elderly individuals have increasingly turned to digital channels for financial transactions, according to a survey by the Bank of Russia.
The results of the second-quarter 2024 Market Participants Survey, conducted from June 19 to 28, are based on questionnaire responses from approximately 30 financial market participants. The survey offers insights into various economic forecasts and perceptions.
On July 31, 2024, the Tender Committee of the National Financial Board held a meeting to select the auditor for the Bank of Russia’s 2024 annual financial statements.
Today, the Republican Environmental, Social, and Governance (ESG) Working Group—led by Oversight and Investigations Subcommittee Chairman Bill Huizenga (MI-04)—released its final staff report. This report is the culmination of the Working Group’s comprehensive examination of the factors contributing to the rise of ESG initiatives and the consequences for everyday investors, in addition to recommendations to protect American capital markets from the threats posed by these politically motivated mandates.
When signing a long-term savings agreement, banks acting as agents of non-governmental pension funds will be obliged to provide a key information document (KID) to customers to notify them of the terms and risks of the agreement. These requirements are stipulated in the relevant draft ordinance of the Bank of Russia.
A new measure of underlying inflation for South Africa, termed the persistent and common component of inflation (PCCI), has been introduced. The PCCI suggests that inflation pressures in the domestic economy are elevated, with outcomes remaining closer to the upper limit of the target band over the past year.
A new inflation measure has been developed to monitor underlying price developments in South Africa, termed supercore inflation. This measure includes components of core inflation that respond to general economic conditions, as measured by the output gap.
This economic note explores the potential macroeconomic impacts of the newly introduced two-pot pension system. According to the core model, a moderate two-pot system scenario is projected to add 0.1 and 0.3 percentage points (pp) to GDP growth in 2024 and 2025, respectively, while reducing the government debt-to-GDP ratio by 0.5 pp in 2024/25 and by 1.0 pp in 2025/26.
WASHINGTON, D.C. – U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, delivered an opening statement at a hearing titled “Long-Term Economic Benefits and Impacts from Federal Infrastructure and Public Transportation Investment.”
The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), alongside all Committee Republicans, has called on Federal Reserve Chairman Jerome Powell to withdraw and re-propose the Basel III Endgame rulemaking in its entirety. The lawmakers argue that significant changes to the original proposal necessitate a complete re-proposal in accordance with the Administrative Procedure Act.
In the second quarter of 2024, individuals made nearly 2.3 billion transfers worth ₽13.4 trillion via the Faster Payments System (SBP). Compared to the first quarter of 2024, the number of transfers increased by 27%, and their total value rose by 47%.
The Bank of Russia has updated the concept of the national liquidity coverage ratio (LCR), incorporating feedback from market participants and findings from additional analysis conducted by the regulator.
Russian exporters and importers will be allowed to use cryptocurrencies in cross-border settlements under foreign trade agreements, but only within the experimental legal regime (ELR). The relevant draft law was adopted by the State Duma in the second and third readings.
Elvira Nabiullina, Governor of the Central Bank of Russia, addressed the Federation Council’s Financial Market Development Board on July 30, 2024. In her remarks, she highlighted key issues related to monetary policy and financial market development.
Engineers and humanitarians can be successful in asset management provided they have experience in securities transactions. Investors with degrees in economics and work experience at financial institutions earn the highest returns.
Foreign banks will be allowed to set up their branches in the Russian Federation, a shift from the current regulation which permits only subsidiary banks or representative offices. The draft law outlining the procedure for establishing branches was adopted by the State Duma in its second reading on July 30.