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Kenneth E Bentsen, Jr Elected Chair Of International Council Of Securities Associations (ICSA)

Kenneth E. Bentsen, Jr. Elected Chair Of International Council Of Securities Associations (ICSA) Date 01/06/2021 Kenneth E. Bentsen, Jr., president and CEO of SIFMA and Chair of the Global Financial Markets Association (GFMA), has been elected Chair of the International Council of Securities Associations (ICSA). “It is an honor to serve as the Chair of the International Council of Securities Associations.  ICSA helps the industry coordinate with our counterparts throughout the world and, where appropriate, to speak with a collective voice on matters of importance to capital markets.” said Kenneth E. Bentsen, Jr. “ICSA is well positioned, as a cross-jurisdictional forum for the securities industry in its engagement with national regulators and global policy making bodies, to aid in this dialogue. I commend my predecessor David Lynch, CEO of the Australian Financial Markets Association, on his major contribution since becoming chair in 2019, and I look forward to contin

RBI bars American Express, Diners Club from onboarding new customers

The Reserve Bank of India (RBI) on Friday restricted card companies American Express and Diners Club International from onboarding new domestic customers from May 1 as they did not adhere to guidelines on local data storage. “These entities have been found non-compliant with the directions on storage of payment system data. This order will not impact existing customers,” the RBI said in an official statement. As of February, American Express had total credit cards outstanding of 1.56 million and was the seventh largest credit card issuers in the country. The cards were used for transactions worth Rs 2,325 crore, according to RBI data.

Key Regulatory Topics: Weekly Update 19 - 25 March 2021 | Allen & Overy LLP

Brexit HoL EU Services Sub-Committee report on trade in services On 24 March, the HoL European Union Committee published a new report on UK-EU trade in services. The report concludes that despite the agreement of the Trade and Cooperation Agreement (TCA), the UK and EU still have work to do in overcoming the significant challenges that remain for trade in services. The report focuses on the implications on sectors including: (i) financial services, the TCA does not include substantive provisions on financial services, and delays to key decisions about the future relationship, particularly on equivalence, mean that the sector is still in a period of uncertainty. The UK’s exit from the passporting regime has led to the movement of some activity to the EU and firms facing the challenges involved in navigating different market access requirements in each Member State. The Committee is concerned that over time this may lead to a big shift of people and assets out of the UK. The Commit

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