Regulatory issues in trade and commodity finance

Anti-bribery and corruption

It is important to be aware of anti-bribery and corruption issues when dealing with trade and commodity finance transactions due to the international nature of the transactions. They are of particular concern in export credit agency finance as export credit agencies typically take the form of a governmental agency, quasi-governmental entity or a private institution acting on behalf of the government and such transactions will involve interaction with public officials.

Bribery Act 2010

The Bribery Act 2010 (BA 2010) came into force on 1 July 2011. It was designed to provide an effective legal framework to tackle corruption in both the public and private sectors, modernising the UK’s anti-corruption legislation and replacing the Prevention of Corruption Acts 1889–1916.

The

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

TAKE A FREE TRIAL

Latest Banking & Finance News

Sustainable finance and ESG weekly round–up—21 November 2024

This week's edition of the Sustainable finance and ESG weekly round-up from the Finance Group includes: (1) ICC issues guidance on successful Carbon Pricing, (2) COP29 round up, and (3) ESAs issue ‘Fit-For-55’ climate scenario analysis results.

Banking and Finance weekly highlights—21 November 2024

This week's edition of Banking and Finance weekly highlights includes: (1) the decision in Kireeva v Bedzhamov where the Supreme Court has unanimously dismissed Ms Kireeva’s (Russian bankruptcy trustee’s) appeal to overturn the Court of Appeal’s’ decision; (2) HMLR announces changes to addresses for business customers; and (3) HMT consults on the case for a UK Green Taxonomy.

IOSCO issues consultation report on pre-hedging practices and regulatory recommendations

The International Organization of Securities Commissions (IOSCO) has published a consultation report on pre-hedging practices, seeking feedback on its proposed definition and recommendations, to guide regulators in determining acceptable practices and managing associated conduct risks. Additionally, IOSCO requests feedback on whether the recommendations need to be adapted to specific circumstances, such as potential differences in pre-hedging practices and internal non-electronic transactions, as well as in the context of electronic trading, including competitive requests for quotes (RFQs). Responses are sought by 21 February 2025.

BCBS reaffirms expectation of implementing Basel III and advances banking supervision initiatives

The Basel Committee on Banking Supervision (BCBS) met in Basel on 19–20 November 2024 and unanimously reaffirmed its expectation of implementing all aspects of the Basel III framework in full, consistently and expeditiously. Such a commitment was also recently reiterated by G20 Finance Ministers and Central Bank Governors.

View Banking & Finance by content type :

News