Today, as of 2 January 2017, the cross border mergers between Nordea Bank AB (publ) and its subsidiary banks in Denmark, Finland and Norway have been executed. As a result, all assets and liabilities of the subsidiary banks have been transferred to Nordea Bank AB (publ) and each of Nordea Bank Danmark A/S, Nordea Bank Finland Plc and Nordea Bank Norge ASA has been dissolved. The banking business in Denmark, Finland and Norway will be carried out in branches of Nordea Bank AB.
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by Pim Rank, Frans van der Eerden, Sven Uiterwijk & Yael Diamant

On 10 November 2016, the European Court of Justice (the “ECJ”) rendered a judgement on the interpretation of the requirement of ‘possession or control’ for financial collateral arrangements (“FCA’s”) (C-156/15ECLI:EU:C:2016:851, Private Equity Insurance Group/Swedbank). This ruling is important because it could be argued that the ECJ’s interpretation of the requirement of possession or control differs from the interpretation given to it in Netherlands legal practice and literature. In this article, we will discuss the ruling and its consequences for the Netherlands practice. Firstly, we will describe what FCA’s are and what the requirement of possession or control entails. Continue reading…

The Financial Conduct Authority (FCA) has today announced that it is inviting views on the future funding of the Financial Services Compensation Scheme (FSCS) and has also launched a consultation on a number of specific changes to its scheme rules. Continue reading…

The Board of Directors of Nordea Bank AB has decided to continue the cross‑border mergers between Nordea and its subsidiary banks Nordea Bank Danmark, Nordea Bank Finland and Nordea Bank Norge, respectively, with the aim to complete the mergers by early 2017.
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by Brendan Sinnott and Evert-Jan Lammers

The last day’s seminar – entitled “Citizen participation and the risks of corruption” – was mainly to give space to two new distinguished TI founders’ new books on Corruption. Frank Vogl introduced his, entitled “Waging War of Corruption”, where he outlined the evil effects of corruption – mainly to dispel the myth of victimless corruption. He illustrates this with facts about income inequalities eg the Walmart USA CEO who earned 1100 times the average wage of a Walmart shop-floor employee. Vogl writes about victims worldwide – not just in the DRC but elsewhere in Africa, in Nigeria and Russia and mentions the scourge of sexploitation – a subject rarely mentioned or highlighted. 
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by Brendan Sinnott and Evert-Jan Lammers

Corruption is the abuse of entrusted power for private gain. What makes this 17th International Anti-Corruption Conference different from all previous ones? Take the following case. You will see how easy it is to fool the world around you. Continue reading…

by Brendan Sinnott and Evert-Jan Lammers

Among the interesting events was a discussion on Overcoming the Shadow Economy, mostly dealing with offshore tax havens. On the speakers, Nick Shaxson, is the author of a book on Tax Havens, called “Treasure Islands”, which quantifies the sums squirreled away in these islands, many of them in the Caribbean. Bodies, such as the OECD, have issued detailed reports on this topic and the Panama Papers news has added fuel to the fire of indignation over this practice. A recent resolution of the G20 called for a public register of Beneficial Owners in each of these havens. The sums are impressive – some $3 trillion according to some projections. A political solution would be the most efficient. Continue reading…

by Brendan Sinnott and Evert-Jan Lammers

The annual IACC has kicked-off. On the opening panel, the President of Panama addressed the 1,000+ people audience. The speaker from the World Bank replied “Mr. President, I respect you” but then shook the President’s hand last. It set the tone. All presentations were a cry for equality and justice.
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Banking supervisors and central bankers from around the world attended the 19th International Conference of Banking Supervisors (ICBS) this week in Santiago, Chile to discuss the new regulatory framework for the coming years and the importance of sustainable prudential banking for financial stability. The ICBS was hosted by the Chilean Superintendency of Banks and Financial Institutions. Participants were also honoured to be joined by the President of the Republic of Chile. President Michelle Bachelet emphasised the importance of a robust banking system for meeting the needs of the broader community.
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