Session 4, Stream 6. Global regulation of lending. John Paul Zammit. 07 & 08 October 2015
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1 Session 4, Stream 6 Global regulation of lending John Paul Zammit 07 & 08 October 2015 This document sets out a high level summary only of the information received from local counsel for the purposes of navigator: lending and detailed legal advice may need to be obtained to ensure that the information herein is up-to-date and/or applicable to your circumstances.
2 SCOPE Offering and / or provision of primary lending and secondary market loan trading Service provider (UK authorised bank, investment firm, etc) operating crossborder without a licence / permanent establishment in another jurisdiction Client based in another jurisdiction 1 / B_LIVE_EMEA1: v1
3 DEFINITIONS PRIMARY LENDING Primary lending includes: Bank loans Margin loans Peer to peer lending Primary lending may also include: Secondary market loan trading 2 / B_LIVE_EMEA1: v1
4 DEFINITIONS SECONDARY MARKET LOAN TRADING Secondary market loan trading means trading (by way of a loan transfer / sale) in secondary market loans 3 / B_LIVE_EMEA1: v1
5 KEY ISSUES Is primary lending / secondary market loan trading licensable? If yes, are there any exemptions from the licensing requirement? If yes, does any exemption apply to the service provider? Is consumer lending regulated (i.e. licensable) under the same regime as commercial lending? Are there any additional considerations? 4 / B_LIVE_EMEA1: v1
6 REGULATION OF LENDING IN THE EEA CRD IV harmonises the regulation of business of banking (i.e. activities of a credit institution) in the EEA but not (pure) lending CRD IV widely defines lending to include activities such as factoring and invoice discounting CRD IV passport is available for EEA authorised firms (credit institutions and financial institutions) 5 / B_LIVE_EMEA1: v1
7 LENDING - Licensing Overview E U R O P E Not licensable* Exemptions No Exemptions Sweden Iceland Russia Ireland Isle of Man Netherlands Belgium Germany Poland Guernsey Jersey France Luxembourg Switzerland Liechtenstein Portugal Andorra Spain Monaco Italy Gibraltar Greece * But may be licensable if not offered or provided on a stand-alone basis. Cyprus 6 / B_LIVE_EMEA1: v1
8 LENDING - Licensing Overview M I D D L E E A S T, F A R E A S T & A U S T R A L I A Not licensable* Exemptions No Exemptions China Israel India Taiwan Hong Kong Philippines Marshall Islands Micronesia Singapore Cook Islands Australia New Zealand * But may be licensable if not offered or provided on a stand-alone basis. 7 / B_LIVE_EMEA1: v1
9 LENDING - Licensing Overview A M E R I C A S Not licensable* Exemptions No Exemptions Canada Cayman Islands Mexico Dominican Republic Bahamas Haiti Turks and Caicos Jamaica Belize Islands Guatemala Honduras Curacao El Salvador Aruba Nicaragua Venezuela Costa Rica Panama Colombia Ecuador Bermuda British Virgin Islands Anguilla Dominica Saint Martin St Kitts & Nevis St Lucia Barbados Trinidad & Tobago Guyana Suriname Peru Bolivia Brazil Paraguay Chile Argentina Uruguay * But may be licensable if not offered or provided on a stand-alone basis. 8 / B_LIVE_EMEA1: v1
10 LENDING - Licensing Exemptions E U R O P E Reach-in only activities (i.e. no fly-ins) Russia Luxembourg Switzerland 9 / B_LIVE_EMEA1: v1
11 LENDING - Licensing Exemptions M I D D L E E A S T, F A R E A S T & A U S T R A L I A Reach-in only activities (i.e. no fly-ins) Taiwan Philippines Marshall Islands Micronesia 10 / B_LIVE_EMEA1: v1
12 LENDING - Licensing Exemptions A M E R I C A S Reach-in only activities (i.e. no fly-ins) Jamaica Honduras Panama Ecuador Turks and Caicos Islands British Virgin Islands Anguilla Dominica St Kitts & Nevis St Lucia Trinidad & Tobago Guyana Suriname Uruguay 11 / B_LIVE_EMEA1: v1
13 LENDING - Licensing Exemptions E U R O P E Tolerated Market Practice Sweden Poland France Switzerland Liechtenstein Andorra Portugal Spain Gibraltar Greece 12 / B_LIVE_EMEA1: v1
14 LENDING - Licensing Exemptions M I D D L E E A S T, F A R E A S T & A U S T R A L I A Tolerated Market Practice Hong Kong Philippines Micronesia Cook Islands Australia 13 / B_LIVE_EMEA1: v1
15 LENDING - Licensing Exemptions A M E R I C A S Tolerated Market Practice Cayman Islands Jamaica Honduras Bahamas Turks and Caicos Islands Curacao Bermuda British Virgin Islands Saint Martin Barbados Trinidad & Tobago Ecuador Suriname Bolivia Uruguay 14 / B_LIVE_EMEA1: v1
16 LENDING - Licensing Exemptions E U R O P E Other Exemptions Iceland Sweden Russia Germany Poland Guernsey Luxembourg France Liechtenstein Andorra Portugal Spain Italy Gibraltar Greece 15 / B_LIVE_EMEA1: v1
17 LENDING - Licensing Exemptions M I D D L E E A S T, F A R E A S T & A U S T R A L I A Other Exemptions China Hong Kong Philippines Marshall Islands Singapore Cook Islands Australia New Zealand 16 / B_LIVE_EMEA1: v1
18 LENDING - Licensing Exemptions A M E R I C A S Other Exemptions Bahamas Bermuda British Virgin Islands Cayman Islands Jamaica Costa Rica Curacao Aruba Saint Martin St Kitts & Nevis St Lucia Barbados Trinidad & Tobago Guyana Ecuador Suriname 17 / B_LIVE_EMEA1: v1
19 LENDING Reverse Solicitation E U R O P E No licence Iceland Sweden Germany Poland Luxembourg France Liechtenstein Portugal Andorra Spain Monaco Italy Gibraltar Greece 18 / B_LIVE_EMEA1: v1
20 LENDING Reverse Solicitation M I D D L E E A S T, F A R E A S T & A U S T R A L I A No licence Philippines Singapore 19 / B_LIVE_EMEA1: v1
21 LENDING Reverse Solicitation A M E R I C A S No licence Cayman Islands Turks and Caicos Islands Honduras Curacao Aruba Bermuda British Virgin Islands Anguilla Dominica Saint Martin St Kitts & Nevis St Lucia Barbados Guyana Suriname Bolivia Uruguay 20 / B_LIVE_EMEA1: v1
22 LENDING Consumer Lending Is consumer lending regulated as primary lending? E U R O P E Yes (no distinction) Iceland No (licensable with exemptions) No (licensable without exemptions) Sweden Russia Ireland Isle of Man Netherlands Belgium Germany Poland Guernsey Jersey France Luxembourg Switzerland Liechtenstein Portugal Andorra Spain Monaco Italy Gibraltar Greece Cyprus 21 / B_LIVE_EMEA1: v1
23 LENDING Consumer Lending Is consumer lending regulated as primary lending? M I D D L E E A S T, F A R E A S T & A U S T R A L I A Yes (no distinction) No (licensable with exemptions) No (licensable without exemptions) Israel China India Taiwan Hong Kong Philippines Marshall Islands Micronesia Singapore Cook Islands Australia New Zealand 22 / B_LIVE_EMEA1: v1
24 LENDING Consumer Lending Is consumer lending regulated as primary lending? A M E R I C A S Canada Yes (no distinction) No (licensable with exemptions) No (licensable without exemptions) Cayman Islands Mexico Dominican Republic Bahamas Haiti Turks and Caicos Jamaica Belize Islands Guatemala Honduras Curacao El Salvador Aruba Nicaragua Venezuela Costa Rica Panama Colombia Ecuador Bermuda British Virgin Islands Anguilla Dominica Saint Martin St Kitts & Nevis St Lucia Barbados Trinidad & Tobago Guyana Suriname Peru Bolivia Brazil Paraguay Chile Argentina Uruguay 23 / B_LIVE_EMEA1: v1
25 SECONDARY MARKET LOAN TRADING E U R O P E Not licensable Exemptions No Exemptions Sweden Iceland Russia Ireland Isle of Man Netherlands Belgium Germany Poland Guernsey Jersey France Luxembourg Switzerland Liechtenstein Portugal Andorra Spain Monaco Italy Gibraltar Greece Cyprus 24 / B_LIVE_EMEA1: v1
26 SECONDARY MARKET LOAN TRADING M I D D L E E A S T, F A R E A S T & A U S T R A L I A Not licensable Exemptions No Exemptions China Israel India Taiwan Hong Kong Philippines Marshall Islands Micronesia Singapore Cook Islands Australia New Zealand 25 / B_LIVE_EMEA1: v1
27 SECONDARY MARKET LOAN TRADING A M E R I C A S Not licensable Exemptions No Exemptions Canada Cayman Islands Mexico Dominican Republic Bahamas Haiti Turks and Caicos Jamaica Belize Islands Guatemala Honduras Curacao El Salvador Aruba Nicaragua Venezuela Costa Rica Panama Colombia Ecuador Bermuda British Virgin Islands Anguilla Dominica Saint Martin St Kitts & Nevis St Lucia Barbados Trinidad & Tobago Guyana Suriname Peru Bolivia Brazil Paraguay Chile Argentina Uruguay 26 / B_LIVE_EMEA1: v1
28 SECONDARY MARKET LOAN TRADING E U R O P E Reach-in only activities (i.e. no fly-ins) Luxembourg Switzerland 27 / B_LIVE_EMEA1: v1
29 SECONDARY MARKET LOAN TRADING M I D D L E E A S T, F A R E A S T & A U S T R A L I A Reach-in only activities (i.e. no fly-ins) Taiwan Philippines Micronesia 28 / B_LIVE_EMEA1: v1
30 SECONDARY MARKET LOAN TRADING A M E R I C A S Reach-in only activities (i.e. no fly-ins) Bahamas Turks and Caicos Islands British Virgin Islands Anguilla Dominica St Kitts & Nevis St Lucia Panama Trinidad & Tobago Ecuador Paraguay Uruguay 29 / B_LIVE_EMEA1: v1
31 SECONDARY MARKET LOAN TRADING E U R O P E Tolerated Market Practice Sweden Poland France Switzerland Liechtenstein Andorra Spain Greece 30 / B_LIVE_EMEA1: v1
32 SECONDARY MARKET LOAN TRADING M I D D L E E A S T, F A R E A S T & A U S T R A L I A Tolerated Market Practice Hong Kong Philippines Micronesia Cook Islands Australia 31 / B_LIVE_EMEA1: v1
33 SECONDARY MARKET LOAN TRADING A M E R I C A S Tolerated Market Practice Cayman Islands Honduras Bahamas Turks and Caicos Islands Curacao Bermuda British Virgin Islands Saint Martin Barbados Trinidad & Tobago Ecuador Bolivia Chile Uruguay 32 / B_LIVE_EMEA1: v1
34 SECONDARY MARKET LOAN TRADING E U R O P E Other Exemptions Sweden Germany Poland Guernsey Luxembourg France Liechtenstein Spain Italy Greece 33 / B_LIVE_EMEA1: v1
35 SECONDARY MARKET LOAN TRADING M I D D L E E A S T, F A R E A S T & A U S T R A L I A Other Exemptions Hong Kong Philippines Micronesia Singapore Australia 34 / B_LIVE_EMEA1: v1
36 SECONDARY MARKET LOAN TRADING A M E R I C A S Other Exemptions Cayman Islands Bahamas Curacao Aruba Costa Rica Panama Bermuda British Virgin Islands Anguilla Dominica Saint Martin St Kitts & Nevis St Lucia Barbados Trinidad & Tobago Ecuador Paraguay 35 / B_LIVE_EMEA1: v1
37 SECONDARY MARKET LOAN TRADING Reverse Solicitation E U R O P E Iceland No licence Sweden Germany Poland Luxembourg France Liechtenstein Portugal Andorra Spain Monaco Italy Gibraltar Greece 36 / B_LIVE_EMEA1: v1
38 SECONDARY MARKET LOAN TRADING Reverse Solicitation M I D D L E E A S T, F A R E A S T & A U S T R A L I A No licence Philippines Singapore * But may be licensable if not offered or provided on a stand-alone basis. 37 / B_LIVE_EMEA1: v1
39 SECONDARY MARKET LOAN TRADING Reverse Solicitation A M E R I C A S No licence Bermuda Cayman Islands Honduras Turks and Caicos Islands Curacao British Virgin Islands Anguilla Dominica Saint Martin St Kitts & Nevis St Lucia Barbados Guyana Suriname Bolivia Chile Uruguay 38 / B_LIVE_EMEA1: v1
40 DOES SECONDARY MARKET LOAN TRADING CONSTITUTE PRIMARY LENDING? E U R O P E Iceland Not primary lending May constitute primary lending Always constitutes primary lending Sweden Russia Ireland Isle of Man Netherlands Belgium Germany Poland Guernsey Luxembourg France Switzerland Liechtenstein Andorra Monaco Portugal Spain Italy Gibraltar Greece Cyprus 39 / B_LIVE_EMEA1: v1
41 DOES SECONDARY MARKET LOAN TRADING CONSTITUTE PRIMARY LENDING? M I D D L E E A S T, F A R E A S T & A U S T R A L I A Not primary lending May constitute primary lending Always constitutes primary lending Israel China India Taiwan Hong Kong Philippines Micronesia Singapore Cook Islands Australia New Zealand * But may be licensable if not offered or provided on a stand-alone basis. 40 / B_LIVE_EMEA1: v1
42 DOES SECONDARY MARKET LOAN TRADING CONSTITUTE PRIMARY LENDING? A M E R I C A S Not primary lending May constitute primary lending Always constitutes primary lending Canada Cayman Islands Mexico Dominican Republic Bahamas British Virgin Islands Haiti Turks and Anguilla Dominica Caicos Saint Martin Jamaica Belize Islands St Kitts & Nevis Guatemala Honduras Curacao St Lucia El Salvador Aruba Barbados Nicaragua Venezuela Trinidad & Tobago Costa Rica Panama Guyana Ecuador Suriname Peru Bolivia Brazil Paraguay Chile Argentina Uruguay 41 / B_LIVE_EMEA1: v1
43 Simmons & Simmons navigator Complex regulation made easy Our cost effective, cross-jurisdictional online subscription service provides you with key financial services, regulatory and tax information. Over 300 organisations subscribe to navigator. Visit our stand today to find out why. elexica.com/navigator SandSnavigator funds I securities I derivatives and FX I share disclosure I corporate finance I banking I lending I product tax 42 / B_LIVE_EMEA1: v1
44 navigator: lending Information on various lending activities carried out on a cross border basis Would the carrying out of lending activities (including primary lending, factoring and invoice discounting) and secondary market loan activities (including secondary market loan trading and secondary market loan intermediation) trigger a licensing requirement in the relevant jurisdiction? Can a foreign entity obtain a licence in the jurisdiction? Also covers the available exemptions, including reverse solicitation Also provides information on cold calling rules, application of conduct of business rules and FX control restrictions/local client restrictions, amongst other things 80+ key jurisdictions (European, US, Asian and Middle- Eastern regions) 43 / B_LIVE_EMEA1: v1
45 simmons-simmons.com elexica.com This document is for general guidance only. It does not contain definitive advice. SIMMONS & SIMMONS and S&S are registered trade marks of Simmons & Simmons LLP. Simmons & Simmons is an international legal practice carried on by Simmons & Simmons LLP and its affiliated practices. Accordingly, references to Simmons & Simmons mean Simmons & Simmons LLP and the other partnerships and other entities or practices authorised to use the name Simmons & Simmons or one or more of those practices as the context requires. The word partner refers to a member of Simmons & Simmons LLP or an employee or consultant with equivalent standing and qualifications or to an individual with equivalent status in one of Simmons & Simmons LLP s affiliated practices. For further information on the international entities and practices, refer to simmonssimmons.com/legalresp. Simmons & Simmons LLP is a limited liability partnership registered in England & Wales with number OC and with its registered office at CityPoint, One Ropemaker Street, London EC2Y 9SS. It is authorised and regulated by the Solicitors Regulation Authority. A list of members and other partners together with their professional qualifications is available for inspection at the above address. 44 / B_LIVE_EMEA1: v1
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