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Describe any resolution planning or similar exercises that banks are required to conduct. Are managers or directors personally liable in the case of a bank failure? What is the role of the bank’s management and directors in the case of a bank failure? Must banks have a resolution plan or similar document?

In what circumstances may banks be taken over by the government or regulatory authorities? How frequent is this in practice? How are the interests of the various stakeholders treated? What are the most common enforcement issues and how have they been addressed by the regulators and the banks? How do the regulatory authorities enforce banking laws and regulations? How are banks supervised by their regulatory authorities? How often do these examinations occur and how extensive are they?

In what ways do you anticipate the legal and regulatory policy changing over the next few years? Are banks subject to consumer protection rules? What are the principal regulatory challenges facing the banking industry?

Which legal and regulatory limitations apply to transactions between a bank and its affiliates? What constitutes an ‘affiliate’ for this purpose? Briefly describe the range of permissible and prohibited activities for financial institutions and whether there have been any changes to how those activities are classified. Describe the extent to which the government has taken an ownership interest in the banking sector and intends to maintain, increase or decrease that interest. Describe the extent to which deposits are insured by the government. Which regulatory authorities are primarily responsible for overseeing banks? Summarise the primary statutes and regulations that govern the banking industry. Do the rules vary depending on the size or complexity of the banking institution? What are the defining characteristics of a bank to be caught by the banking laws and regulations? Is non-bank fintech regulated differently?

What are the principal governmental and regulatory policies that govern the banking sector? The following Financial Services practice note provides comprehensive and up to date legal information covering: