The law on savings has extended the scope of the provision to such a broad range of “relevant” persons and made their identification so complex that they risk committing violations unwittingly. The problem is aggravated by the large number of intragroup transactions to which the provision applies, since for the most part they have no bearing on the provision’s objective.
On the other hand, as intermediaries benefit from the greater availability of assets, a parallel convergence of the individual portfolios may result. We therefore need a good degree of understanding of the effects of cross-border linkages in an increasingly integrated financial system. To summarise, financial integration will progressively strengthen the stability of the financial system over time.