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Cyprus Introduces First Steps Towards Crypto-Asset Regulation Through AML Law Amendments
Chrysostomides Advocates and Legal Consultants, June 2021

A primer on burgeoning crypto-asset regulation in Cyprus In Cyprus, the Prevention and Suppression of Money Laundering and Terrorist Financing Law, L188(I)/2007 (the “AML Law”) was amended earlier this year through L13(I)/2021 (the “Amending Law”), in order to harmonise domestic legislation with the provisions of the 4th and 5th AML Directives (Directives (EU) 2015/849 and 2018/843)...

Ripple Effects of Supreme Court’s TCPA Decision Still Developing for Companies Using Auto-Dialers
Dinsmore & Shohl LLP, June 2021

If you work in the Telephone Consumer Protection Act (TCPA) space, you are certainly aware of the landmark unanimous decision by the United States Supreme Court in Facebook v Duguid[1], in which the Court narrowed the definition of an automatic telephone dialing system (ATDS) to equipment that has the capacity to either store or produce numbers using a random or sequential number generator. On its face, this decision seemed benign (the definition of an ATDS is unchanged)...

Supreme Court: Schools Are Limited in Regulation of Off-Campus Speech
Dinsmore & Shohl LLP, June 2021

On Wednesday, June 23, 2021, the United States Supreme Court issued its decision in Mahanoy Area School District v. B.L., a much-anticipated decision regarding schools’ regulation of off-campus speech. The Court held that while schools may discipline students for some off-campus speech, their ability to do so is much more limited than for on-campus speech. B.L. was a student at Mahanoy Area High School and cheered on the junior varsity team during her freshman year...

The Corporate Transparency Act Introduces Beneficial Ownership Disclosure Requirements for Investment Funds
Bradley Arant Boult Cummings LLP, June 2021

A just-passed piece of legislation crafted to bolster countercrime defenses and crack open beneficial ownership bastions, a historical haven for criminals of all stripes, has lesser-known tethers for certain segments of the investment sector – a critical pitfall that should not be lost on compliance teams.   In May 2020, a leaked investigation bulletin prepared by the U.S...

Government Publishes Regulations and Guidance on Climate Risk Governance for Pension Scheme Trustees
Shoosmiths LLP, June 2021

The draft Occupational Pension Schemes (Climate Change Governance and Reporting) Regulations 2021 (‘Regulations’) have been laid before parliament and are due to come into effect on 1 October this year. The Pensions Minister announced on June 8 the final version of the Regulations which are designed to regulate how trustees of certain trust-based occupational schemes must engage with, and report on, climate change risk as part of their duties...

MyCC's Market Review on Selected Areas of the Transportation Sector (Port Logistics Ecosystem & Motor Vehicle Warranty Claims)
Shearn Delamore & Co., June 2021

Dear valued clients, colleagues and friends, In this article, our partner, Anand Raj, and associate, Jeevitha Thurai Rathnam, discuss the Malaysia Competition Commission’s market review exercise into the transportation sector (port logistics ecosystem and motor vehicle warranty claims)...

UAE Economic Substance Requirements – Penalties Imposed by the Federal Tax Authority
Afridi & Angell, June 2021

The Federal Tax Authority (the FTA) has started to impose penalties on businesses that have failed to submit their economic substance notifications by the set deadline of 30 June 2020 for the financial period ended on 31 December 2019, and the economic substance reports by the set deadline of 31 December 2020 for the financial period ended on 31 December 2019...

Malaysian Chapter in The Intellectual Property Review, 10th Edition
Shearn Delamore & Co., June 2021

Dear valued clients, colleagues and friends,Our Head of the Intellectual Property Practice Group, Karen Abraham, has authored the Malaysian chapter of The Intellectual Property Review, 10th Edition published by The Law Reviews. The chapter provides a summary and overview of the types of intellectual property coverage available in Malaysia, together with updates of recent legal developments.1...

New York Lifts Most Statewide COVID-19 Restrictions
Patterson Belknap Webb & Tyler LLP, June 2021

New York State Lifts Restrictions. On June 7, 2021, New York Governor Andrew Cuomo declared that the State would lift most remaining COVID-19 restrictions when 70% of adult New Yorkers had received their first dose of a COVID-19 vaccine. On June 15, 2021, Governor Cuomo held a press conference to announce that New York had reached the 70% first-dose threshold...

The Rise of the Digital Investor
MinterEllisonRuddWatts, June 2021

On 15 June 2021, the Financial Services Council (FSC) presented the findings of its report ‘Money & You – The Rise of the Digital Investor’ (the Report) to an audience at the Ernst & Young offices in Auckland. The report demonstrates what FSC CEO Richard Klipin describes as “a transformational shift in how we are choosing to invest our money”. The Report is available here...

AI in Financial Services – A Look at the Turing Report
Shoosmiths LLP, June 2021

The Alan Turing Institute has published a new report: "AI in Financial Services", looking to the use of artificial intelligence in the FS sector. We will watch with interest how the report’s findings evolve into more specific regulatory rules or guidance...

How the Surinder Singh UK Immigration Route Can Help Families Returning from the EU after Brexit
Shepherd and Wedderburn LLP, June 2021

In this article first published by The Federation of European Independent Financial Advisers, Jacqueline Moore, Head of Immigration, explains a time-limited opportunity for certain family members of British citizens to utilise a route known as “Surinder Singh”. Prior to Brexit, European free movement allowed British citizens to live and work in the EU without restrictions...

The Domestic Abuse Act 2021: How the Law is Adapting to Tackle Domestic Abuse
Shoosmiths LLP, June 2021

According to the most recent Crime Survey for England and Wales, the police recorded over 1,288,000 domestic abuse-related incidents in the year ending March 2020. Against this backdrop, another startling statistic is that on average two women a week are killed by a current or former partner in England and Wales alone...

New Plans for the UK Immigration System
Shoosmiths LLP, June 2021

The Government has published its first statement setting out its vision for legal migration and border control as part of the new plan for immigration. This article summarises the key goals that form part of the vision. The statement sets out key delivery priorities for 2021 – 22...

US Department of Education Interprets Title IX to Protect Against Discrimination Based on Sexual Orientation and Gender Identity
Dinsmore & Shohl LLP, June 2021

On Wednesday, June 16, 2021, the U.S. Department of Education’s Office for Civil Rights (OCR) released a Notice of Interpretation, explaining how it interprets Title IX to prohibit discrimination on the basis of sexual orientation or gender identity...

HKMA’s Announcement on “Fintech 2025” Strategy
Deacons, June 2021

On 8 June 2021, the Hong Kong Monetary Authority (HKMA) unveiled “Fintech 2025”, a new strategy aiming to drive fintech development in Hong Kong. In essence, “Fintech 2025” seeks to encourage the financial sector to adopt technology in their businesses and transactions comprehensively by 2025 by focusing on the following five key areas: 1...

National Electric Coordinator Opens a Public Consultation Process to Set Criteria for the Application of the Open Access Regime
Carey, June 2021

On June 9, 2021, the National Electric Coordinator (“CEN”) opened a public consultation process on  a draft Internal Procedure (the "IP") that will provide the criteria applicable to the Open Access Regime established in Articles 79° and 80° of the General Law of Electric Services ("LGSE"), as a result of the entry into force of the Regulation on Transmission Systems and Transmission Planning (the "Regulation")...

GAO Clarifies Scope of its Jurisdiction Over OTA Protests
Bradley Arant Boult Cummings LLP, June 2021

The Government Accountability Office (GAO), in Spartan Medical, Inc., B-419503, recently clarified the scope of its jurisdiction over bid protests involving an agency's use of its other transaction agreement (OTA) authority. The GAO's decision in this case is noteworthy because agencies are increasingly relying on OTAs to meet their procurement needs...

Congress Approves Bill that Contemplates New Tax Measures for Micro, Small and Medium-Sized Companies
Carey, June 2021

On June 10, 2021, the National Congress approved the bill that establishes new tax measures to support micro, small and medium-sized companies in the context of the crisis generated by Covid-19. The bill, which is awaiting the final formalities of enactment and publication, includes the following tax measures: Temporary reduction of the penal interest rate for SMEs from 1...

Cookie 'Banner Terror’: Are You in Schrems' Sights?
Shoosmiths LLP, June 2021

Automated activism is here now on how compliant businesses are. Are you ready for potential tech-enabled complaints on your site's cookies? In 1993 Tesco ran a trial of a loyalty scheme: the Tesco Clubcard. When the results of the trial of the scheme were presented to the board in 1994, the chair, Lord Ian MacLaurin, said, ‘what scares me about this is you know more about my customers in three months than I know in 30 years’...

When and How Should Employers be Using a Data Protection Impact Assessment?
Shoosmiths LLP, June 2021

A Data Protection Impact Assessment (“DPIA”) is a process which helps employers to identify, analyse and minimise the data protection risks of a project. But when should employers be using a DPIA and what makes a DPIA effective? When should employers be using a DPIA? The Data Protection Act 2018 (the Act) states that a DPIA must be implemented before any processing is undertaken which is “likely to result in a high risk” to individuals...

Landmark Decision Clarifies Hong Kong Law on Parallel Imports and Liability of Online Platforms for IP Infringement as well as the Jurisdiction of Hong Kong Courts in Relation to Online Sales by Platforms Based Outside of Hong Kong
Deacons, June 2021

The liability of online platforms for the activities of third-party vendors has always been a controversial area. With the explosion of online shopping as a result of the pandemic, the issue has come under increased scrutiny. Although cases in the UK and EU have discussed the factors that the Court will consider in deciding whether the operator of an online platform is jointly liable, the position in Hong Kong remained uncertain, until now...

International Travel: Personal Data Needs “Passports”, “Visas” and “Vaccinations” Too
Shoosmiths LLP, June 2021

Today personal data travels instantly, and it is easy to forget the journey and the risks, but access to certain countries can be restricted without the proper paperwork, including the new SCCs. Is your personal data fit to travel? The new SCCs passport The main safeguard used to send personal data internationally, the Standard Contract Clauses (SCCs) have just been updated on 4 June 2021. Work will be needed to renew your personal data contract passport for it to travel...

Medicare Coverage of Innovative Technology Program Breakthrough Devices Delayed
Dinsmore & Shohl LLP, June 2021

On May 14, 2021, the Centers for Medicare and Medicaid Services (CMS) issued a new final rule that will further delay the effective date of the Medicare Coverage of Innovative Technology (MCIT) and Definition of Reasonable and Necessary Final Rule (the Final Rule) until no earlier than Dec. 15, 2021...

ESG Principles at Work in Diversifying Governance
Dinsmore & Shohl LLP, June 2021

Dinsmore's Richik Sarkar was published in Bank Director this week discussing the need for diversity and inclusion within governance structures. Read an excerpt below...

 

 

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