Goldman Sachs can’t make profits in the FinTech sector, as reported recently in the Financial Times newspaper. Competition must be tough. Where is competition coming from? A source, still arguably on the edges, is BigTech, who are using FinTech essentials (digital technology and big data) to become a player in the financial services market ...
The Charity Commission has today (17 January) begun a public consultation on proposed new guidance for charities’ use of social media. It encourages charities to adopt a social media policy which is right for them. Social media presents charities with great opportunities to campaign and comment, to communicate the value they create and to fundraise. But these channels also present serious risks for charities ...
The Digital Operational Resilience Act (“DORA”) is part of the Digital finance package adopted in 2020 by the EU Commission to further enable and support the potential of digital finance in terms of innovation and competition, while mitigating the risks arising from it. DORA enters into force on 16 January 2023 ...
On 19 October 2022, the Council of the EU announced that political agreement (the ‘Political Agreement’) had been reached with the EU Parliament on the review of the Regulation on European long-term investment funds (the ‘ELTIF Regulation’) ...
Matters of cross-border company mobility are addressed at European Union level by means of Directive (EU) 2017/1132 (the “2017 Directive”) which provides for cross-border mergers and domestic divisions of public limited liability companies ...
Operating expenses (“OpEx”) and common area maintenance fees (“CAM”) are two important items in any commercial lease, but they are often overlooked after the decision is made on how to split up these fees. Typically, operating expenses are calculated and allocated based on a gross, modified gross, or triple net basis, with the tenant being responsible for a percentage of CAM based on the percentage of the total property they occupy ...
The Financial Executives Institute of the Philippines (FINEX) recently launched “Ethics: Enduring or Evolving?”, the second installment of the FINEX Ethics Committee's book project focused on ethical challenges and issues of ethics in business. It includes an article on “Digital Ethics and the Philippine Law” by SyCipLaw Senior Partner and TMT expert Rose Marie M. King-Dominguez. In the article, Ms ...
With the well-known challenges of the last ten months or so, market conditions deteriorated substantially over 2022 and the venture capital (VC) market became a far more challenging one in which to agree a valuation and raise money. While those challenges are not over, from speaking to VC clients and others, there's a cautious optimism that as 2023 progresses the market will slowly improve ...
The UK Advertising Standards Authority (ASA) has ruled that the marketing of an NFT of a Johan Cruyff goal was misleading. The one-of-a-kind non-fungible token (NFT), entitled “In a Way, Immortal”, depicts Cruyff’s flying kick for Barcelona against rivals Atlético Madrid which was dubbed “The Phantom Goal” and earned Cruyff the nickname the "flying Dutchman". The NFT was auctioned and eventually sold for a reported €550.000 at Sotheby's ...
On 16th December 2022 the Bankruptcy Master released an update which advised that the restriction on filing new creditors' winding up petitions is likely to be lifted in the new term. The court has advised that further information will be issued to legal practitioners in advance of the new guidance ...
On January 11, 2023 the SEC Division of Investment Management issued an additional Marketing Rule FAQ. The newly issued FAQ addresses gross and net performance requirements applicable to private fund case studies, single investments and/or groups of investments, i.e. extracted performance. Specifically, the Question provides as follows: Q. When an adviser displays the gross performance of one investment (e.g ...
All registered charities with an annual income over £10,000 and all CIOs - charitable incorporated organisations - are required to complete and file online with the Charity Commission an Annual Return in a prescribed form within ten months of their financial year end. Just before Christmas, the Commission confirmed details of new and revised questions in the Annual Return ...
Broad scope of application The FSR targets any undertaking engaged in an economic activity in the internal market that has received a foreign subsidy distorting the internal market. A foreign subsidy is any financial contribution provided by a third country (non-EU Member State) which confers a benefit on an undertaking engaging in an economic activity in the internal market and which is limited to one or more undertakings or industries ...
January 10, 2023 By: Michael Flynn The Office of Information and Regulatory Affairs in the Office of Management and Budget has released the Fall 2022 Unified Agenda of Regulatory and Deregulatory Actions (Agenda) reports on the actions administrative agencies plan to issue in the near and long term. Included is the CFPB’s regulatory agenda for 2023. The CFPB agenda may be found HERE ...
We are pleased to bring you the latest legal updates for December 2022. Financial Service Technical Note No ...
Most commentators agree that the equity capital markets are not in robust health as we enter 2023. Investors have sustained significant losses in recent months and the combination of war, inflation and recession mean that investor confidence is at a definite low. There are however some signs that the outlook for 2023 may not be as bleak as the headlines might suggest ...
Having experienced unprecedented levels of M&A activity in 2021 and the first half of 2022, followed by the market uncertainty of Q3 and Q4 of 2022, what can we expect from the M&A landscape in 2023? Here are some of our key predictions ...
“With the energy crisis likely to continue throughout 2023 and pressures on governments, businesses and individuals to take action to tackle climate change, I expect that, whilst government funding may be limited, there will be no shortage of capital for investment in clean energy projects ...
The year ahead will see a better resourced FCA announcing and implementing reform in many different markets. It will see a focus on protecting consumers in the current economic climate and a focus on understanding newer and faster paced markets, particularly those where consumer detriment is a real risk. In a written statement to Parliament on the 9 December 2022, the chancellor set out an ambitious list of reforms that, at any other time, the financial services sector would run towards ...
In recent months we have seen a significant rise in industrial action across multiple sectors, including public transport; postal workers; nursing and ambulance staff; university employees; Border Force staff and civil servants. Strikes look set to continue into 2023; the British Medical Association is currently balloting junior doctors on potential strike action for March 2023 and disruption is also likely to hit schools in Scotland as teacher strikes are planned for January 2023 ...
On January 4, 2023, Law No. 21,521 was published, which promotes competition and financial inclusion through innovation and technology in the provision of financial services (“Fintech Law”). The Fintech Law introduces a series of legal amendments to various regulatory bodies, including Law No. 19,913, which creates the Financial Analysis Unit (“UAF”) and amends various provisions on money laundering (“Anti-Money Laundering Act”) ...
On December 22, 2022 the Pennsylvania Department of Human Services (“Pennsylvania DHS”) issued a Medical Assistance Bulletin that will put 340B savings at risk in Pennsylvania. This bulletin intends to prohibit 340B Program covered entities and contract pharmacies from dispensing 340B medication to Pennsylvania Medicaid patients regardless of whether the patient is enrolled in fee-for-service or managed Medicaid ...
