The Directorate of Investment and Company Administration (“DICA”) has issued an undated notice where it has listed the documents that all DICA registered companies are required to submit to DICA to obtain its approval to repatriate foreign currencies out of Myanmar (the “Notice”). We understand from the Notice that it applies only to DICA registered companies ...
The wait is finally over as the Digital Markets, Competition and Consumers Bill (Bill) passes through Parliament with aims of introducing numerous protections for consumers, including powers to clamp down on fake reviews. The pandemic was the catalyst in the rise of online shopping meaning that consumers rely heavily on online reviews, more so now than they used to ...
SyCip Salazar Hernandez & Gatmaitan (SyCipLaw) has just published the SyCipLaw TMT and Data Bulletin covering significant Philippine legal and regulatory developments in the technology, media, telecommunications and data space, from late 2022 to the first quarter of 2023. It also notes links to podcasts and materials relating to TMT and dataPLUSa commentary on whether AI can replace a local counsel ...
The Financial Market Commission ("FMC") has announced a process of consulting roundtables for the implementation of Law No. 21.521, known as the "Fintech Law" (Fintech in Spanish). Last May 15, an informative webinar was held where the CMF informed about the general guidelines for the operation of the consulting roundtables that will address aspects of the implementation of the Fintech Law. The FMC authority to carry out this process comes from Article 20 of Law No ...
Gone are the days when satellite communication was limited to those brick phones with long antennas. Satellite communications services are gaining traction globally as they offer alternative ways of connecting end users to the Internet and other related communications services. However, as electronic communications services via satellites become more popular and accessible, service providers are met with regulatory challenges ...
Have you ever browsed one of your favourite online retail platforms and noticed an entirely new clothing collection launched by the brand for your metaverse avatar? In February of this year, we stumbled upon Zara’s Valentine’s Tale range. The collection comprised 22 digital assets which included necklaces, earrings, rings and bags that could be purchased for your avatar through Zepeto, which is Asia’s largest metaverse platform ...
On 24 April the Pensions Regulator (TPR) published new guidance (Guidance) on the practical steps trustees should take to manage risk when using leveraged liability driven investments (LDI). The guidance replaces previous guidance issued by TPR in October and November 2022 in the immediate wake of the LDI liquidity crisis. Background On 23 September the Government announced its ‘Growth Plan 2022’ ...
Although NFTs have existed for a number of years, and have changed the world of merchandise and art, it is worth considering how intellectual property (IP) rights interplay with this asset class. This article considers NFTs in their component parts with a view to understanding how IP law, and specifically the areas of copyright and trade marks, apply. What is an NFT? An NFT stands for non-fungible token and is a digital asset with a unique digital identifier, recorded on a blockchain ...
By imposing the obligations, the regulation aims to end unfair practices and conduct which is harmful to competition and end users by the companies acting as gatekeepers in the online platform economy. Under the DMA, a firm will be considered as a designated gatekeeper if three criteria are met. First, the company must have a significant impact on the European market which is determined by the company’s turnover ...
The Metaverse, retail and brand protection When first confronted with concepts such as cryptocurrencies and NFTs, it took most of us quite some time before we felt it was “safe enough” to make our first online purchase. For some, it was a case of calling a friend to find out if their experience was legitimate before taking that leap! Well, safe to say this is no longer the case ...
With cloud technology becoming increasingly important, data centres provide services critical to many businesses. Given the strategic value of data center to digital transformation, it is essential that data center vendors have a clear plan to manage the risks they face. What are some of the key risks for data center vendors Security Digital and physical security risks have been listed as the top 5 data center security risks for 2023 ...
Generative AI has become a worldwide sensation recently with the launch of ChatGPT, Stable Diffusion, Midjourney, and other eye-catching products. Large language models such as ChatGPT have shown their phenomenal capacity for human language comprehension, human-machine interaction, text writing, programming, reasoning, etc. by generating output that is often on a par with the level of human intelligence, if not better ...
Electronic Money Institutions (EMIs) are financial institutions that offer electronic money services to customers. Legislation on EMIs is partially harmonised in the EU as there is only an Electronic Money Directive (Directive 2009/110/EC) (“EMD”) rather than a regulation. In Malta, the EMD is transposed in the Financial Institutions Act, Chapter 376 of the Laws of Malta ...
The EU regulator has harmonized the maximum levels for tetrahydrocannabinol (THC) in hemp seeds throughout the Union within the food contaminants framework. This EU harmonization puts pressure on conservative national food laws such as the Belgian Royal Decree of 31 August 2021, which treats hemp seeds as a prohibited food.The situation in Belgium, however, is changing to better align it with EU law ...
The SEC Division of Examinations (“Examinations”) issued a Risk Alert on April 26, 2023 to highlight the importance of establishing written policies and procedures for safeguarding customer records and information at branch offices. Examinations provides that a branch office includes any location other than a firm’s main office, including offices of any independent contractors through which a firm may offer investment products and services ...
The Competition and Markets Authority (CMA) is a UK independent agency established by legislation that ‘must seek to promote competition…for the benefit of consumers’. To do so the CMA may carry out research. The CMA announced on 4 May 2023 it is opening an initial review of competition and consumer protection considerations in the development and use of AI foundation models ...
The progression of online financial ecosystems supporting any modern economy hinges on the citizens’ use of new financial technologies. In Malta, the word ‘fintech’ is neither defined by law nor found in the jurisdiction’s primary legislation. Yet, local stakeholders on the island commonly limit the meaning of the word to blockchain-based finance ...
The UK government has proposed legislation (the Digital Markets, Competition and Consumers Bill) that would materially affect merger control for transactions of both UK and non-UK companies. This comment addresses the proposed introduction of a mandatory reporting regime as a prior step to the current merger control regime in the UK ...
The UK government has proposed legislation (Digital Markets, Competition and Consumers Bill - Parliamentary Bills - UK Parliament) that would materially affect merger control for transactions. This comment addresses the proposed changes that would be of concern to those engaged in mergers affecting local markets ...
On April 26th, 2022, the Senate unanimously approved in particular (first constitutional procedure) the Bill that establishes a Framework Law on Cybersecurity and Critical Information Infrastructure. As a result, the legislative proposal passed to the second constitutional procedure waiting to be discussed by the Chamber of Deputies ...
We would like to inform you that today the President of the Russian Federation signed the Law dated April 28, 2023 No. 139-FZ significantly amending the Federal Law dated April 29, 2008 No. 57-FZ Federal Law “On Procedures for Foreign Investments in Companies having Strategic Importance for the National Security and Defense” (hereinafter – the “Strategic Investments Law”) ...
On March 21, 2023, Quebec?s Minister of Finance tabled his budget for the 2023-2024 fiscal year. One of the budget?s key measures is the introduction of a new tax holiday in connection with major investment projects. At first glance, the new measure does not appear to be specifically aimed at the mining industry, but some mining companies involved in the extraction of critical and strategic minerals and planning substantial investments in the near future could greatly benefit from it ...
It has long been recommended that when you contract with a technology vendor that you include an indemnity clause in the contract wherein the vendor will indemnify you if its product is compromised and results in a data breach of your computer network. This recommendation was recently validated by both cyber authorities in the U.S. and in the U.K., Germany, Canada, Australia, New Zealand, and the Netherlands ...
It is imperative that a company knows what data it holds, why it is holding it, where it holds it, and who has access to it. The old adage that information is power leads many to believe that holding on to as much data as possible is a smart institutional practice because you never know when you may need it. However, the opposite is true. The more data a company holds, especially data that it has no use for, the more at risk it is for a future data breach ...
