The full effect of the Product Security and Telecommunications Infrastructure Act 2022 is yet to be felt, despite it having received Royal Assent on 6 December 2022. Further rights will, however, come into force today, Monday 17 April 2023. Sections 58-59 of the Act grant three distinct rights to telecoms operators enabling them to upgrade and share apparatus ...
The rise of ChatGPT and other large language models has been well-documented, although the technology underpinning it has been developing for several years ...
On March 21, 2023, the Supreme Court of the United States heard oral argument in Abitron Austria GmbH, et al. (“Abitron et al.”) v. Hetronic International, Inc. (“Hetronic”)[i] on an issue it has not squarely addressed in seven decades: the extraterritorial reach of the Lanham Act, the comprehensive trademark statute in the United States ...
At a time when some are demanding that artificial intelligence (AI) research and advanced systems development be temporarily suspended and others want to close Pandora?s box, it is appropriate to ask what effect chat technology (ChatGPT, Bard and others) will have on businesses and workplaces. Some companies support its use, others prohibit it, but many have yet to take a stand. We believe that all companies should adopt a clear position and guide their employees in the use of such technology ...
The SEC Division of Examinations (the “Division”) issued a Risk Alert on March 27, 2023 detailing observations from examinations of newly-registered investment advisers. The Risk Alert provides information about the typical focus areas reviewed during examinations of newly-registered investment advisers. It also provides observations regarding compliance policies and procedures, disclosures and marketing practices ...
When you hear the word cyberattack you think of attacks on banks, large box stores, or medical facilities. You should add the construction industry to that list because it is the third most common target for cyberattacks. These types of attacks are only increasing because bad actors have created processes that have streamlined how they attack businesses. They like to attack the construction industry because large sums of money are being transferred in and out of bank accounts via wire transfers ...
On 1 April 2023, the Intellectual Property Rights Agency (“Agency”) issued the Notification (“Notification”) that sets out service fees for mark registration applications via Notification No. 1/2023 as per the Section 106 (d) of the Trademark Law with the approval from the Ministry of Commerce to implement the Trademark Law of 2019 (“Law”) and the Mark Registration Rules of 2023 ...
Consider this scenario: you worked hard for many years and spent thousands of dollars building your brand. You even took the proper precautions and registered your trademark with the U.S. Trademark Office. Thanks to all that effort, when consumers see or hear your brand’s name, they instantly think of your goods and services. Now, imagine someone starts selling a digital representation of a comparable product using a similar “artistic” name in the metaverse ...
March 31, 2023 By: Michael Flynn and Brett Voets On March 30, 2023, the Consumer Financial Protection Bureau (CFPB) issued the long-awaited final version of its rules on Small Business Lending under the Equal Credit Opportunity Act.[1] The new rule imposes significant burdens and risks on lenders, and will likely result in significant amounts of loan-related data being made public, as discussed below ...
Contents Introduction of US style LLCs to Jersey Proceeds of Crime Law changes, including AMLSPs HMRC guidance on the registration of JPUTs Update on arranging as an additional limb of investment business Introduction of US style LLCs to Jersey In September 2022 Jersey enacted legislation which permits the formation of US-style limited liability companies or LLCs in Jersey ...
Contents The Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 Updates to Natural Capital Fund framework HMRC guidance on the registration of GPUTs Changes to Guernsey’s insolvency regime Consultation on “six directorship” exemption for directors The Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 The Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 (the “LCF Law”) came into partial force on 1 January 2023 and will c
March 28, 2023 By: Meghna Parikh The Department of Justice (DOJ) Civil Cyber-Fraud Initiative continues to raise the stakes for government contractors. This initiative uses the False Claims Act (“FCA”) to hold government contractors accountable for knowingly (1) failing to monitor and report cyber data breaches, (2) implementing inadequate cybersecurity measures or (3) misrepresenting their cybersecurity practices ...
On 1 September 2023, the legal framework for seed farming in Russia will take effect. At present, lawmakers are preparing highly controversial regulations, which essentially aim to limit foreign investments in the Russian seed farming sector. The central idea is to implement a set of rules that require Russian companies involved in the production of agricultural plant seed varieties and hybrids to localize their activities (“Localization Rules”) ...
Living in a data democracy, we have got used to thinking that ‘data protection’ in the private sector Is separate from police and intelligence services activity. But is this really true? In Europe, data protection rules about the two spheres originated in different directives: ‘general’ processing and ‘law enforcement/intelligence services’ processing ...
European Securities and Markets Authority (ESMA) published its final report on “guidelines of MiFID II product governance requirements” yesterday ...
In the process of overseas offering and listing of domestic enterprises so far, it is necessary for the listing intermediaries (the "Intermediaries") to conduct due diligence on all aspects of the issuer. In particular, PRC lawyers are required to issue the PRC legal opinions on the history, corporate governance, business operation, major assets, tax, employment, and other aspects of the domestic enterprises ...
But what are the reasons for this? And what are the advantages of establishing a fund in Guernsey when compared to other jurisdictions? As the leading legal adviser to Guernsey’s investment funds sector by both number of funds advised and by assets, we believe that the following reasons help to explain Guernsey’s success and provide strong arguments for choosing Guernsey ...
Guernsey is a Crown Dependency. The Bailiwick of Guernsey (Guernsey, together with Herm, Sark, Alderney and the surrounding islets) is part of the British Isles but independent of the UK. It is neither a member nor an associate member of the European Union (the “EU”) and as such is classified das a third- country. Guernsey is therefore not required to comply with EU directives such as the Alternative Investment Fund Managers Directive (the “AIFMD”) ...
On March 24, 2023, The Stock Exchange of Hong Kong Limited ("HKEX") published its consultation conclusions ("Consultation Conclusions") regarding the proposed new listing regime for specialist technology companies ...
A recent significant enforcement action brought by the U.S. Securities and Exchange Commission against Blackbaud Inc. highlights the importance of public companies maintaining disclosure controls and procedures relating to cybersecurity incidents ...
Tech Nation is a government-backed organisation which has supported digital-tech start-ups and scale-ups as well as offering global talent visa endorsement for over a decade. At the end of January, it announced its closure, effective from 31 March 2023. Tech Nation received its core grant funding from the Department for Culture, Media and Sport (DCMS), but this funding will now be awarded to Barclays Bank ...
Contents Introduction Bermuda British Virgin Islands Cayman Islands Guernsey Jersey Conclusion Introduction Carey Olsen, recently ranked in the FinTech sector by Chambers & Partners across each of its Bermuda, British Virgin Islands (BVI), Cayman Islands and Jersey offices (with a number of notable practitioners), continues to be a leader in the Fintech and digital/virtual asset sector, advising clients on the most novel and innovative crypto and blockchain projects ...
