The initial proponents of Decentralised Finance (“DeFi”) opined that DeFi, as opposed to Centralised Finance (“CeFi”), could innovate the financial system by providing easier methods of payments and other financial services. The reasoning was based on the notion that transactions without a centralised intermediary in the financial system entail a simpler economy with less regulatory burdens ...
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Last Wednesday (July 26), the Federal Court of Appeal (FCA) handed down its highly awaited decision on the patentability of computer-implemented inventions (software patents). In Canada (Attorney General) v. Benjamin Moore & Co. (2023 CAF 168), the FCA rejected the test proposed by the Intellectual Property Institute of Canada (IPIC) in the first instance decision, Benjamin Moore & Co. c. Canada ...
Public comment closed August 1 on the rulemaking process for a final ban on TikTok and other social media applications (“apps”) from federal contractors’ devices. The new regulation will expand upon the interim Department of Defense, General Services Administration, and NASA (“the agencies”) ban, which went into effect on June 2, 2023. Over half of all states have banned TikTok on state government devices, with more likely to follow ...
Experis, a global leader in IT professional resourcing, project services and managed services, recently conducted a survey of over 2000 British employers in relation to the employment outlook for 2023. In response, 54% of employers anticipate that Artificial Intelligence (AI) will have a positive impact in headcount over the next 2 years ...
As the financial services sector has developed and adopted technology, there has been a significant growth in Deferred Payment Credit, more commonly referred to as ‘Buy Now, Pay Later’ (“BNPL”) by consumers. Demonstrating the scale of growth, news outlets have recently reported that over £10 billion has been lent to consumers by BNPL companies in the last three years ...
Please be informed that major changes in regulation of information technologies and the Internet in Russia have been enacted recently by legislators in the third reading at the Russian Parliament. The bills are aimed at establishing new requirements for hosting providers, restrictions on the use of recommendation technologies on the Internet and authorisation methods on Russian websites, new fines for social media platform owners ...
In recent years, TikTok has become one of the most popular social media apps in the United States, with more than 150 million users,[i] and the most popular smartphone app in the United States.[ii] Despite its widespread popularity in the United States, TikTok has come under regulatory scrutiny due to data security concerns relating to its Chinese parent, ByteDance, and the United States government has even threatened to ban the TikTok app nationally if ByteDance does not sell the app ...
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Following the adequacy decision, as outlined in our previous article, personal data may be transferred from the EU/EEA to companies in the US that are listed on the «Data Privacy Framework List«. The EDPB confirms in their information note that in these cases, there is no need to establish other transfer tools ...
On June 7, 2023, the Minister of Finance of Quebec tabled and presented Bill 30 before the National Assembly, an omnibus bill entitled An Act to amend various provisions mainly with respect to the financial sector (hereinafter the ?Bill?). The Bill includes certain amendments to the provisions of the Insurers Act (?IA?) and the Act respecting the distribution of financial products and services (?DA?) ...
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On 17 July 2023, the Financial Stability Board (FSB) published its High-level Recommendations for the Regulation, Supervision and Oversight of Crypto-asset Activities and Markets: Final report (Report A) and its revised High-level Recommendations for the Regulation, Supervision and Oversight of Global Stablecoin Arrangements: Final Report (Report B) ...
On July 13, 2023, the Cyberspace Administration of China ("CAC"), together with the National Development and Reform Commission, the Ministry of Education, the Ministry of Science and Technology, the Ministry of Industry and Information Technology, the Ministry of Public Security, and the National Radio and Television Administration issued the Interim Measures for Generative Artificial Intelligence Services (the "Interim Measures"), which will come into effect on August 15, 2023 ...
The Financial Conduct Authority (FCA) published a letter to Cryptoasset firms on the 4 July confirming that qualifying cryptoassets will now fall within the scope of the financial promotions regime. From the 8 October 2023, all firms marketing cryptoassets to UK consumers, including firms based overseas, must comply with the financial promotions regime. What is a Financial Promotion? A financial promotion is a broadly defined term, with no technological boundaries ...
Background The EU General Data Protection Regulation (GDPR) restricts the transfer of personal data outside the EEA unless there is a legal basis for the transfer, e.g., EU standard contractual clauses or binding corporate rules (BCR) ...
In its judgment of 4 May 2023 (Case C-487/21), the European Court of Justice (“ECJ”) specified the scope of the right to obtain a “copy” of personal data in the context of the right of access. The ECJ ruled that the copy must be used to provide the data subject with a faithful and intelligible reproduction of all personal data that are the subject of the processing ...
On 25 April 2023, Guernsey introduced the Preferred Debts (Insurance Policyholders) (Bailiwick of Guernsey) Amendment Ordinance, 2023. That Ordinance effects changes to the Preferred Debts Law, 1983, which accords priority to certain preferred creditors in the event of insolvency. Full details of Guernsey's insolvency regime can be found here ...
In a defining moment for the digital economy, Vodafone Germany has recently announced its partnership with Cardano, a public blockchain platform, to launch one of the world’s largest NFT collections. This move by Vodafone demonstrates the growing interest of global telecommunications corporations in embracing blockchain technology and digital assets ...
Vikas Shah MBE chats to Adam Wagner on the rule of law. Susanna Reid from ITV’s Good Morning Britain calls him “the barrister who kept the legal receipts”. Put simply, Adam knows more about the Covid regulations which upended our lives from March 2020 onwards than arguably anyone else in the country ...
Nope, we’re not referring to Elvis Presley’s Suspicious Minds but rather in relation to the perils consumers have been facing when falling into subscription traps set by traders ...
The article explores Web 2.0 and Web 3.0, highlighting their characteristics, user implications, and regulatory concerns. It discusses the direction of Web 3.0 and emphasises the need for government awareness as these technologies advance. The Evolution of the World Wide Web The World Wide Web has undergone a series of dramatic transformations since its inception, with each stage of its evolution characterised by new technologies and modes of interaction ...
On 30 June 2023, The Stock Exchange of Hong Kong Limited (Exchange) published conclusions to its consultation launched last December on its proposals to expand the paperless listing regime and other Listing Rule amendments. The Exchange will adopt all the proposals with a few minor modifications ...
