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) ...
Yesterday, the Financial Conduct Authority (FCA) published a consultation paper on social media guidance for firms promoting financial services and products. The draft guidance does not contain anything new so far as "dos and don'ts" for promotional material - including the new rules set to come into force on 8 October this year regarding promotion of crypto-related investments (see relevant article here) ...
On July 13, 2023, Law No. 21,586 was enacted. This law amends Law No. 21,435 to extend the term to fulfill certain requirements set forth therein, and also amends the Water Code to introduce an administrative procedure to clarify and complete titles of water rights (“WR”). Amendments to Law No ...
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 ...
On July 9, 2023, the State Council of the People's Republic of China[1] promulgated the Regulations on Supervision and Administration of Private Investment Funds ("Regulations"), which will take effect from September 1st, 2023 ...
On July 14, 2023, the Ministry of Science and Technology of the PRC ("MOST") issued the Notice on Updating the Guidelines on Administrative Approval Items and the Scope and Procedures for Filing and Prior Reporting of Human Genetic Resources, which unveiled six documents, including the administrative guidelines on collection approval, biobanking approval, exportation approval and international collaboration approval of human genetic resources ("HGRs"), as well as the scope and procedures for int
Please be informed of the adoption of a number of legislative and regulatory acts that impose restrictions on the use of foreign programs and products in the government and financial sectors ...
On July 16, 2023 the President of the Russian Federation signed Decree 'On Amendments to the List of Movable and Immovable Property, Securities, Shares in the Authorized (share) Capital of Russian Legal Entities and Property Rights, in respect of which Interim Administration is introduced, approved by the Decree of the President of the Russian Federation dated April 25, 2023 No. 302' No. 520 (“Decree No. 520”)1. Decree No ...
Buchalter Client Alert July 17, 2023 By: Melissa Richards Florida has enacted its own Commercial Financing Disclosure Law (“CFDL”) that is similar to California and New York’s disclosure laws. The Florida CFDL applies to covered “Commercial Financing Transactions” consummated on or after January 1, 2024 that are $500,000 or less and originated by a covered “Provider ...
We are pleased to issue our fifth edition of the Regulatory Compliance Quarterly Updates. These updates are intended to keep Maltese regulated entities informed of regulatory changes and developments taking place in the local financial services space. In this issue, we focus on the sector specific and cross-sectoral regulatory updates relating to investment services and asset management, company service providers, insurance undertakings, and insurance intermediaries ...
The National Consumer Service ("SERNAC") initiated a citizen consultation aimed at consumers to learn about their opinions on how protected they feel in consumer matters and how they perceive the current role and powers of the Service. In order to gather the opinion’s of the citizens, a form with 12 questions will be available on its website until July 23 ...
On 13 July 2023, the UK government planned increases to fees across a range of immigration and nationality routes including the immigration health surcharge. The immigration health surcharge (IHS) is set to see a huge increase of around 66%. The current standard IHS rate is £624 per person per year of leave to remain granted and this will increase to £1,035. Similarly, the discounted rate for students and under-18s will increase from £470 per year to £776 ...
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 ...
On the 12th of June 2023, an Act to amend the Gaming Act (Chapter 583 of the Laws of Malta) was passed by the House of Representatives, which introduced article 56A to the Gaming Act in order to encourage the establishment of gaming operators in Malta who offer local and cross-border supply of services. On the 16th of June 2023, the MFSA published a Feedback Statement on the new Publication Policy, together with the Policy ...
On the 1st of December 2022, the MFSA published a Consultation Document on the New Publication Policy regarding Administrative Measures and Penalties thereby commencing a consultation period which closed on the 15th of January 2023. A subsequent Feedback Document containing the new Publication Policy was issued on the 16th of June 2023 (hereinafter referred to as the ‘Publication Policy’), following feedback received from the market ...
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) ...
We would like to inform you that the Extract1 from the decision of the Sub-Commission No. 171/5 as of July 07, 2023 was published on July 12, 2023 ...
Did you know? A pilot program providing Hong Kong applicants with the opportunity to expedite their patent applications filed in China has been in place since 1 Jan 2023. The scheme allows Hong Kong permanent residents and entities legally registered in Hong Kong to request prioritized examination for their patent applications before the China National Intellectual Property Administration ...
Many billions of assets under management have already been tokenised. High profile managers such as Franklin Templeton, Abrdn, KKR, Mitsui and Hamilton Lane have already launched tokenised products. Whilst there is no doubt that this is a nascent space, and these assets still represent a tiny percentage of the funds industry, we expect this area to grow exponentially in the coming years. What is tokenisation? Tokenisation is the digital representation of "traditional" financial assets (e.g ...
Acting as a director of a company or incorporated body (whether incorporated in or under the laws of the Bailiwick of Guernsey or elsewhere) by way of business[1] is a regulated activity under The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 as amended (the "Fiduciaries Law") ...
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 ...
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 ...
Infrastructure 1 Is your state a party to the New York Convention? Are there any noteworthy declarations or reservations? Yes, Ukraine is a party to the New York Convention. It was ratified in 1960 by the Ukrainian Soviet Socialist Republic (SSR) (as a part of the former Soviet Union). Following the declaration of independence in 1991, Ukraine confirmed its obligations under all international treaties entered into by the Ukrainian SSR, including the New York Convention ...
