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 ...
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 ...
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 ...
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 ...
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 10 July 2023, the Maltese Parliament resolved in favour of several amendments to the Consumer Affairs Act. These amendments serve two purposes. Firstly, the Consumer Claims Tribunal can now hear consumer claims of up to €10,000. This amendment represents a significant increase in the value of the claims that can be heard by the arbiter given the previous threshold of €5,000 ...
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 ...
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") ...
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 ...
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 ...
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 ...
On 16 June 2023 the High Court handed down its first instance decision in the case of Virgin Media Limited v NTL Pension Trustees II Limited and others, dealing with the impact on amendments affecting contracted out rights of failing to obtain a section 37 certificate ...
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 ...
We look at the latest events concerning the dispute between the UK Covid-19 Inquiry and the Cabinet Office over the former Prime Minister’s WhatsApp messages and diaries ...
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 ...
We would like to inform you that on July 10, 2023 the Federal Law No. 301-FZ “On Amendments to the Federal Law “On Protection of Competition” has been adopted (hereinafter – the “Law”, the “Fifth antimonopoly package”). The Law shall take effect as of September 01, 2023 ...
The court’s decision in Mallory could have profound implications for larger-sized companies that operate in multiple states throughout the country. And nowhere is this truer than in New York, where the state’s status as a global hotspot for foreign investment has attracted myriad out-of-state companies to register to do business within its borders. For over half a century, the U.S ...
There are a number of reasons why parties who have agreed to arbitrate disputes (ordinarily by way of an arbitration clause in a contract) may later wish to litigate their dispute in the UAE courts. A common reason is the cost of arbitration, which can be quite significant compared to the cost of litigating in the UAE Courts ...
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 ...
