In May 2021, the total value of cryptocurrency globally surpassed USD $2.5 trillion, and continues its emergence as a new asset class.[1] Governments in Canada and around the world are updating regulatory requirements in response to the new innovations in financial technologies. Historically, there has been regulatory uncertainty surrounding cryptocurrencies in Canada ...
A breakdown of the ICO’s recent guidance on how to comply with the UK’s data protection regime when making live marketing calls. The ambiguous lyrics from this popular song have left me confused ...
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 ...
You are in charge of finances for a small business and are on vacation at the beach. Suddenly, you remember you have forgotten to pay a company bill. All is not lost, you think. You run to you room, grab a laptop, and bring it down to the Tiki Bar. There, you order a drink and connect to the hotel's wireless system. Then you call up your company's bank's Web page, click the "log-in" button, enter your password, and order a check issued to the creditor ...
Contents Legal and Enforcement Frameworks Blockchain Market Cryptocurrencies Smart Contracts Data and Privacy Cybersecurity Intellectual Property Trends and Predictions Tips and Traps Legal and Enforcement Framework What general regulatory regimes and issues should blockchain developers consider when building the governance framework for the operation of blockchain/distributed ledger technology protocols? Fintech legislation and guidance notes: The British Virgin Island
On August 31, 2022, the Cyberspace Administration of China (the "CAC") issued the Application Guidelines for Security Assessment of Cross-border Data Transfer (1st Edition) (the "Application Guidelines"), which specify and implement the provisions on cross-border data transfer security assessments ("security assessments") in the Measures for Security Assessment of Cross-border Data Transfers (the "Assessment Measures") ...
Last month, a California appellate court rejected an insurer's arguments and affirmed a large punitive damages award against the insurer, providing a fresh roadmap for policyholders to obtain such relief when insurers engage in certain bad-faith practices. Mazik v. GEICO General Insurance Company (2019) 35 Cal.App.5th 455 involved a policyholder's claim for the $50,000 limits under his underinsured motorist policy ...
On Nov. 3, 2020, California voters approved Proposition 24, marking a significant shift in the U.S. privacy landscape. Proposition 24 enacted the California Privacy Rights Act of 2020 (CPRA),[1] a major expansion of the existing California Consumer Privacy Act (CCPA), which many businesses continue to grapple with since becoming effective in January 2020. Most notably, the CPRA establishes a stand-alone privacy regulator, the first U.S. state to do so ...
In a unanimous vote on June 28, 2018, California lawmakers enacted a landmark, first-of-its-kind data privacy law that is intended to give consumers greater control over how their personal information is collected, stored, and sold by companies with whom they do business ...
Starting next year, California residents who don’t have health care coverage could face a state tax penalty. Under the new Minimum Essential Coverage Individual Mandate, California residents who fail to maintain minimum essential coverage for themselves and their dependents could owe a state tax penalty, unless they qualify for an exemption ...
Technology Update Authors Brian D. Barnard Randall E. Colson M. Ann Newton Related Practice Groups Intellectual Property A new California Law (Assembly Bill No. 700, Chapter 1054) went into effect on July 1, 2002 that requires companies who conduct business in California to notify their California-resident customers if their unencrypted personel information may have been stolen as a result of a security breach ...
September 29, 2021 By: Jennifer Guerrero The California Privacy Rights Act of 2020 (“CPRA”) established a new state privacy regulatory agency, the California Privacy Protection Agency (“Agency”), which is responsible for issuing regulations implementing the CPRA (along with enforcement authority) ...
Key points From 8 September 2021 non-resident entities who provide digital goods/services or e-commerce activities to Cambodian consumers and who expect to have sales of USD15k or more before the end of the year, over three consecutive months, have 30 days to register for VAT with the General Department of Taxation (GDT) in Cambodia. From 2022 onward the same non-resident entities, as described above, that expect to have sales of USD62 ...
On 29 March 2023, the Ministry of Economy and Finance (“MEF”), in cooperation with the Ministry of Commerce (“MOC”), issued a new regulation regarding the Official Fees for Issuance of Compliance Certificates for Commercial Advertisements on Goods and/or Services in Cambodia (“Prakas 167”) ...
JOINT PRAKAS 315 AND 316 ISSUED BY THE MINISTRY OF COMMERCE AND THE MINISTRY OF ECONOMY AND FINANCE, dated 12 May 2021 The Ministry of Commerce (“MOC”) issued a new announcement (“Announcement”) on the Granting of E-Commerce Permits and Licenses on 26 May 2021. Eligible applicants may now apply for e-commerce permits or licenses with immediate effect from the MOC through an online portal – www.ecommercelicensing.moc.gov ...
The 31st of March is already an auspicious date in the Cambodian tax calendar: It is the deadline for most taxpayers in Cambodia to submit their annual Income Tax return. This year, however, the last day of March is also the deadline for non-resident e-commerce providers to register for value-added tax (“VAT”) in Cambodia ...
Assuming that a foreign court exercises the power to issue letters rogatory or to appoint a commission to examine a witness in Quebec and to ask him to produce some documents, how can that be carried out in Quebec and is there a «blocking statute» protecting some of the documents?The Special Procedure Act (R.S.Q. c. P-27)The Special Procedure Act, Division VI (the «S.P.A.») governs rogatory commissions within Quebec for the purposes of a foreign lawsuit ...
Today, artificial intelligence (AI) based on neural networks may come up with ideas that are not dependent on human input. This raises questions as to who shall be regarded as the inventor of an invention created solely by a machine. Could an AI system be considered the inventor behind a patented invention? The answer is no, concludes EPO – the European Patent Office - in two recent applications ...
Artificial intelligence (?AI?) is becoming increasingly sophisticated, and the fact that this human invention can now generate its own inventions opens the door to new ways of conceptualizing the notion of ?inventor? in patent law. In a recent ruling, the Supreme Court of the United Kingdom (?UK Supreme Court?) however found that an artificial intelligence system cannot be the author of an invention within the meaning of the applicable regulations under which patents are granted ...
On 21 November, Waters Technology published an opinion piece on the use by cloud providers of hardware which, under previous policies, would have been retired. They are doing this due to exponential growth in the demand for their services – not profits. On the same day, it published an article highlighting the work the DTCC has been undertaking with AWS to produce technical standards “to enhance multi-region resiliency”, which were published on 20 November ...
Cyber frauds, in particular email scams, have become a common trend of crime in Hong Kong in recent years. Fraudsters use various means to deceive the victims into transferring money to unauthorised bank accounts. Upon discovery of the fraud and based on information obtained from the bank, the victim may apply for an injunction from the court to freeze the recipients’ bank accounts and if the victim is lucky enough, there will be some credit balance left to recover ...
