As the date draws closer for implementation of the Senior Manager and Certification Regime (SMCR) across asset management firms, HR’s attention is turning to the impact of the new regime on regulatory references ...
Introduction. Panama has become a popular destination to immigrate in the region, due to its economic growth and socio-political stability which contrasts with other neighboring countries´ intricate conditions. Within the last decade, multiple infrastructure projects, as well as incentives favorable to establish and operate multinational companies have resulted in an increase of foreign nationals within the country, creating a multi-ethnic and multi-cultural society ...
The objective of open banking is to have a payments and markets infrastructure which provides customers with the ability to review all their banking and financial information seamlessly. Open banking will lead to a situation where regardless of how many accounts and financial products a customer has with multiple institutions, he can manage them from a centralised location without having to check out from one system to another ...
Last week was filled with noteworthy developments in the cryptocurrency industry, Rachel Wolcott of Thomson Reuters Regulatory Intelligence has spotlighted two important articles. The first article focuses on Binance's compliance with the UK Financial Conduct Authority's (FCA) new financial promotion rules, while the second delves into HTX (formerly known as Huobi) and its status on the Seychelles corporate register of crypto exchanges. Let's take a closer look at these significant events ...
In order to provide clarity regarding the tax obligations of financial technology providers and users in Indonesia, Indonesia’s Minister of Finance (“MOF”) issued MOF Regulation No. 69/PMK.03/2022 on the Income Tax and Value Added Tax on the Organization of Financial Technology (“MOF Reg 69/2022”) on 30 March 2022, which came into force on 1 May 2022 ...
On July 3rd, 2020, Supreme Decree No. 18/2020 of the Ministry of Labor and Social Securitywas published,approving the regulation of Article 152 quater M of the Labor Code, establishing specific health and safety conditions at work applicable for employees rendering services in regimes of remote work or telework (hereinafter, the “Regulation”) ...
On February 13th, 2020 was published in the Official Gazette the “Regulation of the Do Not Disturb or Antispam system”, with the purpose of regulating its existence and functionality. This Regulation seeks to clearly stablish consumer’s and supplier’s rights and duties, as well as the proceedings associated with the Do Not Disturb System, the website tool provided by the National Consumer Service (SERNAC) ...
‘Fake news’ - information or news that is proven to be either verifiably false or misleading - has become a major, global concern. As news and opinion pieces are increasingly pushed to readers via online and social media channels, the speed of their dissemination has accelerated exponentially, as have the challenges around regulating news and opinion ...
THE POSITION BEFORE THE SEC STATEMENT The Security and Exchange Commission of Nigeria (the “SEC” or the “Commission”) on 14 September 2020, released their Statement on Digital Assets and their Classification and Treatment (the “Statement”) pursuant to the powers conferred on it by the Investment and Securities Act 2007[1](“ISA”) ...
The Financial Conduct Authority (FCA) recently launched a consultation on its proposed guidance on cryptoassets (CP19/3) which can be read in fullhere. The move comes as part of the UK Cryptoasset Taskforce's wider look into the regulation of the cryptoasset market. The consultation follows a report published in October 2018 by the Taskforce, which consists of the Bank of England, HM Treasury and the FCA. Our discussion of that report can be readhere ...
On November 3rd, the Ministry of Labor and Social Security published Decree No. 36 (the "New Decree") in the Official Gazette. This decree amends Supreme Decree No. 64 of 2017, issued by the Ministry of Labor and Social Security (the "Decree No. 64"), which approves the Regulation of Chapter II of Law No. 20.015 "on the Labor Inclusion of Persons with Disabilities" (hereinafter the "Labor Inclusion Law"), in Title III of Book I of the Labor Code ...
On March 18th, 2022, the Labor Board (hereinafter the “LB”) issued its Regulation No. 2 (hereinafter the “New Regulation”) which replaced Regulation No. 5 of 2009, regarding the requirements and procedure for applying to an exceptional working schedule. The New Regulation became effective on April 1st, 2022 ...
As a part of a reform of Russian data protection laws, Roskomnadzor adopted new rules for ban or restriction of cross-border transfer of personal data outside of Russia. Roskomnadzor may decide to ban or restrict cross-border transfer of personal data in the following cases: After the consideration of a data controller’s notification on cross-border transfer of personal data; Upon the motion of a competent authority to Roskomnadzor ...
With the rapid development of technology and the rise of new finance products and players in the fintech industry, banks are pushed to produce new products and innovative services in order to serve their customers and keep abreast of the behaviour of consumers who appreciate the convenience of digital services. In response to this, the Financial Services Authority (Otoritas Jasa Keuangan -- OJK) has issued OJK Regulation No. 12/POJK ...
By imposing the obligations, the regulation aims to end unfair practices and conduct which is harmful to competition and end users by the companies acting as gatekeepers in the online platform economy. Under the DMA, a firm will be considered as a designated gatekeeper if three criteria are met. First, the company must have a significant impact on the European market which is determined by the company’s turnover ...
The regulations that are starting to emerge in various different jurisdictions pose major challenges, not just for users, but also for developers of AI systems. In this article we will look at the main differences and the areas of common ground. Artificial intelligence has revolutionized many aspects of our lives, from healthcare to national security. However, its use has also raised concerns in connection with privacy, discrimination and security ...
Electronic System Organizers (“ESO”) in the private sector, that include foreign private ESOs, which have been registered with the Minister of Communication and Informatics Regulation (“MOCI”) are subject to a number of obligations under MOCI Regulation No. 5 of 2020 on ESOs in the Private Sector as amended by MOCI Regulation No. 10 of 2021 (“MOCI Regulation 5/2020”), as the implementing regulation of Government Regulation No ...
NotPetya Cyber-attack In June 2017, data-destroying malware called NotPetya, which has since been attributed to Russia’s military intelligence agency, infected hundreds of organizations in dozens of countries causing an estimated $10 billion in losses ...
Reform Scotland, the Edinburgh-based think tank, has proposed a wholesale reform of the UK public and private sector pension system. In its paper The Pension Guarantee, published on 27 February and available in full here, it identifies a number of issues with the current system and sets out recommendations for a possible solution ...
When I became a judicial law clerk right out of law school, my boss, a federal judge in Houston, Texas, explained to me that the goal of his job (and therefore mine) was to find the right answer and do the right thing. That was, in a sense, easy enough. Research the law, and figure out how it applies to the particular facts of each case — because following the law is the right thing to do. Of course, judges will disagree about how the law should apply ...
With the UK economy continuing to be buffeted by the storm of the global financial crisis the effects are starting to be felt nearer to home in the "real" economy. For many businesses slashing costs is now a priority and, sadly, that often includes making staff redundant ...
