The National Security and Investment Act 2021 (NSIA) came into force on 4 January 2022. The UK’s Department for Business, Energy and Industrial Strategy (BEIS) published last month its first Annual Report on the NSIA in its first three months of operation. More on this can be found here ...
Conflicting interpretations of the causation standard in two AKS-predicated False Claims Act cases in the District of Massachusetts, Teva and Regeneron, mirrored the circuit split on the issue and led to interlocutory appeals before the First Circuit. The court’s eventual decision could have a major impact on the national landscape around this high-stakes question ...
The First Circuit recently reinstated part of a False Claims Act complaint against a drug-testing laboratory, and in so doing, may have limited the reach of the FCA’s public disclosure bar. In U.S. ex rel. Cunningham v. Millennium Labs. of Cal., Inc., 2013 WL 1490435 (1st Cir. April 12, 2013), the First Circuit held that the district court erred in dismissing the entire FCA complaint merely because the action was based in part on prior public disclosures ...
The First Circuit recently held that complaints filed first under the False Claims Act’s first-to-file rule do not need to satisfy Federal Rule of Civil Procedure 9(b)’s particularity requirement. See United States ex rel. Heineman-Guta v. Guidant Corp., 2013 WL 2364172 (1st Cir. May 31, 2013) ...
Investments or acquisitions in convertible notes and options are now subject to the same approval requirements as investments or acquisitions in shares. The monetary thresholds applicable to private business investment have been raised with effect as of 1 January 2010 to total assets of the investee of A$231m and, for U.S. investors, A$1004m ...
Shoosmiths’ FinTech partner, Luke Stubbs, was a speaker at the recent FinTech Week London Conference, participating in a panel discussion focused on international payments. FinTech Week London reflects the City's role as a FinTech hub and comprises a week of events culminating in a major conference, which Shoosmiths was proud to sponsor ...
Malta has been a forerunner in regulating digital assets with the introduction of the Virtual Financial Assets Act, Chapter 590 of the Laws of Malta (the “VFA Act”) back in 2018. Following its approval in 2022 and publication in 2023, Regulation (EU) 2023/1114 of the European Parliament and Council on markets in crypto-assets (“MiCAR”) has an 18-month window to become fully enforceable by 30th December 2024 ...
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 ...
Robo-Advisors (sometimes spelt as Robo-Advisers) are digital investment advisory platforms that provide automated, algorithm-driven financial planning services with little to no human supervision. In this article our Oluwapelumi Omoniyi takes a cursory look at the Securities and Exchange Commission’s new rules on Robo-Advisors and highlights the rationale behind the move to regulate Robo-Advisors ...
Current Regulatory Regimes Bermuda was one of the first jurisdictions to introduce sector specific laws and regulations relating to the issuance of ‘digital assets’ and the provision of ’digital asset business’ services. Bermuda's regime regulates the activities of issuers and services providers rather than the technology or digital assets themselves ...
The Financial Industry Regulatory Authority (FINRA) issued a Regulatory Notice to its members (FINRA Regulatory Notice 10-22) outlining and reminding them of their regulatory responsibilities in connection with Regulation D private placement offerings. Among other things, members are required to conduct a reasonable investigation of any offering in order to satisfy suitability obligations ...
Last week FINRA released Regulatory Notice 11-39, Social Media Websites and the Use of Personal Devices for Business Communications, to supplement its previous Regulatory Notice 10-06, Social Media Web Sites, issued in January 2010. Since January 2010, firms have revisited their policies on social media and in light of improved technology, firms are increasingly allowing use ...
This newsletter features a look into notable recent case law and other developments in Finnish competition law and other regulatory issues. Finnish Market Court gives its first detailed ruling on joint bidding In November 2023 the Finnish Market Court gave its judgment concerning a case on joint bidding in the field of public transport. This was the first time a Finnish court has in detail examined the lawfulness of joint bidding ...
This newsletter features a look into Finnish competition law developments and recent enforcement practice. 2023 starts with reforms in Finnish merger control Lower turnover thresholds enter into force Revised merger control turnover thresholds entered into force in Finland on 1 January 2023. The thresholds are applicable to all transactions signed on or after this date ...
This newsletter features a look into notable recent Finnish competition and regulatory case law.Recent developments in Finnish merger control: A more hardline approach to divestiture commitments The Finnish Competition and Consumer Authority's (FCCA) merger control team had a busy year ...
This newsletter features a look into ongoing Finnish legal reforms and recent law. The Finnish Competition and Consumer Authority's jurisdiction in merger control to be expanded by lowering turnover thresholds The Finnish Ministry of Economic Affairs and Employment published in June 2022 a draft government bill on lowering the Finnish merger control turnover thresholds ...
This newsletter features a look into notable recent case law and other developments in Finnish competition law and other regulatory issues. The Finnish Competition and Consumer Authority proposes a first ever fine for an alleged obstruction of a dawn raid In May 2024, the Finnish Competition and Consumer Authority (FCCA) proposed that the Market Court imposes an infringement fine of approximately EUR 4.4 million for an alleged obstruction of the FCCA's unannounced inspection ...
On 19 February 2015, the Financial Services Commission removed restrictions on the use of the following words in the names of BVI Business Companies – 1.“BVI”;2.“British Virgin Islands”;3.“Council”;4.“Ntl”;5.“Int”;6.“Intl”;7.“VI”; and 8.“Virgin Islands” ...
On 30 July 2021, the Financial Services Authority (“OJK”) has issued OJK Regulation No. 12/POJK.03/2021 on Commercial Banks (“POJK 12/2021”). POJK 12/2021 was issued to anticipate, amongst other things, a business development and banking trend including the development and innovation of information technology. One of the interesting topics of POJK 12/2021 is the introduction of provisions on digital banks ...
While stock exchanges worldwide have experienced dramatic downturns and the economy is apparently heading for a global recession, supervisory organs are taking measures to respond to the situation by means of financial market regulation ...
On January 31, 2022, the Financial Market Commission (“FMC”) opened a public consultation process (the “Regulatory Proposal”), in order to simplify the registration process in the following registries, and the ongoing reporting obligations of entities registered in those registries: Registry of Foreign Reinsurance Brokers. Registry of Foreign Securities. Special Registry of Reporting Entities ...
On December 6, 2019, the Financial Analysis Unit (“UAF”) issued Resolution (oficio ordinario) No. 1745, applicable to all reporting entities detailed in Article 3 of Law No. 19,913 (e.g. banks, real estate management companies, insurance companies, among others), in order to enable them to effectively and correctly comply with General Instruction No. 59 dated May 24, 2019 (“Instruction No. 59”) ...
