This summer, the IRS significantly increased its efforts to police the taxation of Bitcoin, Ethereum, and other similar cryptocurrencies. On July 26, 2019, the IRS announced that it had begun sending letters to taxpayers who potentially failed to pay cryptocurrency taxes associated with digital currency transactions or failed to properly report those transactions. By the end of August, the IRS anticipates that it will have sent over 10,000 letters to taxpayers ...
The Court of Justice of the European Union ("CJEU") published its long-awaited decision on the use of the Facebook Like-Button on July 29, 2019 (Case C-40/17). One major aspect of the judgment is the question to what extent Facebook and website operators who incorporate the Like-Button into their website are joint controllers under European data protection law. As a result, the CJEU affirms this question and takes a firm stand on the conditions for joint controllership ...
The past year has been a busy one for AML compliance in the UAE. In October 2018, Federal Decree-Law 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations (AML Law) came into force. It contained features recommended by the Financial Action Task Force (FATF), and brought UAE laws in line with international AML standards ...
Traditionally financial institutions have preferred litigation over international arbitration. The reasons are many, but they are mainly related to the fact that arbitrators generally lack the power to render summary judgments, to grant interim measures, and that there is no precedent in international arbitration. However, international arbitration has gain ground in the last few years, due to the fact that arbitral institutions have addressed the main criticisms to the system ...
The DIFC Authority has proposed the enactment of legislation (the Proposed Law) to replace its current Data Protection Law, DIFC Law 1 of 2007 (as amended) (the Current Law). The Proposed Law is the subject of Consultation Paper 6 of 2019, which is presently posted on the DIFC website for public comments to be provided by 18 August 2019 ...
There has been intense work on the IT security law 2.0 since the “German doxing case" of late 2018/early 2019 when large volumes of data of German celebrities and politicians were published. This bill will significantly extend the importance and the competences of the Federal Office for Information Security (Bundesamt für Sicherheit in der Informationstechnik (“BSI”) in information technology ...
The SGX has beefed up delisting rules, making it harder for controlling shareholders to privatise listed companies. Is this a victory for minority shareholders, or yet another restriction that will make us a less attractive listing venue? We all knew it was coming ...
California Assembly Bill No. 205 was approved by Gov. Gavin Newsom on July 9, 2019. Assembly Member Tom Daly, who represents California’s 69th district of Orange County cities Santa Ana, Anaheim, and Garden Grove, introduced AB-205 to expand the definition of “beer” under Business & Professions Code §23006, which is part of the Alcohol Beverage Control Act. The new law is set to go into effect on Jan. 1, 2020 ...
As seen on Law360: The 2018 Farm Bill[1] relaxed restrictions covering hemp-based cannabis products, and it is causing a shift in business strategies in the industry. Instead of a full prohibition of trademark registrations covering cannabis goods or services, a narrow range of filings is now permitted, so long as they conform to the requirements of the Farm Bill and the latest USPTO guidelines ...
Below you will find a brief summary of the resolutions of the data protection authority uploaded on their website up until today imposing a fine under the GDPR. 1. Failure to facilitate the exercise of data subjects' rights The data subject wanted to exercise his access right, right to receive a copy, and his right to restrict processing of camera recordings of him at the reception area of a service provider ...
Last month marked the 50-year anniversary of one of the more infamous and impactful environmental disasters to occur in the United States. On June 22, 1969, the Cuyahoga River, which runs through the heart of Cleveland before emptying into Lake Erie, caught fire for the 13th time. Time magazine ran a story that highlighted the river’s severe pollution ...
Along with the prediction that the continued growth of the Internet of Things (IoT) will transform our everyday lives and how we do business, we can also anticipate that the increased number of connected devices will bring about additional challenges, including greater security and privacy-related risks ...
On Monday, June 3, Governor Gretchen Whitmer and the Michigan Department of Agriculture and Rural Development (MDARD) announced MDARD’s decision to allow for commercial solar energy development on land currently enrolled in the Farmland and Open Space Preservation Program, commonly known as PA 116. PA 116 was established in 1975 and is designed to preserve farmland and open space in Michigan ...
Introduction The latest in the series of insolvency regime reformations in the Middle East is the new Dubai International Financial Centre insolvency law; DIFC Law 1 of 2019 (the New Law). Subject to article 1(4) of the New Law, the New Law repeals and replaces DIFC Insolvency Law 3 of 2013 (the Old Law). Article 3 of the New Law states that it applies in the jurisdiction of the DIFC, meaning that it applies to all DIFC incorporated entities ...
General The Securities Commission of The Bahamas (“SCB’), the independent regulatory body responsible for digital assets and investor protection, has issued the draft Digital Assets and Registered Exchange Bill (“DARE Bill”) for industry consultation. The DARE Bill prescribes the legal requirements for issuance and sale of digital tokens, and the regulation of issuers and those conducting digital asset business in or from The Bahamas ...
The topic of “joint controllers” according to Art. 26 GDPR continues to gain momentum. The State Commissioner for Data Protection and Freedom of Information in Baden-Württemberg (LfDI) has now, for the first time, published a sample of an agreement for joint controllers under Art. 26(1) s. 2 GDPR as well as a sample relating to the fulfillment of obligations to inform the data subjects pursuant to Art. 26(2) s. 2 GDPR ...
There are hardly any companies that do not use video surveillance systems (CCTV). Such systems record areas such as plant and work facilities or entrance areas. Oftentimes, the video images are not only displayed live on a monitor (“camera-to-monitor system”), but are also recorded automatically for a certain period of time ...
On May 9, 2019, the U.S ...
Brenna K. Legaard is a registered patent attorney with Schwabe, Williamson & Wyatt. Legaard wrote the following op-ed on the use of blockchain technology in health care. When health care professionals and consumers think of blockchain, their minds very likely go to famous cryptocurrencies like Bitcoin. But blockchain technology can be applied to so much more, including to the field of health care ...
A few years ago artificial intelligence was a concept applied to nothing else but science fiction films, nowadays, it has become a reality for many companies and industries in the development of their commercial, corporate and industrial activities. Before we start to understand the strengths or weaknesses of artificial intelligence and its perspective from the right of intellectual property, it is considered convenient to conceptualize it ...
For businesses who care about their brands, Pofma may be not be such a bad idea after all.Beyond Meat Inc. makes cows happy and cardiologists sad. Its Beyond Burger uses no meat and has no cholesterol, and contains less fat, fewer calories and more protein than a typical burger ...
Graham Thompson Partner Ryan Pinder authors a comprehensive review of Investment Funds in The Bahamas. Arranged in a Q&A stlyed format to address some of the queries and issues that frequently come up. The review is structured around the components: Fund Formation Fund Investment Regulatory Environment Fund Finance Tax Environment A ...
Filing for bankruptcy might seem like an unlikely possibility for your company, and it probably is. But it happens. In the past, bankrupt brand owners had no clear answer as to whether, under bankruptcy law, they could both reject and rescind outgoing trademark licenses with the Bankruptcy Court’s approval. Now, the United States Supreme Court has provided an answer: They cannot ...
