A new report published today (28 June 2023) by The Law Commission of England and Wales has recommended a variety of law reforms to better integrate and deal with digital assets (like cryptocurrencies, tokens and NFTs to name a few), to promote certainty, and boost the UK’s position as a global leader for the crypto industry ...
Some experts have described the rise of AI as the next industrial revolution. Generative AI is a powerful tool that can transform how your business operates. However, businesses intending to make use of AI solutions need to understand the benefits and risks of implementing generative AI.1 What is Generative AI? Artificial Intelligence – Generative AI is a branch of AI that uses pre-trained AI models to generate new data including text, images, videos, music, and even computer code ...
As of June 1, 2023, the German Federal Ministry of Transport and Digital Infrastructure (Bundesministerium für Digitales und Verkehr, “BMDV”) published a new draft bill for a regulation on consent management services (Consent Management Regulation Einwilligungsverwaltungsverordnung, “EinwV”) under the German Telecommunications Telemedia Data Protection Act (Telekommunikation-Telemedien-Datenschutz-Gesetz, “TTDSG”) ...
1. What measures are available in your jurisdiction to allow struggling businesses to enter into a “pre-pack”? Guernsey stands out against many offshore jurisdictions because it has a dedicated administration regime designed to facilitate corporate rescue. The procedure is broadly similar to that in the United Kingdom, albeit it has been simplified and tweaked to suit Guernsey’s finance industry ...
1. What measures are available in your jurisdiction to allow struggling businesses to enter into a “pre-pack”? There is no bespoke legislation dealing with “pre-pack” restructuring or sale of the business or assets of an insolvent Cayman Islands company ...
There is no bespoke legislation dealing with “pre-pack” restructuring or sale of the business or assets of an insolvent British Virgin Islands (BVI) company, and in practice, as primarily a holding company jurisdiction pre-packs are not in high demand in the BVI ...
Introduction Parts of the Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 (“Law”) came into force on 1 January 2023.The Law introduces new licensing regimes for lending, credit and finance activities and provides UK-style consumer protection for retail and home borrowers. The Law replaces the registration regime under the Registration of Non- Regulated Financial Services Businesses (Bailiwick of Guernsey) Law, 2008 (“RNFSB”) ...
Two months ago, in mid-April, the European Parliament approved the first legislation in the European Union on tracking payments in cryptocurrencies, supervision in this area and combating money laundering. The MEPs also adopted common rules for the supervision and protection of consumer rights (MiCA, or Markets in Crypto assets) with safeguards against market manipulation and financial crimes ...
Employers may be tempted to think that, compared to a human, using technology produces more accurate results faster and that it should be embraced at all costs. While tech can be a valuable aide, care is needed particularly when it comes to recruitment. Can technology lawfully screen applications? When it comes to recruitment, any way to quickly and accurately sort through applications to identify viable candidates is a benefit to employers ...
SyCipLaw's Banking, Finance & Securities Department's Banking Bulletin for May 2023 features the latest issuances from the Securities and Exchange Commission (SEC) and theBangko Sentral ng Pilipinas(BSP or Central Bank of the Philippines), which includes the adoption of the ASEAN Sustainable and Responsible (SRF) standards, and the clarifications made by BSP on what is considered excluded from the Real Estate Loan Limit and Stress Test ...
What is workplace artificial intelligence or AI? In its simplest form, AI in the workplace is the use of technology or software to monitor employees’ work performance, gather data, problem-solve, or aid in decision making ...
On 14 June 2023, the European Parliament adopted its positionon the draft AI Act, which brings one step closer an EU regulation for generative AI and other AI systems. This blog gives the highlights of the current draft text, taking into account the newest amendments that have been proposed ...
As sustainable development and social responsibility are increasingly stressed in the business community, major institutional investors have come to focus on environmental, social, and governance (ESG) investing, an approach that directs socially responsible investment decisions ...
As a part of Federal agencies’ issuance of their semi-annual Spring 2023 Regulatory Agenda, the CFPB has published its Spring 2023 Agency Rule List (“2023 List”). In that List, the CFPB has set forth the status of its present rulemaking activities and its plans for such activities in the next 6 months ...
From recovering after a global pandemic to the war in Ukraine, the collapse of Silicon Valley Bank to soaring inflation, and supply-chain delays to employee shortages, businesses across all sectors are coming up against a number of operational and liquidity challenges in current market conditions. Despite these challenges, we have seen confidence and resilience across all sectors with investment from seed to IPO ...
The European Commission has sent a Statement of Objections (SO) to Google over abusive practices in online advertising technology. Uniquely it seems, the Commission has identified in the press release that to remedy the situation the Commission is of the preliminary view that divestment by Google is required. This would be the first example of a proposed break-up of a tech business by the EU under market dominance rules ...
We all know the feeling of making an online purchase and later regretting it - did I really need another kitchen gadget that I'll probably only use once? Luckily, by way of the Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013, which form part of retained EU law, consumers in the UK have the right to a "cooling off period" for distance contracts in certain circumstances ...
When initially approaching potential lenders it’s important to be clear about the level of flexibility you’ll need in your finance documents in order to accommodate future plans and aspirations. Amending documents and renegotiating terms is a huge drain on resources (and in current climes, costly) and your aim should be to ensure financing terms will remain fit for purpose throughout their term ...
The Procurement Bill has now had its third and final reading and has passed the Report Stage in the House of Commons. The House of Commons’ latest amendments that have been added to the Bill include the following: If a supplier or a connected person poses a threat to the national security of the UK, this would be a mandatory exclusion ground. This is a change from previous versions of the Bill which classed this exclusion ground as discretionary ...
On June 1, 2023, the Consumer Financial Protection Bureau along with Federal Reserve, OCC, FDIC, NCUA and FHFA (collectively, the “Agencies”) issued a Notice of Proposed Rulemaking seeking comment on rules to implement quality control standards for automated valuation models (AVMs) used by residential mortgage originators and secondary market issuers in determining the collateral worth of a mortgage loan that is secured by a consumer’s principal dwelling ...
The purpose of disclosing conflicts of interest in the investment services industry is to ensure maximum transparency for the investor. A common conflict of interest is the situation when the fund’s investment manager owns voting shares in the fund and appoints a director who is already heavily involved in the investment manager’s structure. Consequently, the appointed director might be conflicted if one is required to take a decision against the investment manager ...
Good governance counts because without it a charity’s impact can be much diminished, but it is also important not to be overwhelmed by all the detail and to focus on what matters. There is a lot of guidance on governance for charities Someone once said, “With proper governance, life will improve for all ...
