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DFDL | May 2023

Overview The Law on Trusts promulgated on 2 January 2019 provides the legal framework for the creation, registration and inspection of trusts in Cambodia. To facilitate the implementation of the Trust Law, the Trust Regulator on 3 November 2022 issued Prakas 051 on the Formalities and Procedure for Inspection of Trusts (“Prakas 051”). Prakas 051 applies to the inspection of activities and operations related to the trust sector in Cambodia ...

DFDL | May 2023

The Directorate of Investment and Company Administration (“DICA”) has issued an undated notice where it has listed the documents that all DICA registered companies are required to submit to DICA to obtain its approval to repatriate foreign currencies out of Myanmar (the “Notice”). We understand from the Notice that it applies only to DICA registered companies ...

DFDL | May 2023

The government of Vietnam issued Decree No. 19/2023/ND-CP dated 28 April 2023 (“Decree 19”) to provide guidance for the Law on Anti-Money Laundering. Decree 19, effective as of its issuance date, includes the following: Details on Know Your Client (“KYC”) Decree 19 sets out the specific situations in which financial institutions must carry out KYC procedures ...

ENSafrica | May 2023

The South African banking and finance landscape is continually evolving, driven by changing regulations as well as emerging trends. Recent amendments to the Financial Intelligence Centre Act, 2001 (“FICA”) have brought about new obligations that trustees operating within the sector must be aware of ...

Shoosmiths LLP | May 2023

In its recent judgement in Re Avanti Communications Ltd [2023] EWHC 940 (Ch) ('Avanti') the High Court decided that in some circumstances a charge can take effect as a fixed charge despite the chargor having some flexibility to dispose of assets without the consent of the charge holder. Background A charge expressed to be a fixed charge may be at risk of being re-characterised by a court as a floating charge if the charge holder fails to exercise sufficient control over the assets ...

Carey | May 2023

The Financial Market Commission ("FMC") has announced a process of consulting roundtables for the implementation of Law No. 21.521, known as the "Fintech Law" (Fintech in Spanish). Last May 15, an informative webinar was held where the CMF informed about the general guidelines for the operation of the consulting roundtables that will address aspects of the implementation of the Fintech Law. The FMC authority to carry out this process comes from Article 20 of Law No ...

Shoosmiths LLP | May 2023

Although NFTs have existed for a number of years, and have changed the world of merchandise and art, it is worth considering how intellectual property (IP) rights interplay with this asset class. This article considers NFTs in their component parts with a view to understanding how IP law, and specifically the areas of copyright and trade marks, apply.  What is an NFT? An NFT stands for non-fungible token and is a digital asset with a unique digital identifier, recorded on a blockchain ...

Shoosmiths LLP | May 2023

Many financing options that we used to consider “alternative” are now commonplace. This article explains in basic terms what some of the alternatives to traditional bank loans are, who they’re used by and why they’ve increased in popularity ...

Carey | May 2023

On May 9, 2023, a new law was enacted, which aims to improve the prosecution of drug trafficking and organized crime, regulate the destination of assets seized in such offenses and strengthen rehabilitation and social reintegration institutions (the “New Law”). Among the main changes introduced by the New Law regarding the prosecution of drug trafficking are: (i) the increase of penalties for the offenses established in Law No ...

Mamo TCV Advocates | May 2023

 Electronic Money Institutions (EMIs) are financial institutions that offer electronic money services to customers. Legislation on EMIs is partially harmonised in the EU as there is only an Electronic Money Directive (Directive 2009/110/EC) (“EMD”) rather than a regulation. In Malta, the EMD is transposed in the Financial Institutions Act, Chapter 376 of the Laws of Malta ...

Mamo TCV Advocates | May 2023

The progression of online financial ecosystems supporting any modern economy hinges on the citizens’ use of new financial technologies. In Malta, the word ‘fintech’ is neither defined by law nor found in the jurisdiction’s primary legislation. Yet, local stakeholders on the island commonly limit the meaning of the word to blockchain-based finance ...

Shoosmiths LLP | May 2023

Employee Ownership Trusts (EOTs) are increasing in popularity with many entrepreneurs and business owners now looking at this alternative structure of exit. EOTs were introduced through the Finance Act of 2014 to encourage founders and other shareholders to pass ownership of their company on for the benefit of its employees. The John Lewis Partnership, a long-established brand, is well recognised for employee engagement, however EOTs were relatively slow to take off in the UK ...

Buchalter | May 2023

May 1, 2023 By: Stephanie Shea As everyone knows, the remaining USD LIBOR tenors will expire on June 30, 2023.  Also as everyone knows, the CFPB issued a final rule in December 2021, modifying Regulation Z to reflect the transition from LIBOR.  For example, it revised Regulation Z’s commentary to the closed-end refinancing rules (that is, the commentary to Section 1026 ...

ALRUD Law Firm | April 2023

We would like to inform you that today the President of the Russian Federation signed the Law dated April 28, 2023 No. 139-FZ significantly amending the Federal Law dated April 29, 2008 No. 57-FZ Federal Law “On Procedures for Foreign Investments in Companies having Strategic Importance for the National Security and Defense” (hereinafter – the “Strategic Investments Law”) ...

Shoosmiths LLP | April 2023

The Pensions Regulator has confirmed that the DB Funding Code of Practice will now be published in April 2024. Back in December 2022, the Pensions Regulator (TPR) published the latest draft of its revised Defined Benefit Funding Code of Practice (Code). At the time, TPR intended to have the Code finalised and in force by October 2023. However, TPR has now confirmed that the Code will be delayed until April 2024 ...

Carey | April 2023

On April 19th 2023, Law No. 21.553 which regulates paid passenger transportation applications and the services provided through them was published in the Official Gazette. The Law includes important provisions regarding the protection of consumers of passenger transportation services, making the sphere of protection of Law No. 19.496 - Consumer Protection Act ("CPA”), applicable to the contracts entered by passengers with the platforms of transportation application companies ("TAC") ...

Carey | April 2023

On April 18, 2023, the Financial Market Commission ("FMC") opened a public consultation process regarding the complementary activities that may be developed by bank or non-bank payment card operators ("Regulatory Proposal"), given the incorporation of new participants into the payments system, as a consequence of the implementation of the four-party model ...

Carey Olsen | April 2023

In two recent decisions from the BVI, the Eastern Caribbean Court of Appeal has provided useful clarity on the application and scope of the Duomatic principle. In particular, the Court addressed the evidentiary standard for establishing Duomatic assent, as well as whether the Duomatic principle gave a sole beneficial owner a "power" over which receivers could be appointed ...

Carey Olsen | April 2023

Contents Legal and Enforcement Framework 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? As a matter of policy, Jersey has chosen not to regulate

Carey Olsen | April 2023

Contents Legal and Enforcement Framework 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? The primary regulatory regime to consider in the Cayman

Carey Olsen | April 2023

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

Carey Olsen | April 2023

Contents Legal and Enforcement Framework Blockchain Markets 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? Bermuda has a digital asset sector specific legal and regulatory re

Mamo TCV Advocates | April 2023

 The European Parliament gave its final approval to the Markets in Crypto-Assets Regulation (‘MiCA’) on 20 April 2023. The regulation forms part of the EU’s broader digital financial package whose aim is to encourage the use of fintech while ensuring consumer protection and financial stability across the EU. MiCA is the first harmonised EU framework for regulating crypto-assets and is applicable across Member States without national transposition ...

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