The Bangko Sentral ng Pilipinas (BSP, the Central Bank of the Philippines) has issued Circular No. 1105, Series of 20201 (Digital Bank Circular) dated December 2, 2020 to provide guidelines on the establishment of digital banks. This circular took effect on December 23, 2020 and was promulgated pursuant to the Monetary Board’s authority under Section 3.2(g) of the General Banking Law of 2000 to create other classes of banks ...
BT announced earlier this week that it plans to cut between 40,000 and 55,000 jobs by 2030. It expects around 10,000 of these roles to be replaced by AI, particularly in customer services. BT’s recent announcement is a reminder that increased use of AI is now a key board agenda item, with businesses exploring whether they can increase efficiency and improve operations by investing in generative AI ...
On Friday, March 27, 2020, the CARES ACT was signed into law. The Cares Act includes provisions for changing deadlines for patents, trademarks, and copyrights. For patents and trademarks, the Act permits the Under Secretary of Commerce for Intellectual Property and the Director of the United States Patent and Trademark Office to change the deadlines imposed by Title 35 of the United States Code, the Trademark Act, Section 18 of the Leahy-Smith America Invents Act ...
The TCPA and other related regulations over telemarketing and “robocalling” continue to evolve at a quick pace, creating uncertainty and posing challenges for any business that contacts consumers through calling or texting. This past month has seen more important developments in the wake of the Supreme Court opinion in Facebook v. Duguid, which gave us a narrow interpretation of the statutory ATDS definition ...
27.06.2022 In the newest episode of News from Poland—Business & Law, Jakub Barański from Wardyński & Partners’ Dispute Resolution & Arbitration practice discusses arbitration as a solution to the rising number of IT-related disputes. Konrad GrotowskiNote, the link will open in a new window, host of the programme, talks about the situation in Poland for retail, real estate development, and transit of goods from Ukraine ...
Vikas Shah MBE chats to Adam Wagner on the rule of law. Susanna Reid from ITV’s Good Morning Britain calls him “the barrister who kept the legal receipts”. Put simply, Adam knows more about the Covid regulations which upended our lives from March 2020 onwards than arguably anyone else in the country ...
In May 2021, the total value of cryptocurrency globally surpassed USD $2.5 trillion, and continues its emergence as a new asset class.[1] Governments in Canada and around the world are updating regulatory requirements in response to the new innovations in financial technologies. Historically, there has been regulatory uncertainty surrounding cryptocurrencies in Canada ...
A breakdown of the ICO’s recent guidance on how to comply with the UK’s data protection regime when making live marketing calls. The ambiguous lyrics from this popular song have left me confused ...
As the financial services sector has developed and adopted technology, there has been a significant growth in Deferred Payment Credit, more commonly referred to as ‘Buy Now, Pay Later’ (“BNPL”) by consumers. Demonstrating the scale of growth, news outlets have recently reported that over £10 billion has been lent to consumers by BNPL companies in the last three years ...
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
On August 31, 2022, the Cyberspace Administration of China (the "CAC") issued the Application Guidelines for Security Assessment of Cross-border Data Transfer (1st Edition) (the "Application Guidelines"), which specify and implement the provisions on cross-border data transfer security assessments ("security assessments") in the Measures for Security Assessment of Cross-border Data Transfers (the "Assessment Measures") ...
On Nov. 3, 2020, California voters approved Proposition 24, marking a significant shift in the U.S. privacy landscape. Proposition 24 enacted the California Privacy Rights Act of 2020 (CPRA),[1] a major expansion of the existing California Consumer Privacy Act (CCPA), which many businesses continue to grapple with since becoming effective in January 2020. Most notably, the CPRA establishes a stand-alone privacy regulator, the first U.S. state to do so ...
In a unanimous vote on June 28, 2018, California lawmakers enacted a landmark, first-of-its-kind data privacy law that is intended to give consumers greater control over how their personal information is collected, stored, and sold by companies with whom they do business ...
Technology Update Authors Brian D. Barnard Randall E. Colson M. Ann Newton Related Practice Groups Intellectual Property A new California Law (Assembly Bill No. 700, Chapter 1054) went into effect on July 1, 2002 that requires companies who conduct business in California to notify their California-resident customers if their unencrypted personel information may have been stolen as a result of a security breach ...
September 29, 2021 By: Jennifer Guerrero The California Privacy Rights Act of 2020 (“CPRA”) established a new state privacy regulatory agency, the California Privacy Protection Agency (“Agency”), which is responsible for issuing regulations implementing the CPRA (along with enforcement authority) ...
Key points From 8 September 2021 non-resident entities who provide digital goods/services or e-commerce activities to Cambodian consumers and who expect to have sales of USD15k or more before the end of the year, over three consecutive months, have 30 days to register for VAT with the General Department of Taxation (GDT) in Cambodia. From 2022 onward the same non-resident entities, as described above, that expect to have sales of USD62 ...
JOINT PRAKAS 315 AND 316 ISSUED BY THE MINISTRY OF COMMERCE AND THE MINISTRY OF ECONOMY AND FINANCE, dated 12 May 2021 The Ministry of Commerce (“MOC”) issued a new announcement (“Announcement”) on the Granting of E-Commerce Permits and Licenses on 26 May 2021. Eligible applicants may now apply for e-commerce permits or licenses with immediate effect from the MOC through an online portal – www.ecommercelicensing.moc.gov ...
The 31st of March is already an auspicious date in the Cambodian tax calendar: It is the deadline for most taxpayers in Cambodia to submit their annual Income Tax return. This year, however, the last day of March is also the deadline for non-resident e-commerce providers to register for value-added tax (“VAT”) in Cambodia ...
Today, artificial intelligence (AI) based on neural networks may come up with ideas that are not dependent on human input. This raises questions as to who shall be regarded as the inventor of an invention created solely by a machine. Could an AI system be considered the inventor behind a patented invention? The answer is no, concludes EPO – the European Patent Office - in two recent applications ...
Artificial intelligence (?AI?) is becoming increasingly sophisticated, and the fact that this human invention can now generate its own inventions opens the door to new ways of conceptualizing the notion of ?inventor? in patent law. In a recent ruling, the Supreme Court of the United Kingdom (?UK Supreme Court?) however found that an artificial intelligence system cannot be the author of an invention within the meaning of the applicable regulations under which patents are granted ...
On 21 November, Waters Technology published an opinion piece on the use by cloud providers of hardware which, under previous policies, would have been retired. They are doing this due to exponential growth in the demand for their services – not profits. On the same day, it published an article highlighting the work the DTCC has been undertaking with AWS to produce technical standards “to enhance multi-region resiliency”, which were published on 20 November ...
