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Change to UK NSIP consenting process ‘will lead to higher costs’

Dutch data protection authority raises expectations for GDPR compliance practices

Data law expert Andre Walter of Pinsent Masons said that the latest development shows that the Dutch DPA is raising expectations for GDPR compliance maturity and organisations need to plan for the establishment of a documented GDPR policy framework.

UK – The Information Commissioner calls for businesses to boost their cyber security

The ICO statement notes that the rate of cyber breaches is increasing. Over 3,000 breaches were reported in 2023, with finance and retail being the industries hit the hardest.

Upcoming amendments to the Hong Kong Listing Rules relating to treasury shares

The treasury shares may be re-deposited into CCASS immediately prior to any future re-sale.

Pre-election ‘wash-up’ brings abrupt end to UK government legislative programme

The bill would have placed a statutory duty on those responsible for qualifying events to take proportionate

Dutch coalition agreement ‘gives certainty of direction’ in policy making

The coalition government’s proposed budget measures are another area of concern for businesses according to Schouten.

Beneficial ownership registration requirement re-examined by the administrative judiciary

The judges believe that the issue presents several complexities

Gulf governments take ‘business friendly’ approach to AI regulation

Some GCC governments have released national strategies or guidelines around AI and similar technologies.

Regulatory oversight is key for Bermuda's insurance sector

Such oversight plays a vital role in the success of the industry by fostering a transparent and accountable insurance environment on the island.

Cladding Remediation Bill introduces new rules to Scotland’s real estate sector

A responsible developers scheme will also be established by the Bill, allowing engagement with developers connected to buildings with problematic cladding.

EU AI Act clears final vote

The EU AI Act will come into force 20 days after its publication in the OJEU, though most of its provisions will not take effect for a further two years after that date.

Guernsey announces further details of OECD Pillar Two implementation

Guernsey will shortly be engaging with the business community on some specific design elements as part of the legislative drafting process.

Australia Regulatory Roundup - W/C 20 May

The publication of the Info Sheet follows a media release last week in which ASIC called out “dodgy cold calling operators and online baiting tactics” and threatened action against such operators.

Luxembourg: A Flexible EU Securitisation Regime

While renowned for its flexibility, Luxembourg's legal and regulatory securitisation framework is also demonstrably robust and has been tested through a number of market cycles.

Bermuda – Economic Substance Declaration Filings – May 2024 Alert

Such Declaration Forms must be filed annually

FCA issues ‘good implementation ’expectations for consumer duty

The six letters are a crucial part of this journey with the FCA providing a useful guide on issues it expects firms to be working to address.

FCA publishes details of common application shortcomings for prospective asset managers

The FCA identified a number of common errors that applicants should avoid when applying for authorisation for asset management activities.

ICO among UK regulators to set out strategic approach to AI

The paper noted that “rigid and onerous” legislative requirements on businesses could hold back AI innovation.

BVI Company Distributions - From Dividends to Reorganisations

Distributions, including payment or transfer of dividends is often viewed as a relatively minor area of importance in BVI corporate law.

Third Time’s the Charm? FDIC, OCC, and FHFA Re-Propose Incentive-Based Compensation Rule

While the 2024 NPR re-proposes the same regulatory text as the 2016 NPR, the proposing agencies have included a new preamble that poses a number of questions and alternative regulatory provisions to commenters for their consideration.

Government Regulation