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Singapore: Seeking luxe real estate

The stock market didn’t fare well either, as tech stocks plummeted, with the Nasdaq Composite index falling by a third.

When dynasties rise: how family businesses are becoming drivers of change

Governments and the judiciary are playing catch-up, but some jurisdictions are recognising the need to adapt and welcoming this new wave.

Regulators in Hong Kong start developing regulatory regime for crypto assets and stablecoins

The regulator plans to take further steps on setting up the regime, with implementation targeted for 2023 or 2024.

Guernsey Immunity Certificate Fee Increase

The application is ordinarily made in the initial stages of a purchase

UK competition court halts class action claim against Meta

The judgment also noted that it would be “extraordinarily difficult” to establish the other unfair trading conditions claim as an abuse of dominance.

BVI Business Companies (Amendment) Act, 2022: New Provisions in Force for Struck Off and Dissolved Companies as of 1 January 2023

A major change brought by the new legislation is the date by which the struck off company is deemed dissolved.

Central Bank of Ireland publishes details of streamlined filing process for SFDR updates to UCITS and AIF pre-contractual documents

Any other changes must comply with the usual Central Bank review process for the relevant fund and should be submitted to allow sufficient consideration time.

ISO prepares for UK launch of ‘landmark’ sustainable finance standard

The ISO is an independent, non-governmental international organisation with a membership of 165 national standards bodies.

Dutch Advertising Code Foundation publishes (new) Code for Sustainability Claims

The (new) definition of environmental claims seems to follow the definition as included in the Guidelines regarding Sustainability Claims from the Dutch regulator for consumers

Singapore launches family supportive policies and cost-of-living measures

The government will also provide a one-time cost-of-living special payment to Singaporeans aged 21 and above in 2023 who have an annual assessable income below S$100,000 and who do not own more than one property.

The Italian arbitration reform - the new arbitrators' power to grant interim measures

The reform provides for the preservation of the domestic courts' jurisdiction to challenge interim measures.

International Funds Legal Update

FCA's supervisory strategy for asset management firms and post-Brexit regulations, the EU's update of AIFMD II, and more

Herbert Smith Freehills advises Joint Lead Managers of ANZ's A$1.5 Billion Capital Notes 8 issue

CN8, which will constitute Additional Tier 1 Capital under Australian Prudential Regulation Authority standards, are mandatorily convertible subordinated perpetual securities issued by ANZ.

GDPR cross-border enforcement cooperation process to be streamlined

A proposed regulation is scheduled to be published some time between the start of April and end of June 2023.

EBA publishes final draft RTS on homogeneity of underlying exposures in on-balance-sheet STS securitisations

The Final RTS will be sent to the European Commission.

Dutch DPA threatens passenger data processing ban over ‘unlawful’ implementation

The court clarified that the system introduced by the PNR Directive can only cover clearly identifiable and circumscribed information listed in its Annex I

Stats suggest value of HMRC penalties for export breaches is increasing

HMRC has indicated that the enforcement of export controls is a high priority, and the rise in value of recent compound penalties evidences that priority.

Investment Business Amendment Act 2022 – Application Deadline

Existing entities brought into scope by the Amendment Act of the requirement to be registered or licensed under the IBA will need to apply to the Bermuda Monetary Authority

Licensing under the new lending, credit and finance law

Any business activity that is within scope of the LCF Law is not permitted without a licence

GDPR guidance for automated driving systems provided in Germany

The Baden Württemberg data protection authority said it had visited Mercedes-Benz and inspected an automated driving system it has developed that uses a range of technologies

Government Regulation