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Daily Legal Update

The Bank of England (BoE) has announced that it has renewed its Statement of Commitment to the FX Global Code (‘Code’) based on the revised Code dated July 2021.

Financial Regulation: Daily Update

The Bank of England (BoE) has renewed its statement of commitment to the foreign exchange (FX) Global Code

US Enacts LIBOR Transition Law

The law directs the Board of Governors of the Federal Reserve to issue regulations to carry out its mandate within 180 days.

Liability for Software under the current Product Liability Directive

Consequently, the Court ruled that the defective service could not lead to a defectiveness of its carrier product – the newspaper.

(Not so) Unexplained Wealth Orders

This new provision to allow UWOs to be made against person who don’t actually hold the property is designed to prevent people hiding behind complex corporate structures.

UK government drops use of ‘BAME’

It said it “will encourage other public sector bodies to do the same”.

Just and equitable winding up: the status quo in Jersey

This has inevitably led to the widening of circumstances in which such an order will be granted in Jersey.

Lexology Chapter: Private Equity (Transactions)

All BVI business companies must comply with the BVI Business Companies Act 2004 (as amended) (the BCA), which grants flexibility on how entities are governed.

Latham & Watkins co-authors report reviewing the impact of UK payments regulation

Analysis conducted in collaboration with UK Finance and The Payments Association urges fresh thinking about regulating payments in the growing digital economy.

BVI Commercial Court freezes assets held by unknown hackers in support of crypto tracing claim

The hacks caused loss to the applicant, in part because it compensated the affected users and projects.

Two steps forward, one step back? Thai government eases tax rules for digital assets while tightening rules for custodians

The Thai Cabinet relaxed tax rules for digital asset investments on 8 March 2022 in a bid to promote Thailand’s growing crypto industry.

Bridging the Gap – How Trusts Can Give DAOs a Foothold in the Traditional Economy

A DAO is a Decentralised Autonomous Organisation formed using blockchain technology combining coins or tokens to raise funds and equity

EU: The “Data Act” – New rules on IoT data and switching cloud services

The Data Act also proposes important changes to make it easier to switch cloud services.

European council and UK government announce new Russia sanctions

The Council has also approved the Commission joining, on the EU’s behalf, a plurilateral statement on Russia’s actions in Ukraine

Legal News - 17 March 2022

The guidance also points to other resources, notably NCSC guidance.

US Enacts LIBOR Transition Law

The LIBOR Act also includes language that modifies benchmark spread adjustments applicable to consumer loans for a one-year period.

Core role of Irish regulator in EU data protection cases highlighted

The purpose of the mechanism is to allow businesses to deal with just one data protection authority in relation to their EU operations, as opposed to DPAs across all EU member states.

High Court gives short shrift to request for stay of injunction for rebranding

In what may ultimately be perceived as a strategic coup, the High Court grants VAGISAN a 3-week stay to facilitate rebranding pending the outcome of an application for permission to appeal

UK regulators warn cryptoassets cannot be used to circumvent sanctions

Financial crime and intelligence expert Hinesh Shah of Pinsent Masons said the statement puts the cryptoasset industry on notice that UK regulators will act against sanction breaches, and that attempts by sanctioned parties to use cryptoassets to circumve

Fast-changing sanctions environment poses risks for borrowers

Loan documents often contain more onerous sanctions provisions than those prescribed by government.

Government Regulation