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South Africa’s AI patent approval could trigger innovation and abuse

South Africa has approved the first patent that identifies an AI as its inventor. It could unlock a new era of invention – and of intellectual property abuses.

Isabel dos Santos ordered to return to Angola $500 million in shares ‘tainted by illegality’

An international tribunal ruled that the billionaire and her late husband corruptly obtained a lucrative stake from the state oil company Sonangol.

The regulation of competition in UK digital markets is changing

The government is proposing to place the work of the DMU on a statutory footing and its consultation considers the powers the body should have when carrying out its functions.

French Law Commission recommends revamp of anti-corruption laws

This was because HATVP is independent from the executive and has more budgetary and functional autonomy than the AFA.

German court rules on the right to access under the GDPR

This means that it includes internal documents and correspondence with or about this person.

UK proposes new tax regime for fund asset holding companies

The government issued a second consultation on the proposals in December and has now set out the plans for reform in draft legislation, a policy paper and a consultation response document.

Hong Kong court set to show how tough China security law can be

A long sentence for Tong would raise fears that courts in the financial hub will strictly interpret the security law, which outlaws secession, subversion, terrorism and colluding with foreign forces.

European Commision Replies On SDFR Priority Issues

The European Commission's confirmation that SFDR does apply to these Non-EU AIFMs cannot come as a surprise

Special purpose acquisition companies: FCA confirms more flexible approach to listing

The consultation followed the UK Listing Review, which had noted that this presumption of suspension is a significant deterrent to the growth of the SPAC market in the UK.

FCA’s regulatory decision-making proposals – faster and less costly, but at what price?

As is the case with statutory notices currently made under Executive Procedures, the FCA will permit (and not disclose to the subject of the notice) communications between staff recommending that action be taken,

China's crackdown: a credit perspective

We believe that it is important to acknowledge that China’s version of capitalism and opening up of capital markets will look very different to the models in the West.

UK: Green light for appeal of abuse of process ruling in mass tort claim

The rule’s parameters are fully discussed in the Court of Appeal’s judgment

National Security and Investment Act to take effect on 4 January 2022

It has also published additional draft implementing legislation and additional guidance notes to help businesses prepare.

English privacy notice leads to Dutch data protection fine

The AP’s fine comes after it concluded an investigation into the measures TikTok has in place to protect the privacy of children.

FCA proposing changes to streamline decision-making

This will give greater responsibility for decisions to senior members of FCA staff close to the matters.

Ireland Update: Imposing Pay Cuts without Employee Consultation or Consent

This may be due the general level of acceptance by staff that pay cuts were unavoidable given the unprecedented circumstances.

Implications of the BVI Data Protection Act for Investment Funds

The remainder of this note focuses on the specific effect of the Act on investment funds.

HM Treasury Initiates Post-Brexit Review of the UK’s AML and CTF Regime

The planned amendments to the MLRs 2017 by virtue of the SI are either “time-sensitive” or “relatively minor” and were proposals for change that were already in development.

Ireland Update – Publication of initial draft legislation on the Individual Accountability Framework

As this bill progresses through the Irish legislative process, we will provide further updates on any developments in relation to this individual accountability framework.

ESMA’s report on marketing requirements and communications under the regulation on cross-border distribution of funds

Interestingly, the rules relating to marketing by third country AIFMs and registered AIFMs are also included in some of the responses.

Government Regulation