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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.

Dentons celebrates honourees at the 2024 Canadian Law Awards

Among the honourees were cases, deals, initiatives as well as individual and team accolades across multiple categories

Herbert Smith Freehills consolidates its Corporate/M&A and Banking & Finance teams with the integration of three Of Counsels

It will be able to count on the support of the firm's ECM teams, located in major international markets, particularly in London, to cover all aspects of market operations.

Proposed changes to Australia’s foreign investment rules aim to fuel investment in key sectors

The announcements are a welcome step in reducing some of the delays and costs under the current foreign investment regime that may have been seen to deter some foreign investment.

Economic Crime and Corporate Transparency Act: changes to the register of overseas entities

These are the most significant updates to the ROE regime since its inception and we explore some of the more material updates below.

Hotel Owners and Investment Treaty Protection

The chances are that local courts will not be a preferred forum for you to resolve an ensuing dispute with the government.

Financial firms should review market abuse detection and reporting arrangements

The publication provides a summary of steps firms should undertake to avoid order and trade surveillance failures.

Limits on director liability for trade mark infringement confirmed in the UK

The lower courts had held the Ahmeds were jointly liable for trade mark infringement that two family-owned companies they were respectively directors of had committed.

A guide to structured finance and securitisation in Jersey

This short guide provides a high-level overview of structured finance and securitisation in Jersey.

The Grand Court of the Cayman Islands considers when it will appoint provisional liquidators over restructuring officers

This test is now the relevant test for the appointment of a restructuring officer under section 91B.

New scheme introduced in Jersey to improve the quality of rented accommodation

As discussed in our landlord licencing briefing, the Scheme aims to improve the quality of rented accommodation in Jersey.

REITs’ Clean Energy Tax Credits Transfer Options Under IRA Clarified in Final Regulations

The cash payments are not included in gross income of the eligible taxpayers and are not deductible by the unrelated taxpayers.

UK ‘cookie law’ enforcement not dependent on complaints

The fact that no complaints were made to the ICO by individuals who received emails from JTT formed a core component of JTT’s appeal.

Government Regulation