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In October 2022, the Multilateral Instrument was ratified by the Mexican Senate and could enter into force as soon as February 2023. As of the entry into force of this instrument, the Mexican Double Tax Conventions (DTCs) in effect will be automatically modified, without having to enter into the specific negotiation processes with each one of the signatory states. The instrument is, perhaps, the most impressive result of the BEPS Project, as it permits updating DTCs and allows jurisdictions to incorporate BEPS actions into their current DTCs without the need to resort to bilateral negotiations.

The Department of Finance released draft legislation on 3 November 2022 introducing new reporting obligations applicable to certain digital platform operators. These rules are intended to implement the OECD’s Model Rules for Reporting by Platform Operators with respect to Sellers in the Sharing and Gig Economy originally released in July 2020. These new Canadian measures are proposed to come into force on 1 January 2024.

Where does the responsibility lie for an acquiring company to understand and evaluate cyber risks in an acquisition? How can these risks be identified and mitigated in the middle of a fast-paced deal? A data breach can have serious financial consequences to both the buyer and the seller. A significant security breach can lead to a nearly instantaneous devaluation of assets and can severely damage the acquiring company’s business viability, raising serious questions as to purchase price and follow-on integration issues.

On 20 November 2022, the Saudi Data and Artificial Intelligence Authority launched a public consultation on proposed amendments to the Personal Data Protection Law, promulgated by Royal Decree No. M/19, dated 09/02/1443H, which was originally published on 24 September 2021.
The public consultation will remain open up until 20 December 2022 and all organizations are invited to submit their comments by that date.

Covid-19

On 17 February 2022, the we launched our Central Asia in Focus webinar series, discussing trends, challenges and opportunities in the region. In our five-episode webinar series, we will be discussing a wide range topics with experts from Banking & Finance, corporate, regulatory and other practices.
Episode 1: Update on recent developments in Kazakhstan: Aviation
Episode 2: Data protection and Covid-19: Trends, insights and comparison with the GDPR

Antitrust / Competition

After a long legislative process, a new Brazilian Federal law on cartel damages claims was enacted and entered into force (Law No. 14.470/2022) on 17 November 2022. The statute comes with new provisions that are expected to significantly increase incentives for these lawsuits in Brazil. According to the new statute, those who suffered damages due to cartel agreements and concerted practices affecting Brazilian markets will be able to reclaim twice the value of their losses.

Anti-Corruption

On 19 November 2022, Canada announced amendments to the Special Economic Measures (Haiti) Regulations in response to the “egregious conduct of Haitian political elites who provide illicit financial and operational support to armed gangs”. These amendments list an additional three individuals under the Schedule of the Regulations and took effect on 17 November 2022.

United States

Where does the responsibility lie for an acquiring company to understand and evaluate cyber risks in an acquisition? How can these risks be identified and mitigated in the middle of a fast-paced deal? A data breach can have serious financial consequences to both the buyer and the seller. A significant security breach can lead to a nearly instantaneous devaluation of assets and can severely damage the acquiring company’s business viability, raising serious questions as to purchase price and follow-on integration issues.

Sanctions

The EU Council has unanimously decided to add the violation of restrictive measures to the list of ‘EU crimes’. Currently Member States have different definitions of what constitutes a violation of EU sanctions and what penalties should be applied in the event of a violation. In a related development, the Justice ministers of France and Germany have jointly published an article which argues that the European Public Prosecutor’s Office should be given the competence to prosecute and punish violations of EU sanctions.

Data Privacy

Where does the responsibility lie for an acquiring company to understand and evaluate cyber risks in an acquisition? How can these risks be identified and mitigated in the middle of a fast-paced deal? A data breach can have serious financial consequences to both the buyer and the seller. A significant security breach can lead to a nearly instantaneous devaluation of assets and can severely damage the acquiring company’s business viability, raising serious questions as to purchase price and follow-on integration issues.