The Philippine National Privacy Commission (NPC) recently issued NPC Circular No. 2020-02 on the Rules on the Issuance of Cease and Desist Orders (Circular). The Circular applies to all applications for a Cease-and- Desist Order (CDO) on the processing of personal data and other matters cognizable by the NPC.
The Bangko Sentral ng Pilipinas (BSP) issued Circular No. 1105, series of 2020, the Guidelines on the Establishment of Digital Banks (Circular). It took effect on 23 December 2020. The Circular considers digital bank as a distinct classification of bank and provides the framework for its operation and establishment.
The 10th amendment to the German Act against Restraints of Competition (“ARC”) – the “ARC Digitalization Act” – has taken effect on 19 January 2021.
The amendment is a substantive overhaul of the German competition regime, especially concerning abuse of dominance and merger control rules. The German Federal Cartel Office (“FCO”) receives a new tool addressing perceived concerns regarding “digital giants” and platforms. Jurisdictional merger control thresholds are raised, eliminating filing requirements for many mid-cap transactions and reducing the workload for companies and the FCO. At the same time, the FCO can use a new tool allowing the review of certain transactions below the merger control thresholds. Finally, for the first time, companies having infringed competition law can benefit from preventive measures: Under the new law, the FCO needs to evaluate an existing compliance system and might need to reduce the fine.
In brief On 8 January 2021, the City of Buenos Aires published Law No. 6,392 (“Law”) in the Official Gazette, through which a new Regime of Promotion of Information Technologies and Communications (“Regime”) was created. The Law establishes deferrals for payment and/or exemptions for Gross Receipt Tax (GRT) purposes, such…
Insurtech (Part 2) Taking off from the recent publication, Insurtech: Opportunities and Legal Challenges for the Insurance Industry, Chris…
Happy New Year 2021! We hope that this year things will get better.
Bank Indonesia has issued Regulation No.22/23/PBI/2020 on Payment Systems (“Payment System Regulation”), which is an “umbrella” regulation for the payment system industry. The issuance of this regulation is an implementation of the 2025 Indonesia Payment System Blueprint, which we outlined in our previous client alert. This “umbrella” regulation restructures the regulatory framework of payment systems, including the reclassification of activities of payment system operators. Bank Indonesia’s approach in outlining the rules introduced in this regulation appears to be principle-based and strategic. The technical and operational details of how the rules are supposed to be observed will be outlined in future Bank Indonesia implementing regulations. We anticipate that those will be issued in the coming months, so keep an eye on this space.
Digital transformation is not only about technology, it is about bringing together the power of technology with a culture that embraces the change and demands placed on the organizations by its customers. It enables the organization to continually transform and innovate to simultaneously drive and respond to the shifting demands…
Off the Shelf, the Global Consumer Goods & Retail Industry Podcast, provides short practical legal insights into the…
Listen on-demand to our Eye on AI video chat series, which covers the need-to-know legal issues surrounding artificial…
Insurtech (Part 2) Taking off from the recent publication, Insurtech: Opportunities and Legal Challenges for the Insurance Industry, Chris Murrer and Iris Barsan walk through observations in the market, as well as key developments that define the current insurtech landscape. In this second installment, they take a deeper look into regulations…