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In AML & Financial Services Regulatory

International: Private Fund Spotlight

by , , , , and 1 Min Read

In this update, we take high-level review of major issues faced by private fund managers investing across the globe. In August and September, private fund managers with U.S. investors faced the broadest expansion of SEC regulation since Dodd-Frank, while European managers worked through the details of ESG reporting. Enforcement continued to be laser-focused on digital assets (but courts didn’t always agree with them), Finfluencers, custody and marketing, while new employment and privacy requirements raised unique issues for asset managers.

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In AML & Financial Services Regulatory

Indonesia: OJK’s New Regulation on Investigation of Crimes in Financial Services Sector

by and 5 Mins Read

Law Number 4 of 2023 on the Development and Strengthening of the Financial Sector has placed OJK in a more central position to investigate crimes in the financial services sector. As an implementing rule, OJK has issued Regulation Number 16 of 2023 on Investigation of Crimes in the Financial Services Sector which covers, among other things, the general scope of crimes in financial services sector, members of authorized teams of investigators, the investigative authorities and powers, and available alternative settlement mechanics.

In AML & Financial Services Regulatory

Thailand: Regulations on Cryptocurrency and Digital Token Offerings

by and 1 Min Read

In 2022 and 2023, following the collapse of the key global players in the crypto industry, regulators around the world closely scrutinized crypto activities and tightened the regulations for digital asset businesses. This tightening primarily concerns the protection and segregation of customers’ assets, which has become standard practice since the crypto crash. To keep up with the dynamic and evolving regulatory developments, we have revised this publication to provide an updated overview of regulations pertaining to digital assets in Thailand.

In AML & Financial Services Regulatory

Argentina: The regulation for capitalization and savings companies updated

by , and 2 Mins Read

On 31 August 2023, the Financial Information Unit (UIF, for its Spanish acronym) issued Resolution UIF No. 169/2023, by which new guidelines were established for the management of money laundering and terrorist financing risks and minimum compliance for obliged entities of the sector (companies that carry out capitalization and savings operations) in order to manage procedures of control for risks generated by possible money laundering and terrorist financing actions by third parties. The Resolution will become effective on 1 November 2023.

In ESG

Indonesia: New OJK Rule on carbon trading on carbon exchange

by , and 4 Mins Read

On 2 August 2023, the Financial Services Authority or Otoritas Jasa Keuangan (OJK) issued its Rule No. 14 of 2023 on Carbon Trading on Carbon Exchange (“OJK Rule 14/2023”). OJK Rule 14/2023 is issued as one of the implementing regulations of Law No. 4/2023 on Development and Strengthening of the Financial Sector.
OJK Rule 14/2023 sets out the standard criteria for carbon units that will be traded on a carbon exchange, as well as the licensing requirements for any company that will apply to become a carbon exchange.

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In AML & Financial Services Regulatory

United States: Crypto regulations proposed by Treasury

by , , , and 1 Min Read

On 25 August 2023, the United States Treasury Department issued a notice of proposed rulemaking regarding tax reporting by brokers of transactions involving the sale or exchange of digital assets (“Proposed Regulations”). These long-awaited Proposed Regulations are in response to section 80603 of the Infrastructure Investment and Jobs Act of 2021, which expanded the scope of information reporting obligations for brokers under Code section 6045 to cover transfers of digital assets.

In Data Privacy

Australia: Enhancing the Consumer Data Right

by , , , and 6 Mins Read

On 22 July 2023, the Competition and Consumer (Consumer Data Right) Amendment Rules (No. 1) 2023commenced. The amending rules enhance the existing Consumer Data Right (CDR) regime for business consumers by improving access to and use of CDR data for businesses and enabling more participants in the CDR regime to use third-party service providers.

In AML & Financial Services Regulatory

United States: SEC issues new Private Fund Adviser Rule

by 1 Min Read

After nearly 18 months of consideration, the SEC has finalized its Private Fund Adviser Rule. The Rule represents the most significant shift in SEC regulation of private funds since the implementation of Dodd-Frank, and its wide-ranging requirements will affect both US and Non-US Fund Managers (including many entities previously exempt from SEC regulation).

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