On 31 July 2023, the Monetary Authority of Singapore (MAS) published a Consultation Paper setting out a proposed regulatory framework for Single Family Offices (SFOs) in Singapore. The new measures under this proposed framework allows MAS to enhance its surveillance and defense against money laundering risks within the SFO sector.
On 3 August 2023, the Argentine Securities and Exchange Commission issued General Resolution No. 969/2023 to restrict the purchase and sale of fixed-income marketable securities denominated and payable in US dollars issued by the Argentine Republic, as well as transfers of such marketable securities to or from foreign depositories.
Baker McKenzie’s recent victory in the United States Supreme Court in Yegiazarian v. Smagin, 143 S. Ct., 1900 (22 June 2023), opens the door for non-US plaintiffs to pursue RICO claims when seeking to enforce a judgment or assert claims against U.S . parties or assets. Although the plaintiff in this case was the holder of a foreign arbitration award, the Court’s holding suggests that any foreign plaintiff asserting a claim against or seeking to recover U.S. property will have legal standing to pursue civil claims under federal RICO statutes, and potentially recover treble damages and attorneys’ fees.
On 13 July 2023, Judge Analisa Torres of the Southern District of New York issued an Order on competing motions for summary judgment in the closely followed SEC v. Ripple Labs, Inc. litigation. As the first court decision to broadly address the question of whether a cryptocurrency itself is a security, as the SEC has maintained in most circumstances, the Order may have broad implications to the state of crypto industry regulation in the US.
On 11 July this year, the Indonesian Financial Services Authority (OJK) issued the long awaited OJK Regulation No. 11 of 2023 on Spin-off of Sharia Units of Insurance Companies and Reinsurance Companies, which replaces the provisions on sharia unit spin-off of insurance and reinsurance companies in OJK Regulation No. 67/POJK.05/2016 on Licensing and Institution of Insurance Companies, Sharia Insurance Companies, Reinsurance Companies and Sharia Reinsurance Companies.
The EU’s Digital Operational Resilience Act (DORA) aims to promote, improve and ensure operational resilience within the financial services sector. It comes into effect on 17 January 2025. Last month, six months into the two-year implementation period, the European Supervisory Authorities published a consultation package regarding the first batch of certain draft regulatory technical standards and draft implementing technical standards on certain aspects of DORA.
The UK financial services regulator, the Financial Conduct Authority (FCA), has published a consultation to update its guidance on social media financial promotions.
Our latest Doing Business in South Africa Guide outlines some of the principal matters affecting an overseas entity that wishes to establish and operate a business in the country. The Guide offers a range of practical advice and useful guidance for entities seeking to do business in the country.
Our popular Annual Compliance Conference, which attracts over 6,000 in-house senior legal and compliance professionals from across the world, will be held across five weeks from 5 September – 5 October 2023.
On 28 June 2023, the EU Commission published its long-awaited package of reforms to the EU payments regulatory regime. Deeming the package an “evolution not a revolution” of the EU payments framework, the Commission has published proposals for:
• A third Payment Services Directive repealing and replacing the Payment Services Directive and Electronic Money Directive
• A new Payment Services Regulation, which will harmonize and directly apply most of the conduct obligations imposed on payments firms
• A new Regulation on a framework for financial data access, relating to open finance
• A new Regulation on the establishment of a digital euro