The Department of Justice issued a series of Circulars that modify criminal procedure in the Philippines, by introducing the “reasonable certainty of conviction” standard when pursuing criminal cases, and implementing procedures that ensure proactive involvement by prosecutors during case build-up.
On 16 May 2023, the China Securities Regulatory Commission (CSRC) published Guideline No. 6 on the Application of Regulatory Rules on Overseas Securities Offerings and Listings: Guidelines for Overseas Offering of Global Depositary Receipts (GDR) by Domestic Listed Companies. It provides detailed guidance from the CSRC on the registration, filing, use of proceeds and other requirements on overseas offerings of GDRs by Chinese listed companies.
On 5 May 2023, the Federal Office of Administration (FOA), the competent authority for the German Transparency Register, has once again published new interpretation notes to the German Anti-Money Laundering Law.
In these, the FOA now also comments for the first time on the extended transparency register obligations of foreign companies and legal entities such as foundations and trusts (“foreign associations”) with direct or indirect real estate ownership in Germany introduced by the Sanctions Enforcement Act II.
After several years of intense debate, during its session on 16 May 2023, the European Council finally approved the Regulation on Markets in Crypto-Assets (MiCA). MiCA brings a substantial change to the EU regulatory landscape, creating a harmonized regime in terms of issuance and the provision of services in relation to crypto-assets, consistent with the international reach of this technology.
On 8 May 2023, the Monetary Authority of Singapore (MAS) issued Consultation Paper P004-2023 proposing changes to subsidiary legislation to address, among others, the regulatory requirements applicable to payment services that will soon become licensable under the Singapore Payment Services Act 2019.
On 11 May 2023, the Argentine Central Bank issued Communication “A” 7766 extending the limitations for legal entities requesting access to the local foreign exchange market when entering certain transactions with any company related or belonging to the same economic group.
The Australian Securities and Investments Commission has provided updated guidance on the updated breach reporting regime applicable to Australian Financial Services Licensees and Credit Licensees. ASIC’s updated guidance is set out in a new version of Regulatory Guide 78, ‘Breach Reporting by AFS Licensees and Credit Licensees’ (RG 78), published 27 April 2023.
The United Arab Emirates’ federal-level financial services regulator relevant to securities, commodities and now Virtual Assets Service Providers, the UAE Securities and Commodities Authority (SCA), has just issued two new regulations relevant to Virtual Assets:
1. SCA Chairman of the Board of Directors’ Decision No. (26/RM) of 2023 in relation to Virtual Assets Platform Operators
2. SCA Chairman of the Board of Directors’ Decision No. (27/RM) of 2023 amending SCA Chairman of the Board of Directors’ Decision No. (13/RM) of 2021 in relation to the SCA Rulebook
On 2 May 2023, the Argentine Securities and Exchange Commission issued General Resolution No. 959/2023 in order to restrict the sale of marketable securities with settlement in foreign currency for parties that hold positions in surety bonds and/or repos, regardless of the settlement currency. Likewise, settlement and clearing agents are prohibited from granting financing to the transactions mentioned above. Finally, the term of permanence in portfolio for the sale of marketable securities with settlement in foreign currency in foreign jurisdiction is modified.
Most major companies have implemented a compliance program but often struggle with two issues: ensuring the compliance program remains effective in light of their existing and changing landscape and making it more efficient by leveraging technology. The Compliance Cockpit specifically addresses both issues.