On 10 August 2021, the U.S. Senate passed the USD 1 trillion infrastructure bill, known formally as the Infrastructure Investment and Jobs Act (Infrastructure Bill). The Infrastructure Bill includes provisions for approximately USD 550 billion in new federal spending over 10 years on various transportation, broadband, utilities, and other infrastructure projects. The Infrastructure Bill contemplates that USD 28 billion in income tax attributable to the disposition of digital assets will be collected over 10 years.
The Singapore High Court refused a consumer’s attempt to re-file a failed claim after the lower court issued a final and unappealable decision. The consumer first brought a claim against e-commerce platform Lazada at the Small Claims Tribunal. After a decision was made, the consumer applied to the District Court for leave to appeal against the decision. The District Court refused to grant leave to appeal, which, under law, is considered as final. However, the consumer still brought a claim before the High Court, arguing that she was filing a fresh claim in respect of the damages that were not granted. The claim was refused.
The US Securities and Exchange Commission (SEC) recently published a request for information and comment on how broker-dealers and investment advisers use digital engagement practices (DEPs) — behavioral prompts, differential marketing, “gamification,” and other design elements and features that firms use to engage with retail investors through digital platforms and mobile applications.
Earlier this month (7 August), the MIC released and called for public consultation on the draft decree amending and supplementing several provisions of Decree No. 25/2011/ND-CP guiding the implementation of the Law on Telecommunications (“Draft Decree”). The deadline for contribution to this consultation is 7 October 2021.
The Central Bank of Venezuela issued Resolution No. 21-08-01 of 6 August 2021, containing the Regulations Governing the New Monetary Expression. The Resolution entered into force on 16 August 2021. However, the new monetary expression will apply as of 1 October 2021.
Deciphering Data, Baker McKenzie’s global webinar series on data privacy and security, aims to help you decode complex developments in cybersecurity, data protection, workplace privacy, regulatory updates, litigation and enforcement. There are a series of discussions on data protection in Latin America from Tuesday 7 September 2021 – Thursday 9 September 2021.
On the country’s 76th Independence Day, Bank Indonesia announced its collaboration with the Bank of Thailand, Thailand’s central bank, for a trial of a cross-border QR payment linkage that is targeted to go live in Q1 2022.
On 20 July 2021, the Government issued Decree No. 70/2021/ND-CP amending certain articles of Decree No. 181/2013/ND-CP implementing the Advertising Law. In line with previous drafts, Decree No. 70 focuses on regulating cross-border advertising activities and revises the three main articles, Articles 13, 14 and 15, of Decree No. 181 accordingly. The amended Decree No. 181 will take effect on 15 September 2021.
The Online Safety Act 2021 (Cth) (“Act”) passed Parliament on 23 July 2021 and commences on 24 January 2022 (being six months after it received royal assent, unless proclaimed earlier). A key element of the Act is the proposed “basic online safety expectations” (“Expectations”), which specify the core expectations (to be determined by the Minister) for:
• social media services;
• relevant electronic services (services that allow communication with other end-users e.g., email, IM, chat and certain gaming services); and
• designated internet services (including, with a few exceptions, those that deliver or allow access to material via an internet carriage service).
Until now, any member of the public can obtain through a standard company search information regarding the residential addresses and personal identification numbers of directors and company secretaries of Hong Kong-registered companies on the register of the Companies Registry. In light of the growing concern about the availability and use of personal information, an inspection regime to protect such personal information was included in the new Companies Ordinance (Cap 622).