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Following its February 2023 consultation and call for evidence on a future financial services regulatory regime for cryptoassets, HM Treasury issued its policy statement on the wider cryptoasset regulatory regime on 30 October 2023. The policy update was published alongside a flurry of publications on the regulation of cryptoasset services, including interlinked policy documents covering regulation of fiat-backed stablecoins and the failure of systemic digital settlement asset (DSA) firms. This briefing covers the so-called “Phase 2” regulation of wider cryptoasset activities.

In a long-awaited update on its plans for the UK’s crypto regulatory framework, on 30 October 2023, HM Treasury issued three interlinked policy documents on the future regulation of crypto, covering fiat-backed stablecoins, the wider cryptoasset regulatory regime, and the failure of systemic digital settlement asset (DSA) firms. This briefing covers stablecoin regulation and the failure of systemic DSA firms.

During a LinkedIn Live session on 27 September 2023, IAPP Research and Insights Director Joe Jones discussed the latest regulatory law, policy and enforcement developments, and compliance considerations for children’s privacy in the EU, UK, and US with Baker McKenzie’s Elizabeth Denham, Lothar Determann and Jonathan Tam.

In an article for PLC Magazine, Monica Kurnatowska and Rob Marsh outline employers’ obligations under the new EU Pay Transparency Directive. It considers key elements including pay reporting, pay transparency, pay assessments and equal value, and remedies and enforcement as well as the practical implications for employers in the EU and in the UK in the light of the UK’s withdrawal from the EU.

The Monetary Singapore Authority of Singapore (MAS) and Infocomm Media Authority (IMDA) published a joint consultation paper, which sets out a Shared Responsibility Framework (SRF) allocating losses arising from scams among financial institutions (FIs), telecommunication operators (telcos) and consumers.
Under the proposed SRF, FIs and telcos will have to fulfill their respective anti-scam duties. Failure to do so may result in the FIs and telcos making payouts to scam victims for certain types of phishing scams.

The Ministry of Health has issued a note in which it promotes the use of QR codes to show the technical data sheet of medicinal products in promotional materials aimed at healthcare professionals. However, some information must remain in physical format to comply with the regulations on the advertising of medicinal products.

With the new year comes the 1 January 2024 effective date of the Corporate Transparency Act, which will require approximately 32.6 million US entities to report beneficial ownership information (BOI) to the Treasury’s Financial Crimes Enforcement Network (FinCEN). On 28 September 2023, FinCEN published proposed regulations modifying the BOI Reporting Requirements, which are found in the CTA’s implementing regulations.

On 19 September 2023, the Cabinet of Ministers of Ukraine and the National Bank of Ukraine adopted Regulation No. 1011, introducing a comprehensive methodology to identify the ultimate beneficial owners (UBOs) of legal entities in Ukraine. This significant development aims to enhance transparency and provide detailed guidance on the process of identifying UBOs, with the ultimate goal of ensuring that legal entities in Ukraine are able to correctly identify UBOs within their ownership structure and disclose this information to the competent authorities.

On 20 October 2023, the Cyber Security Agency of Singapore, in collaboration with the Ministry of Health, Health Sciences Authority and national health technology agency, Synapxe, launched the Cybersecurity Labelling Scheme for Medical Devices sandbox. Medical device manufacturers are invited to participate in the sandbox to gain a first-mover advantage in enhancing the security of their products.

On 29 September 2023, the Health Sciences Authority rolled out a one-year transition plan for companies to fully comply with the requirement for chemical drug substance manufacturers to provide Evidence of Good Manufacturing Practice Compliance. The HSA also provided clarity over the types of evidence that companies can submit as proof of GMP compliance.