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In AML & Financial Services Regulatory

Australia: Australian Government consults on reforms to payments system regulation

by , , and 6 Mins Read

The Australian Government has released its Strategic Plan for Payments System: Consultation Paper. It is significant insofar as it demonstrates the current Government’s commitment to reform by creating a fit-for-purpose regulatory framework in respect of payments mirroring international developments. It is also significant in that the paper expressly states that the reform agenda includes implementing a tiered licensing framework for payment services providers. Interested parties are invited to comment on this consultation. Responses are due on 6 February 2022.

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In Product Regulation & Liability

Peru: Deadline for ban on octagon warning label stickers on imported food extended by six months

by , and 3 Mins Read

On 31 December 2022, Supreme Decree No. 022-2022-SA was published in the extraordinary digital edition of the official journal El Peruano. The decree extended the deadline by which adhesives that incorporate advertising warnings on imported food and nonalcoholic beverages, including those marketed by micro and small businesses must stop being used.
The extension has been granted until 30 June 2023.

In Product Regulation & Liability

Mexico: Supreme Court declares Law for Improper Advertising Practices unconstitutional

by , and 2 Mins Read

This January 2023, the Law for Improper Advertising Practices was declared unconstitutional by the Supreme Court of Justice, considering that it violates the human rights of freedom to work, free contracting, freedom to trade and autonomy of will. However, this ruling is one isolated criterion which is not binding and has no general application yet, as it will only protect those who are parties in the “amparo” action that gave origin to the court ruling (since it is not a general declaration of unconstitutionality). Nonetheless, this is an important precedent that should be used by all the courts to grant the “amparos”, and also will help to pursue in the future a general declaration of unconstitutionality.

In Anti-Corruption

United States: Department of Justice tweaks Criminal Division Corporate Enforcement Policy

by 6 Mins Read

On 17 January 2023, the US Department of Justice (DOJ or the “Department”) issued a revised version of its Corporate Enforcement Policy (CEP). The CEP sets out the Department’s approach to resolving criminal cases with corporations. In particular, it addresses how the Department will credit companies which voluntarily disclose criminal conduct and cooperate with the Department’s investigation and resolution of the matter. The latest revisions to the CEP are an evolution of existing Department policy and practice. They add additional nuance (and complexity) to the CEP, as well as potentially more significant benefits to companies considering how best to approach disclosure and engagement with the Department on criminal matters.

In Environment

Vietnam: Extended producer responsibility ̶ latest legislative development

by , and 2 Mins Read

In the period between 2020 and 2022, the new Law on Environmental Protection and its guiding Decree No. 08/2022/ND-CP were promulgated, providing a fundamental legal framework for extended producer responsibility (EPR). EPR-related regulations impose a number of obligations on manufacturers and importers of certain types of products and packaging in Vietnam. Nonetheless, the EPR legal framework is not yet complete.

In AML & Financial Services Regulatory

Indonesia: P2SK Law – new concepts for securitization and other financial innovations

by , , , and 4 Mins Read

The P2SK Law introduces the concept of financial instrument managers and trust fund managers. Both are designed as specific purpose entities licensed by Otoritas Jasa Keuangan and established to perform asset securitization and/or trustee fund management activities. The government expects the existence of SPVs to contribute to financial instrument diversification. Trustees, on the other hand, are regulated with the aim of increasing participation by financial market players and bringing about improvement in disclosure and good corporate governance regulations.

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In AML & Financial Services Regulatory

United States: The Securities and Exchange Commission New Year’s resolution? Market restructuring for all!

by , and 1 Min Read

On 14 December 2022, the Securities and Exchange Commission proposed four separate rulemakings under the Securities Exchange Act of 1934 that would create a federally defined best execution standard for broker-dealers and overhaul the US equities market structure. If adopted in their current form, these proposals would meaningfully impact market participants and practices. Given the nearly 1,700 pages of combined rules proposals, firms may need to devote significant resources just to digest their potential impact on particular business models.

In AML & Financial Services Regulatory

European Union: The Digital Operational Resilience Act

by and 8 Mins Read

The EU’s Digital Operational Resilience Act aims to promote, improve and ensure operational resilience within the financial services sector. It requires financial institutions to comply with a number of obligations designed to ensure that their business lines remain operationally resilient against various risks. Being “operationally resilient” means being able to resist, recover from and adapt to adverse effects that can disrupt or prevent the provision of services.

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