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.
The European Medicines Agency (EMA) has published a number of recommendations on good practices in securing the supply of medicinal products for human use with the aim of avoiding stockouts and reducing their possible consequences. The document states that ensuring the availability of authorized medicines in the European Union is a priority for the EMA. Among the recommendations published are the obligation to inform the national authorities of shortages of medicines as early as possible and to provide detailed information so that preventive measures can be implemented.
Artificial intelligence and machine learning technology is driving important new business opportunities across a growing number of industry sectors, including consumer goods and retail. Many CG&R companies are looking into how AI can enhance their business processes and customer interactions and with generative AI and the arrival of ChatGPT, the scope for application is staggering.
On 16 May 2023, the National Consumer Secretariat (SENACON) published Technical Note No. 14/2023, establishing guidelines for confronting racism within the scope of consumer relations.
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 26 April 2023 the European Commission published its Proposals to Reform the EU pharmaceutical legislation. The current Orphan Regulation (EC) No 141/2000 will be repealed, and the new orphan provisions will be integrated into the general Regulation laying down the EU procedures for the authorization and supervision of medicines.
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 new Royal Decree 3/2023 has been published, which establishes the technical-sanitary criteria for the quality of drinking water as well as its control and supply. In this way, the European regulations have been transposed to the national level, with the main goal of improving health protection against the contamination of water intended for human consumption, regardless of its final purpose.