Submenue Archives

In Product Regulation & Liability

European Union: Modernized Product Liability Directive proposal finally arrives

October 30, 2022 by Kate Corby, Joanne Redmond and Lauren Gest 6 Mins Read

On 28 September 2022, the European Commission published its proposals for a new directive to replace the EU Product Liability Directive (85/374/EEC) (PLD). The new PLD was announced alongside a separate proposal for a directive on adapting non-contractual civil liability rules to artificial intelligence that seeks to address challenges faced by victims of AI-related damage to make claims and receive compensation, and will interact with member states’ fault-based liability regimes (AI Liability Directive). The AI Liability Directive is not intended to overlap with the PLD.

The speed and volume of change in the crypto asset markets has accelerated across the globe, with established financial institutions increasingly entering the sector whilst regulators look to keep pace. Recent high-profile developments and market volatility have led to growing calls for scrutiny and regulatory controls. Navigating this fast paced environment, within a sometimes disjointed regulatory framework, can be challenging. The Crypto Boot Camp 2022 Series covers the crypto ecosystem and integrating crypto into established financial systems (recordings available), crypto risk (3 November 2022), NFTs (15 November 2022), DeFi (1 December 2022), and Growth in Crypto (6 December 2022).

In Corporate Compliance

United States: OFAC Publishes Sanctions Compliance Guidance for Instant Payment Systems

October 27, 2022 by Kerry B. Contini and Alexandre (Alex) Lamy 3 Mins Read

On September 30, 2022, the US Department of the Treasury’s Office of Foreign Assets Control published “Sanctions Compliance Guidance for Instant Payment Systems”. The guidance underscores the importance of a risk-based approach to managing sanctions risks related to payment technologies such as instant payment systems.

In ESG

European Union: European Commission proposes Forced Labor Ban

October 27, 2022 by Graham J. Stuart, Adeel Haque, Arnoud Willems and Dr. Bregt Natens 5 Mins Read

On 14 September 2022, the EU Commission published its proposal for a regulation introducing a ban on the placing and making available on the EU market or export from the EU market of products made using forced labor. Following on from Commission President von der Leyen’s announcement of the proposed ban in her State of the Union Address last year, under the proposed regulation, products found to have been made using forced labor cannot be sold in, exported from or imported into the EU.

In Corporate Compliance

United Kingdom: Supreme Court confirms existence of directors’ “creditor duty”

October 26, 2022 by Sarah Smith, Priyanka Usmani and Matthieu Hucker 8 Mins Read

The UK Supreme Court has handed down its long-awaited judgment in relation to the case of BTI 2014 LLC (Appellant) v. Sequana SA and others (Respondents) [2022] UKSC 25, concerning the duty of directors of a company registered under the Companies Act 2006 to consider (and act in accordance with) the interests of the company’s creditors.

In Trade and Foreign Investment

Algeria: A new set of laws in Algeria to attract foreign investors

October 26, 2022 by Michael Foundethakis and Celine van Zeebroeck 1 Min Read

Current global geopolitical changes have opened up new prospects for Algeria. On the one hand, Algeria is being courted by Europe and redoubling its efforts to increase its energy offering to reap record profit amid high gas prices. On the other hand, additional gas revenues offer opportunities for Algeria to develop the local industry in order to reduce its dependence on imports and fossil energy in the long term, and create jobs and technological partnerships. But can Algeria effectively create a competitive and business-friendly climate to attract foreign investors?

Singapore: Government proposes full SMS Sender ID registration to enhance protection against scams

October 25, 2022 by Andy Leck, Ren Jun Lim, Ken Chia and Abe Sun 3 Mins Read

As part of an ongoing approach to combat scams, the Infocomm Media Development Authority (IMDA) has proposed new measures to reduce the ability of scammers to spoof their identity by using the same alphanumeric sender identification (“SMS Sender ID”) used by bona fide businesses. To further enhance consumer protection, the IMDA intends to make Singapore SMS Sender ID Registry (SSIR) registration mandatory for organisations who wish to use SMS Sender IDs.
Organisations using SMS Sender IDs must register with the SSIR using their Unique Entity Number (UEN) and aggregators handling SMS with Sender IDs must also participate in the SSIR and verify organisations via their UENs.

In Internal Investigations

United Kingdom: Grievance investigation report cannot acquire privilege status retrospectively

October 25, 2022 by Monica R. Kurnatowska, Kim L. Sartin and Mandy Li 2 Mins Read

The Employment Appeal Tribunal has held that an original version of a grievance investigation report that did not attract legal advice or litigation privilege when it was drafted could not acquire privilege status retrospectively.

In Antitrust / Competition

Australia: Significantly increased CCA/ACL penalties and prohibitions on Unfair Contract Terms are on the horizon

October 24, 2022 by Anne-Marie Allgrove, Lynsey Edgar, Jonathan Flintoft, Georgina Foster, Helen Joyce, Adrian Lawrence, Toby Patten and Anne Petterd 2 Mins Read

On 28 September 2022, the Government introduced the Treasury Laws Amendment (More Competition, Better Prices) Bill 2022. If passed, the Bill will: introduce a civil penalty regime prohibiting the use of and reliance on unfair contract terms in standard form contracts; increase the maximum penalties that may be awarded for breaches of the civil penalty provisions in Parts IV, IVBA, X and XICA of the Competition and Consumer Act 2010 (and under the Australian Consumer Law to the greater of AUD 50 million, if the court can determine the value of the benefit obtained — three times the value of that benefit, if the court cannot determine the value of the benefit obtained — 30% of the body corporate’s adjusted turnover during the breach turnover period for the offence, act or omission, and increase the maximum civil penalty for breaches by telecommunications providers of the Competition Rule, to up to AUD 71 million plus AUD 3 million for every day that a contravention continues in the most serious cases.

In Trade and Foreign Investment

Switzerland: Following the global trend – To introduce foreign investment review – More than just mimicking?

October 23, 2022 by Philippe Reich, Boris Wenger, Roger Thomi and Meera Rolaz 10 Mins Read

After pressure from Parliament, the Swiss Federal Council has against its own intentions opened the consultation process on new legislation to screen foreign investments in future also in Switzerland and has published a draft investment control law (“Draft ICL”). By implementing foreign investment control mechanisms, Switzerland would follow the global trend towards stricter regulation of foreign investments. According to the Draft ICL, the new law would apply to acquisitions of domestic companies by foreign investors. The main objective is the aversion of possible threats to public order and national security resulting from acquisitions of domestic companies by foreign investors. The final aim is to create investment controls in a new and stand-alone federal law.