Submenue Archives

In Anti-Corruption

Russia: Corporate anti-corruption enforcement and key issues on compliance programmes and their enforcement

June 23, 2022 by Baker McKenzie 1 Min Read

Baker McKenzie attorneys Paul Melling, Roman Butenko and Oleg Tkachenko contributed two articles to GIR – Europe, Middle East and Africa Investigations Review 2022 Digital Edition. The first article provides an overview of recent corporate anti-bribery enforcement trends and, taking into account those trends, tries to sum up the most important lessons to be learned by companies that strive to build compliant businesses in Russia. The second article is dedicated to key issues on compliance programs and their enforcement in Russia. The article provides an overview of recent anti-bribery and legislative corruption measures and the guidance provided to the Russian business community with regard to those measures and their enforcement.

We are pleased to invite you to our Virtual Global Trade Conference on July 20 and 21. In lieu of our annual conference in Bellevue, WA, we are excited to again provide a virtual offering available to all our clients and friends worldwide! Please join our international trade compliance lawyers from around the world as they discuss and examine the major developments impacting international trade. The conference will be comprised of 75 minute sessions over the course of two days and clients will also get the opportunity to request a virtual one-to-one meeting with our International Trade attorneys to discuss relevant topics of interest. Visit our events page for more information and to register.

In Product Regulation & Liability

Malaysia: New Content Code effective from 30 May 2022

June 22, 2022 by Kherk Ying Chew and Chun Hau Ng 4 Mins Read

Following the public consultation held in late 2021 on proposed changes to the Malaysian Communications and Multimedia Content Code (“Content Code”), the Communications and Multimedia Content Forum of Malaysia has now issued the revamped version of the Content Code effective from 30 May 2022.

In ESG

Germany: Business Women Event “An Evening with…

June 22, 2022 by Andrea C. Ziegler 1 Min Read

As part of the event, the General Consul of Ireland Anne-Marie Flynn and Ilka Hartmann, Managing Director of the British Chamber of Commerce, will give a lecture on “Brexit – Freedom or Frustration”.

Please note that this event will be held in German only.

In AML & Financial Services Regulatory

United States: Finally, an actual regulator steps into the cryptocurrency arena – NYS DFS issues stablecoin guidance

June 21, 2022 by Amy J. Greer 6 Mins Read

In the wake of last month’s collapse of the TerraUSD token, a broad array of regulators and government officials have attempted to introduce a legal framework around stablecoins. Last week, Senators Lummis and Gillibrand introduced a bill into the US Congress that would, among other things set requirements for the amount of backing assets stablecoin issuers would be required to hold.

In Europe

United Kingdom: Important changes to OFSI’s enforcement powers come into force from 15 June 2022

June 21, 2022 by Sunny Mann, Tristan J. Grimmer, Ben Smith and Dimitris Mourkas 2 Mins Read

There have been three important changes to OFSI’s enforcement powers: for breaches of financial sanctions that are committed after 15 June 2022, OFSI will be able to impose civil monetary penalties on a strict civil liability basis; there will be greater flexibility on challenging OFSI’s decisions to issue monetary penalties for sanctions violations; and OFSI will now have the power to publicise details of financial sanctions breaches in cases where a breach has been found, but it has not imposed a monetary penalty. These changes are introduced by the SI 2022/638 – The Economic Crime (Transparency and Enforcement) Act 2022 (Commencement No. 2 and Saving Provision) Regulations 2022.

In Product Regulation & Liability

Thailand: Guidelines for growing and importing cannabis and hemp from 9 June 2022

June 21, 2022 by Peerapan Tungsuwan, Panyavith (Taro) Preechabhan, Praween Chantanakomes, Prim Uditananda and Parisa Nontasirichayakul 1 Min Read

Following the issuance of the notification from the Ministry of Public Health regarding determination of category V narcotics, B.E. 2565 (2022), the Thai Food and Drug Administration has recently provided guidelines.

In Europe

Spain: New AEMPS application for registration of biocidal products and personal care products

June 20, 2022 by Montserrat Llopart 2 Mins Read

The Spanish Agency for Medicinal Products and Medical Devices has launched a new application with the aim of facilitating the registration and improving the communication of biocidal products and of personal care products, as well as regarding facilities that manufacture, import and store biocidal products within the Spanish territory.

In Product Regulation & Liability

Singapore: Updates to the HSA’s Software as a Medical Device regulatory framework

June 20, 2022 by Ren Jun Lim 7 Mins Read

In April 2022, the Health Sciences Authority published its revised Regulatory Guidelines for Software Medical Devices. It has also finalised its new Guidelines on Risk Classification of Standalone Medical Mobile Applications and Qualification of Clinical Decision Software, which had been released for public consultation in July to August 2021.

In Product Regulation & Liability

Australia: ePayments Code – User beware – Getting scammed not a mistake

June 20, 2022 by Bill Fuggle, Yechiel Belfer and Alan Darwin 4 Mins Read

On 2 June 2022, ASIC published the updated ePayments Code which it states will strengthen and clarify a number of existing protections for consumers relating to various forms of electronic payments. The Code has generally been the benchmark for consumer protections for payments and transactions that were triggered within the world of online and mobile banking. It has been an added level of regulation for its subscribers which include most banks, credit unions and building societies in Australia.