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In Covid-19

Spain: The Madrid Regional Government is preparing the Open Market Act

by , , and 5 Mins Read

On 2 February 2022, the Madrid Regional Council passed the Draft Open Market Bill, which is currently undergoing a parliamentary procedure at the Madrid Assembly and is expected to be passed by June 2022. Once it is passed, it will become enforceable three months after it is published in Madrid’s Official Regional Gazette. The approval of this Draft Bill takes place in a context in which the European Union has urged the Member States to adopt measures to eliminate obstacles to the free movement of goods and services, particularly after the economic and social crisis caused by the COVID-19.

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In Asia-Pacific

China: New Judicial Interpretation provides further guidance on the application of law in handling criminal cases endangering food safety

by and 7 Mins Read

On 1 January 2022, the Interpretation of the Supreme People’s Court and the Supreme People’s Procuratorate on Several Issues Concerning the Application of Law in Handling Criminal Cases Endangering Food Safety came into effect. This supersedes the previous version that came into effect on 4 May 2013. The New Interpretation establishes a more sophisticated system of punitive damages in respect of food safety crimes.

In Corporate Compliance

United States: SEC proposes broad new cybersecurity risk management rules for investment advisers and funds

by 8 Mins Read

On 9 February 2022, the Securities and Exchange Commission voted 3-1, with Commissioner Peirce, the lone remaining Republican appointee opposed, to propose new rules under the Investment Advisers Act of 1940 and the Investment Company Act of 1940 related to cybersecurity risk management, reporting of breach events, and recordkeeping for registered investment advisers and investment funds.

In Asia-Pacific

Hong Kong: Personal Data (Privacy) Ordinance amended to introduce “anti-doxxing” provisions

by and 6 Mins Read

Hong Kong’s data privacy law, the Personal Data (Privacy) Ordinance, has been amended to introduce “anti-doxxing” provisions. The new regime creates offences to curb doxxing acts, and empowers the Privacy Commissioner for Personal Data to carry out criminal investigations, institute prosecutions and issue cessation notices. The changes came into effect on 8 October 2021. The Commissioner made its first arrest under the doxxing regime on 13 December 2021.

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In Antitrust / Competition

Colombia: New modifications to the structure and functions related to personal data and competition protection of the Superintendence of Industry and Commerce

by , and 4 Mins Read

On 24 January 2022, the Colombian President issued Decree 092 of 2022, modifying the structure of the Superintendence of Industry and Commerce and assigned new functions to the different offices of this entity. Within the modifications, particularly noteworthy is the creation of the Compliance Department, which is part of the Deputy of Competition Protection, and the Habeas Data Department, which is part of the Deputy of Personal Data Protection.

In Antitrust / Competition

International: Future mobility meets data monetization (Webinar)

by , , and 1 Min Read

Globally, antitrust and regulatory regimes on data in the mobility sector are developing, but still inconsistently. This webcast provides legal guidance from North America, China and Europe on how companies can mitigate antitrust risks when developing a profitable new data monetization strategy.

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In Argentina

Argentina: Investment promotion regime for exports

by and 3 Mins Read

By Decrees No. 234/2021 and No. 836/2021, the Executive Power established in Argentina an Investment Promotion Regime for Exports, granting benefits to those who make a direct investment in foreign currency of no less than USD 100 million, either for: (i) new investments; or (ii) to expand an existing business unit in industrial forestry, mining, hydrocarbon, manufacturing and agro-industrial activities.

In Corporate Compliance

Luxembourg: Update on cross-border distribution of collective investment undertakings

by and 2 Mins Read

On 31 January 2022, the Commission de Surveillance du Secteur Financier issued a new Circular CSSF 22/795, to confirm in its capacity as competent authority, that it would apply the ESMA guidelines on marketing communications under Regulation (EU) 2019/1156, published on 2 August 2021. As a result, all Luxembourg investment fund managers that are in the scope of application of this Circular shall duly comply with the Guidelines, applicable from 2 February 2022.

In AML & Financial Services Regulatory

Singapore: New MAS guidance restricts public marketing of cryptocurrencies

by , and 4 Mins Read

The Monetary Authority of Singapore requires all providers of cryptocurrency, known under the Payment Services Act as Digital Payment Tokens, to understand that DPT trading is unsuitable for the general public. MAS has issued PS-G02: Guidelines On Provision Of Digital Payment Token Services To The Public on 17 January 2022 to all DPT service providers to ensure that their marketing campaigns, advertisements and promotions for buying or selling of DPTs or facilitating the exchange of DPTs are consistent with the risk disclosures under the PSA, which requires that all actual and potential customers be provided with a risk warning statement highlighting the risks associated with trading in DPTs.

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