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White Collar Crime

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In Europe

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

by , , and 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.

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In Product Regulation & Liability

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

by , and 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.

In White Collar Crime

United Kingdom: Pensions Regulator publishes additional guidance on how it will approach the exercise of its new powers

by , and 10 Mins Read

The Regulator has responded to its September 2021 consultation on three draft policies relevant to how it will exercise its new anti-avoidance powers, which are intended to help protect defined benefit savings. The most recent policies follow on from the policy on the investigation and prosecution of the new criminal offences, which was published in September 2021 and provide further guidance on three specific areas: overlapping powers, the new GBP 1million civil penalty and information gathering. Separately, the Regulator has also issued a new consultation on two policies consolidating and updating certain existing policies on enforcement and prosecution.

In Corporate Compliance

United Kingdom: Employment Rights – Is 2022 the year of enforcement? (Video Chat)

by 1 Min Read

The Baker McKenzie London Employment team is delighted to welcome you back to our virtual mini-series, “Employment Rights: is 2022 the year of enforcement?”, with episode three, where we turn our attention to National Minimum Wage, a topic that has the potential to be quite tricky to navigate for employers and one where we have already seen significant enforcement activity by HMRC over the past few years. In this episode, Stephen Ratcliffe and Oliver Moreton cover some of the key issues that employers need to consider, including the different types of work under the legislation, what counts as working time, the payments that count towards minimum wage, and the deductions that reduce pay for the purposes of minimum wage calculations.

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In Antitrust / Competition

International: TMT Looking Ahead 2022

by , , , , , , , and 3 Mins Read

Baker McKenzie’s TMT Looking Ahead 2022 five-part series explores key themes, offers timely insights, and lays out recommendations for technology, media and telecommunication companies looking to navigate the latest industry developments. Topics covered include tech regulation and compliance, tech M&A, interactive entertainment, 5G and TMT as the driver of change.

In Latin America region

Latin America: Future of Disputes Latin America

by , , , , , , , , , and 2 Mins Read

We invite you to join us as members of our Latin American Dispute Resolution practice take a closer look at the new political scenarios unfolding in several countries, and at the future of investment disputes in the region. Our team will share insights on the possibility of corporate restructuring under existing legislation, and strategies for litigation preparation to help your organization be ready for the times ahead.

In Global

Global: Pillar One – Draft Model Rules for Regulated Financial Services Exclusion Published

by 10 Mins Read

On 6 May 2022, the OECD released a public consultation document with respect to the Regulated Financial Services Exclusion for Amount A. This latest consultation document follows four other publications on aspects of Amount A since February relating to nexus and revenue sourcing, tax base determinations, scope, and the extractives exclusion. As with earlier draft model rules, this publication is a work-in-progress and subject to changes. The OECD welcomes comments from the public before 20 May 2022, following which a more detailed commentary on a number of technical items is expected to be released.

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