On 22 February 2023, the Competition and Consumer Commission of Singapore successfully obtained a court order against Triple Lifestyle Marketing Pte. Ltd., a water system retailer, over unfair trading practices.
We’re pleased to present the tenth edition of Ukrainian Laws in Wartime: Guide for International and Domestic Businesses, a brief overview of the key features of wartime legislation.
On 24 March 2023, the Commission de Surveillance du Secteur Financier issued a press release requesting certain alternative investment fund managers, management companies of undertakings for collective investments in transferable securities and institutions for occupational retirement provision to participate in the data collection exercise relating to pre-contractual product disclosure information under Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector as amended and Regulation (EU) 2020/852 on the establishment of a framework to facilitate sustainable investment as amended.
In the latest episode of Baker McKenzie’s global financial institutions industry podcast, Jonathan Peddie and Amy Greer go through the findings relevant for financial institutions from Baker McKenzie’s report The Year Ahead: Global Disputes Forecast 2023. The episode examines the expected types of disputes and the external risks for disputes throughout the rest of the year.
On 18 March 2023, Legislative Decree No. 26 of 2023 implementing EU Directive 2019/2161 was published in the Italian Official Journal.
After a long implementation process, the legislative decree will enter into force on 2 April 2023, amending and integrating the text of Legislative Decree no. 206 of 2005.
The new rules are intended to strengthen consumer protection when contracting, especially online, with traders. The new rules are also intended to fully harmonize consumer protection rules at European level by introducing greater transparency and more effective sanctions with regard to unfair commercial practices, unfair terms and distance contracts.
The Argentine Central Bank issued Communication ‘A’ 7724, which updated the technology and information security risk standards to strengthen the cyber resilience of financial institutions. The Communication will become effective on 6 September 2023.
On 20 March 2023, the FCA published a Dear CEO letter to benchmark administrators setting out the findings of its preliminary review into ESG benchmarks. The review covered: (i) the quality of disclosures made by a sample of UK benchmark administrators; and (ii) the robustness and reliability of ESG benchmarks themselves. The FCA’s key finding was that the overall quality of ESG-related disclosures made by benchmark administrators is currently “poor”.
The Ministry of Health (MOH) has confirmed its intention to table the Health Information Bill (Bill) in the second half of 2023. Through the Bill, the MOH seeks to enable the collection of patients’ selected health data from healthcare providers and to allow healthcare providers to share patient information with one another in a safe and secure manner.
Following the implementation of the Healthcare Services Act in phases since January 2020, the Ministry of Health announced the first and second reading of the Healthcare Services (Amendment) Bill (Bill) on 6 February 2023 and 6 March 2023 respectively. If passed, most of the amendments as set out in the Bill will be implemented together with the second phase of implementation of the Healthcare Services Act in mid-2023.
Royal Decree 192/2023 on Medical Devices, which adapts Spanish national regulations to the provisions of Regulation (EU) 2017/745, was published on 22 March 2023. The new Royal Decree identifies the competent authority in Spain for medical devices, expands the scope of some of the provisions to new kind of products and introduces provisions regarding the manufacture of in-house products and the reprocessing of single-use products, among other significant changes.