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In AML & Financial Services Regulatory

Luxembourg: Unlimited access to register of beneficial owners deemed invalid

by , , , , and 4 Mins Read

Following the judgment of the Court of Justice of the European Union of 22 November 2022, access to the Luxembourg register of beneficial owners website via the internet has been temporarily suspended. This judgment, taken on a preliminary ruling from the Luxembourg District Court in a dispute between the beneficial owners of an entity registered in Luxembourg and the Luxembourg Business Register, underlines that access without distinction of user quality, although imposed by the text of Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018 amending Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing transposed into Luxembourg law, is contrary, in particular, to Articles 7 and 8 of the Charter of Fundamental Rights of the European Union.

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In AML & Financial Services Regulatory

Australia: ASIC ramps up enforcement of DDO obligations

by , and 3 Mins Read

The Australian Securities and Investments Commission has been strict in monitoring compliance with the new product design and distribution obligations (DDO), which were introduced on 5 October 2021. Under these DDO obligations, issuers are required to design financial products to meet consumer needs and distribute their products in a clearly-defined, targeted manner. To date, seventeen DDO interim stop orders have been issued by ASIC. Nine interim stop orders have been lifted after ASIC’s concerns were addressed by the entities or where the products were withdrawn, and six remain in place.

In

United States: Virginia Consumer Data Protection Act takes effect in 2023

by , , and 9 Mins Read

Companies around the world have to comply with the Virginia Consumer Data Protection Act (VCDPA) with respect to personal data of consumers in Virginia. With the VCDPA, Virginia follows the California Consumer Privacy Act of 2018, as amended by the California Consumer Rights Act of 2020, but excludes employee and business representative data from its scope.

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In Antitrust / Competition

United States: Law360 – Beware FTC’s Expanded Focus on Private Equity, Individuals

by , and 1 Min Read

In the wake of US Supreme Court precedent in the 2021 AMG Capital Management LLC v. Federal Trade Commission decision, the FTC is doubling down and expanding its enforcement efforts to target executives, directors and owners, including private equity, in an effort to hold accountable anyone profiting from anti-competitive conduct or conduct harmful to consumers. William Roppolo, Ashley Eickhof and Annasofia Roig explores this issue in an article published in Law360.

In AML & Financial Services Regulatory

Australia: Range of regulatory options awaits Buy Now Pay Later Providers

by , and 4 Mins Read

On 21 November 2022, the Treasury put out a call for submissions to assist with developing the Federal Government’s regulatory framework for buy now, pay later (BNPL) arrangements. The released options paper seeks to address the purported lack of oversight of the BNPL industry which has so far not been regulated in the same way as other forms of consumer credit under the National Consumer Credit Protection Act 2009. Pending stakeholder review, the paper seeks to strengthen the regulatory framework surrounding BNPL products and depending on the option adopted, may see them subject to the same regulations as credit cards or loan facilities.

In Luxembourg

Luxembourg: Baker McKenzie’s Tax and Legal Breakfasts: Employment

by and 2 Mins Read

The Tax and Legal Breakfasts: Employment seminar at the Baker McKenzie Luxembourg Office on Tuesday 29 November 2022 is designed to give our clients the keys to better apprehend and manage dismissal cases under Luxembourg law. During the seminar, we will cover the traditional questions of the types of dismissal and explain how to build up and manage a case. Furthermore, in a context where employers have difficulties in exercising their power of control over employees working remotely, where harassment claims constantly increase and where employers fear abusive whistleblowing procedures, we will also explain what measures could be implemented or course of action, such as dismissal, taken.
All sessions are complimentary to Baker McKenzie clients and affiliates.

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In Sanctions

Canada Imposes Additional Sanctions Against Haitian Political Elites: 3 Individuals Targeted

by and 2 Mins Read

On 19 November 2022, Canada announced amendments to the Special Economic Measures (Haiti) Regulations in response to the “egregious conduct of Haitian political elites who provide illicit financial and operational support to armed gangs”. These amendments list an additional three individuals under the Schedule of the Regulations and took effect on 17 November 2022.

In AML & Financial Services Regulatory

South Africa: Financial Action Task Force’s potential greylisting

by 6 Mins Read

In October 2021, the Financial Action Task Force published its Report on South African Anti-money Laundering and Counter Terrorist Financing Measures. The Report concluded that South Africa is partially compliant with 17 of the FATF technical Recommendations and totally non-compliant with three of them, putting into doubt the country’s ability to ensure safeguards in accordance with international standards. FATF places countries that are not technically compliant with their Recommendations under increased scrutiny and monitoring. These states are considered “Jurisdictions Under Increased Monitoring,” and the list of these states is referred to as the ‘greylist.’

In Antitrust / Competition

Singapore: CCCS fines warehouse operators for price-fixing

by , and 5 Mins Read

On 17 November 2022, the Competition and Consumer Commission of Singapore issued an infringement decision against four warehouse operators for infringing section 34 of the Competition Act 2004. The four warehouse operators had entered into a price-fixing arrangement by imposing a coordinated surcharge, known as the “FTZ Surcharge”, for warehouse services at Keppel Distripark. The FTZ surcharge is a surcharge imposed by warehouse operators on import cargo stored within the Free Trade Zone, and it was first introduced in order to manage rising costs. The CCCS imposed a total financial penalty of SGD 2,799,138 on the four businesses, namely CNL Logistics Solutions Pte. Ltd., Gilmon Transportation & Warehousing Pte. Ltd., Penanshin (PSA KD) Pte. Ltd. and Mac-Nels (KD) Terminal Pte. Ltd.

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