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In AML & Financial Services Regulatory

United Kingdom: Treasury confirms stablecoin regulatory regime and sets out ambitions to be global crypto hub

by , , , and 10 Mins Read

At UK FinTech Week 2022 in April, the Treasury announced a host of new and forthcoming initiatives to build on the UK’s “FinTech success stories” and support its push to become the loading global hub for crypto businesses. The initiatives range from incubators (like the Financial Market Infrastructure Sandbox and the FCA’s CryptoSprint events), to industry engagement partnerships through a Cryptoasset Engagement Group, to reviews of the tax treatment of crypto and the legal status of Decentralised Autonomous Organisations. Most significant among the announcements is the Treasury’s confirmation that it will bring activities that issue or facilitate the use of stablecoins used as a means of payment into the UK regulatory perimeter.

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In Antitrust / Competition

Switzerland: Lex Booking – Switzerland further restricts the contractual freedom of online booking platforms

by 4 Mins Read

It is well known that online booking platforms often contractually restrict the freedom of accommodation providers to set their own prices for the accommodation offered (so-called “price-fixing clauses”). A newly adopted amendment to the Swiss Act against Unfair Competition (UCA) now limits these as well as other practices of online booking platforms

In Antitrust / Competition

Global: TMT Looking Ahead 2022

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

5G is helping to drive important business opportunities with its high-speed connections, ultra-low latency, and ability to transmit huge volumes of data and enable simultaneous connections with multiple devices. As businesses seek to leverage 5G technology, find out sazwwhat blind spots exist and how connected solutions can help.

In Antitrust / Competition

Hong Kong: Navigating Competition Investigations – Knowing Your Legal Rights and Protecting Your Business (Webinar Invitation – 7 July 2022)

by 2 Mins Read

In 2008, Hong Kong’s Court of Final Appeal issued a landmark judgment in Koon Wing Yee v Insider Dealing Tribunal deciding that if a regulator is seeking a financial penalty, the individual or company being investigated is, for human rights purposes, facing a criminal charge and entitled to fundamental Bill of Rights protections.

Hong Kong’s competition law was being drafted at the time. The enforcement framework and law were fundamentally rewritten because of Koon. The Administration said that appropriate criminal safeguards, including fair trial, protection against self-incrimination and standard of proof beyond reasonable doubt, must be in place both during investigation and trial to meet the requirements of the Hong Kong Bill of Rights. In 2019, in the first case to come to trial, Hong Kong’s Competition Tribunal agreed.

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In

Argentina: Tax stability – New regulations for requesting tax stability under Mining Investment Law

by , and 5 Mins Read

On 9 June 2022, Joint General Resolution No. 5205/2022 of the Federal Tax Authority and the National Mining Secretariat was published in the Official Gazette. Such resolution repeals Joint General Resolution 4428/2019 and sets the new regulatory framework applicable to subjects that have borne, in a fiscal year and in national jurisdiction, a total tax and/or tariff burden higher than what would have corresponded for being beneficiaries of the tax stability provided in Article 8 of the Mining Investment Law, and wish to request the refund or crediting of the amounts paid in excess according to the provisions of paragraph c) of Article 4° of Annex I of Decree No. 1,089 of 7 May 2003.

In White Collar Crime

North America: Listed transactions and the APA – The potential fallout from Mann Construction

by , and 1 Min Read

The IRS did not follow notice-and-comment procedures when it issued Notice 2007-83. A theme underlying a number of court decisions since the Supreme Court’s decision in Mayo Foundation is that the Administrative Procedure Act does apply to the IRS – just like it applies to every other administrative agency. The IRS appears to be slowly coming to recognize this reality, but for many, many years, the agency acted as if the APA did not apply to its actions. The Sixth Circuit’s recent decision in Mann Construction, Inc. v. United States illustrates the importance of the IRS’ prior failures in this regard, in this case in the context of listed transactions.

In

International: Pillar One – Tax Certainty Framework for Amount A published

by and 12 Mins Read

On 27 May 2022, the OECD released a new public consultation document presenting A Tax Certainty Framework for Amount A which will be the subject of this alert. Concurrently, a separate public consultation document dealing with Tax Certainty for issues related to Amount A was published, which is the focus of another alert. With these two new documents, the OECD has now released 7 out of 13 building blocks forming Amount A under Pillar One.

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In Anti-Corruption

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

by 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.

In

Global: 2022 Global Trade Conference (20-21 July 2022)

by , , , , , , , , , , , , , , , , , , , and 5 Mins Read

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.

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