On 16 May 2023, the China Securities Regulatory Commission (CSRC) published Guideline No. 6 on the Application of Regulatory Rules on Overseas Securities Offerings and Listings: Guidelines for Overseas Offering of Global Depositary Receipts (GDR) by Domestic Listed Companies. It provides detailed guidance from the CSRC on the registration, filing, use of proceeds and other requirements on overseas offerings of GDRs by Chinese listed companies.
Artificial intelligence and machine learning technology is driving important new business opportunities across a growing number of industry sectors, including consumer goods and retail. Many CG&R companies are looking into how AI can enhance their business processes and customer interactions and with generative AI and the arrival of ChatGPT, the scope for application is staggering.
On 3 May 2023, the Securities and Exchange Commission adopted new rules to modernize and enhance the disclosure requirements for repurchases of equity securities by publicly listed companies, often referred to as stock buybacks. Among other changes, the amendments will require issuers to disclose in their periodic reports their daily share repurchase activity for each quarter (replacing the proposed rule that issuers would have to make daily filings of share repurchase activity) and provide certain additional narrative disclosure about their share repurchase programs in periodic reports. The SEC also adopted new Item 408(d), which will require disclosure in issuers’ periodic reports regarding the adoption and/or termination of 10b5-1 trading arrangements during the reporting period.
We provided an overview perspective on EU Whistleblowing Directive: Local Implementation which includes updates on the latest EU employment and compliance developments.
The European Whistleblowing Directive was supposed to be implemented by the European Union’s 27 member states by no later than 17 December 2021, impacting employers with operations in those jurisdictions.
In its white paper published last month, the UK Government set out its principles-based, adaptive approach to regulating AI. The UK approach stands in stark contrast to the more static and prescriptive approach of the EU AI Act. Instead of assigning responsibility for AI governance to a new single regulator, the UK Government is empowering existing regulators to come up with tailored approaches for specific sectors. The aim is to ensure that the UK remains a flexible and innovation-friendly jurisdiction for AI developers. The flipside is that the UK approach may leave gaps between regulators, by failing to take a more holistic approach along the lines of the EU.
Estudio Echecopar, a member firm of Baker & McKenzie International, has updated the Doing Business in Peru 2023 guide to provide investors with useful information on the legal and regulatory framework they need to know to do business in the country. The guide focuses on the relevant aspects of legislation, the legal system, safeguards and other important nuances of local regulations to help investors conduct and maintain successful activities in Peru.
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.
Welcome to this Podcast called Legal myths and realities about family businesses. This space was created with the purpose of conducting a series of interviews dedicated to the main problems of Venezuelan Family Businesses, debunking myths and discussing their main legal problems in a globalized and increasingly sophisticated world. These conversations will be led by Jesús A. Villegas-Ruiz, Senior Associate of the Corporate and Compliance practice of Baker McKenzie Caracas. In the first chapter of this series of interviews, Jesús talks to Raúl Angulo, General Manager of TEALCA, C.A., about the problems of good corporate governance in decision-making in family businesses.
Requests for preliminary rulings made by courts of EU Member States have always been dealt with by the European Court of Justice. Over the years the CJEU handled numerous customs cases on tariff classification, customs valuation, origin and procedural customs law. Due to capacity restraints at the CJEU, an alternative distribution of jurisdiction between the CJEU and the lower EU General Court is proposed by the CJEU. More specifically, the CJEU requests that the EU Commission propose a change to the Treaty of the Functioning of the EU, such that preliminary ruling requests for, amongst others, VAT and customs matters, are to be submitted to the General Court.
On 1 December 2022, both the National Budget Law No. 27,701 and the enactment Decree 799/2022 were published in the Official Gazette. The Law introduces important changes regarding the maximum applicable sanctions applicable in consumer defense matters, as well as regarding punitive damages.