Recent Articles

•  

  05/07/2024

  Türkiye

  New Turkish AI Law on the horizon

  On 24 June 2024, a long-awaited Draft Artificial Intelligence Law (Draft AI Law) was submitted to Türkiye’s Grand National Assembly.The Draft AI Law reflects Türkiye’s objective of harmonising its regulations with international standards in the field of Artificial Intelligence (AI) as set down in Türkiye’s National Artificial Intelligence Strategy for the years 2021-2025, published by the Digital Transformation Office. (Türkiye closely monitors legal developments in a global scale, with particular attention to the EU, including initiatives like the EU AI Act,...

  Read more
•  

  04/07/2024

  United Kingdom

  Could Supreme Court sewage decision open the floodgates?

  A judgment of the Supreme Court, handed down earlier this week, could lead to an increase in claims against sewage companies initiated by private companies and individuals.Summary and backgroundIn The Manchester Ship Canal Company Ltd (Appellant) v United Utilities Water Ltd (Respondent) (No 2) [2024] UKSC 22, the Supreme Court was asked to decide whether the existing statutory framework governing the supply of water and provision of sewerage prevented the owner of a waterway from taking action against a utility company responsible for discharging sewage into the water.The judgment marks the conclusion...

  Read more
•  

  04/07/2024

  Türkiye

  Türkiye enacts long-awaited regulations on cryptoassets

  The draft regulations for cryptoassets, submitted to the Presidency of the Grand National Assembly of Türkiye in May, have now entered into force through their publication in the Official Gazette on 2 July 2024 (Law Amendment).The Law Amendment generally governs crypto activities and cryptoasset service providers (Service Providers) by introducing licensing, compliance, and transaction requirements. Significantly, these regulations also stipulate a transition period during which cryptoasset service providers must fulfil specific declaration obligations within one month of the regulations coming...

  Read more
•  

  04/07/2024

  UAE

  The DIFC’s Affirmation of English Common Law into its Statutory Framework

  The Dubai International Financial Centre Authority (DIFCA) has issued a consultation paper for proposed legislative amendments to the Law on the Application of Civil and Commercial Laws in the DIFC, amending DIFC Law No. 3 of 2004 (the “Application Law”).Although subject to further change following public comments that were due on 1 June 2024, the proposed amendments are expected to be enacted through the DIFC Amendment Law, DIFC Law No. 6 of 2024 (the “Proposed Amendment Law”).The Proposed Amendment Law aims to clarify the source and content of DIFC law and provide guidance...

  Read more
•  

  04/07/2024

  International

  Russia sanctions: Non-EU subsidiaries to comply with EU law

  On 24 June 2024, the EU adopted the 14th package of sanctions against Russia, introducing new restrictions on goods and services and listing more individuals and legal persons. In practice, more relevant may be the novel provisions that target "circumventions" and introduce new compliance requirements and liabilities for EU operators, especially concerning the conduct of their non-EU subsidiaries.In addition to these new compliance obligations on which we focus in this article, other relevant changes brought about by the 14th package include:Sectoral sanctions targeting Russia's LNG sector, including...

  Read more
•  

  04/07/2024

  China

  3 Years' Transition Period for Adjustment of Capital Contribution of Existing Companies

  On 1 July 2024, the State Counsel promulgated the Provisions of the State Council on Implementation of the Registered Capital Registration Administration System under the Company Law of the People’s Republic of China (the “Provisions”), which entered into effect on the same day of its promulgation, i.e. on 1 July 2024. Please click to read our newsletter with a brief on the major contents of the Provisions.

  Read more