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    22/07/2024
    Ungarn

    Central Bank Digital Currencies to transform the financial landscape

    Central Bank Digital Currencies (CBDCs) represent the digital form of a nation’s currency, issued and regulated by the central bank. Unlike cryptocurrencies, CBDCs maintain a stable value and do not replace cash, but rather complement it. Users can store CBDCs in digital wallets, enabling efficient, secure, and instantaneous transactions.Types of CBDCCBDCs are broadly categorised into retail and wholesale types:Retail CBDCs are available to the general public, enhancing cross-border payment efficiency, financial stability, and financial inclusion. Variants include:Direct CBDC, which is managed...
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  •  
    18/07/2024
    United Kingdom

    Cyber Security and Resilience Bill: what businesses and insurers need to know

    Whilst receiving limited fanfare, the UK Labour government has announced a new Cyber Security and Resilience Bill (Cyber Bill) as part of its legislative package in its first King’s Speech. Contrary to certain expectations, there was no announcement of specific AI regulations, but future AI legislation was signposted.The Cyber Bill is part of the government’s pledge to enhance and strengthen the UK’s cybersecurity measures and protect the digital economy. It is largely in response to recent high-profile cyber incidents impacting key services and infrastructure, such as hospitals,...
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    17/07/2024
    United Kingdom

    Key Takeaways from our AI in Financial Services Panel Event

    During our recent panel event on Artificial Intelligence (“AI”) in Financial Services, the panel explored how firms are implementing AI in practice, the application of legal, regulatory and ethical frameworks to AI, and potential challenges for firms and regulators. An audience of legal, compliance and business professionals from across the sector made interesting contributions to the debate. The session operated under the Chatham House rule, but here are some of the key takeaways from what was a fascinating discussion....
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  •  
    08/07/2024
    EU

    ESAs’ final reports on Greenwashing in the financial sector

    BackgroundMandated by the European Commission (the “EC”) in May 2022, the European Supervisory Authorities (“ESAs”) published their individual final report (the “Final Report”) on greenwashing risks and sustainability-related supervision, complementing the progress report issued in June 2023 (the “Progress Report”).While the Progress Report aimed to define greenwashing risks and outlines the key drivers and key areas of occurrence of greenwashing within the financial markets, the Final Report investigates further the role of supervision in the mitigation...
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  •  
    04/07/2024
    Türkei

    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...
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    21/06/2024
    Italy

    Italian Supreme Court Upholds OECD Transfer Pricing Rules

    The decisions of the Italian Supreme Court nos. 10577/2024 and 10499/2024 (concerning the same case for corporate income tax and regional income tax purposes) confirm important principles regarding transfer pricing transactions between associated companies.Firstly, the approach taken in the previous decision of the Italian Supreme Court no. 15668/2022 (available here) is confirmed with regard to the relevance of the arm’s length principle set forth by Article 9 of the OECD Model Tax Convention and included in Article 110, par. 7 of the Italian Income Tax Code.Moreover, the principle that,...
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