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Recent Articles

  •  
    22/07/2024
    Australia and Southeast Asia

    Hong Kong’s incoming Security of Payment Regime

    Security of payment legislation to address improper payment practices in the Hong Kong construction industry is a step closer to implementation with the Construction Industry Security of Payment Bill (the “SOP Bill”) being gazetted on 17 May 2024 and introduced to the Legislative Council for its first reading on 29 May 2024. The SOP Bill has been developed to meet the specific needs of the Hong Kong construction industry. However, in concept it is broadly similar to established security of payment legislation that has been in effect for some years in other jurisdictions including...
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    22/07/2024
    Belgium

    The Belgian Competition Authority consults on DMA guide

    The Digital Markets Act (DMA) is an EU regulation that aims at opening up opportunities for innovation in the digital sector in Europe. For this purpose, it provides for obligations on large digital platforms, known as “gatekeepers”, for the benefit of business users and consumers. National competition authorities have important powers to support the European Commission’s enforcement. They can receive complaints and launch preliminary investigations before passing the relevant information to the European Commission for further action. The national competition authorities may also...
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    22/07/2024
    Hungary

    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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    22/07/2024
    Hungary

    Hungary issues country lists for employment of third-country nationals

    Hungary’s government recently issued Government Decree No. 179/2024 (VII. 8.) defining the list of countries of third-country nationals who may be employed in Hungary with the National Card, and also issued Government Decree No. 180/2024 (VII. 8.) defining the country list of third-country nationals who may be employed with a residence permit for foreign workers. These Government decrees entered into force on 9 July 2024.Pursuant to Section 283(12) and (13) of Act XC of 2023 on the General Rules for the Entry and Residence of Third-Country Nationals, the Hungarian government must determine...
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  •  
    19/07/2024
    EU

    Commission Delegated Regulation on sustainability disclosures for STS securitisations enters into force

    IntroductionThe Commission Delegated Regulation, supplementing Regulation (EU) 2017/2402 (the “Securitisation Regulation”[1]), entered into force on 8 July 2024 (the “Commission Delegated Regulation” [2]). It provides for regulatory technical standards (“RTS”) on the content, methodologies and presentation of information related to the principal adverse impacts of the assets financed by the underlying exposures on sustainability factors for (a) simple, transparent and standardised (“STS”) non-ABCP traditional securitisation, and for (b) STS on-balance-sheet...
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  •  
    19/07/2024
    Europe

    The European Commission approves restructuring State aid of €1.3 billion in favour of SAS

    FR
    In October 2020, the European Commission approved a recapitalisation measure of approximately €833 million, notified by Sweden and Denmark, in favour of SAS. This measure was adopted under the State aid COVID-19 Temporary framework.Ryanair challenged the Commission decisions and secured their annulment by the General Court of the EU in May 2023 (joined cases T-34/21 Ryanair v Commission and T-87/21 Condor Flugdienst v Commission). In late 2022, SAS entered a collective insolvency proceeding. Following the annulment of the 2020 decision, the Commission approved again in November 2023 the recapitalisation...
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