Banque & finance

eAlerts Récentes

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  31.05.2023

  Hongrie

  Hun­gary in­tro­duces new Whist­le­blo­wer Pro­tec­tion Act

  On 25 May 2023, Hungary adopted Act XXV of 2023 on complaints, disclosures in public interest, and related rules on reporting abuses, which is commonly known as the Whistleblower Protection Act and transposes the EU’s 2019/1937 Whistleblower Directive. Organisations in Hungary have 60 days (i.e. until 24 July 2023) to establish or review their whistleblower systems to comply with the Whistleblower Protection Act.Which organisations are required to establish internal reporting channels?The Whistleblower Protection Act obligates organisations to establish internal reporting channels in two...

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  30.05.2023

  UAE

  UAE Se­cu­ri­ties and Com­mo­di­ties Au­tho­rity in­tro­duces two new vir­tual as­set re­gu­la­tions

  The UAE has seen a number of developments in the virtual assets space over the last 18 months, including the UAE designating the Securities Commodities Authority (“SCA”) as the UAE’s federal regulator for virtual asset service Operators (“VASP”) (see our summary here). In addition to this, there has also been the introduction of a virtual assets regime in the Emirate of Dubai and the establishment of the Virtual Assets Regulatory Authority (“VARA”), which, through the delegation by the SCA pursuant to Cabinet Decision 111 and 112,  is the regulatory...

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  26.05.2023

  International

  Per­for­ming ser­vices in a de­cen­tra­li­sed man­ner un­der Mi­CAR

  At the end of April 2023, the European parliament decided on a uniform regulation of crypto assets across the EU by voting on the MiCA regulation (i.e. markets in crypto-assets). The intended innovations are "explosive" for activities related to crypto assets, in particular if they were not yet regulated in Germany where the legislator had provisions already in place, which are similar to those under MiCAR.MiCAR regulates a broad range of crypto-asset services and requests providers to obtain a license from the competent authorities (e.g. BaFin in Germany). It is therefore crucial to identify MiCAR's...

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  25.05.2023

  United Kingdom

  Crypto fraud: role of ex­change as a cons­truc­tive trus­tee

  In a recent judgment the English court has discharged an interim proprietary injunction that was made against a crypto exchange and considered issues around the position of a crypto exchange as a constructive trustee.  This judgment could lead to changes in the way victims of crypto fraud have so far been seeking redress from the English courts.BackgroundBetween 29 June to 28 September 2021, Mr Jahangir Piroozzadeh transferred CAD$ 1,990,051 to two accounts. Separately, Mr Piroozzadeh transferred 870,818 Tether to wallets held with crypto exchanges.  By December 2021, Mr Piroozzadeh...

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  24.05.2023

  International

  DeFi and MiCA: How much de­cen­tra­li­sa­tion is enough?

  The European Union Council has recently adopted a regulation on Markets in Crypto-Assets (MiCA) that applies to crypto-assets, their issuers and service providers, and covers a range of services that are not addressed in the European financial regulation.However, for blockchain-based financial services developed in a highly automated manner with minimal or no intermediaries (commonly known as Decentralised Finance or DeFi) determining whether the MiCA regulation covers these services is not a straightforward task. This issue particularly challenges the provision of crypto-asset exchange services...

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  24.05.2023

  République Tchèque

  New NPL re­gu­la­tion in the Czech Re­pu­blic on the ho­ri­zon

  The carrying out of business in relation to non-performing loans (NPLs) is currently not regulated in the Czech Republic. This is going to change as the Czech Ministry of Finance introduced a new draft law on the market for non-performing loans. A number of market players will be affected. It will be therefore important to adapt the local NPL business to the new requirements.Who will be affected? Although the new law will affect mainly purchasers and credit servicers of such NPLs, it introduces also new duties for certain NPL sellers, such as banks.New obligations for NPL servicersUnless the NPL...

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