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Liechtenstein: Government Adopts Consultation Report on Draft Blockchain Act

(Sept. 20, 2018) On August 28, 2018, the government of Liechtenstein adopted a consultation report on a proposed Blockchain Act. The goal of the Blockchain Act is to take advantage of the potential of blockchain technology, create legal certainty for market participants, protect users of blockchain technology from potential abuse, and reduce potential reputation risks […]

European Union: New Rules for Money Market Funds

(Aug. 31, 2018) On July 21, 2018, new rules to make money market funds (MMFs) more resilient against financial market difficulties, reduce the risk of runs, and limit cross-border contagion began applying to newly issued MMFs in the European Union (EU). Existing MMFs must show compliance by January 21, 2019. MMFs are mutual funds that […]

European Union: European Court of Justice Strengthens Rights of Copyright Holders

(Aug. 24, 2018) On August 7, 2018, the European Court of Justice (ECJ) held that the download and subsequent posting on a website of a photograph that has previously been published on another website with the consent of the author and was freely accessible requires new consent from the copyright holder. The upload of such […]

Germany: New Law Allows Consumer Class Actions

(July 31, 2018) On July 17, 2018, a new law to allow consumer class actions (“model declaratory proceedings”) was published in Germany’s Federal Law Gazette. The Act will enter into force on November 1, 2018. (Gesetz zur Einführung einer zivilprozessualen Musterfeststellungsklage [Act to Introduce Civil Model Declaratory Proceedings], July 12, 2018, Bundesgesetzblatt [BGBl.] [FEDERAL LAW GAZETTE] […]

European Union: 5th Anti-Money Laundering Directive Enters into Force

(July 16, 2018) On July 9, 2018, the amendment of the European Union (EU) Anti-Money Laundering Directive (5th AMLD) entered into force. The AMLD obligates certain entities to fulfill customer due diligence requirements when they conduct business transactions and have in place policies and procedures to detect, prevent, and report money laundering and terrorist financing. […]

Austria: Court Allows Intersex Individuals to Register Third Gender Other Than Male or Female

(July 6, 2018) On June 15, 2018, the Austrian Constitutional Court (Verfassungsgerichtshof Österreich, VfGH) held that intersex individuals have a right to register in the civil status register a gender other than male or female that conforms to their gender identity. It stated that forcing intersex persons to register a male or female gender but […]

Switzerland: Swiss Voters Reject Popular Initiative on Sovereign Money

(June 12, 2018) On June 10, 2018, Swiss voters rejected by a vote of 75.7% to 24.3% the “Sovereign Money Initiative.” Voter turnout was 33.8%. (Vorlage Nr. 618. Vorläufige amtliche Endergebnisse. Volksinitiative vom 01.12.2015 “Für krisensicheres Geld: Geldschöpfung allein durch die Nationalbank! (Vollgeld-Initiative)” [Proposal No. 618, Preliminary Official Results: Popular Initiative of Dec. 1, 2015 “For Crisis-Proof Money: […]

European Union: Provisional Agreement to Control Illicit Cash Flows in and out of the EU

(June 8, 2018) On May 23, 2018, the Council of the European Union (Council) and the European Parliament reached a provisional agreement on measures to control illicit cash flows in and out of the European Union (EU), in particular a revision of the Cash Controls Regulation (CRC). (European Commission Press Release IP/18/3867, Security Union: Commission […]