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United Kingdom: Buy Now, Pay Later Transactions to Be Regulated to Protect Consumers

(Feb. 24, 2021) The United Kingdom’s Financial Conduct Authority (FCA) issued a report on February 2, 2021, about the burgeoning use of interest-free “buy now, pay later” agreements and set out 26 recommendations to the U.K. government, including an urgent call to introduce legislation to regulate the unsecured credit market. The COVID-19 pandemic resulted in […]

European Union: European Court of Justice Rules on Liability of Banks for Unauthorized Low-Value Transactions Using Contactless Payment

(Dec. 21, 2020) On November 11, 2020, the Court of Justice of the European Union (CJEU) held that the near-field communication (NFC) functionality of a bank card, also known as contactless payment, in itself is a “payment instrument” as defined in the EU Payment Services Directive 2015/2366 (PSD 2). The CJEU also clarified the meaning […]

Australia: Law Commission Report Recommends Reforming Law on Corporate Criminal Responsibility

(Sept. 22, 2020) On August 31, 2020, a report by the Australian Law Reform Commission (ALRC) titled Corporate Criminal Responsibility (Report) was submitted for consideration in the Australian Parliament. The Report contains a series of 20 recommendations aimed at improving Australia’s law regarding corporate criminal responsibility, including with respect to the types of offenses in the law, corporate […]

Peru: New Law Passed Imposing Criminal Penalties for Price Gouging and Hoarding of Essential Goods

(Sept. 14, 2020) On August 29, 2020, the Congress of Peru promulgated Law No. 31040 of August 28, 2020, which amends the Penal Code and the Code of Protection and Defense of the Consumer. The new law introduces the concept of essential goods and services for the life and health of people in order to […]

China: New Cosmetics Regulation Published

(Sept. 10, 2020) On June 29, 2020, China’s State Council (cabinet) published an overarching regulation governing the production of cosmetics and the operation of cosmetic companies in the country, the Regulation on Supervision and Administration of Cosmetics. Taking effect on January 1, 2021, the long-awaited new Regulation will repeal the 1989 Regulation Concerning the Hygiene […]

Israel: Law for Compensation and Assistance to Passengers for Cancellation or Flight Changes Due to Covid-19 Adopted

(July 20, 2020) On July 13, 2020, the Knesset (Israel’s parliament) adopted a temporary amendment that affects the consumer rights of air travelers whose flights were cancelled or changed during the period of March 1, 2020, to August 31, 2020, in connection with the COVID-19 pandemic. (Aviation Services (Compensation and Assistance for Cancellation or Changing […]

Chile; New Zealand; Singapore: Digital Trade Agreement Signed

(June 17, 2020) On June 12, 2020, the governments of Chile, New Zealand, and Singapore signed the Digital Economy Partnership Agreement (DEPA) in an online ceremony, with e-signature tools utilized. Negotiations for the agreement were launched in May 2019 when the trade ministers of the three countries met and “discussed ways to maximize the contributions that […]