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Italy: Supreme Court of Cassation Addresses Required Evidence in Corporate Shareholder Claims

(May 12, 2020) On February 19, 2020, the Italian Supreme Court of Cassation (SCC) clarified the evidence a corporate shareholder must present to prove a claim for repayment from the corporation. (Decision No. 4261 of February 19, 2020 (Decision).) Background of the Case The SCC reviewed a case submitted by the Appellate Court of Lecce, […]

Italy: New Decree-Law to Ensure Liquidity for Distressed Companies Enters into Effect

(Apr. 21, 2020) On April 9, 2020, Decree-Law No. 23 (D.L. No. 23), which guarantees liquidity for companies in distress as a result of the coronavirus emergency, entered into effect in Italy (Misure Urgenti in Materia di Accesso al Credito e di Adempimenti Fiscali per le Imprese, di Poteri Speciali nei Settori Strategici, nonche’ Interventi […]

Singapore: New Payment Services Act Takes Effect

(Apr. 17, 2020) On January 28, 2020, Singapore’s new Payment Services Act went into effect. The Act unifies and streamlines the regulatory requirements for various payment services provided in Singapore, including electronic payments and cryptocurrency dealing and exchange services. The Act was passed by Parliament on January 14, 2019. The Act regulates seven types of […]

Oman: New Foreign Capital Investment Law Comes into Force

(Apr. 13, 2020) On January 1, 2020, the Foreign Capital Investment Law came into force in the Sultanate of Oman. This law, which had been promulgated on July 1, 2019, with the issuance of Royal Decree No. 50/2019 by the Sultan of Oman, regulates direct foreign investment in the Sultanate with the aim of providing […]

China: New Securities Law with Registration-Based IPO System Takes Effect

(Mar. 17, 2020) On March 1, 2020, the newly revised Securities Law of the People’s Republic of China (PRC or China) entered into effect. Previously on December 28, 2019, the Standing Committee of the National People’s Congress (NPCSC) had adopted a major revision of the country’s first comprehensive securities legislation—the PRC Securities Law. This Law […]

Saudi Arabia: Cabinet Issues New Law on Commercial Franchise

(Mar. 5, 2020) In October 2019, the Saudi Cabinet approved the Commercial Franchise Law of 24/2/1441 (Hijri, corresponding to October 23, 2019). The new Law is the first in the kingdom to govern the relationship between a franchisee and a franchisor in a comprehensive manner in accordance with international best practices. The Law regulates (1) […]

United Kingdom: Two Banks Found in Breach of Overdraft Alert Requirement, Must Refund Customers

(Dec. 20, 2019) Two banks with headquarters in the United Kingdom, HSBC and Santander, recently reached an agreement with the Competitions and Market Authority (CMA) to refund customers’ overdraft fees that were incurred after the banks breached Part 6 of the Retail Banking Market Investigation Order 2017 (the Order). This Order was made by the […]

Turkey: New Law Transfers Oversight of Payment System Providers to Central Bank

(Dec. 9, 2019) On November 22, 2019, the Grand National Assembly of Turkey passed Law No. 7192 (the amending law), which brought changes to Law No. 6493 on Payment and Security Settlement Systems, Payment Services and Electronic Money Institutions. Significantly, the Law includes an amendment transferring the authority to regulate and supervise payment services from […]

Liechtenstein: Parliament Adopts Blockchain Act

(Oct. 30, 2019) On October 3, 2019, the Parliament of Liechtenstein unanimously adopted the Token and TT-Service Provider Act (TVTG) (“Blockchain Act”), a “comprehensive regulation of the token economy.” The Act has been substantially revised since the conclusion of the consultation process that ran from August to November 2018. The Blockchain Act is subject to […]

Brazil: Provisional Measure Creates Financial Intelligence Unit

(Sept. 5, 2019) On August 19, 2019, Brazilian president Jair Bolsonaro enacted Provisional Measure No. 893 (Medida Provisória No. 893, de 19 de Agosto de 2019), which transforms the Financial Activities Control Board (Conselho de Controle de Atividades Financeiras, COAF) into the Financial Intelligence Unit (Unidade de Inteligência Financeira). The Provisional Measure makes the Financial […]