Library of Congress

Law Library of Congress

The Library of Congress > Law Library > News & Events > Global Legal Monitor

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 […]

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 […]

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 […]

Italy: Legislation in the Event of Brexit Takes Effect

(May 21, 2019) On March 23, 2019, new legislation addressing the potential effects of Brexit entered into force in Italy. (Decree-Law No. 22 of March 25, 2019, Urgent Measures to Ensure Safety, Financial Stability and the Integrity of Markets as well as the Protection of the Health and Freedom of Residence of Italian Citizens and […]

Germany: Court Holds That Bitcoin Trading Does Not Require a Banking License

(Oct. 19, 2018) On September 29, 2018, the Higher Regional Court of Berlin (Kammergericht Berlin, KG Berlin) held that trading in Bitcoin does not require a banking license because Bitcoin is not a financial instrument, in particular, not a unit of account, within the meaning of the German Banking Act. The defendant was therefore not […]

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 […]

Malta: Government Passes Three Laws to Encourage Blockchain Technology

(Aug. 31, 2018) On July 4, 2018, the Maltese government enacted three laws whose goal is to make Malta a haven for projects that rely on blockchain and other distributed ledger technology (DLT). The Malta Digital Innovation Authority Act (MDIA Act), Innovative Technology Arrangements and Services Act (ITAS Act), and Virtual Financial Assets Act (VFA […]

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 […]

China: Central Bank Warns Businesses Not to Refuse Cash

(July 26, 2018) On July 13, 2018, China’s central bank, the People’s Bank of China (PBOC) issued a circular stating that businesses and individuals must not refuse or discriminate against cash payments. (Zhongguo Renmin Yinhang Gonggao [2018] Di 10 Hao [PBOC Circular [2018] No. 10] (July 13, 2018), PBOC website; Amanda Lee, As China Goes […]