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Telecoms, Media & Technology

SEC and CFTC hearing on Blockchain and Distributed Ledger Technology

Earlier this month the United States Committee on Banking, Housing, and Urban Affairs met in open session to conduct a hearing entitled 'Virtual Currencies: The Oversight Role of the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission'. The United States Security and Exchange Commission (SEC) and The Commodities Futures Trading Commission (CFTC) were present as witnesses to discuss their relative roles with respect to Blockchain, ICOs (Initial Coin Offerings) and virtual currency regulation in general. Prior to the hearing, testimonies from each of the parties were released wherein some light was shed on the overall stance…
Paul Felice
26th February 2018
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Corporate and M&A

Social Networks: When are you a consumer?

In Case C-498/16 Maximilian Schrems v Facebook Ireland Limited (nyr, 25 January 2018), the Court of Justice of the European Union (CJEU) had to decide when an individual who uses a social network for different purposes qualifies as a consumer.Schrems is a privacy activist, particularly against Facebook. He brought an action before the Austrian courts against Facebook alleging various breaches of privacy laws.The issue arose whether (i) Schrems could be considered a 'consumer'; and (ii) whether he could bring an action on the basis of the Brussels I Regulation on behalf of consumers located in different Member States, who had…
Annalies Muscat
23rd February 2018
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Telecoms, Media & Technology

Proposed regulatory framework in Malta on Blockchain, Distributed Ledger Technology and Virtual Currencies.

The Parliamentary Secretary for Financial Services, Digital Economy and Innovation has issued a public consultation document on the 17th February 2018 regulating the proposed establishment of an Authority to be known as the Malta Digital Innovation Authority ('MDIA'), which will include the introduction of a regime for the registration of technology service providers and the certification of technology arrangements, with the MDIA focusing primarily on innovative technology arrangements. The consultation document also provides a framework for the certification of Distributed Ledger Technology ('DLT') platforms and related service providers, which will see the promulgation into law of three pieces of legislation, namely:the…
Ian Busuttil
21st February 2018
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Banking & Finance

EU Commission Notices to Stakeholders

On the 8 February 2018, the EU Commission issued two Notices to Stakeholders in connection with the withdrawal of the United Kingdom from the EU, titled "Withdrawal of the United Kingdom and EU rules in the Field of Banking and Payment Services" and "Withdrawal of the United Kingdom and EU rules in the field of Post-Trade Financial Services" respectively.This Article provides highlights of the Notices to Stakeholders which commence with the Commission's statement that, unless a ratified withdrawal agreement, establishes another date, all EU primary and secondary law will cease to apply to the United Kingdom from 30 March 2019,…
Roberta Peresso
20th February 2018
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Investment Services & Funds

MFSA launches Supplementary Licence Conditions applicable to Professional Investor Funds investing in Virtual Currencies.

After the Malta Financial Services Authority's ("MFSA") consultation process on the Regulation of Collective Investment Schemes Investing in Virtual Currencies and the subsequent feedback statement issued on such matter, the MFSA has published Supplementary Conditions applicable to Professional Investor Funds ('PIFs') investing in Virtual Currencies ('VCs'). Coupled with the recent discussion paper on Initial Coin Offerings, Virtual Currencies and Related Service Providers, it is clear that the MFSA is seeking to create a strong regulatory framework and ensure high levels of investor protection and market integrity in the ever-expanding digital economy. The supplementary license conditions have introduced new requirements targeted…
Luke Mizzi
30th January 2018
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Intellectual Property

A More Poignant New Year than Usual for French Winemakers After CJEU Ruling on “Champagner Sorbet” Case

Whilst champagne corks were popping all over the world this past New Year's, winemakers in the Northeast of France had little cause for celebration in the wake of the CJEU's decision over Aldi Süd's "CHAMPAGNER SORBET" dessert.Champagne has become somewhat of a posterchild for so-called Protected Designations of Origin (PDOs) – one of three regimes available under EU law whereby food producers across Europe so jealously guard their various namesakes.PDOs are sui generis intellectual property rights available to specific agricultural products originating in particular geographical regions. They can have serious implications for unsuspecting food traders all over the EU, including…
Jonathan Tonna
22nd January 2018