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Case review 25/05/2023
Do software developers owe fiduciary duties to bitcoin owners? Court of Appeal considers there is a serious issue to be tried
In a judgment handed down in February 2023, the Court of Appeal upheld an appeal made by Tulip Trading Limited, against a first instance decision of the High Court, where the Defendants successfully brought an application challenging the court’s jurisdiction. In doing so, the Court of Appeal held that there is a serious issue to be tried as to whether developers owe fiduciary duties to bitcoin owners.
Should insurers embrace Big Tech or brace for Big Tech revolution?
The increasing presence of Big Tech in financial services has resulted in a rapid response from the UK’s legislative and regulatory bodies. This is largely driven by the UK Government’s stated desire to develop a pro-competition regime for digital markets. Here, we look at how the government and regulators have been responding to the rise of these tech giants and offer our views on how to navigate the increasing competitive pressures.
Minnesota Federal Court rules Cyber Business Interruption clause covers funds lost in fraudulent wire transfer incident
As previously reported, on November 3, 2022, the federal district court for Minnesota, applying Minnesota substantive law, ruled that an insured was entitled to coverage under a Cyber Business Interruption clause for money lost in a fraudulent wire transfer incident.
The rise of international arbitration and a comparison of arbitration procedures in the USA, England and Wales, Bermuda and Canada
Arbitration as a means of resolving international commercial disputes has grown in popularity in recent years as reflected by the reported rise in arbitration filings of more than 3% a year from 2010 to 2019 and a spike of 9.9% in 2020, based on data from international arbitration institutions.
The Economic Crime and Corporate Transparency Bill – no silver bullet for the SFO
The Economic Crime and Corporate Transparency Bill was announced to Parliament for the first time on 22 September 2022, further signalling the UK’s attack on economic crime and its attempt at improving transparency over corporate entities. Here, we focus on the proposal that will allow the Serious Fraud Office to compel suspected criminals and institutions to disclose information linked to a suspected crime at the pre-investigative stage of a case.
Cost of living crisis
In July 2022, the annual rate of UK inflation (10.1%) was the highest it has been since 1982, affecting the affordability of goods and services. The high rates of inflation are predominantly due to supply chain disruptions and consumer demand, and the substantial increases in energy prices.
A quick reference guide to arbitration procedures in the USA, England and Wales, Bermuda and Canada
A quick reference guide to arbitration procedures in the USA, England, Bermuda and Canada
Guidelines on key compliance requirements for the Personal Data Protection Act in Thailand
After several years of delays the Personal Data Protection Act B.E. 2562 (2019) ("PDPA") came into force in Thailand on 1 June 2022. Since then, on 20 June 2022, subordinate legislation (the "Notifications") under the PDPA was issued by the Personal Data Protection Committee ("PDPC") and published in the Royal Thai Government Gazette.
These Notifications are intended to set out the various criteria and rules, as well as much needed guidance and clarification, of some key requirements under the PDPA.
ESG rating providers: time for regulation?
Environmental, Social and Governance (ESG) commitment has become of increasing significance to businesses. However, there is currently no standard approach within the ESG ratings industry which has led to a lack of consistency in ESG assessments. In this article, we explore the challenges this inconsistency has created for businesses and how their ESG commitments are perceived.
New trends in fragment billing: Non-facility companies billing for facility-bundled services
When one receives surgery, it is common to receive a separate invoice from the physician and the facility. The physician bills for performing the surgery, and the facility bills for providing the products and services necessary for the surgery to be performed. The latter is known as a “facility fee,” which often includes the operating room, drugs, diagnostic tests, scalpels, electrodes, etc.