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UK scraps the bonus cap - competitive divergence or prudent policymaking? On 24 October 2023, the PRA and the FCA issued a joint policy statement (PS) announcing that the bonus cap would be scrapped from 31 October 2023. The move follows a joint consultation paper (CP) published in December 2022, which itself gave effect to a...
EU Commission's proposal for an ESG Ratings Regulation Financing the transition to a climate-neutral and sustainable economy by 2050 is at the heart of the EU Commission's strategy for sustainable finance. In June 2023, the Commission reaffirmed its objective in a communication entitled "A framework for...
Watch how you sign – handwriting only for assigning a European patent application You’ve made your European patent application. You now want to assign it. You check the relevant provision of the European Patent Convention (EPC), Article 72, which requires “the signature of the parties to the contract”. But beware. According to a recent...
High Court places impact of Brexit on trade mark infringement on “advance track” The High Court has recently considered trade mark infringement through the use of a competitor’s mark as a Google keyword and in related internet advertising. The case itself was relatively straightforward on the facts, with the court finding that both...
Equifax: a new dawn for FCA enforcement? The FCA’s recent decision to fine Equifax Limited (“Equifax”) £11,164,400 for failing to manage and monitor the security of UK consumer data outsourced to its US-based parent Equifax Inc. - six years after the investigation was first announced - raises...
Clearview AI: the First-Tier Tribunal decision provides a clearer view on behavioural monitoring The First-Tier Tribunal (FTT) has allowed the appeal of the ICO’s fining and enforcement notices against Clearview AI Inc (Clearview). The FTT held that the ICO had no jurisdiction over Clearview as the use of its services by its clients for criminal law...
UK government finalises IoT cybersecurity requirements The UK government has published the final version of the Product Security and Telecommunications Infrastructure (Security Requirements for Relevant Connectable Products) Regulations 2023 providing manufacturers of IoT devices with clarity as to the...
Same same but different: welcome alignment in ICO draft Data Protection Fining Guidance On 2 October 2023, the ICO released for consultation new draft guidance on how it decides to issue penalty notices and calculate fines under the UK GDPR and the DPA 2018 (the “draft Fining Guidance”). This follows on from the European Data Protection...
New product intervention measures in Spain: is the sale of leveraged products to retail clients over? For some years now, EU financial authorities have been looking into the sale of complex and risky products to retail investors. The starting point was the ESMA Decision on the temporary prohibition of the marketing, distribution and sale of binary options...
CMA launches market investigation into public cloud infrastructure services On 5 October 2023, the UK Competition and Markets Authority launched a market investigation into the supply of public cloud infrastructure services following a referral by Ofcom, the UK’s media and telecoms regulator. This follows Ofcom’s publication of...