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Buy Now, Pay Later, Regulate Soon? Valentine’s Day 2023 saw not only flowers and chocolates, but the much-anticipated publication by the British government of draft legislation setting out how it intends to regulate the buy now, pay later (“BNPL”) sector. That BNPL agreements would eventua... How would you like to pay? Moving towards the digital pound In a significant step, the Bank of England and HM Treasury have declared that it is "likely" that a digital pound—the catchy moniker for a UK retail central bank digital currency—will be needed in future.  As illuminated in a joint consultation paper publ... Spanish “tax haven” list replaced after 32 years with new “non-cooperative jurisdiction” list In line with new international criteria, the term “tax haven” used in Spanish Royal Decree 1080/1991 (that’s right, 1991!) has been replaced by the term “non-cooperative jurisdiction” to make the concept more flexible. Under Spanish law, any countries and... Faces and breaches: ICO doubles down on tailored approach to UK data enforcement In the first few weeks of 2023, the ICO has continued to espouse its commitment to exercising its full spectrum of enforcement powers. Monetary penalties increasingly form only a small part of the UK’s regulatory picture as the ICO shifts from blunt, “wha... UK and US Governments crack down on ransomware criminals Handling ransom demands (and whether it possible and/or desirable to pay) is one of the most critical aspects of managing a cyber attack. This involves considering the applicable, and evolving, sanctions position, among other risks. Last week, the UK and ... Bizkaia: a tax ecosystem for entrepreneurs Although the recent approval of the Start-up Law in the “common” Spanish territory (as opposed to the historic territorios forales of the Basque Country and Navarre) is to be applauded (see previous posts for example here and here), it is nevertheless wor... BMW AG v CMA ruling - No extraterritorial effect for CMA's investigatory powers The Competition Appeal Tribunal (CAT) and High Court have issued a single ruling in Bayerische Motoren Werke AG v Competition and Markets Authority [2023] CAT 7 relating to an appeal by BMW AG and an application for judicial review by Volkswagen AG, which... The Lords vs LDI In September 2022, the UK's central bank, the Bank of England, was forced to intervene in the gilt market to the tune of £19.3 billion after the UK Prime Minister at the time, Liz Truss’, “mini budget”. Gilt prices fell precipitously, which caused defined... GloBE Administrative Guidance In order to achieve consistency, any jurisdiction adopting the global minimum tax or “GloBE” rules has to follow the Model Rules and the Commentary as amended from time to time by Administrative Guidance. This guidance is expected to be issued on a rollin... Are the Floodgates Opening? The Future of Large Datasets in AI The use of large third-party datasets in the development of AI models has been a contentious issue for some time now.  In the latest development, Getty Images are bringing a copyright claim in the UK against AI developer Stability AI, in relation to Stabi...