On 17 April 2024, the Financial Stability Board (FSB) published a consultation report that sets out policy recommendations to enhance the liquidity preparedness of non-bank market participants for margin and collateral calls in centrally and non-centrally cleared derivatives and securities
International
Chinese Court Issues World’s First Global 5G FRAND Rate Judgment
On 14 Dec. 2023, the Chongqing First Intermediate People’s Court issued a first-instance judgment on a standard essential patent (SEP) dispute between OPPO and Nokia, siding with OPPO’s arguments. The judgment affirmed the global fair, reasonable, and non-discriminatory (FRAND)…
FCA publishes new webpage on asset management: common errors when applying for authorisation
On 16 April 2024, the Financial Conduct Authority (FCA) published a new webpage on common errors made by firms when applying for authorisation to operate in the asset management sector. The webpage outlines common issues with recent applications, and states…
Tracking regulatory developments in Thailand
The Ministry of Commerce of Thailand has launched a public hearing in relation to draft ministerial regulations (the Draft Regulations) specifying business activities which will be exempt from the requirement to obtain a Foreign Business License (FBL) under Thailand’s Foreign…
CFIUS Proposed Rulemaking Seeks to Refine and Expand Enforcement and Penalty Regulations
On April 15, 2024, the U.S. Department of the Treasury, as Chair of the Committee on Foreign Investment in the United States (CFIUS), issued a Notice of Proposed Rulemaking (NPR) to enhance certain CFIUS procedures. This proposed rule would modify certain…
Basel Committee Discussion Paper on the role of CSA
On 16 April 2024, the Basel Committee on Banking Supervision (Basel Committee) issued a Discussion Paper on how climate scenario analysis (CSA) can be practically used to help strengthen the management and supervision of climate related financial risks. The Discussion…
ESRB report on operational policy tools for cyber resilience
On 16 April 2024, the European Systemic Risk Board (ESRB) published a report on operational policy tools for cyber resilience.
The report builds on the ESRB’s extensive work on how to mitigate risks from a systemic cyber incident. This includes…
Court Denies Class Certification in Antitrust Case Based on Expert’s Reliance on Unsupported Assumptions in Damages Model
The Northern District of Illinois recently denied certification to several proposed classes of purchasers of a seizure drug called Acthar in City of Rockford v. Mallinckrodt ARD, Inc., No. 3:17-cv-50107, 2024 WL 1363544 (Mar. 29, 2024). Class plaintiffs had alleged that…
Withhold Release Order Issued on Shanghai Select Safety Products and Subsidiaries
17 months since it’s last issuance of a Withhold Release Order (WRO), U.S. Customs and Border Protection (CBP) revives its enforcement mechanism to target a Chinese importer and its affiliates operating in the safety products industry.
Effective Wednesday, April 10,…
BoE speech – ‘Modernising the trains and rails of UK payments’
On 15 April 2024, Sarah Breeden, Deputy Governor of Financial Stability at the Bank of England (BoE), delivered a speech explaining how the BoE seeks to deliver trust and support innovation, both as a provider and as a regulator of…