Blog / Lexology PRO: January Bulletin

10 January 2020

Happy new year, the CCPA is here! Is your business ready?

The GDPR has inspired a global data protection revolution and the California Consumer Privacy Act (CCPA) is the latest law to emerge, having come into force on 1 January 2020. Take a closer look at what the CCPA is and what it could mean for your business. The CCPA’s reach is not limited to California; it could also apply to businesses in other US States as well as those worldwide. Much like the GDPR, the CCPA may have far reaching consequences. Help is at hand! Here are steps businesses can take to comply with the CCPA.

The uncertainty around cross-border data protection implications makes it difficult for businesses to minimise risk and ensure they are complying with various, sometimes conflicting, laws around the world.

  • Ensure you have everything covered by using our CCPA and GDPR hub pages in the Lexology PRO Research Centre, where you can access more curated articles like these above, which are hand-picked by our team of experts.
  • Dive deeper into data protection issues by looking at our long-form, in-depth content. The Privacy, Data Protection and Cybersecurity Law Review provides analysis of global data protection issues and their commercial implications.
  • Use our intuitive Data Protection & Privacy GTDT comparison tool, which allows you to build tailored reports on specific issues and jurisdictions and provides answers to key questions. Compare data protection frameworks and how they differ from jurisdiction to jurisdiction. How are data protection breaches handled by authorities in Brazil compared with the authorities in UK? Lexology PRO gives you the answers!

Money laundering reforms and MLD5

Businesses should now be ready for the Fifth Money Laundering Directive (MLD5) which EU member states were required to implement into national law by 10 January 2020. Check out the key changes and actions for businesses in the UK. Regulators are reminding crypto-asset businesses about the implications of the new regime, as MLD5 aims to combat risks of terrorist financing through anonymous use of virtual currencies. The new rules have already come to the detriment of some crypto-asset businesses.

There is plenty of reform yet to come as the EU Council sets out its strategic priorities, there is a Sixth Money Laundering Directive (MLD6) on the horizon, and there are new developments for anti-money laundering supervision. It is clear that businesses will have their hands full in trying to ensure their policies and procedures comply with AML rules in 2020 and beyond.

Fintech in 2020

With financial services firms continuing to invest in new technology and automation, it’s important to understand what 2020 may bring for this area.

Open banking is being tipped as entering the mainstream in 2020, but what are the legal ramifications for implementing these new types of technology?

A new EU operational resilience framework for cyber security is being set up as the European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA) have published guidelines to address increasing concern about the changing operational risks posed by the rise of technology and their potential impact on the stability of the EU financial markets.

Continuing financial innovation brings more challenges for both regulators, who need to keep pace with the changes and new technologies, and businesses who are trying to ensure they meet regulatory requirements.  

  • Stay on top of all fintech related developments by visiting our Fintech hub page where you can find all of the curated articles like these, hand-picked by our team of experts.
  • Check out The Financial Technology Law Review; a structured collection of overviews of fintech law and regulation from around the world with detailed analysis and trends.
  • As financial technology continues to develop rapidly worldwide, make use of our Fintech GTDT comparison tool which provides a timely and comprehensive overview of the latest legislative and regulatory developments affecting this burgeoning industry globally.

The future of cryptocurrency

2019 demonstrated that there is clearly a growing appetite for cryptocurrencies with Bitcoin reaching $1bn in cumulative transaction fees on its eleventh anniversary as the world’s first cryptocurrency.

Facebook’s newly announced virtual currency Libra has caused a storm of inquiries and concern amongst regulators globally. It’s important to understand the challenges posed by this audacious new digital currency. Will this be the currency of the future or could it be considered a modern day cartel?

What are the tax implications of cryptocurrencies? Find out what tax authorities in the USA and the UK are saying.

There is no doubt that cryptocurrencies will continue to develop and grow in 2020, but this will bring more uncertainty for regulators and for businesses worldwide.  

  • Keep track of everything cryptocurrency related by visiting our Cryptocurrency hub page where you can find all of our curated articles, hand-picked by our team of experts.
  • Take a closer look at The Virtual Currency Regulation Review which provides a practical analysis of recent legal and regulatory changes and developments in this area and looks forward to expected trends on a country-by-country basis.
  • Build tailored cross-border comparative reports on virtual currencies by using our newly released Cryptoassets & Blockchain GTDT comparison tool which covers trading, payments and mining, as well as blockchain and distributed ledger technology.

What is Lexology PRO?

Our experienced team cuts through the noise to deliver critical information and explain its impact, drawing on Lexology's archive of 900,000+ articles contributed by the world's leading law firms to provide the necessary research materials to help users stay up-to-date with developments and minimise risk. Our curated articles are hand-picked by us, saving you time to focus on your work.

Use our in-depth content which contains long form articles, helping you look to beyond your own borders and to explore strategic solutions in foreign jurisdictions. You can find thematic as well as country-by-country coverage.

Our global comparative tool is a core feature: users can drill down into content to directly compare law and regulation across 112 practice areas and 150 jurisdictions and create tailored reports in a matter of seconds.

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