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.
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.
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?
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.
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.
Transform your legal research using Lexy; a powerful, natural language processing AI search tool. Try using the text of your brief, a passage of legislation, a legal judgement, or a Lexology article to quickly find matching, relevant content.
Want to know more? Request a demo from one of our Lexology PRO experts.