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Ogier | British Virgin Islands | 26 May 2022

BVI Court freezes crypto wallets

Chainswap Limited, a BVI incorporated company that provides for "cross-chain bridging" (the process of synthetically transferring cryptocurrency tokens between different blockchains), was recently hacked on at least one occasion. In the process, the hackers managed to steal a number of tokens from cryptocurrency "wallets". In an attempt to recoup the stolen assets and to repair its......
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Lexology PRO | Australia, Global, India, etc. | 25 May 2022

Crypto regulation: global roundup (11 – 24 May)

The Terra-Luna collapse reverberates across crypto market, the US is increasingly concerned about illicit uses of crypto by exchanges, and Portugal is considering a tax on crypto – plus other crypto updates.
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Ogier | Jersey | 26 May 2022

What happens if I don't make a will?

Dying intestate means that an individual's estate will be dealt with in accordance with Jersey law and distributed according to set rules depending on people's relation to the individual, which could be quite different to how they would have wanted it to pass. This can lead to issues, as the intestacy rules often do not take into account the intricacies of a modern family. Even if an......
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Fieldfisher | Germany | 26 May 2022

FCO classifies Meta as company with paramount significance for competition across markets

Recently, the Federal Cartel Office (FCO) classified Meta Platforms Inc as an undertaking with paramount significance for competition across markets. Thus, following a similar decision against Google and Alphabet Inc at the end of 2021, the FCO has now subjected another large digital group to the special abuse control of section 19a(1) of the Act against Restraints of Competition.
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AnJie Law Firm | China | 26 May 2022

Why did the Supreme People's Court deem settlement agreements in a patent litigation case to be monopoly agreements?

This article is the first in a three-part series on how settlement agreements may constitute monopoly agreements. Recently, a power equipment company (PEC) appealed to the Intellectual Property Court of the Supreme People's Court regarding a horizontal monopoly agreement dispute in the transformers market. The PEC successfully obtained a verdict that invalidated the settlement agreement in......
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Gowling WLG | United Kingdom | 26 May 2022

UK subsidy control: key features of new regime

The Subsidy Control Act 2022 recently received royal assent and is expected to enter into full force in Autumn 2022, with the relevant date to be confirmed by the government in due course. The Act is intended to consolidate and build upon the United Kingdom's existing international subsidy control commitments, while providing public authorities with the flexibility to grant subsidies at a......
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Freshfields Bruckhaus Deringer | Netherlands | 26 May 2022

Limited financial resources may lead to non-enforcement of valid arbitration clause

The basic premise of a valid arbitration clause is that parties waive their right to court access, which is provided for by law and safeguarded by article 17 of the Dutch Constitution and article 6 of the European Convention of Human Rights (ECHR). However, an arbitration clause may not be invoked when applying it would lead to a breach of article 6 of the ECHR and a party not having......
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Freshfields Bruckhaus Deringer | France | 26 May 2022

French Court of Cassation affirms de novo review of arbitral award for compliance with public policy

The Court of Cassation recently upheld the Paris Court of Appeal's decision to set aside the award in Belokon v Kyrgyz Republic based on charges of money laundering. The decision affirmed the French courts' oversight over arbitral awards and endorsed a de novo review to determine whether there was a violation of international public policy under article 1520(5) of the Code of Civil Procedure.
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ELIG Gurkaynak Attorneys-at-Law | Turkey | 26 May 2022

Competition Board issues first reverse Morris trust decision in Regal/Rexnord acquisition

Recently, the Competition Board unconditionally approved Regal Beloit Corporation's acquisition of sole control over Rexnord Corporation's process and motion control business segment. The transaction concerns an acquisition carried through reverse Morris trust (RMT). The parties submitted that the preference of an RMT transaction was absent of any other intention apart from having the......
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Khaitan & Co | United Kingdom | 26 May 2022

Intragroup acquisition exemption oddity in Indian merger control – evaluation and way forward

The onset of the covid-19 pandemic in early 2020 brought with it the full force of both a sudden economic downturn and a massive cultural shift in the manner of doing business. Given the context of the current business climate, this article briefly discusses the costly and perhaps unintended insufficiency in the intragroup acquisition exemption that is provided to notifiable transactions......
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