Publication
Vietnam: Competition Law Fact Sheet
Overview of the main provisions of the Competition Law, and discussion of the enforcement regime and recent enforcement trends.
Global | Publication | January 2021
On September 24, 2020, the European Commission published its long-awaited proposals on digital operational resilience, comprising a draft regulation (DORA) alongside a proposed directive. The package is designed to harmonize and enhance Information and Communication Technologies (ICT) risk management requirements throughout the financial sector to ensure that all participants of the European financial system can withstand disruptions and threats relating to ICT. The proposals, which are part of the broader Digital Finance Strategy package, aim to harmonize EU rules addressing ICT risk and bring major ICT service providers directly within scope of regulatory oversight.
In this article, we provide a brief overview of the key proposals and assess the impact on payment services providers, in particular. We have published a separate blog post on Regulation Tomorrow on DORA and the proposed directive, which provides a general overview of the regime, but in summary DORA applies to a range of firms including payment services providers, electronic money institutions and crypto-asset service providers and covers a number of issues including:
ICT and security risk management has been a focus for payment service providers for the last few years and consequently, DORA and the accompanying directive may represent less of a step-change for these categories of firms than for other providers. Nevertheless, it is worth noting that the draft directive published alongside DORA proposes a number of amendments to the Payment Services Directive (PSD2) including:
A firm’s senior management will have responsibility for defining, approving, overseeing and being continuously accountable for the implementation of all arrangements related to the firm’s ICT risk management framework. A designated individual must also be responsible for overseeing arrangements with ICT third-party service providers.
This is an area that it would be advisable for payment services providers to monitor carefully, in particular the finalized legislation and the regulatory technical standards once these are published.
It is worth adding, there may be additional local regulatory and operational resilience requirements which firms are or will be required to comply with in due course. Despite being based on similar principles and objectives, we anticipate that mapping out the interaction between DORA, PSD2 and any local regulatory and operational resilience requirements will be challenging for many firms. We have published our Global Operational Resilience and COVID-19 survey report which is available here, and is intended to help firms evaluate and learn from issues arising from the pandemic and apply them going forward in order to enhance their operational resilience.
Publication
Overview of the main provisions of the Competition Law, and discussion of the enforcement regime and recent enforcement trends.
Publication
Artificial intelligence (AI) raises many intellectual property (IP) issues.
Publication
The European Court of Human Rights (ECtHR or the Court) recently ruled in Verein KlimaSeniorinnen Schweiz & Ors v. Switzerland (Application No. 53600/20) that Switzerland had breached the European Convention of Human Rights (the Convention) by not taking sufficient action against climate change. In particular, it found a breach of the right to respect for private and family life contained in Article 8 of the Convention, based on Switzerland’s failure to mitigate the impact of climate change on the lives, health, well-being and quality of life of its citizens. It also ruled that Switzerland had breached the right to a fair trial in terms of Article 6, in that the domestic courts failed to examine the merits of the applicants’ complaints, including the scientific evidence. In this article we consider the key features of this landmark judgment, which has wide ramifications for Member States of the Convention.
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