Europe: EU / UK regulatory roundup
A round up of recent regulatory developments in the EU and UK.
On June 21, the Financial Action Task Force announced that it had adopted an interpretive note to its recommendation on new technologies to further clarify the applicability of the recommendations to virtual asset activities. It also issued guidance to assist countries and businesses on their AML/CFT obligations regarding virtual asset activities. In her International Banking column, Kathleen Scott discusses some of the major points of the new interpretive note and guidance.
On July 16, 2020, the Court of Justice of the European Union (CJEU) published its decision in the landmark case Data Protection Commissioner v Facebook Ireland Ltd, Maximilian Schrems and intervening parties, Case C-311/18 (known as the Schrems II case).
On July 7, 2020, the Commission de Surveillance du Secteur Financier (CSSF) issued an FAQ document on Circular 02/77 concerning the protection of investors in case of NAV calculation errors and the correction of the consequences resulting from non-compliance with the investment rules applicable to undertakings for collective investment (the FAQ).