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UHY GLOBAL JUNE 2018 GLOBAL NEWS GLOBAL NEWS


GDPR NOW IN FORCE The European Union (EU) General Data Protection Regulation (GDPR), described as the most important change in data privacy in 20 years, came into effect on 25 May 2018. The legislation applies to any organisation anywhere in the world that holds or uses the personal data of EU citizens, or that uses organisations and services based in the EU. Following a two-year implementation period, organisations across the globe are expected to have established systems and procedures addressing data storage and access, team compliance and training, data subject requests, data notifications, and adaptability and scalability. GDPR is broadly centred on the principle of accountability, and it is essential that companies are able to demonstrate compliance. While technology and process are key in this, ensuring that employees understand GDPR as it relates to organisational practices is also a priority. Failure to comply with GDPR could result in heavy fines. Therefore, identifying, understanding and addressing data risks as they relate to the new regulation is likely to be an ongoing challenge for many businesses. For everything you need to know about the new EU data regulation, visit the European Parliament GDPR portal: www.eugdrp.org G20 LOOKS TOWARD CRYPTOCURRENCY REGULATION A communiqué issued following the G20 meeting of finance ministers and central bank governors on 20 March 2018 in Buenos Aires, Argentina, indicates a move toward the wider regulation of cryptocurrencies, including bitcoin. The statement acknowledges that the technological innovation underpinning cryptocurrencies “has the potential to improve the efficiency and inclusiveness of the financial system and the economy more broadly”. However, the G20– which represents two thirds of the world’s population, 85% of global gross domestic product (GDP) ad 75% of global trade – voiced concerns that crypto-assets “raise issues with respect to consumer and investor protection, market integrity, tax evasion, money laundering and terrorist financing.” Speaking at a press conference following the meeting, Frederico Sturzenegger, governor of the Central Bank of Argentina, said that at in order to move the issue forward at their next meeting in July, the G20 would need to be able to present concrete and specific recommendations not on what to regulate, but on what data is needed. In the meantime, the G20 plans to implement the Financial Action Task Force (FATF) standards to cryptocurrencies. “These are anti-money laundering and anti-terrorist financing standards,” says Anne Fairpo, a UK barrister specialising in advising technology businesses, who has a particular interest in tax and cross-border transactions. “In practice, this seems the most likely form of regulation that will apply. Given the disintermediated nature of cryptocurrencies, it would be difficult to regulate the issue of more bitcoin, for example. We are more likely to see regulations that will require cryptocurrency exchanges to undertake more checks in respect of purchasers in order to try and reduce the risk that these are used to finance illegal activities.” A full version of Anne Fairpo’s insights into the future of cryptocurrency regulation following the G20’s announcement is available here SECURITY AND PROTECTION– THE FUTURE OF CRYPTOCURRENCY REGULATION UK barrister Anne Fairpo believes that, moving forward, attempts to introduce the regulation of cryptocurrency on a global scale will be focused on securities and the protection of investors. Anne specialises in advising technology businesses and has a particular interest in tax and cross-border transactions. She has also written on the impact of blockchain on VAT for the UK’s Tax Journal. “The G20 communiqué indicates a broad agreement that something needs to be done in terms of regulating cryptocurrencies, although it was rather short on detail. And clearly, that broad agreement is not universal – Brazil announced in the same week that they do not plan to regulate cryptocurrencies. “In the meantime, the G20 is implementing the Financial Action Task Force (FATF) standards to cryptocurrencies. These are anti-money laundering and anti-terrorist financing standards. In practice, this seems the most likely form of regulation that will apply. Given the disintermediated nature of cryptocurrencies, it would be difficult to regulate the issue of more bitcoin, for example. We are more likely to see regulations that will require cryptocurrency exchanges to undertake more checks in respect of purchasers in order to try and reduce the risk that these are used to finance illegal activities. “There is the lingering issue that rules governing exchanges will not govern unmonitored direct transactions. Given the structure of blockchain, it will be technically difficult – and perhaps impossible – to prevent these, in the same way that it is practically impossible to prevent cash transactions. The distinction, of course, is that there are practical physical limitations on the size of transactions that can be undertaken with cash which do not arise with cryptocurrencies. “It is also highly likely that there will be some form of securities regulation specifically aimed at the sale of new ‘coins’ in initial coin offerings (ICOs). Some regulators – and particularly the Securities and Exchange Commission (SEC) in the United States – have taken the view that these are already covered by existing rules. However, it seems likely that specific rules will be introduced to put the matter beyond doubt, to provide some protection for investors. “Some countries are already developing legislation to regulate cryptocurrencies in order to safeguard investors. In Thailand, for example, it is proposed that it will eventually be necessary to register transactions on exchanges and between brokers and dealers with the Thai authorities. China has banned cryptocurrency exchanges, but not cryptocurrencies. “The option of completely banning cryptocurrency transactions seems unlikely to gain wide traction – although some countries have done so. However, bans on residents transacting in particular cryptocurrencies may occur where there is a particular concern. The US government, for example, issued an executive order banning US residents from transacting in petro, a fiat cryptocurrency launched by the Venezuelan government in February 2018. However, this is not surprising, given that petro was set up to try and circumvent US economic sanctions!” UPWARDLY MOBILE – 5G TAKES A STEP CLOSER By the end of September 2018, the world of mobile data and communications will be able to plan a massive leap forward. This is when globally agreed technical standards are expected for the next generation – the fifth - of mobile technology, 5G. It will provide a major boost to the so-called Fourth Industrial Revolution, characterised by digital disruption and rapidly advancing new technologies. Developed to meet the requirements set down by the International Telecommunication Union (ITU), which is responsible for managing radio spectrum and the global standardisation of telecommunications, the new 5G standards are a collaborative output from the 3rd Generation Partnership Project (3GPP), representing seven key telecoms standards organisations, and the Institute of Electrical and Electronics Engineers Inc. (IEEE). The 5G landmark means that mobile technologists can plan future wireless network infrastructures and device capability to a common set of interoperable standards. By 2020, when the first commercial services are anticipated to come on-stream, data usage is anticipated to be over 1,000 times greater than it is today. 5G itself promises a game-changing shift in mobile connectivity in terms of speed and capacity. It is seen as a key enabler for much-vaunted new technologies - not only those likely to impact directly on the professional and financial services industry, such as artificial intelligence and blockchain, but also connected cars, ultra-high definition TV, the Internet of Things and a genuine alternative to fixed broadband. There are accordingly huge social and economic opportunities for both developed and developing nations. To find out more, visit 5g.ieee.org LEGACY OF WORLD’S LARGEST SINGLE-SPORT EVENT With the 2018 FIFA World Cup (FWC) taking place in June and July 2018, Russia is welcoming over 3 million spectators and 32 football teams from around the globe to 11 host cities for the largest single-sport event in the world. Whatever the outcome on the field, there are also winners off it, thanks to FIFA’s focus on legacy and sustainability for event hosts. Over USD 10.5 billion (RUB 600 billion) has been invested in national infrastructure to prepare for the event, from training sites and stadia to transport, hotels and utilities. This is underpinned by a sustainability strategy, developed by FIFA and the Local Organising Committee (LOC), designed to leave a positive social, environmental and economic legacy. The 12 stadia hosting FWC matches have been built or refurbished to comply with Russia’s first green building standard and are designed for multi-purpose use. In addition, some 16,000 children and young people are expected to benefit from access to the 96 training sites used by teams during the FWC. There have been significant improvements in local and national road, rail and airport infrastructure, while growing tourism in host city regions has been further bolstered by investment. Positive trends in quality of living are already evident in many host cities, according to Russia’s Urbanica Institute for Regional Planning. In taking concrete steps to promote sustainability, FIFA aims to establish best practices to lessen the negative and enhance the positive aspects of major sporting events in host countries. “The close collaboration on sustainability matters between FIFA and the LOC has been crucial in the process of ensuring that the strategy is relevant, given the local context and specificities of the host country,” it says. Following over four years of negotiation, European Union (EU) trade commissioner Cecilia Malmstrom expects the EU’s latest free trade agreement be ratified by the end of 2018. The EU-Japan Economic Partnership is likely to be enforced by March 2019, eliminating up to 98% of tariffs on 37% of global trade, with the aim of boosting trade in goods and services, creating new opportunities for investment and stimulating growth on both sides. Alongside the removal of tariff barriers, the agreement will facilitate access of EU companies to highly regulated Japanese markets. “The agreement with Japan is the biggest bilateral deal ever negotiated by the European Union,” said Jyrki Katainen, EU Commissioner for Jobs, Growth, Investment and Competitiveness. Designed to further enhance the bilateral relationship between the EU and Japan, a Strategic Partnership Agreement will run alongside the Economic Partnership, underpinning cooperation on policy and regional and global challenges. The progress on the new partnership follows the provisional enforcement of the EU-Canada Comprehensive Economic Trade Agreement (CETA) in September 2017, which abolishes over 98% of customs duties between Canada and the EU.

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