Day: July 18, 2022

On 18 July, the Guardian reported that Spanish customs agents had seized a Picasso sketch worth more than €450,000 from a passenger who arrived at Ibiza airport without declaring the artwork.  The man had arrived on the island on a flight from Zurich, and said the artwork was a simple copy and presented the agents with a handwritten receipt of 1,500 Swiss francs, which he said he had paid for the sketch.

https://www.theguardian.com/artanddesign/2022/jul/18/spanish-customs-seize-450000-picasso-sketch-at-ibiza-airport

Any modest contributions for my time and ongoing expenses are welcomed!  At Buy me a Coffee one-off contributions start as low as $3, at

https://www.buymeacoffee.com/KoIvM842y

NOTE THAT THE ABOVE LINK IS NOW CORRECTED AND WORKS!

On 18 July, Out-Law published this guide saying that the current sanctions regimes against Belarus of relevance to UK businesses include arms embargoes, targeted asset freezes, travel bans and sectoral sanctions.

https://www.pinsentmasons.com/out-law/guides/belarus-sanctions-guide-uk-businesses

Any modest contributions for my time and ongoing expenses are welcomed!  At Buy me a Coffee one-off contributions start as low as $3, at

https://www.buymeacoffee.com/KoIvM842y

NOTE THAT THE ABOVE LINK IS NOW CORRECTED AND WORKS!

These new Regulations amend the Russia sanctions regime, which adjustments that include a new exception from trade sanctions measures for humanitarian assistance activity in non-government controlled areas of the Donetsk and Luhansk oblasts; that correct or resolve a number of issues arising from the 2019 Regulations or amendments made to them; and makes amendments to the designation criteria in the 2019 Regulations, including to broaden the interpretation of being “associated with” a designated person.

https://www.legislation.gov.uk/uksi/2022/814/contents/made

Any modest contributions for my time and ongoing expenses are welcomed!  At Buy me a Coffee one-off contributions start as low as $3, at

https://www.buymeacoffee.com/KoIvM842y

NOTE THAT THE ABOVE LINK IS NOW CORRECTED AND WORKS!

On 15 July, Dechert LLP published an article saying that, on 30 June, the European Council and the Parliament, announced that they had reached a provisional agreement on the proposal for regulation on markets in cryptoassets (MiCA), which covers issuers of unbacked cryptoassets and fiat-backed or fiat-referencing stablecoins, as well as the trading venues and the wallets where cryptoassets are held.  The next step is for the Council and the Parliament to each approve the political agreement before formally adopting MiCA.  The article looks at what MiCA aims to achieve and its impact on stakeholders; briefly compares MiCA to other legislative measures that would create a framework for the regulation of cryptoassets in the EU; and assesses how MiCA may interact with the Prospectus Regulation, MiFID, ^AIFMD and the UCITS Directive. Finally, it compares the recent EU developments to those in the UK.

A second article, from Freshfields Bruckhaus Deringer LLP on 15 July, also looked at plans for MiCA, saying that, with the compromise between the Council and Parliament, the EU is set to establish a comprehensive set of rules that fills a regulatory gap and aims to end the legal fragmentation of crypto regulation in the EU.  It says that, setting aside the provisions on stablecoin issuers, it is expected to take another 18 months until MiCA enters into force; and that, without further action, the current fragmented legislative and regulatory landscape for crypto-assets in the EU will persist until 2024.

https://www.dechert.com/knowledge/onpoint/2022/7/countdown-to-mica–the-eu-s-cryptoassets-regulation.html?utm_source=vuture&utm_medium=email&utm_campaign=onpoint

https://technologyquotient.freshfields.com/post/102hsxx/a-first-look-on-mica-the-eus-comprehensive-regulatory-framework-for-crypto-asse#page=1

Any modest contributions for my time and ongoing expenses are welcomed!  At Buy me a Coffee one-off contributions start as low as $3, at

https://www.buymeacoffee.com/KoIvM842y

NOTE THAT THE ABOVE LINK IS NOW CORRECTED AND WORKS!