International Banking Group Cites Growing Use of Chinese Currency in Settlement, Trade

GENEVA—The Chinese currency, the renminbi (RMB), is increasingly being used as the money of choice for settling payments between China and its trading and investment partners, boosting Beijing’s efforts to promote the RMB as an international reserve currency, according to a global financial industry group.

Australia’s Parliament Expected to Pass Bill to Set up Clean Energy Finance Corporation

MELBOURNE, Australia—Australia’s Parliament is expected to pass legislation that would establish a Clean Energy Finance Corporation (CEFC) to invest A$10 billion ($9.93 billion) in renewable and low-emissions technologies and energy efficiency.

ANALYSIS: Hungary’s New Data Protection Authority Issues First Report, First Publicly Available Decisions: High Fines, High Legal Risks

Effective January 1, 2012, a new data protection authority was established in Hungary 1 by Act No. CXII of 2011 on information self-determination and freedom of information (“Information Act”) 2 (see analysis by the author at WDPR, November 2011, page 4). The new National Authority for Data Protection and Freedom of Information (Hungarian acronym: NAIH) already published its first report, on March 30, 2012, …

Australian Government Introduces Bill To Reform Privacy Regime

The Australian Government on May 23, 2012, introduced the Privacy Amendment (Enhancing Privacy Protection) Bill 2012 (Cth) (the Bill), which would amend the Privacy Act 1988 (Cth) (the Act) to implement the first tranche of the Government’s responses to the Australian Law Reform Commission’s (ALRC) 2008 report called “For Your Information: Australian Privacy Law and Practice” (the ALRC report).

ANALYSIS: The German Government’s Proposed Changes To Its Employee Data Protection Bill

Employee data protection has been one of the most urgent topics on German political parties’ agendas for many years. One of the disputed questions was how such special protection could best be implemented. The available options were a separate act on employee privacy or an amendment of the Federal Data Protection Act (“FDPA”).

Taiwan Stock Exchange Adopts New Rules On Foreign Issuers Sponsoring TDRs

When a foreign issuer that sponsors Taiwan Depositary Receipts (“TDRs”) applies with the Taiwan Stock Exchange (“TWSE”) for listing, it is required to provide the TWSE with its audited financial statements for the TWSE to understand its financial status.

Liechtenstein Seeks to Implement EU Alternative Investment Fund Managers Directive

GENEVA—The government of Liechtenstein announced May 21 that it would seek approval of a draft law implementing the European Union’s new rules on collective investment schemes.

UAE Draft Banking Law Would Create Second Regulator for Financial Industry

DUBAI, United Arab Emirates—Global economic uncertainties have prompted officials in the United Arab Emirates to set up a second agency to closely monitor financial activity and reduce risk as the country claws back from its own debt crisis.

U.S. Court Orders Bank of China to Produce Documents on Alleged Counterfeiters and Freeze Assets

A federal judge in New York May 23 ordered the Bank of China to freeze the assets of alleged counterfeiters in China and to turn over information on credit card transactions involving those firms (Tiffany (NJ) LLC v. Forbse, S.D.N.Y., No. 11 Civ. 4976 (NRB), 5/23/12)

Taiwan Adopts Standards To Limit Levels Of Airborne Fine Particulate Matter

TAIPEI, Taiwan—Taiwan has adopted standards for airborne fine particulate matter that mirror those in the United States and Japan in an effort to improve air quality.

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