Commercial news vlog - January 2020

Commercial news vlog - January 2020

 

In association with Iain Larkins from Radius Law, we discuss:

  • Cryptoassets and smart contracts

  • IR35

  • Ethical veganism

  • Bribery and corruption

We focus on the commercial aspects and look at the practical steps for you to consider.

Corporate & Commercial

Cryptoassets and smart contracts

The UK Jurisdiction Taskforce of the LawTech Delivery Panel (which is made up of representatives of barristers, solicitors, the judiciary, the FCA and the Law Commission) issued a statement in November that cryptoassets can be treated, in principle, as property and that smart contracts are capable of being contracts under English law. Whilst the statement has been referred to as a watershed moment for English law, it noted that new legislation will be required to determine how the governing law will be decided and that there are likely to be difficulties identifying the owner of cryptoassets in systems where transactions take place using anonymous addresses.  For smart contracts, there are also unresolved issues including whether coding experts will be needed to explain the intention of the contract and who will bear the risk of coding mistakes.

See LNB News: Cryptoassets to be treated as property, LawTech Delivery Panel statement concludes

Data security

Data transfers

The most common ways to lawfully transfer personal data outside of the EEA is to use standard (European Commission approved) contractual clauses (SCCs) or the Privacy Shield for transfers to the U.S.  The Privacy Shield is a self-certification procedure where organisations commit to certain data protection standards.  The lawfulness of both systems has been challenged but the EU’s Advocate General has, surprisingly, validated SCCs as still being lawful but emphasised that this is conditional on the recipient country having a right of action against the organisation that controls the data and the laws of that country not conflicting with the SCCs.  At the same time the Advocate General expressed doubts

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About the author:

Louisa leads marketing for the in-house legal community at LexisNexis. She joined the dedicated in-house team at LexisNexis four years ago and has a passion for driving and facilitating initiatives which are customer-focused at their heart. Her vision is to support in-house counsel succeed in their fast-evolving role based on deep insight, data analysis and best practice gathered across the in-house community.

Prior to her in-house focused role, Louisa led the marketing for the bar and mid-market private practice sectors as well as product marketing lead for LexisPSL – LexisNexis’ cloud based, practical guidance and legal research software solution.

She brings 20 years’ marketing experience both client and agency side, specialising in B2B marketing in the Legal, TMT (Telco, Media and Technology) and Financial Services industries. In both South Africa, Europe and the UK.

Louisa is also an active member on the LexisNexis Gender Equality Matters (GEM) steering committee and is involved with the Families at LexisNexis Group which brings together, supports and lobbies for change those with an interest in balancing the challenges of work and family.