August 28, 2023 – Global Investment Law Watch

Brokers Beware – The Massachusetts Fiduciary Rule is Here to Stay

Aug 28 2023

On 25 August 2023, the Massachusetts Supreme Judicial Court reversed a Massachusetts Superior Court ruling and denied Robinhood Financial LLC’s attempt to block the implementation of Massachusetts’s unique fiduciary duty rule, adopted in February 2020 within weeks of the final adoption of the SEC’s Regulation Best Interest, which imposes the duties of care and loyalty on broker-dealers (Fiduciary Rule). A summary of the Fiduciary Rule is available here. Robinhood’s action to overturn the Rule was brought after the Commonwealth of Massachusetts brought an administrative action accusing Robinhood of violating Fiduciary Rule with its video game-like design and marketing tactics.

People’s Republic of China: State Council Issued New Policy for Attracting Foreign Investment

Aug 28 2023

By: Chloe Duan and Grace Ye

On 13 August 2023, the central government of China issued Opinions of the State Council on Further Optimizing the Environment for Foreign Investment and Increasing Efforts to Attract Foreign Investment (New Policy). The New Policy covers broad range of aspects in relation to incentivizing foreign investors to make investments in China.

Australia: The Reserve Bank’s Central Bank Digital Currency Trial

Aug 28 2023

By Daniel Knight and Kithmin Ranamukhaarachchi

Last week the Reserve Bank of Australia (RBA) released its report on the CBDC research project which it conducted with the Digital Finance Cooperative Research Centre (see here). The project entailed the trial of relevant use cases in a live transactional environment, making use of CBDC issued by the RBA that carries a real legal claim on the RBA. The trial, which took place between March and July this year, set out to understand the value of a CBDC to the Australia economy and payments systems.

Archive:August 28, 2023