<br />
DIGITAL GUIDE<br />
December 2017<br />
www.dlapiper.com | 01<br />
PRESENTATION*<br />
The advent of digital media turned the economic, social, and legal worlds<br />
upside down. We therefore thought it would be helpful to create a Digital<br />
Guide for a better understanding of the challenges and issues arising from<br />
the digital media transformation.<br />
The digital revolution has transformed the economic and legal worlds in<br />
many ways. First, the economic activities of companies have been affected<br />
by Big Data, data control, and evolving market power. Governments have<br />
also had to adapt to the digital age. The idea of a cyber-administration<br />
was raised, followed by e-governance, and finally the need to providing a<br />
framework for a “digital Republic.” Governments must be responsible for<br />
cybersecurity and the protection of personal data, as new issues continue<br />
to arise, such as responsibility for connected devices.<<a title="3282556_Branded_Digital_Guider_V5_Zmag page 1" href="http://viewer.zmags.com/publication/d144e5ab?page=1"> DIGITAL GUIDE December 2017 www.dlapiper.c</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 2" href="http://viewer.zmags.com/publication/d144e5ab?page=2"> PRESENTATION* The advent of digital media turn</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 3" href="http://viewer.zmags.com/publication/d144e5ab?page=3"> INTRODUCTION Since the dawn of the computer ag</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 4" href="http://viewer.zmags.com/publication/d144e5ab?page=4"> SUMMARY Presentation </a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 5" href="http://viewer.zmags.com/publication/d144e5ab?page=5"> 2.1.3. The NIS Directive extends a syste</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 6" href="http://viewer.zmags.com/publication/d144e5ab?page=6"> 1.1.4. Revision of council of europe </a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 7" href="http://viewer.zmags.com/publication/d144e5ab?page=7"> TOPIC 6. CROWD COLLABORATION 96 1. </a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 8" href="http://viewer.zmags.com/publication/d144e5ab?page=8"> 3.2.4. A measure intended for corporate </a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 9" href="http://viewer.zmags.com/publication/d144e5ab?page=9"> 2. BLOCKCHAIN REGULATION 150 2.1. ESMA </a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 10" href="http://viewer.zmags.com/publication/d144e5ab?page=10"> COORDINATORS AND EDITORS Isabelle Eid,</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 11" href="http://viewer.zmags.com/publication/d144e5ab?page=11"> AUTHOR BIOGRAPHIES Simon Charbit, Partner, Co</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 12" href="http://viewer.zmags.com/publication/d144e5ab?page=12"> Nicolette Kost De Sèvres, Lawyer. She specializes</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 13" href="http://viewer.zmags.com/publication/d144e5ab?page=13"> Emilie Renaud, Counsel, Tax department. She speci</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 14" href="http://viewer.zmags.com/publication/d144e5ab?page=14"> BIOGRAPHIES OF THE INTERVIEWEES INTRODUCTION </a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 15" href="http://viewer.zmags.com/publication/d144e5ab?page=15"> Brigitte Nisio,</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 16" href="http://viewer.zmags.com/publication/d144e5ab?page=16"> QUESTIONS FOR JEAN-DAVID CHAMBOREDON EXECUTIVE CH</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 17" href="http://viewer.zmags.com/publication/d144e5ab?page=17"> artificial intelligence in certain areas is now a</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 18" href="http://viewer.zmags.com/publication/d144e5ab?page=18"> TOPIC 1 COMPANIES AND BIG DATA THE AUTHORS</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 19" href="http://viewer.zmags.com/publication/d144e5ab?page=19"> QUESTIONS FOR GILLES BABINET ENTREPRENEUR AND DIG</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 20" href="http://viewer.zmags.com/publication/d144e5ab?page=20"> COMPANIES AND BIG DATA Ninety percent of digital</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 21" href="http://viewer.zmags.com/publication/d144e5ab?page=21"> intelligence technologies to collect, store, and </a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 22" href="http://viewer.zmags.com/publication/d144e5ab?page=22"> Thanks to Big Data, new services can be offered a</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 23" href="http://viewer.zmags.com/publication/d144e5ab?page=23"> Based on this mass of data, the analyses of such </a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 24" href="http://viewer.zmags.com/publication/d144e5ab?page=24"> The legal issues raised by Big Data must therefor</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 25" href="http://viewer.zmags.com/publication/d144e5ab?page=25"> For example, it issued a warning to Pages Jaunes </a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 26" href="http://viewer.zmags.com/publication/d144e5ab?page=26"> mobile phone applications do not provide any info</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 27" href="http://viewer.zmags.com/publication/d144e5ab?page=27"> Compliance with this principle in the scope of Bi</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 28" href="http://viewer.zmags.com/publication/d144e5ab?page=28"> loss, alteration, unauthorized disclosure of, or </a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 29" href="http://viewer.zmags.com/publication/d144e5ab?page=29"> 4 THE HABITS TO DEVELOP The regulations also inc</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 30" href="http://viewer.zmags.com/publication/d144e5ab?page=30"> Pseudonymization of personal data can therefore r</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 31" href="http://viewer.zmags.com/publication/d144e5ab?page=31"> 1. “Robert Kirkpatrick, Director of UN Global P</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 32" href="http://viewer.zmags.com/publication/d144e5ab?page=32"> TOPIC 2 CYBERSECURITY THE AUTHORS Stép</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 33" href="http://viewer.zmags.com/publication/d144e5ab?page=33"> CYBERSECURITY While the digital era has produce</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 34" href="http://viewer.zmags.com/publication/d144e5ab?page=34"> data searches, allowing a police investigator to </a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 35" href="http://viewer.zmags.com/publication/d144e5ab?page=35"> ■ Extortion of funds using data encryption (</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 36" href="http://viewer.zmags.com/publication/d144e5ab?page=36"> and unambiguously identify digital entities and p</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 37" href="http://viewer.zmags.com/publication/d144e5ab?page=37"> practices in a world where cybercrime is sharply </a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 38" href="http://viewer.zmags.com/publication/d144e5ab?page=38"> could not be penalized for accessing data or rema</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 39" href="http://viewer.zmags.com/publication/d144e5ab?page=39"> 1.3.3. Liability for torts, unfair competition an</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 40" href="http://viewer.zmags.com/publication/d144e5ab?page=40"> Law No. 78-17 dated January 6, 1978 on data proce</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 41" href="http://viewer.zmags.com/publication/d144e5ab?page=41"> enhance the security of critically important info</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 42" href="http://viewer.zmags.com/publication/d144e5ab?page=42"> which enabled access to the personal data of 1.3 </a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 43" href="http://viewer.zmags.com/publication/d144e5ab?page=43"> From a practical perspective, given the obligatio</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 44" href="http://viewer.zmags.com/publication/d144e5ab?page=44"> Applicability of the GDPR starting on May 25, 201</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 45" href="http://viewer.zmags.com/publication/d144e5ab?page=45"> affected by disruption of the essential service, </a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 46" href="http://viewer.zmags.com/publication/d144e5ab?page=46"> 1. Senate Report no. 9 dated 9 October 2014 on th</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 47" href="http://viewer.zmags.com/publication/d144e5ab?page=47"> TOPIC 3 THE INTERNET OF THINGS THE AUTHORS </a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 48" href="http://viewer.zmags.com/publication/d144e5ab?page=48"> THE INTERNET OF THINGS The entry of digital te</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 49" href="http://viewer.zmags.com/publication/d144e5ab?page=49"> Which answers does the French legal system curren</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 50" href="http://viewer.zmags.com/publication/d144e5ab?page=50"> connected devices must comply with general data p</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 51" href="http://viewer.zmags.com/publication/d144e5ab?page=51"> if this means setting up procedures within the co</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 52" href="http://viewer.zmags.com/publication/d144e5ab?page=52"> This right to information brings with it a right </a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 53" href="http://viewer.zmags.com/publication/d144e5ab?page=53"> For instance, many employees now access their ema</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 54" href="http://viewer.zmags.com/publication/d144e5ab?page=54"> Open source or free software are software for whi</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 55" href="http://viewer.zmags.com/publication/d144e5ab?page=55"> Gwendal Legrand, head of IT Expertise at the CNIL</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 56" href="http://viewer.zmags.com/publication/d144e5ab?page=56"> First, product liability. For example, a defectiv</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 57" href="http://viewer.zmags.com/publication/d144e5ab?page=57"> But what about the driver who simply types the de</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 58" href="http://viewer.zmags.com/publication/d144e5ab?page=58"> Who could be found liable in such a case? The man</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 59" href="http://viewer.zmags.com/publication/d144e5ab?page=59"> However, since one of the criteria for applying t</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 60" href="http://viewer.zmags.com/publication/d144e5ab?page=60"> appropriate action to predict or prevent […] simp</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 61" href="http://viewer.zmags.com/publication/d144e5ab?page=61"> CONNECTED DEVICES, MOBILE APPLICATIONS AND MEDICA</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 62" href="http://viewer.zmags.com/publication/d144e5ab?page=62"> TOPIC 4 THE FRAMEWORK FOR PROCESSING PERSONAL DAT</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 63" href="http://viewer.zmags.com/publication/d144e5ab?page=63"> THE FRAMEWORK FOR PROCESSING PERSONAL DATA: AN ES</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 64" href="http://viewer.zmags.com/publication/d144e5ab?page=64"> also to include the fundamental rights reserved t</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 65" href="http://viewer.zmags.com/publication/d144e5ab?page=65"> The companies and authorities concerned have two </a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 66" href="http://viewer.zmags.com/publication/d144e5ab?page=66"> Adopted at the same time as Regulation 2016/679, </a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 67" href="http://viewer.zmags.com/publication/d144e5ab?page=67"> For example, Article 11(3) of the Data Processing</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 68" href="http://viewer.zmags.com/publication/d144e5ab?page=68"> 1.3.1. Invalidation of the safe harbor arrangemen</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 69" href="http://viewer.zmags.com/publication/d144e5ab?page=69"> has instituted a possibility of recourse for Euro</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 70" href="http://viewer.zmags.com/publication/d144e5ab?page=70"> BCRs provide a particularly useful framework for </a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 71" href="http://viewer.zmags.com/publication/d144e5ab?page=71"> obligations thus include data protection by desig</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 72" href="http://viewer.zmags.com/publication/d144e5ab?page=72"> regard, the Regulation sets out an obligation for</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 73" href="http://viewer.zmags.com/publication/d144e5ab?page=73"> In addition, the Regulation sets out an obligatio</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 74" href="http://viewer.zmags.com/publication/d144e5ab?page=74"> 3.1.1. Greater territorial scope The Regulation’s</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 75" href="http://viewer.zmags.com/publication/d144e5ab?page=75"> incorporates the earlier requirement of various s</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 76" href="http://viewer.zmags.com/publication/d144e5ab?page=76"> In addition, when the data are not collected from</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 77" href="http://viewer.zmags.com/publication/d144e5ab?page=77"> The issue here is to enable everyone to obtain th</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 78" href="http://viewer.zmags.com/publication/d144e5ab?page=78"> and is subject to technical and organizational me</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 79" href="http://viewer.zmags.com/publication/d144e5ab?page=79"> prevents identification as much as possible. It a</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 80" href="http://viewer.zmags.com/publication/d144e5ab?page=80"> withdraw certification or order the relevant cert</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 81" href="http://viewer.zmags.com/publication/d144e5ab?page=81"> possible by taking into account the specificities</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 82" href="http://viewer.zmags.com/publication/d144e5ab?page=82"> It considerably increases the risk posed to proce</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 83" href="http://viewer.zmags.com/publication/d144e5ab?page=83"> delisted if the individual concerned so requests.</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 84" href="http://viewer.zmags.com/publication/d144e5ab?page=84"> These two decisions have had considerable impact </a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 85" href="http://viewer.zmags.com/publication/d144e5ab?page=85"> DATA PROTECTION OFFICERS: ROLE AND POWERS23 The </a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 86" href="http://viewer.zmags.com/publication/d144e5ab?page=86"> and videosurveillance, the CNIL has already devel</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 87" href="http://viewer.zmags.com/publication/d144e5ab?page=87"> 1. In its so-called Costeja decision of M</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 88" href="http://viewer.zmags.com/publication/d144e5ab?page=88"> TOPIC 5 THE SHARING ECONOMY THE AUTHO</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 89" href="http://viewer.zmags.com/publication/d144e5ab?page=89"> QUESTIONS FOR MARIA GOMRI HEAD OF LEGAL AFFAIRS, </a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 90" href="http://viewer.zmags.com/publication/d144e5ab?page=90"> THE SHARING ECONOMY The early 21st century has </a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 91" href="http://viewer.zmags.com/publication/d144e5ab?page=91"> This new model has had a noticeable impact on the</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 92" href="http://viewer.zmags.com/publication/d144e5ab?page=92"> qualifications, reputation, references, etc. It i</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 93" href="http://viewer.zmags.com/publication/d144e5ab?page=93"> specialized platforms. In the specific case of Le</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 94" href="http://viewer.zmags.com/publication/d144e5ab?page=94"> requirements such as, e.g., the duty to acquire a</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 95" href="http://viewer.zmags.com/publication/d144e5ab?page=95"> QUESTIONS FOR MARION CARRETTE, OUICAR FOUNDER An</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 96" href="http://viewer.zmags.com/publication/d144e5ab?page=96"> TOPIC 6 CROWD COLLABORATION THE AUTHORS </a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 97" href="http://viewer.zmags.com/publication/d144e5ab?page=97"> CROWD COLLABORATION The emergence of collabora</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 98" href="http://viewer.zmags.com/publication/d144e5ab?page=98"> contractor requires determining their level of re</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 99" href="http://viewer.zmags.com/publication/d144e5ab?page=99"> One of the risks companies run is being found gui</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 100" href="http://viewer.zmags.com/publication/d144e5ab?page=100"> permit, nor can it honestly be maintained that in</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 101" href="http://viewer.zmags.com/publication/d144e5ab?page=101"> Internal mobility is also a participative managem</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 102" href="http://viewer.zmags.com/publication/d144e5ab?page=102"> TOPIC 7 CONTROL OVER DATA MEANS MARKET POWER </a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 103" href="http://viewer.zmags.com/publication/d144e5ab?page=103"> HOW DO REGULATIONS AFFECT COMPETITION OVER DATA? </a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 104" href="http://viewer.zmags.com/publication/d144e5ab?page=104"> CONTROL OVER DATA MEANS MARKET POWER According </a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 105" href="http://viewer.zmags.com/publication/d144e5ab?page=105"> 1.1.1. Big Data: the expansion of data into all i</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 106" href="http://viewer.zmags.com/publication/d144e5ab?page=106"> the embryonic stage. Bruno Lasserre uses the exam</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 107" href="http://viewer.zmags.com/publication/d144e5ab?page=107"> study on data and the issues it raises for the ap</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 108" href="http://viewer.zmags.com/publication/d144e5ab?page=108"> In fact, the lack of an obvious overlap between t</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 109" href="http://viewer.zmags.com/publication/d144e5ab?page=109"> how the product was offered to consumers. Similar</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 110" href="http://viewer.zmags.com/publication/d144e5ab?page=110"> Defining the relevant market is particularly impo</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 111" href="http://viewer.zmags.com/publication/d144e5ab?page=111"> The President of the French Competition Authority</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 112" href="http://viewer.zmags.com/publication/d144e5ab?page=112"> because many industries where the core business </a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 113" href="http://viewer.zmags.com/publication/d144e5ab?page=113"> TOPIC 8 CORPORATE VENTURE CAPITAL THE AUTHORS</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 114" href="http://viewer.zmags.com/publication/d144e5ab?page=114"> QUESTIONS FOR JEAN-PIERRE GÉRAULT CHAIRMAN RICHLI</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 115" href="http://viewer.zmags.com/publication/d144e5ab?page=115"> Take the example of the simplification shock. The</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 116" href="http://viewer.zmags.com/publication/d144e5ab?page=116"> CORPORATE VENTURE Preliminary comments Corporat</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 117" href="http://viewer.zmags.com/publication/d144e5ab?page=117"> The first venture capital company, American Resea</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 118" href="http://viewer.zmags.com/publication/d144e5ab?page=118"> la croissance (AFIC – French Association of Inves</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 119" href="http://viewer.zmags.com/publication/d144e5ab?page=119"> support the new companies. During the incubation </a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 120" href="http://viewer.zmags.com/publication/d144e5ab?page=120"> the acquisition of Withings, a French gem that ha</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 121" href="http://viewer.zmags.com/publication/d144e5ab?page=121"> NO. NAME CHARACTERISTICS </a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 122" href="http://viewer.zmags.com/publication/d144e5ab?page=122"> NO. NAME CHARACTERISTICS </a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 123" href="http://viewer.zmags.com/publication/d144e5ab?page=123"> 3.2. FISCAL SUPPORT MEASURES Over the past twenty</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 124" href="http://viewer.zmags.com/publication/d144e5ab?page=124"> and (iv) make R&D expenditures representing a min</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 125" href="http://viewer.zmags.com/publication/d144e5ab?page=125"> mutual funds – representing e300 million, with in</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 126" href="http://viewer.zmags.com/publication/d144e5ab?page=126"> of costs and expenses, i.e. an effective tax rate</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 127" href="http://viewer.zmags.com/publication/d144e5ab?page=127"> 4 INVESTOR EXIT STRATEGIES 4.1. REASONS FOR EXI</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 128" href="http://viewer.zmags.com/publication/d144e5ab?page=128"> In France, the two main markets are Euronext and </a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 129" href="http://viewer.zmags.com/publication/d144e5ab?page=129"> TOPIC 9 THE TAXATION OF DIGITAL TECHNOLOGY </a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 130" href="http://viewer.zmags.com/publication/d144e5ab?page=130"> THE TAXATION OF DIGITAL TECHNOLOGY The “digita</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 131" href="http://viewer.zmags.com/publication/d144e5ab?page=131"> and develops internationally.”7 It is also explai</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 132" href="http://viewer.zmags.com/publication/d144e5ab?page=132"> If the royalties had been paid directly by IrishC</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 133" href="http://viewer.zmags.com/publication/d144e5ab?page=133"> 1.3. OPTIMIZATION STRATEGIES IN RELATION TO VAT F</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 134" href="http://viewer.zmags.com/publication/d144e5ab?page=134"> Nevertheless, the general opinion is that the dig</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 135" href="http://viewer.zmags.com/publication/d144e5ab?page=135"> For example, a company that acquires an asset for</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 136" href="http://viewer.zmags.com/publication/d144e5ab?page=136"> 2.2. SOLUTIONS PUT FORWARD BY THE EUROPEAN COMMIS</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 137" href="http://viewer.zmags.com/publication/d144e5ab?page=137"> This new directive will likely also include measu</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 138" href="http://viewer.zmags.com/publication/d144e5ab?page=138"> the Internet (with a 66% reduction for amateur co</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 139" href="http://viewer.zmags.com/publication/d144e5ab?page=139"> TOPIC 10 THE BLOCKCHAIN REVOLUTION: SHOULD WE REG</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 140" href="http://viewer.zmags.com/publication/d144e5ab?page=140"> QUESTIONS FOR GEORGES NAHON, CHAIRMAN ORANGE SILI</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 141" href="http://viewer.zmags.com/publication/d144e5ab?page=141"> access to these new ecosystems where new ideas ca</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 142" href="http://viewer.zmags.com/publication/d144e5ab?page=142"> THE BLOCKCHAIN REVOLUTION: SHOULD WE REGULATE INN</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 143" href="http://viewer.zmags.com/publication/d144e5ab?page=143"> 1.1.1. What is the Blockchain? Blockchain, the te</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 144" href="http://viewer.zmags.com/publication/d144e5ab?page=144"> “which allows a payment system to operate in an e</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 145" href="http://viewer.zmags.com/publication/d144e5ab?page=145"> We describe below a few basic concepts related to</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 146" href="http://viewer.zmags.com/publication/d144e5ab?page=146"> output cryptographically locked, requiring the us</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 147" href="http://viewer.zmags.com/publication/d144e5ab?page=147"> of capital with the CCP and (ii) “settlement risk</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 148" href="http://viewer.zmags.com/publication/d144e5ab?page=148"> D. Operational risks in financial markets In the </a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 149" href="http://viewer.zmags.com/publication/d144e5ab?page=149"> With financial technology start-ups continuing to</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 150" href="http://viewer.zmags.com/publication/d144e5ab?page=150"> agencies. This reduces the overhead in terms of f</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 151" href="http://viewer.zmags.com/publication/d144e5ab?page=151"> benefit identified by the SEC is the application </a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 152" href="http://viewer.zmags.com/publication/d144e5ab?page=152"> property rather than a foreign currency, and the </a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 153" href="http://viewer.zmags.com/publication/d144e5ab?page=153"> understands how [Blockchain] operates gives rise </a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 154" href="http://viewer.zmags.com/publication/d144e5ab?page=154"> 18. Wessel, David; “Hutchins Center Explains: How</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 155" href="http://viewer.zmags.com/publication/d144e5ab?page=155"> TOPIC 1 REGTECHS, OR THE RISE OF A COLLABORATIVE </a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 156" href="http://viewer.zmags.com/publication/d144e5ab?page=156"> QUESTIONS FOR NICOLAS STEINER, DIGITAL CONVERGENC</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 157" href="http://viewer.zmags.com/publication/d144e5ab?page=157"> requirements and technologies—three programs were</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 158" href="http://viewer.zmags.com/publication/d144e5ab?page=158"> REGTECHS, OR THE RISE OF A COLLABORATIVE DISRUPTI</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 159" href="http://viewer.zmags.com/publication/d144e5ab?page=159"> intelligently perform any or all compliance tasks</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 160" href="http://viewer.zmags.com/publication/d144e5ab?page=160"> systems that are inadequate when it comes to sati</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 161" href="http://viewer.zmags.com/publication/d144e5ab?page=161"> To understand these solutions is to understand wh</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 162" href="http://viewer.zmags.com/publication/d144e5ab?page=162"> ■ Adopt a code of conduct; internal procedures </a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 163" href="http://viewer.zmags.com/publication/d144e5ab?page=163"> However, Regtechs may be the only solution to the</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 164" href="http://viewer.zmags.com/publication/d144e5ab?page=164"> ABBREVIATIONS ACPR ADPS AFIC AMF ANSSI ANVAR A</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 165" href="http://viewer.zmags.com/publication/d144e5ab?page=165"> EVM FCPI FCPR FinCEN FISO FMI FNA FTC GAO GDPR </a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 166" href="http://viewer.zmags.com/publication/d144e5ab?page=166"> GLOSSARY 3V Volume, Velocity and Variety. Al</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 167" href="http://viewer.zmags.com/publication/d144e5ab?page=167"> Digital disruption or disruptive innovation Any n</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 168" href="http://viewer.zmags.com/publication/d144e5ab?page=168"> Digital currency Digital representation of value,</a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 169" href="http://viewer.zmags.com/publication/d144e5ab?page=169"> Option Finance – 10, rue Pergolèse 75016 Paris – </a>
<a title="3282556_Branded_Digital_Guider_V5_Zmag page 170" href="http://viewer.zmags.com/publication/d144e5ab?page=170"> www.dlapiper.com DLA Piper is a global law firm </a>