It is well-settled in New York that a fiduciary relationship arises between two persons when one of them is under a duty to act for, or to give advice for the benefit of another, upon matters within the scope of the relation. Roni LLC v. Arfa, 18 N.Y.3d 846 (2011). Oftentimes, a fiduciary relationship arises out of a formal agreement between the parties. Classic examples include relationships between attorneys and their clients, physicians and their patients, and corporate directors and their corporations.
New York courts have also acknowledged, however, that a fiduciary relationship can be created informally under "special circumstances." These informal relationships require a much more fact-intensive analysis by the courts to determine if the parties owe certain fiduciary duties to one another. Recently, the Commercial Division has grappled with the question of whether a close friendship could be the kind of special circumstances that can give rise to fiduciary duties.
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On 29 November 2024, the first tranche of sweeping Australian privacy reforms under the Privacy and Other Legislation Amendment Bill 2024 (Cth) (Bill) passed both Houses of Parliament.
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A value-referenced crypto asset (VRCA, commonly known as a “stablecoin”) is a crypto asset designed to maintain a stable value over time by referencing the value of a fiat currency, such as the US dollar, or any other value or right, or a combination thereof. It can be used as a medium of exchange or as a store of value that is less volatile than other crypto assets.
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