According to Foresight News, the Law Commission of the Law Commission of England and Wales, initiated by the Ministry of Justice, published an article stating that it does not recommend the establishment of a new legal framework for decentralized autonomous organizations (DAOs) because they may still be subject to existing regulations. If a DAO engages in "specific activities" related to "specific investments", it may be subject to the Financial Services and Markets Act 2000 (FSMA), and when governance tokens look like stocks, grant voting rights, and are issued in exchange for investing in DAOs, they are considered specific investments. The report states that the public law applicable to DAOs will depend on the type of DAO. Some DAOs can be described as unincorporated associations where participants interact according to established rules. At the same time, smart contracts can constitute legal contracts.