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National Security & Investment Bill
Shoosmiths LLP, February 2021

The UK Government has published the National Security and Investment Bill – a proposed law that will introduce a screening process for certain acquisitions and investments and which is expected to come into force as early as April 2021. The National Security and Investment Bill has now had its second reading and is expected to come into force as early as April 2021. We take a look at what it will cover...

Coronavirus: Restrictions on Exports of Vaccines Against COVID 19
PLMJ, February 2021

Following the differences that came to light with AstraZeneca at the end of last week, the European Commission approved Implementing Regulation (EU) 2021/111 of 29 January 2021, which came into force on Saturday, 30 January. The Regulation prohibits the unauthorised exportation of vaccines against SARS-CoV-2 outside the European Union...

The Second Month after Brexit: Insights for Business
Ellex Valiunas, February 2021

February marks the start of the second month after Brexit materializing. The Member States have finally understood that the United Kingdom (UK) is no longer in the Europen Union (EU) so that the  fairy-tale of the Single Market that has lasted for decades is now over. Although many businesses resolved various legal or regulatory issues before 1st January, new challenges inevitably keep arising now, when Brexit is a reality...

Indonesia’s Newly Established Sovereign Wealth Fund: A New Chapter in Indonesia’s Economy
Makarim & Taira S., February 2021

As a developing country, Indonesia is still considered to have limited Government fiscal capacity and limited state-owned enterprise (Badan Usaha Milik Negara – “BUMN”) and financial sector funding capacity indicating that domestic capacity is not sufficient to meet what is needed to finance development and support economic growth and opportunities...

Indonesia’s Ratification of the Convention Abolishing the Requirement to Legalize Foreign Public Documents
Makarim & Taira S., February 2021

On 4 January 2021, the President of Republic of Indonesia issued Regulation No. 2 of 2021 on the Ratification of the Convention Abolishing the Requirement to Legalize Foreign Public Documents (“PR 2/2021”) (the convention is hereinafter referred to as the “Apostille Convention”). The Apostille Convention was concluded on 5 October 1961 and is intended to simplify a series of formalities for documents signed overseas for the contracting states...

German Cyber Security Act 2.0: Federal Cabinet Presents New Draft
Heuking Kühn Lüer Wojtek, February 2021

On January 25, 2021, the German federal Cabinet introduced the draft for the new Cyber Security Act (“IT Security Act 2.0”) into the legislative process ( Draft of a Second Act to Increase the Security of Information Technology Systems, printed matter 19/26106 [draft of a second law to increase the security of information technology systems, document 19/26106] ). The new German Cyber Security Act is intended to replace the old German Cyber Security Act of July 2015...

Update on the Legal Situation for Data Transfer to Third Countries (the US and China in Particular)
Heuking Kühn Lüer Wojtek, February 2021

When it comes to the general transfer of data to third countries, even, for example, intra-group data transfers, recourse to US providers such as Microsoft (Office 365), Amazon (AWS), Google or Salesforce has been ill-fated since the ECJ ruling of July 16, 2020 (C-311/18 “Schrems II”)...

Portuguese Competition Authority – Overview 2020
PLMJ, February 2021

Some facts and figures that set out the landscape of merger control, antitrust enforcement and competition litigation in Portugal in 2020. Interim Measures The PCA ordered the Portuguese Professional Football League to suspend its decision preventing teams in the First and Second Football Leagues from signing players that have unilaterally terminated their contracts due to the COVID-19 pandemic...

Bitesize: Freeports – Planning
Shoosmiths LLP, January 2021

To boost the economy post-Brexit the government is committed to establishing up to 10 freeports across the UK. In our latest freeport bitesize article, we look at some of the planning implications of which bidders and bid participants should be aware. Back in August 2019 the UK Government announced plans to create ten new freeports that would be free of “unnecessary checks and paperwork, and include customs and tax benefits”...

Vietnam: The New Thu Duc City – What Does it Mean to Investors?
DFDL, January 2021

BACKGROUND The proposal to establish Thu Duc City was developed several years ago by the municipal government of Ho Chi Minh City...

International Sanctions: A Dedicated Regime for Financial Sanction in Luxembourg
Arendt & Medernach, January 2021

December 23, 2020 the Luxembourg legislator has published the law of 19 December 2020 implementing financial restrictive measures (“law of 19 December 2020”). This law has repealed the law of 27 October 2010 enhancing the anti-money laundering and counter terrorist financing legal framework...

The Trade and Cooperation Agreement between the EU and the UK Post Brexit – What Happened to "A Level Playing Field"?
Simonsen Vogt Wiig AS, January 2021

At Christmas, the Trade and Cooperation Agreement (TCA) consisting of 1256 pages was finally agreed between the EU and the UK.  Crucially, the Agreement is between the EU and UK only and not the EU and its member states and the UK. The TCA establishes a free trade area for goods and services, in accordance with the WTO law. Both sides can apply trade remedies as is usual for free trade agreements such as on condition anti-dumping duties, anti-subsidy duties, and economic safeguards...

The Trade and Cooperation agreement between the EU and the UK post Brexit – what happened to «a level playing field»?
Simonsen Vogt Wiig AS, January 2021

At Christmas, the Trade and Cooperation Agreement (TCA) consisting of 1256 pages was finally agreed between the EU and the UK.  Crucially, the Agreement is between the EU and UK only and not the EU and its member states and the UK. The TCA establishes a free trade area for goods and services, in accordance with the WTO law. Both sides can apply trade remedies as is usual for free trade agreements such as on condition anti-dumping duties, anti-subsidy duties, and economic safeguards...

New KPPU Guidelines on Merger Control Rules
Makarim & Taira S., December 2020

KPPU has recently issued its long-anticipated guidelines on the Indonesian merger control rules (“KPPU Guidelines”) under KPPU Regulation No. 3 of 2019 on The Assessment of Mergers or Consolidations of Business Entities or Acquisitions of Shares in Companies (“KPPU Regulation 3/2019”) issued at the end of last year. The guidelines are relatively long and detailed (almost 100 pages), and some of their content is still subject to the KPPU’s interpretation...

Mainland China and Hong Kong Sign Supplemental Arrangement on Mutual Enforcement of Arbitral Awards
Deacons, December 2020

On 27 November 2020, the Secretary for Justice, Ms Teresa Cheng SC, and the Vice-President of the Supreme People’s Court, Mr Yang Wanming, signed the Supplemental Arrangement Concerning Mutual Enforcement of Arbitral Awards between Mainland China and the HKSAR (Supplemental Arrangement)...

Free-Standing Freezing Orders in the BVI - Black Swan Verses Broad Idea
O'Neal Webster, December 2020

British Virgin Islands entities and structures are frequently used to hold assets located onshore, outside the BVI. Sometimes these assets represent the proceeds of wrong-doing including breach of fiduciary duty, breach of express trust, or pure fraud. The vast majority of the 400,000 active BVI companies on the register tend to be holding companies, holding real property, investments, or shares in other companies including shares in trading companies...

ALRUD experts wrote a chapter about Russia for The Foreign Investment Regulation Review.
ALRUD Law Firm, December 2020

Vassily Rudomino, Senior partner of ALRUD, Ksenia Tarkhova and Ruslana Karimova, Senior associate of ALRUD, Roman Vedernikov, Associate of ALRUD, and Anastasia Kayukova, ALRUD Senior attorney, prepared an article for the eighth edition of 'The Foreign Investment Regulation Review' by Law Business Research. This review focuses on the main aspects of foreign investment regulation in various jurisdictions...

Hong Kong Monetary Authority ("HKMA")’s Expectations on Remote On-Boarding of Corporate Customers
Deacons, November 2020

Hong Kong has in recent times seen an increasing use of remote on-boarding of customers by banks as a result of COVID-19. Banks are generally required to pay more attention to the remote on-boarding assessment of corporate customers as opposed to individual ones due to the higher money laundering and terrorist financing risks associated with corporate vehicles...

Brazilian Senate Approves Amendment to Insolvency Law
Veirano Advogados, November 2020

On November 25, 2020, the Brazilian Senate approved Bill of Law No 4,458/2020 ("BL 4458"), which amends Law No 11,101/2005 ("BBL"), to update the legislation regarding the judicial reorganization, pre-packaged reorganization and bankruptcy liquidation of businessmen and companies. BL 4458, which provisions have already been approved by the House of Representatives, will now be sanctioned by the President...

Mainland China Briefing: China Stock Exchanges Issue Implementation Rules for Trading by QFIs
Deacons, November 2020

Following the issuance of new rules governing the Qualified Foreign Investors (QFI) regime in September 2020 (New QFI Rules, for more information, you may refer to our earlier article here), China equities and futures trading exchanges (including the Shanghai Stock Exchange (SSE), the Shenzhen Stock Exchange (SZSE), the National Equities Exchange and Quotations (NEEQ) and the China Financial Futures Exchange (CFFEX)) issued new implementation rules for QFIs at the end of October...

Regional Comprehensive Economic Partnership Signed
DFDL, November 2020

On 15 November 2020, leaders of the ASEAN Member States, Australia, China, Japan, Republic of Korea and New Zealand witnessed the signing of the Regional Comprehensive Economic Partnership (“RCEP“) Agreement. The RCEP Agreement marks ASEAN’s biggest free trade pact to date, covering a market of 2.2 billion people with a combined size of US$26.2 trillion...

UAE Introduces Filing Requirements Relating to Beneficial Ownership - Deadline of 27 October 2020
Afridi & Angell, October 2020

On 24 August 2020, the UAE issued Cabinet Resolution 58 of 2020 on Regulating the Procedures of the Real Beneficiary (the Resolution). The Resolution, amongst other things, aims to establish a legal framework for identifying and recording details of real beneficiaries of entities licensed to conduct business in the UAE. The Resolution is an additional step towards the UAE’s efforts in combating money laundering, the financing of terrorism and illegal organisations...

Arendt Weekly Update - 16 October 2020
Arendt & Medernach, October 2020

The Arendt Weekly Update is a newsletter designed to give you the insight you need without overloading your mailbox. It lists the latest news, topical webinars, training courses and more. NEWSFLASHES   Budget 2021: various tax measures to address the impact of the COVID-19 pandemic and support a sustainable recovery On 14 October 2020, the Luxembourg government filed the budget bill 7666 with the Luxembourg parliament...

The Impact of VAT on Your Business in China
PLMJ, October 2020

Defining your strategy and analysing the market are crucial when making the decision to invest in China, but the tax efficiency of the business has its own specific issues and investors should not neglect them either. The Chinese tax system has particular characteristics that you must get to know before investing. In this informative note, we will address some basic aspects of value added tax and the invoicing system...

MOFCOM Amends and Releases FIE Complaint Measures
Deacons, September 2020

In recent years, foreign investment laws and regulations have undergone sweeping reform of which the complaint mechanism introduced under the new Foreign Investment Law and its implementing regulations for foreign invested enterprises (FIEs) is particularly noteworthy...

 

 

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