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Proposed New Rules Implementing CFIUS Reforms
Dinsmore & Shohl LLP, October 2019

CFIUS inbound investment national security review expanding to certain non-controlling foreign investments in critical technology, critical infrastructure, and sensitive personal data, as well as to certain real estate transactions.  The U.S. Treasury Department published proposed rules in the Federal Register on Sept. 24, 2019, concerning changes to the review process for foreign investment conducted by the Committee on Foreign Investment in the United States (CFIUS)...

The Private Equity, Venture Capital, and Start-up Ecosystem in the UAE: Recent Developments
Afridi & Angell, September 2019

In the lead up to the Expo 2020, the UAE government has taken a number of measures to promote economic diversification, foster growth, and stimulate the region’s innovation environment. The government’s push to develop the private equity, venture capital, and start-up eco-system is a central component of this agenda...

The Hong Kong Protests - Could this Happen in Singapore?
TSMP Law Corporation, September 2019

The two financial centres have long been considered twins, but where do the similarities end and the differences begin? Hong Kong, now entering its 15th week of protests, has been filled with increasingly incendiary rhetoric and escalating violence. This past weekend saw protesters lighting fires at an MTR station entrance, just outside the uber-luxe Bulgari boutique in Central...

USTR Announces List 4 Tariffs on $300B Imports from China While Continuing to Accept Exclusion Requests for List 3 Tariffs
Dinsmore & Shohl LLP, August 2019

The U.S.-China trade dispute escalated yet again as the Office of the U.S. Trade Representative (USTR) announced a fourth round of tariffs of 10 percent on an estimated $300 billion of goods imported from China not already subject to Section 301 tariffs.  At the same time, the USTR continues to accept List 3 exclusion requests and is working to complete review of List 1 and List 2 exclusion requests. 1. USTR Announces Section 301 Tariffs on $300B of U.S...

Conventional Thinking
TSMP Law Corporation, August 2019

The Singapore Convention cements the Lion City’s reputation as a dispute resolution hub, making mediation easier to enforce globally. Clients who come to see me about commercial disputes often ask for the same thing: fast resolution. I tell them that there are two tried-and-tested ways to resolve financial claims. First, you can litigate in court and have a judge make a legal ruling on the dispute, in the full gaze of the public...

Africa Tax in Brief
ENSafrica, August 2019

  ANGOLA: Introduction of VAT postponed The introduction of value-added tax (“VAT”), scheduled for 1 July 2019, was postponed to October following discussions between the Angolan Government and the Business Technical Group (“GTE”), which advocated implementing VAT only in January 2020...

Africa Tax in Brief
ENSafrica, August 2019

  AFRICA: African Continental Free Trade Area Agreement enters into force The Parliament of Zimbabwe and the Ethiopian House of Representatives approved the African Continental Free Trade Area Agreement (“ACFTA”) on 14 March and 21 March 2019, respectively. The Moroccan Council of Government approved the ACFTA on 21 February 2019...

African Continental Free Trade Area Agreement Enters Into Force
ENSafrica, August 2019

  The African Continental Free Trade Agreement (“AfCFTA”)entered into force on 30 May 2019 following the approval by the minimum required 22 countries. The AfCFTA will be the world’s largest free trade zone formed after the World Trade Organization, covering a market of 1.2-billion people...

Africa Tax in Brief
ENSafrica, August 2019

  ETHIOPIA: Bills amending customs and VAT proclamations endorsed by Council of Ministers On 26 May 2019, the Council of Ministers endorsed a new bill amending Customs Proclamation No. 859/2014, expected to address practical problems and create a conducive business environment. The Council of Ministers also endorsed a bill amending a number of provisions of Value Added Tax Proclamation No. 285/2002 on 18 May 2019...

International Arbitration and Financial Institutions - Current Status and the Path Ahead
Vouga Abogados, July 2019

Traditionally financial institutions have preferred litigation over international arbitration. The reasons are many, but they are mainly related to the fact that arbitrators generally lack the power to render summary judgments, to grant interim measures, and that there is no precedent in international arbitration. However, international arbitration has gain ground in the last few years, due to the fact that arbitral institutions have addressed the main criticisms to the system...

SGX: A Captivating or Just a Captive Market?
TSMP Law Corporation, July 2019

The SGX has beefed up delisting rules, making it harder for controlling shareholders to privatise listed companies. Is this a victory for minority shareholders, or yet another restriction that will make us a less attractive listing venue?   We all knew it was coming...

USPTO to Require U.S. Counsel for Foreign-Domiciled Trademark Owners Effective Aug 3. Foreign Applicants & Registrants should take steps to ensure compliance.
Dykema, July 2019

On July 2, 2019, the PTO announced it will implement a rule requiring U.S. counsel for foreign-domiciled trademark applicants and registrants. The new rule is effective August 3, 2019, and applies to all trademark owners with a foreign address. We discussed the rule in ourFebruary Alert. For any new filings after the effective date, licensed U.S. counsel must be designated...

What the Changes to CFIUS Mean for Foreign Investment
Lowenstein Sandler LLP, July 2019

CFIUS is a U.S. federal interagency committee (“Committee”). The Committee reviews and approves foreign direct investment in U.S.-based businesses. Investment is restricted if it impairs national security. Under the new Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA), what the Committee considers to be “national security” has recently changed to include emerging and critical technologies and sensitive personal data...

Using Inquiry Proceedings to Resolve Corporate Disputes
Van Doorne N.V., July 2019

Under Dutch corporate law it is possible for the Enterprise Section of the Amsterdam Court of Appeal to order an inquiry into the policies and affairs of a company and to interfere with the internal organization of such legal entity in order to settle corporate disputes between shareholders, the management and supervisory boards and the works council. The present article creates an overview of these legal proceedings. 1...

Time to Take Another Bite of S-chips
TSMP Law Corporation, July 2019

Numerous corporate governance scandals over the past 15 years involving S-chips have tarred these mainland-operating, Singapore-listed companies with the same brush. But do all S-chips deserve their bad reputation?It was meant to be one of the Singapore Exchange’s (SGX) success stories. One of our biggest skincare companies, Best World International saw its profits grow almost 40 fold between 2013 and 2017. It was valued at S$1.8 billion at its peak in February 2019...

USTR Announces List 3 Exclusion Request Process and Other US-China Trade Developments
Dinsmore & Shohl LLP, June 2019

There have been several significant U.S.-China trade developments in June.  Notably, the Office of the U.S. Trade Representative (USTR) issued procedures for seeking an exclusion for parties adversely affected by the increased 25 percent tariffs on $200 billion of goods imported from China that came into effect on May 10, 2019 (List 3).  The USTR also extended by two weeks the entry deadline to avoid this increased List 3 25 percent tariff...

Keeping up with the Trend: The New DIFC Insolvency Law
Afridi & Angell, June 2019

Introduction The latest in the series of insolvency regime reformations in the Middle East is the new Dubai International Financial Centre insolvency law; DIFC Law 1 of 2019 (the New Law). Subject to article 1(4) of the New Law, the New Law repeals and replaces DIFC Insolvency Law 3 of 2013 (the Old Law). Article 3 of the New Law states that it applies in the jurisdiction of the DIFC, meaning that it applies to all DIFC incorporated entities...

Legal Requirements Under The Bahamas' Digital Assets and Registered Exchange (DARE) Bill, 2019
Graham Thompson, June 2019

General The Securities Commission of The Bahamas (“SCB’), the independent regulatory body responsible for digital assets and investor protection, has issued the draft Digital Assets and Registered Exchange Bill (“DARE Bill”) for industry consultation. The DARE Bill prescribes the legal requirements for issuance and sale of digital tokens, and the regulation of issuers and those conducting digital asset business in or from The Bahamas...

Investment Funds in The Bahamas
Graham Thompson, June 2019

Graham Thompson Partner Ryan Pinder authors a comprehensive review of Investment Funds in The Bahamas. Arranged in a Q&A stlyed format to address some of the queries and issues that frequently come up. The review is structured around the components: Fund Formation Fund Investment Regulatory Environment Fund Finance Tax Environment A...

The End of the Entrepreneur Visa?
Shepherd and Wedderburn LLP, May 2019

At the end of March, UK Visas and Immigration closed both the Tier 1 (Entrepreneur) and Tier 1 (Graduate Entrepreneur) routes, replacing them with two new visa categories, the ‘Start-up’ and the ‘Innovator’, which are contained within a new Appendix W of the Immigration Rules...

Mergers and Acquisitions: Why Immigration Matters and How to Get it Right
Shepherd and Wedderburn LLP, May 2019

In an increasingly global world, an organisation’s ability to recruit and retain international talent plays an ever important and potentially business critical role. In the UK, the only way in which employers can directly employ many of these talented individuals is through obtaining a sponsor licence from the Home Office...

What Organisations Should be Doing Now to Recruit and Retain EU Workers Post-Brexit
Shepherd and Wedderburn LLP, May 2019

The Brexit referendum vote and its potential impact on free movement has already resulted in many businesses struggling to meet their labour needs; the number of EU migrants has declined markedly at a time when Scotland and the UK is enjoying record levels of employment. As a consequence, immigration has risen to the top of many organisations’ agendas to ensure they can recruit and retain the talent they need to grow their businesses and remain competitive...

Competition Regulator Sharpens Focus on Construction Sector
Shepherd and Wedderburn LLP, May 2019

The Competition and Markets Authority’s (CMA) Chief Executive, Andrea Coscelli raised concerns in April at “seeing a lot of evidence of anti-competitive conduct in the construction industry”, adding the CMA had “already taken a number of cases in this sector…”. Recent enforcement action from the CMA, outlined below, suggests regulatory intervention is only likely to increase...

Brexit Breathing Space for Food Business Operators
Shepherd and Wedderburn LLP, May 2019

Whatever your views on Brexit, the deferment of the UK’s leaving date from the EU provided British industry some welcome breathing space to prepare for Brexit. Given the issues that still divide the two main political parties, the UK may yet leave the EU without a deal on 31 October...

BVI Companies - Economic Substance Law
Afridi & Angell, April 2019

British Virgin Islands (BVI) companies are commonly used in the UAE by investors to hold real estate properties and/or shares in UAE companies. Investors need to be aware of a recently enacted BVI law, the Economic Substance (Companies and Limited Partnerships) Act, 2018 (the Law), which introduces economic substance requirements in the BVI...

 

 

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