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Practice Industry: Crossborder Trade & Investment, Financial Services

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Norwegian Legal Update, Summer 2021 – ESG Compliance
Simonsen Vogt Wiig AS, July 2021

What is to come: new ESG reporting requirements Norway introduced legislation presenting social reporting requirements already in 2013 through the introduction of section 3-3 of the Norwegian Accounting Act in anticipation of the Non-Financial Reporting Directive 2014/95 (NFRD)...

The U.S. Breaks with Canada in Response to COVID-19 and Cross-Border Travel Restrictions
Schwabe, Williamson & Wyatt, July 2021

Since March 2020, the United States and Canada have agreed upon mutually reciprocal COVID-19 related travel restrictions. U.S. and Canadian officials mutually determined that “non-essential” travel between the U.S. and Canada “poses additional risk of transmission and spread of the virus associated with COVID-19 and places the populace of both nations at increased risk of contracting the virus associated with COVID-19...

Practical Tips on Private OFCs, Subsidy Grant Scheme and Re-Domiciliation
Deacons, July 2021

On 25 June 2021, Fiona Fong, one of our financial services partners, interviewed Elizabeth Wong, an Associate Director of Investment Products at Hong Kong’s Securities and Futures Commission (SFC)...

A Banking and Financing Summary after a Hectic Period
Simonsen Vogt Wiig AS, July 2021

We have this year assisted with numerous new financings, covering everything from new bank syndicates, refinancings, direct lending and bond loans. It has in periods been especially hectic within the shipping, aviation and renewable energy sectors. On the regulatory side, we have had a particular focus on the LIBOR transition...

NMLS Transition Update for Existing California Financing Law Licensees: CA DFPI Has Opened the NMLS Portal to Receive Transition Applications
Buchalter, July 2021

  Following July 8, 2021’s Client Alert, the California Department of Financial Protection and Innovation (DFPI) posted its CFL Transition Checklist for existing California Financing Law licensees to begin the license administration transition over to the Nationwide Multistate Licensing System (NMLS) portal. The deadline for submitting CFL transition applications through the NMLS portal is December 31, 2021...

IRS Expands Self-Correction under EPCRS and Adds New Overpayment Correction Methods
Buchalter, July 2021

By: Jenni Krengel and Tonie Bitseff On Friday, the IRS issued Revenue Procedure 2021-30 expanding the Employee Plans Compliance Resolution System ("EPCRS")—a voluntary program for correcting errors in tax-qualified and section 403(b) plans—by adding two new methods for recouping benefit overpayments, among other changes...

Shearn Delamore & Co Legal Updates July (1)
Shearn Delamore & Co., July 2021

Financial ServicesRuling of Shariah Advisory Council of Bank Negara Malaysia on QardAt its 213th meeting of the Shariah Advisory Council (“SAC”) of Bank Negara Malaysia, the SAC ruled that the method under Malaysian Financial Reporting Standard (“MFRS”) 17 Insurance Contracts and MFRS 9 Financial Instruments may be adopted to measure qard (interest free loan) for transactions between shareholders’ fund and takaful fund...

Major Rehaul in the Customs Exemption Notifications
Kochhar & Co. Advocates & Legal Consultants, July 2021

The Finance Minister of India in the 2021-22 Union Budget had announced that the Government proposes to review 400 exemption notifications.  The exemption on more than 150 items, currently exempted under Notifications Nos. 14/2006-Customs dated 01.03.2006, 26/2011-Customs dated 01.03.2011 and 50/2017-Customs dated 30.06.2017 could be axed.  The Telecom, Information Technology, Wind Power, Textiles and Pharmaceuticals are a few of the affected sectors...

OP-ED: Residential Utility Bills: A Well-Intentioned Law Creates a Serious Trap for the Unwary
Schwabe, Williamson & Wyatt, July 2021

Utility bills can bring unwelcome surprises: a water bill that reminds you of the extra irrigation costs incurred during a heat wave, an electric bill that makes you realize how much extra power is used when working from home or gaming nonstop, an embarrassing cable bill documenting how many shows you binge-watched last month...

Analysis of CFPB’s New Ability-to-Repay Rule for Qualified Mortgages
Dinsmore & Shohl LLP, July 2021

On Dec. 29, 2020, the Consumer Financial Protection Bureau (CFPB) published a final rule amending Regulation Z’s Ability-to-Repay/Qualified Mortgage (QM) requirements (the New Rule). Regulation Z requires creditors to make a reasonable, good-faith determination of a consumer’s ability to repay their residential mortgage loan. Loans that comply with Regulation Z’s requirements qualify for certain protections from liability...

First Draw Loans at or Over $2 Million—SBA Discontinues Use of Necessity Questionnaires and What Is Next
Schwabe, Williamson & Wyatt, July 2021

As per our earlier articles, in late 2020, the SBA began requiring borrowers with First Draw PPP loans $2 million or greater to complete a PPP Loan Necessity Questionnaire (Form 3509 (For Profit Borrowers) or Form 3510 (Non-Profit Borrowers)) as part of the forgiveness process. These forms were the subject of a lawsuit in December 2020 advanced by the Associated General Contractors of America (“AGC”)...

UBO Registration: It’s Time to Comply or Risk being Penalised
Afridi & Angell, July 2021

The UAE has introduced new administrative sanctions on all entities that fail to comply with the requirements of Cabinet Decision 58 of 2020 concerning the Regulation of Real Beneficiary Procedures (Decision 58 of 2020). Issued on 23 May 2021, Cabinet Decision 53 of 2021 (Decision 53 of 2021) empowers the Ministry of Economy and the relevant licensing authorities in the UAE to administer various penalties on violators of Decision 58 of 2020...

Preparing for the Full Implementation of the DOL Fiduciary Rule
Dinsmore & Shohl LLP, July 2021

The second iteration of the Department of Labor Fiduciary Rule – PTE 2020-02 (DOL Fiduciary Rule) became effective on Feb. 16, 2021. However, the Department of Labor (DOL) provided that it would not pursue enforcement actions against firms who work “diligently” to comply with the Impartial Conduct Standards...

Texas’s Major Lien Law Makeover: What You Need to Know
Bradley Arant Boult Cummings LLP, July 2021

Chapter 53 of the Texas Property Code just received major updates for the first time in years. On June 15, 2021, Gov. Greg Abbott signed into law HB 2237. This bill makes many notable changes to Texas’s lien laws. The construction industry and construction lawyers should take note of these changes to the complex and often confusing world of mechanic’s, contractor’s, and materialman’s liens in Texas...

FATF Releases Review of Virtual Asset and Virtual Asset Service Provider Standards
MinterEllisonRuddWatts, July 2021

On 5 July the Financial Action Task Force (FATF) released its Second 12-Month Review of the Revised FATF Standards on Virtual Assets (VAs) and Virtual Asset Service Providers (VASPs) (Second Review). This looked primarily at the implementation of standards set by the FATF by members of both the FATF and FATF-Style Regional Bodies (FSRBs), as well as changes within the VA sector...

Transitional Compliance Period for New AML/CFT Nominee CDD Obligations
MinterEllisonRuddWatts, July 2021

The Reserve Bank of New Zealand, the Department of Internal Affairs, and th eFinancial Markets Authority (together, the AML/CFT Supervisors), supported by the Ministry of Justice, released a statement providing a transitional compliance period (until 29 April 2022) for the new customer due diligence obligations in respect of nominee directors and nominee general partners...

Amendment Bills on Hong Kong Re-Domiciliation for Foreign Investment Funds
Deacons, July 2021

On 2 July 2021, the Government gazetted the Securities and Futures (Amendment) Bill 2021 and the Limited Partnership Fund and Business Registration Legislation (Amendment) Bill 2021 (Bills). These new laws aim to open up new channels enabling foreign investment funds to be re-domiciled and registered in Hong Kong as open-ended fund companies (OFCs) or limited partnership funds (LPFs)...

SFC Publishes New Guidance on ESG Fund Disclosures
Deacons, July 2021

On 29 June 2021, the Securities and Futures Commission (SFC) published a revised circular (Revised Circular) to provide guidance to managers on enhanced disclosures for authorised funds which incorporate environmental, social and governance (ESG) or climate change or green or sustainability factors (together, ESG factors) as a key investment focus (ESG funds)...

New Tax Disclosures Under Revised Overseas Investment Regime Now in Effect
MinterEllisonRuddWatts, July 2021

From 5 July 2021, overseas investors looking to acquire significant New Zealand business assets must make new tax disclosures as part of their application under the Overseas Investment Act 2005. As signalled in an earlier alert, these requirements are intended to provide Inland Revenue with the information it considers necessary or relevant to the administration or enforcement of the Income Tax Act 2007. We explain these requirements below...

Steps to a Successful Venture Capital Financing Round
Lavery Lawyers, July 2021

An entrepreneur who invests time and energy raising the funds necessary to launch a startup, usually from family and friends (love money), will necessarily want their startup to grow exponentially. Achieving exponential growth requires always more capital, and so the entrepreneur will need to find additional sources of financing. One of these could be venture capital financing...

CA DFPI Issues New Round of Proposed Rules for Transitioning Existing CA Financing Law Licensees to the NMLS Platform
Buchalter, July 2021

Back in November 2020, we reported the CA Department of Financial Protection and Innovation (“CA DFPI”) as administrator of the California Financing Law (CFL) License had published a third round of proposed rules to transition the CFL License administration to the Nationwide Multistate Licensing System (NMLS) electronic portal. The target date for completing this transition would be July 1, 2021...

How to Cover Multiple Facilities with a Single Loan under HUD’s Lean Program
Dinsmore & Shohl LLP, July 2021

The Multifamilly and Healthcare Facility divisions of HUD are a bit like two different dialects of the same language; both offer mortgage insurance under the Federal Housing Administration, but each has its own distinct rules and conventions on underwriting, closing and asset management. Being conversant in one dialect doesn’t necessarily equip you to get by in the other...

California Legislation Extends Protections for Tenants Experiencing COVID-19-Related Financial Distress; Broadens Financial Assistance for Eligible Landlords and Tenants
Hanson Bridgett LLP, July 2021

Key Points Eviction protections that were set to expire June 30, 2021, have been extended to September 30, 2021. New notice requirements took effect on July 1, 2021; additional notice requirements take effect on October 1, 2021. Governmental rental assistance is now available to pay 100 percent of a qualified tenant's rent. On June 28, 2021, California Governor Gavin Newsom signed Assembly Bill 832 into law, effective immediately...

Fail to Report your Money Laundering Suspicions: The Risk of Prosecution has Increased
Shoosmiths LLP, July 2021

On 2 June 2021 the Crown Prosecution Service (‘CPS’) revised their guidance and policy on the prosecution of regulated sector failure to disclose cases under section 330 of the Proceeds of Crime Act 2002 (‘POCA’)...

Supreme Court Clarifies the Scope of Duties for Professional Advisers
Shoosmiths LLP, July 2021

The cap may no longer fit - In a welcome and well-reasoned decision from the Supreme Court in the case of Manchester Building Society -v- Grant Thornton, the scope of duty and extent of liability of professional advisers has been comprehensively reviewed and clarity provided. The Manchester Building Society (“MBS”) claim related to a claim against Grant Thornton (“GT”) regarding auditing and accounting advice it provided...

 

 

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