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Practice Industry: Crossborder Trade & Investment, Financial Services

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News – Banking and Finance and Capital Markets 1st Quarter of 2021
PLMJ, May 2021

Below, you will find the issue of our Banking and Finance and Capital Markets newsletter for the 1st quarter of 2021, which compiles the most significant news in this area. BANKING AND FINANCE I. Banco de Portugal Banco de Portugal press release on the countercyclical capital buffer for the 2nd quarter of 2021. The countercyclical capital buffer percentage in force from 1 April 2021 will remain at 0% of the total amount of exposures (link)...

Time to Apply for Subsidies for Open-Ended Fund Companies and REITs
Deacons, May 2021

Following announcements during the 2021-22 Budget by the Finance Secretary Paul Chan, the Securities and Futures Commission (SFC) issued on 10 May 2021 details of the grant scheme available for Hong Kong open-ended fund companies (OFCs) and real estate investment trusts (REITs)...

2006 ISDA Definition Booklets – Bound for the Recycling Bin?
ENSafrica, May 2021

Around 17 May 2021, the International Swaps and Derivatives Association (“ISDA”) is expected to replace our battled-scarred 2006 ISDA Definitions booklets by publishing the new 2021 ISDA Interest Rate Derivatives Definitions (the “New Definitions”)...

SMEs Also Need to Comply with POPIA
ENSafrica, May 2021

The Protection of Personal Information Act, 2013 (“POPIA”), South Africa’s privacy or data protection legislation, applies to the processing (which includes collection, use, receipt and destruction) of personal information, such as names and contact details, of individuals and juristic persons, in South Africa...

Amalgamation of GIEK and Export Credit Norway into Export Finance Norway
Simonsen Vogt Wiig AS, May 2021

The purpose of the amalgamation is to enhance quality and efficiency and is not intended to represent a change in the Norwegian export finance policy. The financing schemes and services currently available will therefore continue also after the amalgamation. Export Finance Norway will be a part of the Norwegian State...

W. Va. Consumer Law Changes Offer Help For Finance Cos.
Bradley Arant Boult Cummings LLP, May 2021

On March 29, in a development that provides some measure of relief to businesses operating in West Virginia, particularly within the financial services industry, Gov. Jim Justice signed into law amendments to the West Virginia Consumer Credit and Protection Act, or WVCCPA...

Charity Trustees Legal and Governance Webinar Update Series
Shoosmiths LLP, May 2021

In recent years the Charity Commission has concentrated on its statutory objective to increase public trust and confidence in charities and many in the charity sector consider it has dwelt unduly on the negatives. However the Commission has four other objectives set out in the Charities Act 2011 and we now see more attention paid to promoting compliance by charity trustees with their legal obligations and the effective use of charitable resources...

Implementing Regulation to the New Movable Security Registration Law
Afridi & Angell, May 2021

Since the issuance of Federal Law No...

FMC Amends Regulation on Checks and Banking Checking Accounts
Carey, April 2021

Considering the increasing disuse of the check as payment method, from January 11 to January 29, 2021, the Financial Market Commission (“ FMC ”) kept opened a public consultation process on an amendment to Chapter 2-2 of its Updated Regulations Compendium, to allow banks to offer checkless checking accounts to the general public...

Demarcating The Bank’s Duty In Investment Scams
Shearn Delamore & Co., April 2021

Scams are common these days. Hence, the regulatory bodies, financial institutions and news media often warn the public to exercise due diligence before making any investments with promises of high-profit returns...

CFPB Extends Compliance Deadline for New Qualified Mortgage Definition to October 1, 2022
Buchalter, April 2021

On April 27, the CFPB published a final rule extending the date for mandatory compliance with the new “general” Qualified Mortgage (QM) rule (General QM Rule) until October 1, 2022.  In December, 2020, the CFPB published the final General QM Rule...

Buchalter COVID-19 Client Alert: DFPI Reminds Debt Collectors about Rental Protections for COVID-19 Rental Debt
Buchalter, April 2021

Acting under its new Debt Collection Licensing Act licensing administration and enforcement authority granted by SB 908, the DFPI Commissioner issued a public statement on April 9th reminding all future license applicants under the Debt Collection Licensing Act of California’s renter protections associated with COVID-19 rental debt...

Five Reasons Why Investors Love Intellectual Property (And Other Intangible Assets)
Van Doorne N.V., April 2021

Several listed companies recently bought the music rights of world famous stars such as Bob Dylan and Taylor Swift. The payoff of investing in music mainly comes from streams revenues. But the benefits do not seem to be that bad: for instance, since Sony bought Michael Jackson's music portfolio in 2016, its stock price has quadrupled (1)...

Five Reasons Why Investors Love Intellectual Property (And Other Intangible Assets)
Van Doorne N.V., April 2021

Several listed companies recently bought the music rights of world famous stars such as Bob Dylan and Taylor Swift. The payoff of investing in music mainly comes from streams revenues. But the benefits do not seem to be that bad: for instance, since Sony bought Michael Jackson's music portfolio in 2016, its stock price has quadrupled (1)...

Thai Finance Ministry Approves Additional THB 3.04 Billion for the Rao Chana (‘We Win’) Stimulus Program for At-risk Communities Affected by COVID-19
DFDL, April 2021

On Tuesday 19 April, at its weekly cabinet meeting, the Thai Government approved the Finance Ministry’s request for an additional THB 3.04 billion in funding for its Rao Chana (‘We Win’) stimulus program and extended its duration by one more month until 30 June 2021. This program initially allocated with THB 210.20 billion in funding was launched earlier this year with the intention of providing one-off handouts of THB 7,000 to eligible applicants covering roughly 31...

Reimbursement Clause for Extrajudicial Fees by a Surety: Valid or Invalid?
Lavery Lawyers, April 2021

On April 6, 2021, the Court of Appeal, per Justice Mark Schrager, rendered an interesting decision in Bank of Nova Scotia c. Davidovit (2021 QCCA 551). The Bank of Nova Scotia (the “Bank”) had granted a commercial loan to a company, of which Aaron Davidovit (“Davidovit” or the “Surety”) was the principal, for the operation of a gym...

Buchalter COVID-19 Client Alert: PPP Loans Now Available to Otherwise-Eligible Companies That Have Ended Their Bankruptcy Proceedings
Buchalter, April 2021

  The Small Business Administration (“SBA”) has made an adjustment to its guidance to provide that entities which have concluded a bankruptcy proceeding are not, for purposes of PPP eligibility, considered in bankruptcy. Entities which are presently in bankruptcy are not eligible for a PPP loan. The SBA’s latest Frequently Asked Questions (found at https://www.sba.gov/sites/default/files/2021-04/PPP%20FAQs%204.6.21%20FINAL-508.pdf) contain a new FAQ Number 67...

California DFPI Publishes Notice of Proposed Rulemaking for Debt Collector Licensing
Buchalter, April 2021

  As a follow up to my article on December 4, 2020, reporting that California enacted SB 908 – the Debt Collection Licensing Act, Financial Code Division 25, Sections 100000, et seq.,  the administering agency Department of Financial Protection and Innovation issued its Notice of Proposed Rulemaking on Friday, April 23rd. The proposed regulations for Debt Collection Licensing Act will be installed in Title 10, California Code of Regulations, Subchapter 11...

US Antiboycott Regulations Modified
Afridi & Angell, April 2021

The most recent edition of Federal Register, which appeared earlier this month, announces the removal of the United Arab Emirates from the list maintained by the US Department of Treasury of countries that observe the Arab League Boycott of Israel. This fact will substantially ease compliance burdens for American businesses operating in the UAE, although it does not eliminate the compliance burdens entirely. The United States never supported the Arab League Boycott of Israel...

Angola: New Rules for Exchange Operations - Individuals
PLMJ, April 2021

The recent Notice 05/2021 of 14 April issued by Banco Nacional de Angola (the "Notice") introduces new rules and procedures that must be observed by individuals – whether or not they are residents for foreign exchange purposes – when carrying out foreign exchange transactions...

LPA v Deputyship - Thoughts, Wishes and Feelings
Shoosmiths LLP, April 2021

With an ageing population, it is increasingly important to raise awareness that thought needs to be given to how and who you would want to manage your affairs in the future to ensure your wishes are considered should you lose capacity to do so yourself. I regularly receive calls from individuals explaining that their loved one has been suffering from memory loss for several years, and a Dr has now told them that they lack capacity to manage their property and affairs...

OFC – An Alternative Structure for SFC-Authorized Funds
Deacons, April 2021

On 24 February 2021, Hong Kong’s Finance Secretary Paul Chan delivered the 2021-22 Budget which highlighted upcoming government initiatives to promote the establishment of and re-domiciliation of offshore funds to Hong Kong using the Hong Kong open-ended fund company structure (OFC)...

Delegation by Managers under Hong Kong’s OFC Regime
Deacons, April 2021

An open-ended fund company (OFC) must at all times have an investment manager (Fund Manager) who is responsible for managing the scheme property. To bring in expertise in respect of a specific market or strategy or for other various reasons, Fund Managers may engage sub-managers, advisors or delegates. The delegation of the investment management function by a Fund Manager is permissible under the OFC regime...

Disciplinary Action Highlights the Need for Compliance with Sales and Suitability Regulations and Licensing Conditions
Deacons, April 2021

The SFC’s recent public reprimand and fine of HK$6.3 million against a licensed corporation (the Company) brings various provisions of the Code of Conduct and Internal Control Guidelines to the forefront. It also highlights the need for licensed corporations to fully comply with any licensing conditions. Outlined in this article are the key facts of this case and a summary of what licensed intermediaries can learn from this disciplinary action...

Mortgage Payoff Statements State Requirements Matrix 2021
Bradley Arant Boult Cummings LLP, April 2021

One consistent struggle faced by the mortgage servicing industry is the prevalence of conflicting state laws that address payoff statements. One state may permit a servicer to charge a fee for providing a payoff statement while another prohibits such a fee. One state may have specific content requirements that must be included in a payoff statement while another provides the servicer with discretion about the content of the payoff statement...

 

 

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