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UK Competition and Consumer Regimes Set for Shake Up
Shepherd and Wedderburn LLP, July 2021

The UK Government has this week announced what would be the biggest shake-up of the competition and consumer protection policy landscape for the last 20 years. On 20 July 2021 the Department for Business Energy and Industrial Strategy (BEIS) published a consultation document setting out its proposals for sweeping reforms of the UK’s competition and consumer protection law regimes and inviting responses by 1 October 2021...

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)...

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...

Sports Governing Bodies: Competition Law and Regulation
Shepherd and Wedderburn LLP, July 2021

From a competition law standpoint, the regulation of sport presents a difficult conundrum. On the one hand, sports regulations may limit the ability of economic actors (including sportspeople) to win business through unrestricted competition. On the other hand, without such regulations, the essential core of the sport (and the business interests built around it) may be undermined...

UK Government Sets Out its Strategic Approach to CPTPP Accession and Call for Evidence Reopened
Shepherd and Wedderburn LLP, July 2021

The parties to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) have agreed to formally commence an accession process with the UK. Ahead of the start of formal negotiations, the UK Government has set out its strategic approach to accession...

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...

Ohio Introduces Data Privacy Legislation
Dinsmore & Shohl LLP, July 2021

On July 13, 2021, Ohio Lieutenant Governor John Husted announced the introduction of the Ohio Personal Privacy Act (OPPA), a comprehensive privacy framework following in the footsteps of recent legislative enactments in California (the CCPA as modified by the CPRA), Virginia (the CDPA), and Colorado (the Colorado Privacy Act)...

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...

Civil Proceedings: Questions Going Forward after the Pandemic
Simonsen Vogt Wiig AS, July 2021

When the lockdown was a fact in March 2020, Norwegian courts demonstrated a great willingness to keep the wheels of the Norwegian litigation system going by rapidly transitioning to conducting court hearings through video meetings, and by resolving a larger number of cases through written proceedings. The question going forward is whether experiences gained through the pandemic should change how civil procedures are conducted, and if so, what these changes should be...

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...

Data Export Compliance under China’s Data Security Law
Deacons, July 2021

On 10 June 2021, the Data Security Law (DSL), which will become effective as of 1 September 2021, was adopted in China. The enactment of the DSL marks the introduction of China’s first fundamental law in the field of data security, which, together with the Cybersecurity Law and the upcoming Personal Information Protection Law, will lay a legal foundation for safeguarding national data security, promoting data utilisation and mitigating the risks of data processing activities...

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...

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...

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...

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...

Executive Order Targets Hospital Consolidation Non-Competes
Waller, July 2021

President Joe Biden is issuing an executive order today that aims to increase competition in the U.S. economy...

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)...

Pet Food Recalls: Here to Stay
Shoosmiths LLP, July 2021

Since April 2021, over 278 cases of feline pancytopenia, approximately 130 of which have proved fatal, have been detected amongst the UK’s feline population. This has now led to a recall of various cat foods, affecting large and small retailers...

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)...

 

 

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