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Africa Regulatory Insight: Coronavirus (COVID-19) Regulatory Measures
ENSafrica, April 2021

ENSafrica recently released Africa Regulatory Insight: Coronavirus (COVID-19) Regulatory Measures. This comprehensive report outlines the COVID-19 regulatory measures for each country across Sub-Sahara Africa, providing the sector, measure, effective date/status and key points and impact for each region. The information provided herein is intended to provide a general overview, and is not an exhaustive list of all legislatice developments across Sub-Sahara...

The Forefront: Great ExSPACtations
TSMP Law Corporation, April 2021

The advent of blank cheque company IPOs. Special Purpose Acquisition Companies (SPACs) have taken the corporate world by storm. These “blank cheque” shell companies, which raise funds in their initial public offerings (IPO) to invest in potential but as yet unidentified target businesses, have fuelled a listing frenzy in the US. SPAC IPOs have garnered US$87.9 billion in fundraising in the first three months of 2021, already exceeding last year’s total...

Is it Time for the Resign of the E-Sign “Reasonable Demonstration?”
Bradley Arant Boult Cummings LLP, April 2021

The E-Sign Act was signed into law over two decades ago. To put that into context, smart phones as we know them did not exist—the most popular mobile phone in 2000 was a flip phone, the Nokia 3310, and the first iPhone would not debut for another seven years. The most popular website was AOL because many people were still using AOL as their internet service provider. Google was a fledgling company with its search engine just starting out among the mainstays like Excite and Lycos...

The National Security and Investment Bill: What Does it Mean for Real Estate?
Shoosmiths LLP, April 2021

The National Security and Investment Bill will allow government intervention in transactions raising national security concerns. It will require investors in UK real estate to consider whether the regime applies and factor in any timetabling implications. The Bill is currently being examined in the House of Lords. It will introduce an independent screening regime in the UK where a transaction gives rise to national security concerns...

Legislative Proposal on Health Technology Assessment
PLMJ, April 2021

On 24 March 2021, the EU Member States agreed to begin negotiations with the European Parliament concerning a legislative proposal on health technology assessment. Health technology includes medicinal products, medical devices or medical and surgical procedures, as well as measures for disease prevention, diagnosis or treatment used in healthcare...

Clinical Trials in Portugal
PLMJ, April 2021

Research and development ("R&D") of medicinal products is fundamentally important in peoples’ daily lives. This is true both from an individual perspective – when considering the objective of identifying and treating pathologies (with a consequent increase in the quality of life of patients) – and from a collective perspective, when considering the role of R&D in controlling the spread of diseases and in eradicating them altogether...

United States Supreme Court Exempts Certain Technology from the TCPA
Dinsmore & Shohl LLP, April 2021

In Facebook v. Duguid, (Case No. 19-511) on April 1, 2021, the United States Supreme Court unanimously confirmed that equipment without the capacity to randomly or sequentially store or produce numbers is not an autodialer for TCPA purposes. The Facebook ruling focuses on text messages, which many institutions are using as a primary method of customer contact, but it is also a victory for those using predictive dialers and preview dialers without random and sequential source codes...

Cambodia: New Transaction Amounts - Know Your Customer Procedures for Financial Institutions and Payment Service Providers
DFDL, April 2021

Pursuant to the Prakas on Launching the Use Rules and Procedures of Bakong System dated 26 June 2020 and the Prakas on Management of Payment Service Providers dated 14 June 2017, the National Bank of Cambodia (“NBC”) has determined transaction amounts and KYC procedures for financial institutions and payment service providers (“PSP”) in Cambodia...

Cambodia: New Transaction Amounts & Know Your Customer Procedures for Financial Institutions & Payment Service Providers
DFDL, April 2021

Pursuant to the Prakas on Launching the Use Rules and Procedures of Bakong System dated 26 June 2020 and the Prakas on Management of Payment Service Providers dated 14 June 2017, the National Bank of Cambodia (“NBC”) has determined transaction amounts and KYC procedures for financial institutions and payment service providers (“PSP”) in Cambodia...

The United States Corporate Transparency Act (“CTA”) of 2021
Morgan & Morgan, April 2021

What is the CTA? The CTA was enacted on January 1st, 2021 as part of the National Defense Authorization Act to prevent the use of companies to evade anti-money laundering rules or to hide other illegal activities. Under the CTA companies will be required to report information regarding its beneficial owners with a beneficial ownership registry maintained by the United States Treasury Department’s Financial Crimes Enforcement Network (FinCEN)...

Real Estate IHL Series – HeartMath
Shoosmiths LLP, March 2021

Wellbeing, selfcare is key in order to give the world the best of you, not what’s left of you…. Shoosmiths’ Learning & development Manager, Yvonne Oakenfull gives us an insight into HeartMath – how different patterns of the heart activity have different effects on your thoughts and behaviours...

Shearn Delamore & Co Legal Update March 2021 (2)
Shearn Delamore & Co., March 2021

FINANCIAL SERVICES Relaxation of FEP requirements on interest rate swap Bank Negara Malaysia has announced that nonresident banks may trade ringgit denominated interest rate swap without any underlying commitment with any participating onshore licensed banks and their appointed overseas offices (“AOOs”) with effect from 15th March 2021...

Shearn Delamore & Co Legal Update March 2021 (1)
Shearn Delamore & Co., March 2021

FINANCIAL SERVICES Further extension on short selling ban The Securities Commission Malaysia and Bursa Malaysia Securities Berhad announced a further extension, until 29 August 2021, of the existing suspension of Intraday Short Selling (IDSS) and Short Selling by Proprietary Day Traders on the stock exchange of Bursa Malaysia Securities Berhad. The scope of the ban remains the same.   Pepared by: Christina S. C...

FMA Responds on Regulatory Returns Consultation
MinterEllisonRuddWatts, March 2021

On 25 March 2021, the Financial Markets Authority (FMA) released a response to submissions on its March 2018 consultation on proposed regulatory returns for licensed derivative issuers, providers of discretionary investment management services (DIMS) and managers of managed investment schemes (MIS) (together, licensees) under the Financial Market Conduct Act 2013 (FMCA)...

Is Thailand Safe For Investors Amid the Coronavirus Outbreak?
Kudun and Partners, March 2021

Please note: The information, facts, and figures in this article are correct as of the publication date (12 February 2020). For up-to-date information and advice on this matter, please contact the authors.   Novel coronavirus is understandably causing a lot of panic and uncertainty around the globe...

Kudun & Partners Leads Largest Group of Creditors in Thai Airways Business Rehabilitation Proceeding
Kudun and Partners, March 2021

In August 2020, Kudun & Partners was appointed to represent the largest group of creditors, consisting of 87 savings cooperatives, in the wake of the recent Thai Airways’ petition for rehabilitation. Taken together, these investment entities hold 65% of the airline’s total debenture debt, making them the largest group of creditors...

Onshore UAE Trusts Law – Refresher and Overview
Afridi & Angell, March 2021

UAE Federal Decree Law 19 of 2020 Regarding Trusts (the UAE Trusts Law) was issued in September of 2020. As there was no comparable law previously, the UAE Trusts Law opened the door to trusts in the UAE for the first time (not including DIFC and ADGM trusts, the UAE’s two financial free zones). This is a potentially significant development that holds great promise, although some key questions remain...

Building the Nation’s Trust – Connecting a Charity’s Work to its Purpose
Shoosmiths LLP, March 2021

The Charity Commission focuses on charities meeting “public expectation”, but they also need to remain true to their stated purpose, even when doing so may prove controversial. A report on our colonial past The National Trust has acted in accordance with its charitable objects. This shouldn’t be headline news, but it has been for the last six months...

Progress towards a paperless securities market for Hong Kong
Deacons, March 2021

On 19 March 2021, the Hong Kong Government gazetted the Securities and Futures and Companies Legislation (Amendment) Bill 2021 (the Bill). The Bill provides for an uncertificated securities market (USM) regime which will allow investors to hold securities in their own names without paper documents...

Fund Managers’ Duties Under the Open-Ended Fund Company Regime
Deacons, March 2021

An increasing number of investment managers in Hong Kong are considering the adoption of the open-ended fund company (OFC) structure following announcements by the government of subsidy initiatives to cover 70% of expenses paid to local professional service providers for the establishment of OFCs and the re-domiciliation of funds as OFCs. As a key operator of an OFC, the investment manager should be well informed of its obligations and duties under the OFC regime...

Impact of the EU’s SFDR on Hong Kong Fund Managers
Deacons, March 2021

The European Union’s (EU’s) Sustainable Finance Disclosure Regulation (SFDR) imposes disclosure obligations on fund managers and other EU regulated firms regarding environment, social or governance (ESG) issues. The SFDR disclosure obligations came into effect on 10 March 2021. I was recently approached by Ignites Asia – a Financial Times service – for an interview on how the SFDR may impact Hong Kong fund managers. Below is an extract. 1...

Significant Penalty for Failure to Comply with Hong Kong Short Position Reporting
Deacons, March 2021

A recent Securities and Futures Commission (SFC) disciplinary action is a reminder of the need for managers to ensure there are systems and procedures in place to meet the short position reporting obligations of the funds that they manage. The SFC reprimanded and fined an asset manager HK$3...

FMC Opens Public Consultation Process Regarding Two Amendments to its Regulation on Financial System Debtors
Carey, March 2021

On March 18, 2021, the Financial Market Commission (“FMC”) opened a public consultation process regarding 2 regulations: Amendment to the files that configure the report of financial system debtors The proposed regulatory changes, applicable to banks, supervised cooperatives and bank support companies (sociedades de apoyo al giro), aim to reduce the frequency of the delivery of the files D10 (Information on debtors article 14 LGB (General Banking Act)) and D27 (Obligations

FMA Directs Derivatives Issuer to Address Misleading Advertising
MinterEllisonRuddWatts, March 2021

The Financial Markets Authority (FMA) has issued a direction order to licensed derivatives issuer, Rockfort Markets (Rockfort), to address specific advertising statements. Link to the media release is availablehere. Who needs to read it? Why? All businesses in the financial services industry should take note of the FMA’s latest direction order...

PIE Changes – PIE Tax Annual Assessment Process
MinterEllisonRuddWatts, March 2021

Inland Revenue has announced that from the 2021 tax year changes will be made to ensure consistency in the taxation of Portfolio Investment Entity (PIE) income. The general guidance is available online here. Who needs to read it? Why? Banks and financial institutions (PIE Providers) and individuals with PIE income...



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