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Cambodia: Use of Khmer Language and Currency in Financials and Onsite Inspections
DFDL, September 2021

September 2021 has seen the issuance of Circular 009 on the Usage of Khmer Language and Currency in Accounting Records and Financial Statements (“Circular 009”) and Notification No. 355 on Inspection Visits and Implementation of Interim Fines for Violations of Law on Accounting and Audit (“Notification 355”). We set out the salient points in Circular 009 and Notification 355 below for your reference...

CCCFA Amendments Delayed
MinterEllisonRuddWatts, September 2021

On Thursday 9 September 2021, the Ministry of Business, Innovation and Employment (MBIE) announced a number of changes to legislation due to the shift in COVID-19 alert levels...

Chilean Executive Presents “FinTech Law” Bill
Carey, September 2021

On September 3, the executive presented to Congress the anticipated draft of the "FinTech Law", the new regulation that proposes a legal framework applicable to FinTech companies in Chile (the "Bill"). Until now, FinTech companies in Chile have operated without their own or specially designed legal framework, which has generated a series of regulatory inconveniences that have impacted their business model and hindered the development of these technologies in Chile...

The Dramatic Increase in UK Megadeals
Shoosmiths LLP, September 2021

A new report by Shoosmiths, in partnership with Beauhurst, shows that the number of venture capital ‘megadeals’ in the UK has increased tenfold over the last decade. In 2011 a modest five ‘megadeals’ (where £50 million or more is invested into a company) occurred, compared with an astounding 51 megadeals in the first half of 2021...

What Employers Need To Know About Employee Retention Credits: Rules for the Second Half of 2021 and General Clarifications
Dykema, September 2021

Employee Retention Credits (“ERC” or “credits”) are available to eligible employers that paid qualified wages after March 12, 2020, and before January 1, 2022. Multiple pieces of legislation and Internal Revenue Service (“IRS”) guidance expanded and modified the ERC rules and determination of eligibility for ERC, and computation of the credits may vary based on each individual calendar quarter in 2020 and 2021...

COVID-19: Payments on Account and Depreciations for a Longer Period than the Maximum Period Established for Tax Purposes
Garrigues, September 2021

In the context of the current COVID-19 pandemic, new measures were approved to enable companies to increase their cash flows. Payments on account (FY2021) Taxpayers who are cooperatives or have obtained in the 2020 fiscal period a turnover up to the maximum limit set for their classification as medium-sized enterprises (i.e...

Corporate Restructuring Strategies for the Post-Pandemic Recovery
Kudun and Partners, September 2021

Businesses in Thailand are facing a difficult road ahead. The latest wave of COVID-19 infections continues to hammer the economy, further delaying a recovery that many companies were counting on to relieve their financial woes. Those struggles have been considerable. According to the National Economic and Social Development Council (NESDC), Thailand’s gross domestic product shrank by 6.1% in 2020 – the steepest decline since the Tom Yum Kung financial crisis of 1997...

Shearn Delamore & Co. Legal Updates August 2021 (2)
Shearn Delamore & Co., September 2021

Corporate/M&A Amendments to the Main Market Listing Requirements following Enhanced IPO Framework On 11 August 2021, Bursa Malaysia Securities Berhad (“Bursa Securities”) reviewed the Main Market Listing Requirements (“MMLR”) to ensure parity of regulation with the Securities Commission Malaysia’s (“SC”) introduction of an enhanced initial public offering (“IPO”) framework which took effect on 1 January 2021...

Insolvency in Scotland: Back to Basics – Part 1, Winding Up
Shoosmiths LLP, September 2021

This is the first article in 'Back to Basics', a series of articles looking at insolvency processes in Scotland. In this article I examine the court process for winding up a company. A winding up petition is a form of legal action that can be used when a company is unable to pay its debts as they fall due. Sections 122 to 124 of the Insolvency Act 1986 (‘the Act’) deal with how to wind up a company in Scotland...

Customer Vulnerability: Immediate Priorities of the FMA
MinterEllisonRuddWatts, September 2021

On 2 September 2021, the FMA published an updated information sheet on its expectations for providers of financial services in relation to customer vulnerability practices (Information Sheet). The FMA acknowledges there is no ‘one-size-fits-all’ approach to developing and embedding processes and practices related to customer vulnerability...

National Treasury Set to Limit Assessed Tax Losses: Agricultural and Mining Sectors Among those Industries to Bear the Brunt
ENSafrica, September 2021

  The National Treasury (“NT”’) published its draft Taxation Laws Amendment Bill with accompanying Explanatory Memorandum on 28 July 2021 (the “draft Bill”). By now it is well known that the draft Bill contains a fairly radical proposal: section 20 of the Income Tax Act, 1962 (“the Act”) will be amended to limit the amount of an assessed tax loss that may be set-off against taxable income...

Explaining the Call for Global Tax Reform
ENSafrica, September 2021

Since the G7 meeting on 5 June when the G7 finance ministers announced a global corporation tax of at least 15%, there has been much written and spoken about the new proposed global minimum tax rate. Janet Yellen, the US Treasury Secretary, called the agreement a “historic day for economic diplomacy”...

Managing Transfer Pricing Risk during the COVID-19 Pandemic
ENSafrica, September 2021

It seems like an eternity ago since the World Health Organisation declared a pandemic on 11 March 2020. Governments around the world have responded to the pandemic in different ways, including various degrees of lockdowns, travel restrictions and fiscal and monetary support for some of the most affected industries. This has led to unprecedented disruptions of the global economy and affected business models of many multinational enterprises (“MNEs”)...

Bitesize Briefing – Freeports – Commercial Contracts and Supply Chain
Shoosmiths LLP, September 2021

The government has confirmed its intention to establish eight new Freeports in Solent, East Midlands Airport, Felixstowe & Harwich, Humber, Liverpool City Region, Plymouth & South Devon, Teesside and Thames. In our latest Freeport bitesize briefing, we look at some of the potential commercial contracts and supply chain opportunities for businesses looking to operate in these Freeports. There are generous customs and taxation benefits within Freeport sites...

Prevent and Combat Money Laundering and Terrorist Financing in the Real Estate Sector
PLMJ, September 2021

Regulation 603/2021 was approved by the Governing Board of the Institute of Public Markets, Real Estate and Construction I.P. (“IMPIC”) and came into force on 5 July 2021. The aim of this regulation (“Regulation”) is to establish and regulate the procedures to be adopted in the fight against money laundering and terrorist financing in the real estate sector...

Data Analytics Gives SEC Enforcement Edge On Earnings
Bradley Arant Boult Cummings LLP, September 2021

In a sign that the U.S. Securities and Exchange Commission continues to ramp up its enforcement efforts, the SEC last week in In re: Healthcare Services Group Inc. charged a health care services company and its chief financial officer and controller as part of the Division of Enforcement's Earnings Per Share, or EPS, Initiative. A Sept...

Tax Issues and Practical Solutions (T.I.P.S.) for August 2021
SyCip Salazar Hernandez & Gatmaitan, September 2021

1. May the Bureau of Internal Revenue issue assessments against a taxpayer based on third-party information? Yes, provided that such third-party information is verified or confirmed with the relevant customers or suppliers. In Commissioner of Internal Revenue v. Mercury Group of Companies, Inc. (CTA EB No. 2215 (CTA Case No...

A Much-Awaited Relief to Indian Exporters on Remission of Duties
Kochhar & Co. Advocates & Legal Consultants, September 2021

The World Trade Organization (‘WTO’) has always been of the view that Indian export subsidy schemes like Merchandise Exports from India Scheme (‘MEIS’), Export Oriented Units (‘EOUs’), Service Export Incentive Schemes are principally in violation to the Subsidies and Countervailing Measures Agreement (‘SCM Agreement’)...

Banking Briefing: In Practice - Pension Schemes Act 2021 Implications for Lending Transactions
Shoosmiths LLP, September 2021

There are indirect, and potential direct, implications for lending transactions from the Pension Schemes Act 2021. Both lenders and borrowers, as well as pensions trustees, have an interest in knowing what's changed and how that might impact their deals. The Act received Royal Assent on 11 February 2021 and updates the Pensions Act 2004. It primarily relates to funding and security of Defined Benefit or ‘Final Salary’ Schemes (‘DB Schemes’)...

Dramatic Changes proposed to Norway’s Petroleum Tax Regime
Simonsen Vogt Wiig AS, September 2021

Last night, only days ahead of a general election the minority Government in Norway is likely not to win, a proposal for dramatic changes to the upstream petroleum tax regime. It was announced at 18.00 hours Oslo time in a hastily called press conference by the Minister of Finance Mr Sanner (Conservative) and the Minister of Petroleum and Energy Ms Bru (Conservative)...

Policyholder Security: IPSA Option Paper Released
MinterEllisonRuddWatts, September 2021

Yesterday the Reserve Bank of New Zealand (Reserve Bank) issued its second options paper as part of the broader review of the Insurance (Prudential Supervision) Act 2010 (IPSA). The consultation presents options to enhance policyholder protection security in the event of an insurer’s insolvency. Given the heightened alert levels, the Reserve Bank has extended the consultation window to 15 November 2021. A link to the options paper is available here...

High Court Clarifies Approach to AML Penalties
MinterEllisonRuddWatts, September 2021

Yesterday, the High Court in Wellington released its judgment setting out the reasons for its earlier decision imposing a $3.5 million civil penalty on TSB Bank Limited (TSB) for contraventions of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act). This followed a statement of claim from the Reserve Bank of New Zealand (Reserve Bank), as TSB’s anti-money laundering and countering financing of terrorism (AML/CFT) supervisor...

What We’re Seeing: Margin Ratchets in Environmental, Social and Governance (‘ESG’) Loans
Shoosmiths LLP, August 2021

Margin ratchets are a concept that the banking and finance world are familiar with. Increasingly these are linked to ESG loans with both lender and borrower engagement. How do they work in practice, what are the benefits and what are the potential risks? Typically margin ratchets are linked to financial covenants – more often than not leverage – they incentivise borrowers to improve their financial health over the life of a loan...

Commission Amends Financial Disclosure Requirements for Business Acquisitions and Dispositions
Bradley Arant Boult Cummings LLP, August 2021

On May 21, 2020, the Commission adopted amendments to the financial statement disclosure requirements for business acquisitions and dispositions by Commission registrants that also apply to companies undertaking an initial public offering. The amendments resulted from the Commission staff’s ongoing evaluation of Regulation S-X and Regulation S-K as part of its Disclosure Effectiveness Initiative and were proposed by the Commission in May 2019...

Climate-Related Risk Requirements for Fund Managers
Deacons, August 2021

Hong Kong’s Securities and Futures Commission (SFC) has announced details of requirements for fund managers to address climate change in their investment and risk management processes and make appropriate disclosures. Where are the requirements set out? On 20 August 2021, the SFC issued: Consultation Conclusions on the Management and Disclosure of Climate-related Risks by Fund Managers with amendments to the Fund Manager Code of Conduct (FMCC) set out in Appendix B and C...

 

 

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