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National Pensions Webinar
Shoosmiths LLP, March 2021

The Shoosmiths pensions team has hosted a webinar for non-pensions professionals, trustees and company directors to provide an oversight of pensions issues likely to effect businesses over the next 12 months...

Corporate Transparency Act Creates Privacy Concerns for Family Offices and Private Trust Companies
Waller, March 2021

The Corporate Transparency Act (the “Act”) became law on January 1, 2021, as part of the National Defense Authorization Act for Fiscal Year 2021 (Pub. L. 116-283) when the Senate voted to override former President Trump’s veto of that bill. High-net-worth families for whom privacy is a paramount consideration may be concerned that the Act creates a risk of sensitive ownership information being exposed to the wrong persons...

Corporate Insolvency Regime in the ASEAN Region – Focus on Bangladesh
DFDL, March 2021

This publication is part of a DFDL series focusing on Corporate Insolvency Regime in consideration of the COVID-19 outbreak in Asia. DFDL published the previous editions in a series of tailor-made FAQs on restructuring and insolvency matters that businesses and stakeholders need to keep track of in Cambodia, Indonesia, the Lao PDR, Myanmar, the Philippines, Thailand and Vietnam...

Buchalter COVID-19 Client Alert: Federal Court Declares CDC Eviction Moratorium is Unconstitutional, But Does Not Enjoin the Order
Buchalter, February 2021

 By Michael Flynn, Doug Prince and Khaled Tarazi  On Thursday, February 25, a Federal judge in the Eastern District of Texas ruled that the CDC tenant eviction order is unconstitutional, but did not enjoin the order.  The case was brought by seven Texas landlords against the CDC, challenging the CDC moratorium order.  The CDC moratorium applies to tenants who, among other things, declare economic hardship and earned $99,000 or less in 2020 ($198,000 for couples)...

Revising the New General QM Final Rule and Seasoned QM Final Rule: CFPB Expected to Postpone the Mandatory Compliance Date for the New General QM Final Rule and New Seasoned QM Final Rule and Temporarily Keep the GSE QM Loan Definition in Place, and Will Consider Revising the Seasoned QM Rule and Other Portions of the New QM Final Rule
Buchalter, February 2021

By Michael C. Flynn and Melissa Richards On February 5, a Buchalter Client Alert discussed CFPB Acting Director Uejio’s announcement that he was considering delaying implementation of the two new QM Final Rules (the “General QM final rule”, which creates a new definition for QMs generally, and the “Seasoned QM Final Rule”, which establishes a new “Seasoned QM”), and stated that the CFPB might consider changes to both rules...

Valuing Shareholdings in Divorce Proceedings: The Potential Impact on a Business
Shoosmiths LLP, February 2021

According to the Institute for Family Business, over five million family businesses in the UK generate more than a third of UK GDP. In 2018, the family business sector paid £196 billion in tax (over a quarter of the Government's total revenue) and employed 14 million people in the UK (50% of private sector employment)...

National Security & Investment Bill
Shoosmiths LLP, February 2021

The UK Government has published the National Security and Investment Bill – a proposed law that will introduce a screening process for certain acquisitions and investments and which is expected to come into force as early as April 2021. The National Security and Investment Bill has now had its second reading and is expected to come into force as early as April 2021. We take a look at what it will cover...

Hong Kong Government Initiates Subsidies for OFCs
Deacons, February 2021

On 24 February 2021, the 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)...

How Could Cryptocurrency Affect Divorce?
Shoosmiths LLP, February 2021

Earlier this month, Elon Musk revealed that Tesla, the electric car company run by the world's richest person, had bought $1.5bn (£1.1bn) in bitcoin and might soon also accept payment in the popular but controversial cryptocurrency. News of Tesla’s investment boosted bitcoin, and while lately it dropped from its record high, it appears to be rebounding. Cryptocurrency investment continues to move into the mainstream as global interest rates remain at record lows...

UnMasked: A Generational Shift in Attitudes About Racial Inequity, Diversity And The Unique Implications for Businesses
Dinsmore & Shohl LLP, February 2021

This week, Westlaw Today published an article by Dinsmore partner J.T. Wilson III about the generational shift in attitudes toward racial equity in light of George Floyd's death and about how business owners and employers must react accordingly...

Philippines: The FIST Law
DFDL, February 2021

On 16 February 2021, President Duterte signed into law Republic Act No. 11523, otherwise known as the “Financial Institutions Strategic Transfer (FIST) Act” (the “FIST Law”), which aims to reduce the non-performing loans (“NPL”) of banks due to the COVID-19 pandemic...

Bid Protests in New York
Bradley Arant Boult Cummings LLP, February 2021

Bradley attorneys Aron Beezley and Nathaniel Greeson highlight the administrative bid protest landscape in New York given the state's abundant acquisition economy. New York state's budget is the second largest in the country, and with it, New York has some of the most developed state acquisition laws and procedures in the country. Accordingly, New York provides comparatively robust bid protest rights when it comes to state-level bid protests...

SFC Consults on Proposed Conduct Requirements for Bookbuilding and Placing Activities
Deacons, February 2021

On 8 February 2021, The Securities and Futures Commission (SFC) published a consultation paper on (i) the proposed code of conduct on bookbuilding and placing activities in equity capital market (ECM) and debt capital market (DCM) transactions (Proposed Code) and (ii) the “sponsor coupling” proposal (together, the Proposals)...

Legal Developments in the Philippines: Focus on Data Privacy, Digital Banks and FinTech
SyCip Salazar Hernandez & Gatmaitan, February 2021

This bulletin is on recent Philippine legal developments in data privacy, fintech and digital banks. PRIVACY UPDATE Caring about Sharing: New Rules on Data Sharing Agreements On December 23, 2020, the Philippine data privacy regulator, the National Privacy Commission (NPC) issued NPC Circular No. 2020-03 on data sharing agreements (2020 DSA Circular).1 The circular supersedes NPC Circular No...

Hong Kong Monetary Authority (“HKMA”) – AML/CFT Regtech: Case Studies and Insights
Deacons, February 2021

The HKMA published a report titled “AML/CFT Regtech: Case Studies and Insights” highlighting the opportunities that Regtech offers to transform the effectiveness and efficiency of Anti-Money Laundering and Counter-Financing of Terrorism (“AML/CFT”) efforts, and sharing end-to-end approaches which worked in real-life examples...

Financial Stability Institute (“FSI”) Publishes Bank for International Settlement (“BIS”) Research Paper on Fintech Regulation
Deacons, February 2021

The FSI has published the BIS’s research paper titled “Fintech regulation: how to achieve a level playing field” in February 2021 (the “Paper”). The Paper explores how regulation should evolve to encourage fair competition between traditional banks and new fintech and big tech players...

New Asia Securities Industry and Financial Markets Association (“ASIFMA”) Report on Data Challenges and Opportunities for ESG and Sustainable Finance in APAC
Deacons, February 2021

ASIFMA, together with the Future of Sustainable Data Alliance, published a paper entitled “Data Challenges and Opportunities for ESG and Sustainable Finance in Asia Pacific” – a result of a year-long review of sustainability data challenges facing the industry in the Asia Pacific...

Bulletin Real Time: Latest News
Brigard Urrutia, February 2021

1. Historic: First vaccine administered in Colombia. A nurse in the Caribbean region of Sincelejo was the first Colombian to be vaccinated in the country. The original plan had been to begin the nationwide vaccination program on Saturday (February 20), but things have moved faster. Sincelejo and Montería began vaccinating today. Bogotá, Medellín, Cali, Barranquilla, Bucaramanga and Cartagena begin tomorrow...

Good Governance in Farming Businesses
Shoosmiths LLP, February 2021

Post-Brexit, it’s now even more important for farming families to understand how changes to direct payments and valuation of farmland can affect succession, asset protection and family disputes. We explain what you need to know. Leaving the EU resulted in the UK leaving the EU’s Common Agricultural Policy (CAP), which paid farmers direct payments and has been a significant source of income for many farmers...

Hong Kong SFC Licensing and Compliance Hints: Protecting Client Assets
Deacons, February 2021

As mentioned in our article published on 3 April 2020, the deadline for compliance with the Securities and Futures Commission’s (SFC’s) circular of 8 July 2019 on new measures to protect client assets (Circular) was extended to 31 January 2021. With these new measures in place, intermediaries are now required to obtain confirmation from authorised institutions (AIs) (i.e...

SFC Guidance on the Appointment of Multiple Custodians and Custody Procedures for Open-Ended Fund Companies
Deacons, February 2021

On 23 December 2020, the Securities and Futures Commission (SFC) updated its Frequently Asked Questions (FAQs) relating to Open-ended Fund Companies (OFCs) on matters related to custodians and the custody of assets and records of the OFC. Appointment of multiple custodians Under the Securities and Futures Ordinance, all scheme property of an OFC must be entrusted to a custodian of the OFC for safekeeping...

Mainland China briefing: Mainland China, Hong Kong and Macau sign MoU for the Greater Bay Area Wealth Management Connect Scheme
Deacons, February 2021

On 5 February 2021, financial authorities in Mainland China, Hong Kong and Macau, including the People’s Bank of China (PBOC), the China Banking and Insurance Regulatory Commission (CBIRC), the China Securities Regulatory Commission (CSRC), China’s State Administration of Foreign Exchange (SAFE), Hong Kong’s Securities and Futures Commission (SFC), the Hong Kong Monetary Authority (HKMA) and the Monetary Authority of Macau (AMCM), jointly signed a memorandum of understa

Welcome Home, Offshore Funds!
Deacons, February 2021

Hong Kong will soon allow re-domiciliation of existing offshore funds through amendments to the Securities and Futures Ordinance (SFO) for open-ended fund companies (OFCs) and the Limited Partnership Fund Ordinance (LPFO) for limited partnership funds (LPFs)...

Social Bonds Are All The Rage: How to Credibly Attain The Coveted Designation
Dinsmore & Shohl LLP, February 2021

Social bonds, which raise funds for new or existing projects seeking to address social issues, continue to soar in popularity among investors – but how is “social bond” designation achieved? The primary criteria for social bond designation is established by the United Nations Sustainable Development Goals (UNSDG)...

Buchalter COVID-19 Client Alert: FHA, VA, USDA Foreclosure and Eviction Moratoria, and Forbearance Application Deadline, Extended to June 30; Current List of Time Periods for GSEs, Federal Agencies and West Coast States Foreclosures and Evictions, and Forbearance Applications
Buchalter, February 2021

Following last week’s FHFA announcement extending the Fannie Mae and Freddie Mac foreclosure and eviction moratoria and their deadlines for applying for COVID-related forbearance, the White House announced on February 16 that FHA, VA, and USDA will extend their single-family residential foreclosure and eviction moratoria, and their deadlines for applying for COVID-related forbearance, to June 30, 2021...

 

 

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