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FMA Consultation on Advertising Financial Products
MinterEllisonRuddWatts, November 2020

Today the Financial Markets Authority (FMA) published a consultation paper seeking feedback in relation to its proposed guidance about advertisements for financial products under the Financial Markets Conduct Act 2013 (FMCA). The draft guidance is available online. The consultation paper and the consultation page containing details on how to make a submission can each be found on the FMA’s website...

COVID-19, the CARES Act and the Impact on Mortgage Forbearance
Spilman Thomas & Battle, PLLC, November 2020

In response to the coronavirus pandemic, the federal government passed the CARES Act, which provides a number of protections to homeowners unable to pay their mortgages. The CARES Act prohibits any home foreclosures before December 31, 2020, and allows homeowners to seek forbearance from lenders for a period of 180 days, with one extension of 180 days. The Act applies to all federally backed mortgages...

Settlement in Climate-Related Financial Disclosure Case
MinterEllisonRuddWatts, November 2020

The recent settlement in the Australian case: McVeigh v Retail Employees Superannuation Trust (REST) will be highly relevant to all New Zealand fund managers considering the impact of climate change on their investors. McVeigh v REST is the first case to consider whether a trustee of a superannuation fund had the duty to consider and disclose climate change risks...

Michigan Voters Add Constitutional Protections for Electronic Data and Communications
Dykema, November 2020

While public attention focused on the federal and state elections, Michigan voters made an important decision—they adopted Proposal 20-2, which amended Michigan’s Constitution to extend its protection from unreasonable searches and seizures to electronic data and communications...

SECURE Act Update: Nondiscrimination Testing Relief and Changes to Permissible In-Service Distribution Ages for Defined Benefit and Money Purchase Plans
Patterson Belknap Webb & Tyler LLP, November 2020

As part of our series of continuing updates1 on different aspects of The Setting Every Community Up For Retirement Enhancement Act of 2019 (the “SECURE Act”) and related legislation that may impact (or provide opportunities for) employers that sponsor retirement plans, this alert provides an overview of changes to rules related to nondiscrimination testing where defined benefit plans have been frozen or closed to new participants under the SECURE Act, and a reduction in the m

Dykema’s M&A Deal Volume Comes Roaring Back in the Third Quarter
Dykema, November 2020

Dykema’s M&A transaction volume was up sharply in the third quarter with 25 deals closing during that three-month period. The transactions involved a wide variety of industries including Dental Service Organizations (DSOs) and Medical Service Organizations (MSOs), alcoholic beverages, precious metals, automotive, waste management, health & fitness and cloud services...

Newsletter: Fintech Legal News in Argentina - Edition No. 13
Beccar Varela, November 2020

In this newsletter you will find a selection of the main legal news related to the fintech and digital banking market in Argentina. 3.0 transfers New open and interoperable model for instant payments As we anticipated in previous bulletins, the Central Bank (BCRA) completely updated the system of immediate electronic payments existing until now, taking it to a much more ambitious, interoperable and open model, which aims to interconnect bank accounts and accounts on an equal footing...

New Standard Conditions for Full Financial Advice Provider Licences Released
MinterEllisonRuddWatts, November 2020

On 6 November 2020, the Financial Markets Authority (FMA) released the final standard conditions for full financial advice provider (FAP) licences and the classes of financial advice service. A link to the standard conditions and licence classes are available online. These conditions follow the FMA’s consultation in June this year. See our previous discussion on the standard conditions and licence classes...

Offshore Data Transfers Under the New Privacy Act 2020
MinterEllisonRuddWatts, November 2020

One of the key changes to New Zealand’s data protection regime under the Privacy Act 2020 is the introduction of a new information privacy principle 12 (IPP 12), requiring certain controls be put in place before disclosing personal information to foreign entities. The concept itself is not new, and largely follows the approach taken in the EU, Australia and other jurisdictions...

Home Office - A Risk for Privacy and Cyber Security? What Companies Need To Do
Heuking Kühn Lüer Wojtek, November 2020

The Coronavirus pandemic has caused a shift in the paradigm of modern-day workplaces. Companies across the globe have seen a rapid and widespread shift to remote work, making compliance with the GDPR harder than ever. The Federal Office of Information Security (BSI), in its recent report on the ‘State of IT Security in Germany 2020’, expressed its concern and indicated a ‘tense situation’ for data protection in the country...

SECURE ACT Update: Lifetime Income Illustrations
Patterson Belknap Webb & Tyler LLP, November 2020

The Setting Every Community Up For Retirement Enhancement Act of 2019 (the “SECURE Act”), made sweeping changes to retirement plan rules...

A Cure for Covid-19 and a Vaccine for Creditors?
TSMP Law Corporation, November 2020

Balance has been tipping over from creditors to shareholders and the pandemic is only bringing this deepening fault line to the fore. Covid-19 slammed into the global consciousness this March and, as expected, immediately torpedoed the markets. But despite the worsening economic data hogging news headlines, exacerbated by intensifying US-China tensions, the markets have paradoxically strengthened since...

IRS Issues 2021 Limits for Retirement Plans
Hanson Bridgett LLP, November 2020

On Oct. 26, 2020, the IRS announced in Notice 2020-79 cost of living adjustments (COLAS) to the qualified plan dollar limits for 2021. Below is a summary of the limits that are generally relevant for most retirement plans. Effective Jan. 1, 2021: The elective deferral limit for 401(k), 403(b), and eligible 457(b) plans is unchanged at $19,500. The catch-up contribution limit for those aged 50 or older remains stable at $6,500...

Cambodia: Additional Measures to Support Private Sector Workers & Revive the Post-COVID-19 Economy
DFDL, November 2020

On 30 September 2020, the Royal Government of Cambodia (“RGC”) issued a press release and rolled out ‘Round 6’ of measures aimed at mitigating the impacts of COVID-19 on businesses and workers in Cambodia. These represent a combination of new and existing measures (that have been extended)...

Consultation on KiwiSaver Fees
MinterEllisonRuddWatts, November 2020

Today the FMA has published a consultation on proposed guidance on KiwiSaver fees and value for money. The consultation is aimed at providing guidance on the statutory requirement that KiwiSaver fees must not be unreasonable and the related overarching statutory duties. Submissions close on Monday 14 December. Both the consultation document and the media release are available online...

Top tips on comparative advertising
MinterEllisonRuddWatts, November 2020

Comparative advertising is a risky method of advertising. But if care is taken to address those risks, comparative advertising can be an incredibly effective tool for your business. It also has an important part to play in regulating competition and educating consumers. Comparative advertising compares a product produced or service provided by the advertiser to an equivalent product or service produced or provided by a competitor (or competitors)...

Environmental Claim ‘Flushable' Not False or Misleading
MinterEllisonRuddWatts, November 2020

The Full Australian Federal Court recently upheld the decision that Kimberly-Clark’s Kleenex Cottonelle Flushable Cleansing Cloths (Kleenex Wipes) did not make false or misleading claims in using the word ‘flushable'. The guidance on the evidence required and weight given to complaints is instructive for New Zealand entities making environmental claims...

How to Avoid False or Misleading Pricing Representations
MinterEllisonRuddWatts, November 2020

Pricing representations receive ongoing scrutiny from the Commerce Commission. The Commission frequently brings enforcement action in this area and in recent years the Commission has signalled that it receives a significant number of complaints from consumers who have been misled by or are concerned about pricing practices...

Is Your Business Fit to Lead in the New World Economy?
MinterEllisonRuddWatts, November 2020

There can be few tougher tests of leadership than the ones that 2020 has thrown at company directors and leaders. The days of worrying about disruption driven by technology seem like a dream in comparison with the urgency, pace, breadth and scale of the challenges that have pounded companies and sectors up and down New Zealand – and around the world...

Shearn Delamore & Co. Legal Update October 2020 (Financial Services)
Shearn Delamore & Co., November 2020

SC and Bursa extend temporary margin financing flexibilitiesOn 28 September 2020, the Securities Commission Malaysia (“SC”) and Bursa Malaysia Berhad (“Bursa”) extended the temporary relief measures relating to margin financing to 31 December 2020. The relief measures, which took effect on 27 March 2020 via Participating Organisations’ Circular No. R/R 6 of 2020, were initially due to expire on 30 September 2020...

Mortgage Servicing in the Age of COVID-19: Post Forbearance
Bradley Arant Boult Cummings LLP, October 2020

On page 8 of the September–October issue, we discussed the COVID-19 forbearance landscape and related compliance challenges for mortgage servicers. In this article, we unpack the post-forbearance world, focusing on the transition out of forbearance and into other forms of loss mitigation assistance, including, but not limited to, payment deferrals, repayment plans, loan modifications, etc...

Federal Banking Regulatory Agencies Issue Notice of Proposed Rulemaking Re: The Role of Supervisory Guidance
Buchalter, October 2020

On October 29, the OCC, the Federal Reserve, the FDIC, the NCUA and the CFPB (collectively, the “agencies”) issued a Notice of Proposed Rulemaking (“NPR”) to clarify and make into a rule the prior Interagency Statement Clarifying the Role of Supervisory Guidance issued on September 11, 2018 (“2018 Statement”).  Comments on the NPR are due within 60 days of the date the NPR is published in the Federal Register...

New Swiss DLT Regulation as of 2021
Walder Wyss Ltd., October 2020

On 25 September 2020 Parliament approved new regulations for Blockchain and Distributed Ledger Technology (DLT).(1) The goal of this new legal framework is to further establish and increase Switzerland's reputation as a leading, innovative and sustainable location for fintech and DLT companies. DLT framework DLT allows shared data management and, in particular, shared accounting among participants that do not know or do not trust each other's identity...

OCC Issues Final Rule Defining “True Lender” – A Bank is the “Lender” if it is Named the Lender in the Loan Documents or if it Funds the Loan
Buchalter, October 2020

On October 27, the Office of the Comptroller of the Currency issued a final rule that establishes a new standard for when a national bank or Federal savings association (“bank”) is the “true lender” in a lending arrangement with a third party.  This rule may have significant impact on bank’s partnerships and other arrangements with non-bank third parties, including bank-FinTech partnerships...

US-India Partnership in the Defence Sector Under the Atmanirbhar Bharat (Self-Reliant and a Resilient India)
Kochhar & Co. Advocates & Legal Consultants, October 2020

Background and about Atmanirbhar Bharat The idea of Atmanirbhar Bharat,or self-reliance, was at the heart of the Hon’ble Prime Ministerof India, Shri Narendra Modi’s address to the nation on 12May 2020 when he announced an economic package towards building aAtmanirbhar Bharat, or a self-reliant, resilient India...

 

 

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