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Shearn Delamore & Co Legal Updates June (1)
Shearn Delamore & Co., June 2021

Financial ServicesBNM issues Corporate Strategic Plan policy document for DFIsOn 27 May 2021, Bank Negara Malaysia (“BNM”) issued the Corporate Strategic Plan (“CSP”) policy document, applicable to all development financial institutions (“DFIs”) prescribed under the Development Financial Institutions Act 2002...

Congress Approves Bill that Contemplates New Tax Measures for Micro, Small and Medium-Sized Companies
Carey, June 2021

On June 10, 2021, the National Congress approved the bill that establishes new tax measures to support micro, small and medium-sized companies in the context of the crisis generated by Covid-19. The bill, which is awaiting the final formalities of enactment and publication, includes the following tax measures: Temporary reduction of the penal interest rate for SMEs from 1...

Thailand’s First Initial Coin Offering Using Real Estate Backed Security Tokens Approved by the Thai Securities and Exchange Commission Expected to Raise THB 2.4 billion
DFDL, June 2021

On 22 May 2021, SPV77 Co. Ltd., a special purpose entity set up to issue and offer Siri Hub Investment Digital Tokens (“SIRIHUB”) to investors secured approval from the Securities and Exchange Commission (“SEC”) for the country’s first Initial Coin Offering (“ICO”). The first ICO approval by the SEC follows three years of legal changes starting with the passage of the Emergency Decree on Digital Asset Business Operation B.E. 2561 (2018)...

UK Cities Investor Guide
Shoosmiths LLP, June 2021

As we emerge from the pandemic, UK cities have a positive future – from the growth of digital broadcasting in Manchester to the positive future for inward investment; from what is needed to preserve our high streets to excitement around the Birmingham 2022 Commonwealth Games. The UK Cities Investor Guide is a bi-annual publication produced in partnership with EG, and tackles some of the key challenges and opportunities facing the real estate investment market...

Landmark Decision Clarifies Hong Kong Law on Parallel Imports and Liability of Online Platforms for IP Infringement as well as the Jurisdiction of Hong Kong Courts in Relation to Online Sales by Platforms Based Outside of Hong Kong
Deacons, June 2021

The liability of online platforms for the activities of third-party vendors has always been a controversial area. With the explosion of online shopping as a result of the pandemic, the issue has come under increased scrutiny. Although cases in the UK and EU have discussed the factors that the Court will consider in deciding whether the operator of an online platform is jointly liable, the position in Hong Kong remained uncertain, until now...

Enhanced Disciplinary Regime with Emphasis on Holding Individuals Including Senior Management Accountable for Listing Rule Breaches
Deacons, June 2021

On 20 May 2021, The Stock Exchange of Hong Kong Limited (Exchange) published conclusions to its consultation on review of the Rules Governing the Listing of Securities on the Exchange (Listing Rules) relating to disciplinary powers and sanctions The Exchange decided to implement all the proposals in the consultation paper (see our previous client alert “Hong Kong Stock Exchange proposes to enhance disciplinary regime to deter misconduct” published in August 2020),

Trade Marks: You Gotta Have (Good) Faith
ENSafrica, June 2021

Some opening words In South Africa, as in many jurisdictions, the concept of good faith (bona fides) crops up a lot. So, for example, in order to get registration of a trade mark, the applicant must have a good faith intention to use the trade mark. Once the trade mark is registered the owner must use it in good faith in order to keep the registration alive. In the words of George Michael, “You gotta have faith". Good faith...

Confusingly Similar Trade Marks: What’s Happening in Europe?
ENSafrica, June 2021

We tend to keep an eye on trade mark developments in Europe. It makes sense because South African trade mark law is very similar to EU trade mark law and there’s far more activity in the EU. South African courts do, of course, often consider EU trade mark judgments. Here are a few recent cases:  Rounded curves, thicker lines and a horizontal orientation…was the judge’s mind wandering a little? This was an interesting one...

ESG Principles at Work in Diversifying Governance
Dinsmore & Shohl LLP, June 2021

Dinsmore's Richik Sarkar was published in Bank Director this week discussing the need for diversity and inclusion within governance structures. Read an excerpt below...

Legal Status of Digital Assets from the Corporate Income Tax Perspective According to the Thai Revenue Code
Kudun and Partners, June 2021

Saravut Krailadsiri, our tax partner and Pichaya Nimcharoen, our tax associate recently published a journal for Thailand’s Office of Judicial and Legal Affairs of the Court of Justice, Thailand as part of “Dunlaphaha: Journal of the Court of Justice...

Thai Cabinet Approves Ministerial Regulation Authorizing Personal Vehicle Registrations for Ride-Hailing Applications
DFDL, June 2021

On Tuesday 25 May 2021 at its regular weekly meeting, the Thai Cabinet approved the Department of Land Transport’s draft Ministerial Regulation (“Regulation”) that will open the way for ride-hailing companies to register for an operating license. This will allow drivers to register their personal vehicles (with a maximum capacity of seven people) as taxis to be used with such ride-hailing applications...

Five Good Reasons to List your Company on the Stock Exchange and Opt for Equity Financing
Lavery Lawyers, June 2021

In 2020, the pandemic disrupted the Quebec economy and the trend continued in 2021. After a difficult year for local businesses, there is an opportunity for business owners to rethink their business model as they develop their recovery plan. In this context, an initial public offering and equity financing might be a good idea...

Allegations That COVID-19 was Physically Present and Altered Property are Sufficient to Sustain COVID-19 Business Interruption Suit
Hunton Andrews Kurth LLP, June 2021

On Wednesday, a federal judge in Texas denied Factory Mutual’s Rule 12(c) motion for judgment on the pleadings, finding that the plaintiffs adequately alleged that the presence of COVID-19 on their property caused covered physical loss or damage in the case of Cinemark Holdings, Inc. v. Factory Mutual Insurance Co., No. 4:21-CV-00011 (E.D. Tex. May 5, 2021)...

Final Shape of the Licensing Regime for Virtual Asset Services Providers
Deacons, June 2021

On 21 May 2021, Hong Kong’s Financial Services and Treasury Bureau (FSTB) issued its consultation conclusions (Conclusions) on the proposed licensing regime for virtual asset services providers (VASPs). The Conclusions follow publication of the FSTB’s consultation paper of 3 November 2020 (Proposal). For details of the Proposal, please refer to our article of 24 November 2020...

When Do I Stop Paying for my Children in Family Law?
Shoosmiths LLP, June 2021

When parents separate one question that is often asked is how long will I or my ex have to pay child maintenance for. Child maintenance Child maintenance is a regular, usually monthly payment, made by the parent with whom the children do not live (commonly known as the non-resident parent (NRP)) to the other parent (commonly known as parent with care (PWC))...

Will Covid Result in Longer Child Maintenance Orders?
Shoosmiths LLP, June 2021

A question that has been posed by separated parents over the last year has been whether they will need to pay maintenance for their children for longer due to the unexpected gap year. Following the outbreak of COVID-19 there was an increase in students deferring their places at university due to start in the autumn of 2020. The number of deferrals was increased from 5.6% in 2019 to 6.3% in 2020...

Amendments to the Business Corporations Act Permit Virtual Meetings in British Columbia
Lawson Lundell LLP, June 2021

Virtual shareholder meetings have become ubiquitous for both public and private companies since the onset of the COVID-19 pandemic. Canadian securities regulators, stock exchanges and federal and provincial governments quickly responded to accommodate electronic meetings where it was otherwise not permitted. In British Columbia, Ministerial Order No...

Businesses Dealing in Virtual Currency Face New AML and Reporting Requirements in Canada
Lawson Lundell LLP, June 2021

In May 2021, the total value of cryptocurrency globally surpassed USD $2.5 trillion, and continues its emergence as a new asset class.[1] Governments in Canada and around the world are updating regulatory requirements in response to the new innovations in financial technologies. Historically, there has been regulatory uncertainty surrounding cryptocurrencies in Canada...

SPACS or Special Purpose Acquisition Companies - A Belgian Perspective
ALRUD Law Firm, June 2021

In recent years, Special Purpose Acquisition Companies or “SPACs” have gained tremendous popularity in the United States. In 2020 alone, one hundred SPACs accounted for approximately $80 billion in US public fundraising. Although that enthusiasm has not reached the same levels in continental Europe, these investment vehicles are also increasingly making their way into the different European markets. Today, about six SPACs are listed on Euronext Amsterdam...

Competition Commission Prohibits Merger on New Public Interest Ground
ENSafrica, June 2021

On 1 June 2021, the Competition Commission released a media statement indicating that it had, on public interest grounds, prohibited a proposed transaction whereby a private equity firm, ECP Africa, intended to acquire Burger King (South Africa) and Grand Foods Meat Plant from Grand Parade Investments...

Courting Billionaires
TSMP Law Corporation, June 2021

Fast becoming the Monaco of the East, Singapore is luring global UHNWIs to set up family offices here due to its wealth-friendly tax and regulatory regime, and its position at the global economic growth epicentre. Sergey Brin (net worth: US$104 billion). Google’s co-founder and the world’s ninth-richest person set up a branch of his single family office (SFO), Bayshore Global Management, in Singapore to manage his local assets late last year...

Tips for Planning Charitable Giving
Schwabe, Williamson & Wyatt, June 2021

Charitable giving is a way for businesses and individuals to save on taxes while supporting the causes that align with their values. At Schwabe, we can help clients to plan charitable gifts and make sure that their charitable giving works holistically with the plan they have created for the distribution of their entire estate. This article will cover common questions associated with charitable giving...

Share Transfers in a Cambodian Entity – 5 Critical Tax Issues You Need To Know!
DFDL, June 2021

2021 has continued to see steady activity with respect to acquisitions and re-structuring of businesses in the Cambodian market. There are a number of factors at the forefront of this activity, not least the pending capital gains tax implementation date of 1 January 2022, bargain hunting of distressed assets, and internal re-structuring of multi-national organizations, to name a few...

Political Agreement Reached on Public Country-by-Country Reporting
Arendt & Medernach, June 2021

POLITICAL AGREEMENT WITH THE EUROPEAN PARLIAMENT ON THE PROPOSED DIRECTIVE ON THE DISCLOSURE OF INCOME TAX INFORMATION BY CERTAIN UNDERTAKINGS AND BRANCHES _____________________________________ On 1 June 2021, the Council of the European Union (the “Council”) reached a political agreement with the European Parliament on the proposed directive on the disclosure of income tax information by certain undertakings and branches, commonly referred to as the public country-by-count

Thailand Makes Changes to Penalty Interest Rates Charged on Loan Repayments that go Into Default
DFDL, June 2021

On 10 April 2021, the Thai Government announced an Emergency Decree Amending the Civil and Commercial Code 2021 (“CCC”) that was published in the Royal Gazette (the “Emergency Decree”) and became effective the next day on 11 April 2021...

 

 

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