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UAE Introduces Filing Requirements Relating to Beneficial Ownership - Deadline of 27 October 2020
Afridi & Angell, October 2020

On 24 August 2020, the UAE issued Cabinet Resolution 58 of 2020 on Regulating the Procedures of the Real Beneficiary (the Resolution). The Resolution, amongst other things, aims to establish a legal framework for identifying and recording details of real beneficiaries of entities licensed to conduct business in the UAE. The Resolution is an additional step towards the UAE’s efforts in combating money laundering, the financing of terrorism and illegal organisations...

Select COVID-19 Compliance Risks and Considerations for Broker-Dealers and Investment Advisers
Dinsmore & Shohl LLP, October 2020

In response to the ongoing disruption caused by COVID-19, OCIE issued a Risk Alert on Aug. 12, 2020. In the Risk Alert, OCIE makes various observations and recommendations which fall into six different categories: (1) protection of investors’ assets; (2) supervision of personnel; (3) practices relating to fees, expenses, and financial transactions; (4) investment fraud; (5) business continuity; and (6) the protection of investor and other sensitive information...

SEC Enforcement Action – VALIC Financial Advisors
Dinsmore & Shohl LLP, October 2020

On July 28, 2020, the SEC announced a pair of settled administrative actions against Houston-based VALIC Financial Advisors (VFA). In the first action, the SEC charged VFA with failing to disclose that its parent company paid a for-profit entity owned by a Florida teacher’s union to promote VFA to Florida teachers. The second action involved VFA’s wrap fee arrangements with clients...

Buchalter COVID-19 Client Alert: CFPB Issues Rule Extending the “GSE Patch”
Buchalter, October 2020

On October 20, the Consumer Financial Protection Bureau (CFPB) issued a final rule extending the Government Sponsored Enterprise “GSE Patch”, which was set to expire on January 10, 2021...

Legal 500 Country Comparative Guides
AELEX, October 2020

AELEX is the exclusive contributor to the Nigerian Chapter of The Legal 500 (Legalease): Franchise and Licensing Country Comparative Guides. The country specific Guide provides a pragmatic overview of how businesses can set up franchises and also license their technology and intellectual property rights in Nigeria. The Guide was authored by our Davidson Oturu,Tiwalola Osazuwa and Kofoworola Oyegunle. Please click here to read the Guide...

Post-No-Debit Orders on the Accounts of Customers: Limitation to the Powers of Regulatory Agencies and Financial Institutions
AELEX, October 2020

INTRODUCTION There are several government agencies regulating various sectors of the Nigerian economy. Most of these regulatory agencies are creation of statutes which usually specify their functions, powers and general mode of operations. While some of these agencies are responsible for sensitising the citizens about government policies,[1]a good number are charged with the task of enforcing policies, programmes and laws enacted by the Government...

CFIUS: Now More Complicated and More Expensive
Dinsmore & Shohl LLP, October 2020

Effective Oct. 15, 2020[1], the Committee on Foreign Investment in the United States’ (CFIUS) mandatory filing requirement will shift from a critical technology[2], industry-specific focus to one focused on export controls. It will focus on whether the U.S. regulatory authorization would be required to export the target U.S. business’ critical technology to the foreign person party to the transaction, including certain parties in the foreign person’s ownership chain...

SEC Issues Additional Form CRS Guidance
Dinsmore & Shohl LLP, October 2020

On Oct. 8, 2020 the SEC issued a joint statement on additional Form CRS guidance regarding firms’ disciplinary history. The statement was released in tandem with several new FAQs, which help clarify firms’ disclosure obligations as they relate to disciplinary history. The update guidance comes in response to the SEC’s early review of firms’ Form CRS filings...

Supervision by Banco de Portugal of Activities Involving Virtual Assets
PLMJ, October 2020

Law 58/2020 of 31 August implements into Portuguese law Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing. It enshrines in the Portuguese legal framework a first approach to the regulation of entities that engage in activities with virtual assets...

Clear as Mud? Understanding The Fed's Change in Control Rules and Common Inadvertent Violations
Hunton Andrews Kurth LLP, October 2020

The Board of Governors of the Federal Reserve System (the “Fed”), the Office of the Comptroller of the Currency (the “OCC”), and the Federal Deposit Insurance Corporation (the “FDIC”) each have regulations implementing the Change in Bank Control Act (12 U.S.C...

Equitable Remuneration for Performers and Producers: Has the CJEU Hit the Right Note?
Lawson Lundell LLP, October 2020

In a judgment of 8 September 2020, the Court of Justice of the European Union (“CJEU”) ruled that Member States are not allowed to exclude performers who are nationals of States outside the European Economic Area (“EEA”) from perceiving the equitable remuneration provided by Article 8(2) of the Rental and Lending Rights Directive...

Why Is My Company Being Sued For Patent Infringement In Waco, Texas?
Hunton Andrews Kurth LLP, October 2020

Nestled midway between Dallas and Austin, Waco, Texas, with a population of around 144,000 people, is the home of the Texas Ranger Hall of Fame and Museum, the Dr. Pepper Museum, Baylor University, and Chip and Joanna Gaines’ Magnolia Market; and it now has one of the busiest courts for patent infringement in the nation. Approximately one in five new patent cases in 2020 were filed in the Waco Division of the Western District of Texas (WDTX)...

Court Rejects Challenge to M&A Transaction Despite Activist Pressure
Hunton Andrews Kurth LLP, October 2020

 In Rudd v. Brown, the Delaware Court of Chancery dismissed a stockholder’s claim that directors had breached their fiduciary duties by pursuing a sale of the company to avoid a proxy contest threatened by an activist hedge fund...

How to Protect my Trademarks and Ideas?
Morgan & Morgan, October 2020

You are undertaking a project for a new business, a startup.You already have the financial/commercial side well thought-out, and have commissioned a designer to sketch a logo and design a corporate identity under the brand you have decided to use. You buy stationery, signs, business cards, among others...

Arendt Weekly Update - 9 October 2020
Arendt & Medernach, October 2020

 The Arendt Weekly Update is a newsletter designed to give you the insight you need without overloading your mailbox. It lists the latest news, topical webinars, training courses and more...

Securities and Exchange Commission Rescinds Guide 3
Dinsmore & Shohl LLP, October 2020

Since the 1960s, the United Stated Securities and Exchange Commission (SEC or Commission) has implemented several “Guides” for business disclosure by certain SEC registrants involved in banking, oil and gas, real estate, insurance, and mining activities...

Buchalter COVID-19 Client Alert: New PPP Guidance Simplifies Forgiveness Application Process for Small PPP Loans of $50,000 or Less; Clarifies Lenders’ Responsibilities Regarding Review of Borrower Calculations and Documentation of Forgivable Eligible Costs for Such Small Loans
Buchalter, October 2020

On October 8, Treasury issued a new Interim Final Rule Re Additional Revisions to Loan Forgiveness and Loan Review Procedures Interim Final Rules (new IFR), along with a new Loan Forgiveness Application Form 3508S and Instructions for the new Form, addressing applications for forgiveness of PPP loans of $50,000 or less.  Links to the new IFR, the new Form 3508S, and the new Instructions for Form 3508S are set out below...

CFPB Withdraws Former Marketing Services Agreement Guidance; Issues New Frequently Asked Questions Regarding RESPA Section 8 and MSAs
Buchalter, October 2020

On October 7, the Consumer Financial Protection Bureau (CFPB) took steps to clarify its interpretation of how settlement service providers may comply with the “no kickback” and “unearned fee” provisions of Section 8 of the Real Estate Settlement Procedures Act (RESPA) by promulgating a new set of Frequently Asked Questions (FAQs). The FAQs provided several concrete examples to shed light on what activities are allowed under those provisions...

Coronavirus: Financing Moratoriums
PLMJ, October 2020

To combat the economic consequences of the COVID-19 pandemic, the government approved Decree-Law 10-J/2020 of March 26 (the “Decree-Law”). The Decree-Law established a set of economic measures to protect liquidity and treasury, and in this document, we focus on the financing moratorium...

Russian Bankruptcy Moratorium Extended until January, 2021
ALRUD Law Firm, October 2020

This is to inform you that the Resolution of the Government of the Russian Federation dated October 01, 2020 No. 1587, has extended the moratorium on bankruptcy of companies, at the request of their creditors, until January 07, 2021. In this regard, we would like to draw your attention to the key provisions related to the moratorium regime and its extension. Moratorium – the first results...

Environment, São Paulo - New Municipal Waste Take Back Rule
Veirano Advogados, October 2020

On October 01, 2020, Law No. 17...

Expanding the Beachhead: Why Banks Should be Using the Main Street Lending Facilities
Hunton Andrews Kurth LLP, October 2020

The Federal Reserve, using CARES Act funding, has created a number of Main Street Lending Facilities (“MSLFs”). The two that should be of interest to most bankers are the Main Street New Loan Facility (“MSNLF”) and the Main Street Priority Loan Facility (“MSPLF”). These two facilities should enable banks that have successfully moved business from competitors pursuant to the Paycheck Protection Program (“PPP”) to continue such efforts...

New California Family Rights Act: State Family Care and Medical Leave Expanded
Hanson Bridgett LLP, October 2020

Key Points Effective Jan. 1, 2021, most California employees — even those who work for very small businesses — will be entitled to 12 weeks of job-protected time off work under the CFRA for qualifying reasons. Qualifying reasons for leave are broadly defined to include caring for a family member — including grandparents, grandchildren, adult children and siblings — with a serious health condition...

What Employers Need to Know about Coronavirus, Paid Leave
Dinsmore & Shohl LLP, October 2020

As seen in Bank Director From lobby closures to Paycheck Protection Program loans, the COVID-19 pandemic has thrown a lot at banks and other financial services providers during this pandemic. One more item to add to the list is the Families First Coronavirus Response Act (FFCRA)...

10 Legal Considerations When Starting a Hemp Business in Alabama
Bradley Arant Boult Cummings LLP, October 2020

So, you want to start a hemp company in Alabama. You have your big idea and a business plan ready, but you begin to wonder whether you should be thinking about any legal issues as you get your company off the ground. That’s where we come in. Bradley’s Cannabis Industry team has a deep understanding of the many unique legal and business issues that impact hemp companies in Alabama and beyond...

 

 

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