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COVID-19 Updates - Indian IP Offices Functioning
Kochhar & Co. Advocates & Legal Consultants, April 2020

The Indian Government has announced a full nationwide lockdown for three weeks (until April 14, 2020) in order to contain the spread of Covid-19. Accordingly, the Indian Trade Marks Registry, Patents and Design Office have been closed till April 15, 2020. Nevertheless, the online filing portal of Indian IP offices is operational. All deadlines falling till April 15, 2020 will become due on the day when the IP offices re-open...

COVID-19 and Real Estate: This Could be the Last Straw that Broke Camel’s Back
Kochhar & Co. Advocates & Legal Consultants, April 2020

Given below is the link to the article on the captionedsubject. The article discusses the impact of COVID-19 on the Real Estate sector as India’s largest employer and the recent measures announced by the Reserve Bank of India (RBI).The article authored by Divya Malcolm, partner, Kochhar & Co. Mumbai has been published online on Governance Now. Please click the link below to read… http://www.governancenow...

Construction Sector Mitigation Measures in the Face of COVID-19
MinterEllisonRuddWatts, April 2020

Some construction companies are just weeks away from collapse – including private principal developers and contractors. As parties battle out what contractual relief looks like for the Alert Level 4 lockdown, it is encouraging to see a focus on mitigation measures. This focus spans across all levels: mitigation as an industry; collaborative mitigation steps by parties for projects; and the requirement on contractors to mitigate their loss...

NZX Announces Additional Class Waiver and Ruling in Response to COVID-19
MinterEllisonRuddWatts, March 2020

On 26 March, NZX Regulation announced an additional class waiver and ruling for issuers in response to the challenges posed by COVID-19. This follows two previous waivers announced earlier in the month. The NZX’s media release is available here.   Who needs to read it? Why? The NZX’s announcement will be of interest to all listed issuers, particularly those considering their capital raising needs in the coming months...

AML/CFT Identity Verification during COVID-19 Lockdown
MinterEllisonRuddWatts, March 2020

On Thursday 26 March 2020, the Reserve Bank of New Zealand, Financial Markets Authority and Department of Internal Affairs (together, the AML/CFT Supervisors) jointly released urgent guidance on how to comply with the verification requirements under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act) while New Zealand is subject to the COVID-19 Alert Levels and, in particular, the current national lockdown of Level 4 (COVID-19 Verification Gui

Rent Abatement in the COVID-19 Level 4 Period
MinterEllisonRuddWatts, March 2020

As businesses process the economic impacts of COVID-19, all options will need to be considered to get through New Zealand’s level 4 alert period – and beyond. For businesses that lease their premises, there may be relief available through a rent abatement. Some leases contain what is known as a “no access in an emergency” clause...

China Desk Alert – Malaysia COVID-19 Legal Update M&A Focus
Shearn Delamore & Co., March 2020

You or your Chinese clients may have investment in Malaysia (for example, subsidiaries (“MY Sub”)) and this serves as a guide for your reference. Pursuant to the Movement Control Order (“MCO”)[i], all business activities (save for essential services) in Malaysia must be suspended from 18 March 2020 until 31 March 2020. The duration of the MCO has since been extended until 14 April 2020[ii]...

Delay to the New Financial Advice Regime
MinterEllisonRuddWatts, March 2020

The Minister of Commerce and Consumer Affairs has agreed that the start of the new financial advice regulatory regime set out in the Financial Services Legislation Amendment Act 2019 will be delayed from 29 June 2020 to early 2021 (March at the earliest). The Financial Markets Authority’s (FMA) announcement is available online...

Competition Law not Suspended by COVID-19 Emergency
MinterEllisonRuddWatts, March 2020

The Commerce Commission (NZCC) Announced this week that it had no intention of taking enforcement action against businesses that are cooperating “to ensure New Zealanders continue to be supplied with essential goods and services during this unprecedented time. If you need to work with your competitors to share staff or distribution networks or take other measures to ensure security of supply, you are able to do this...

Aircraft Finance & Leasing in Indonesia
Makarim & Taira S., March 2020

The Indonesian aviation sector has grown rapidly over the past few years. Due to this, airlines and lessors have been capitalising on the general availability of diverse sources of funding. In particular, aircraft sale-leaseback or lease trans-actions are used more frequently due to competitive pricing and Indonesia has been trying to develop a legal framework to accommodate the financing and leasing of aircraft...

COVID-19 and Force Majeure
Makarim & Taira S., March 2020

COVID-19 continues to spread rapidly around the globe, including Indonesia. Consequently, on 12 March 2020, COVID-19 was declared a pandemic by the World Health Organization. Due to this pandemic, many businesses and factories are temporarily closed causing critical implications for businesses, both international and domestic...

Tax Changes in COVID-19 Economic Response Package Now Enacted
MinterEllisonRuddWatts, March 2020

The impact of costs incurred addressing COVID-19 risks, and the downturn in business for many sectors of the economy, has seen Parliament enact several business cashflow and tax measures. On 25 March 2020 the COVID-19 Response (Taxation and Social Assistance Urgent Measures) Bill was enacted. The measures include: Reintroduction of depreciation on non-residential buildings: This will allow owners of buildings that are not residential buildings (i.e...

COVID-19: Financial Services are Essential Services
MinterEllisonRuddWatts, March 2020

Last updated: 10.00am on Friday 27 March 2020 On Wednesday 25 March, the Financial Markets Authority (FMA) published a more detailed list of essential financial services, which has been confirmed by the Council of Financial Regulators (CoFR) after consulting with the Government. This follows on from the FMA’s earlier updates on COVID-19 essential services available here and here...

COVID-19: Six Key Actions for Private Equity and Venture Capital Fund Managers
MinterEllisonRuddWatts, March 2020

In light of the COVID-19 pandemic, private equity and venture capital (PE/VC) funds are preparing for a major and widespread economic impact. Furthermore, from 11.59pm on Wednesday 25 March, New Zealand moved to Alert Level 4 meaning that all New Zealand non-essential businesses are required to close and either work from home where possible or otherwise not operate if working from home is not an option...

Update to COVID-19 Wage Subsidies
MinterEllisonRuddWatts, March 2020

The Government has updated its Economic Response Package (Package) for organisations in New Zealand, in light of the move to Alert Level 4 from Wednesday 25 March 2020. Alert Level 4 means that all New Zealand non-essential businesses are required from Wednesday to work from home where possible, and otherwise not operate if working from home is not an option. For employers and employees, the key change to the Package is the removal of the $150,000 cap for the wage subsidy scheme...

COVID 19 - Relaxation of Regulatory Compliances Under the Companies Act, 2013 Introduced by the Ministry of Corporate Affairs
Kochhar & Co. Advocates & Legal Consultants, March 2020

The much-awaited relaxation of regulatory compliances under the Companies Act, 2013 (hereinafter “the Act”) have been introduced by the Ministry of Corporate Affairs (hereinafter “the MCA”). Please see below the detailed analysis of relaxations introduced by the MCA on regulatory compliances applicable under the Act: (i) Directors need not plan their Board meetings in the coming quarter of this calendar year i.e. upto June 30, 2020...

COVID-19: An Update for India (March 24, 2020)*
Kochhar & Co. Advocates & Legal Consultants, March 2020

In an attempt to ensure that the spread of COVID-19 is contained effectively, the Indian Government has mandated a complete nationwide lockdown for 21 days beginning from March 25, 2020, 00:00 hrs.   Mandatory Closure of Commercial Establishments All shops, commercial establishments, factories, workshops and offices, excluding establishments engaged in providing essential are required to be shut down...

Supporting Your Business During the COVID-19 Outbreak
DFDL, March 2020

As the Novel Coronavirus (COVID-19) continues to spread across the world, we would like to reassure you that DFDL takes the needs and well-being of our clients, our people and local communities seriously. We have enacted plans across our offices to deliver uninterrupted service to our clients and we are monitoring the situation on a daily basis. All members of DFDL remain ready to serve client needs and DFDL offices remain open, when allowed by local authorities...

Building and Construction: What the COVID-19 Lockdown Means for You
MinterEllisonRuddWatts, March 2020

From 11.59pm on Wednesday 25 March, New Zealand will be at ‘Alert Level 4’ of the country’s pandemic response plan seeking to limit the spread of COVID-19. Only ‘essential services’ will remain open and operational for the next 4 weeks, at least. Many in the construction industry have prepared their workplace for a potential lockdown...

COVID-19: Managed Funds
MinterEllisonRuddWatts, March 2020

COVID-19, and economic responses in New Zealand and around the world, is continuing to cause record falls (and recoveries) in the markets in which KiwiSaver and other managed funds invest...

COVID-19 and the Aviation Industry
MinterEllisonRuddWatts, March 2020

The impact of COVID-19 has thwarted many sectors, but none more than international aviation. Our own national carrier, Air New Zealand, has been severely affected and the recent announcement of the closure of New Zealand’s borders to all non-residents will only exacerbate the impact on this sector...

NZX Announces Cass Waivers in Response to COVID-19
MinterEllisonRuddWatts, March 2020

On 19 March, NZX Regulation announced two class waivers for issuers in response to the challenges posed by COVID-19. The NZX’s release can be found online.   Who needs to read it? Why? The NZX’s announcement will be of interest to all listed issuers, particularly those: considering their capital raising needs in the coming months; and/or facing internal and external pressures that may impact their ability to meet their financial reporting obligations...

The Financial Markets Authority’s COVID-19 Response
MinterEllisonRuddWatts, March 2020

On 19 March, the Financial Markets Authority (FMA) provided both: an update on the COVID-19 situationand its impact on entities the FMA licenses. (with NZX) extended the deadline for financial reporting by two months (giving market participants six months to file their audited financial statements). It also advised there may be delays to planned thematic reviews and the introduction of new regulations...

Sports, Major Events and COVID-19: What Should Event Organisers be Doing?
MinterEllisonRuddWatts, March 2020

COVID-19 is disrupting events all around the world COVID-19 is causing disruption to sports and other events around the world. In the United States, the NBA has been put on hold, the Players’ Championship and other PGA events have been cancelled, and cancellations and postponements have occurred in motor racing, baseball and a host of other sports...

Intellectual Property: FAQs on IP Prosecution Measures relating to the "Movement Control Order" in Malaysia
Shearn Delamore & Co., March 2020

Given the increased number of local COVID-19 cases in Malaysia, the Malaysian Government issued a Movement Control Order ("Order") which takes effect between 18 March 2020 to 31 March 2020. The Order imposes on all government and private sector business premises to be shut down for the duration of the Order and only businesses which carry out certain essential services are able to continue to function...

 

 

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