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Weekly Digest: COVID-19 Resources from Bradley (January 28, 2021)
Bradley Arant Boult Cummings LLP, January 2021

The information listed below is categorized by topic for your convenience and includes content from the previous week. Bradley is actively monitoring and engaging with relevant federal, state or local entities on issues related to the coronavirus. Please contact one of the authors if you have any questions. Click on a link below to view the full article, alert, blog, webinar recording or interview...

Eleventh Circuit Panel Revives FCA Mortgage Fraud Case, Reversing Materiality-Based Summary Judgment Dismissal
Dinsmore & Shohl LLP, January 2021

An Eleventh Circuit panel has breathed new life into a long-running, $248 million False Claims Act (FCA) qui tam case, United States ex rel. Bibby v. Mortgage Investors Corp.,[1] reversing the district court’s grant of summary judgment for the defendants.[2] Materiality lay at the heart of the case, which involved allegations that the defendant finance companies misled the U.S...

IR35 in the Private Sector: Will you be Ready?
Shoosmiths LLP, January 2021

Changes to the off-payroll working rules for private sector organisations originally planned for April 2020 will now come into force from 6 April 2021. As a result, large and medium sized organisations engaging contractors through an intermediary will have various responsibilities and potential liabilities...

The New Normal – The Consolidated Appropriations Act Temporarily Codifies Pandemic-Related Bankruptcy Relief for Commercial Tenants (But It’s Not All Bad For Landlords)
Dykema, January 2021

On December 27, 2020, the Consolidated Appropriation Act of 2021 (the “CAA”) was enacted to provide additional coronavirus stimulus and relief for businesses challenged by the ongoing COVID-19 Pandemic...

News – Banking and Finance and Capital Markets 4th Quarter of 2020
PLMJ, January 2021

I. Banco de Portugal Communication of Banco de Portugal on the Synopsis of Behavioural Supervisory Activities - first half of 2020. Communication of Banco de Portugal on the imposition of a capital reserve on institutions identified as “other systemically important institutions”. Banco de Portugal Communication on the Economic Bulletin of October 2020. Communication of Banco de Portugal on the implications of Brexit...

News – Banking and Finance and Capital Markets 3rd Quarter of 2020
PLMJ, January 2021

Banco de Portugal Communication on the Retail Banking Markets Monitoring Report of 2019. Banco de Portugal Communication on the deadline for restoration of capital and liquidity reserves...

Mainland China Briefing: SEHK, SSE and SZSE Announce Stock Connect Expansion Arrangements
Deacons, January 2021

On 27 November 2020, The Stock Exchange of Hong Kong Limited (SEHK), the Shanghai Stock Exchange (SSE) and the Shenzhen Stock Exchange (SZSE) agreed to expand the scope of eligible stocks traded under the Shenzhen-Hong Kong Stock Connect and the Shanghai-Hong Kong Stock Connect (collectively, Stock Connects) to include eligible A-shares listed on the SSE’s Sci-Tech Innovation Board (Star Market) as well as eligible pre-revenue biotech companies listed in Hong Kong...

Government Drives Private Funds Development in 2021 – 0% Tax Rate for Eligible Carried Interest and Re-Domiciliation
Deacons, January 2021

Hong Kong’s Legislative Council’s Panel on Financial Affairs discussed tax concessions for carried interest in its meeting on 4 January 2021, following the publication of a discussion paper by the Financial Services and the Treasury Bureau (FSTB). The FSTB’s paper sets out proposals to offer a zero percent concessionary tax rate for eligible carried interest distributed by eligible private equity funds operating in Hong Kong...

SFC Consultation on Investor Identification and Reporting Regime
Deacons, January 2021

On 4 December 2020, Hong Kong’s Securities and Futures Commission (SFC) published its Consultation on proposals to (1) implement an investor identification regime at trading level for the securities market in Hong Kong and (2) introduce an over-the-counter securities transactions reporting regime for shares listed on the Stock Exchange of Hong Kong (Consultation). The Consultation paper is available here...

Hong Kong’s SFC consults on Code on Pooled Retirement Funds
Deacons, January 2021

On 18 December 2020, the Securities and Futures Commission (SFC) issued a public consultation paper (Consultation) on proposed amendments to the Code on Pooled Retirement Funds (PRF Code). The proposals are part of the SFC’s holistic review of the PRF Code following the revision of the Code on Unit Trusts and Mutual Funds (UT Code) which was implemented in 2019...

Mutual Recognition of Funds: Hong Kong and Thailand
Deacons, January 2021

On 20 January 2021, the Securities and Futures Commission (SFC) and Thailand’s Securities and Exchange Commission (SEC) signed a Memorandum of Understanding concerning mutual recognition of Covered Funds and Covered Management Companies and related Cooperation (MoU)establishing a bilateral framework for mutual recognition of publicly offered funds (MRF) between Thailand and Hong Kong...

SFC Proposes Revisions to Entry Requirements and Competency Standards for Intermediaries and Individual Practitioners
Deacons, January 2021

On 11 December 2020, the Securities and Futures Commission (SFC) released its consultation paper regarding proposals to update the entry requirements for persons seeking to be licensed to engage in regulated activities, and ongoing competency standards for intermediaries and individual practitioners (e.g. responsible officers (ROs), licensed representatives (LRs), executive officers (EOs) and relevant individuals (ReIs))...

New Tools for Clean Money: Congress Enacts Expansive Measures in AML Act
Dykema, January 2021

On January 1, 2020, Congress overrode President Trump’s veto to pass the National Defense Authorization Act (H.R. 6395 – 116th Congress (2019-20)), which includes the Anti-Money Laundering Act of 2020 (the “AML Act”). The AML Act revises the Bank Secrecy Act to bolster the government’s power to identify and regulate suspicious banking activity...

Missing Retirement Plan Participants? The DOL Says You Should Follow These Best Practices
Bradley Arant Boult Cummings LLP, January 2021

In response to ongoing pleas for guidance, the Department of Labor (DOL) has published an informal outline expressing its views on how retirement plan administrators should be addressing missing or unresponsive participants. Through contrasting lists of "red flags" and "best practices," the publication reveals the DOL's expectations of plan administrators and provides helpful guideposts for them to follow...

Treasury’s New Bank Secrecy Act Whistleblower Program
Buchalter, January 2021

In perhaps the last major legislative action under this presidential administration, on New Year’s Day 2021, Congress passed—over President Trump’s veto—what could be the most significant anti-money laundering (AML) statute since the Patriot Act of 2001, as part of the annual National Defense Appropriations Act (NDAA)...

Partnering-Up: Structuring a Successful Bank Partnership Lending Model with FinTechs
Bradley Arant Boult Cummings LLP, January 2021

Over the last several years, banks of all sizes have successfully partnered with emerging fintech companies to offer innovative loan products to a broader range of customers. Under a typical form of this partnership, a fintech, which is subject to the policies of the partner bank, will market loan products, take and process loan applications, and will service those loans once they are funded...

DOJ Stats Show Dip in Fraud Recoveries in ’20, but Signs Point to Impending Rise in False Claims Act Litigation
Dinsmore & Shohl LLP, January 2021

The U.S. Department of Justice (DOJ) has just released its annual statistical overview[1] of False Claims Act (FCA) and other fraud actions for Fiscal Year 2020 (FY2020)[2], and the numbers tell a mixed story. The total of just over $2.2 billion in settlements and judgments represents a decline of more than one-quarter in recoveries from FY2019,[3] likely reflecting workforce, logistical, and judicial impacts of the COVID-19 pandemic...

UK Mid-Market Finance: Our Predictions for 2021
Shoosmiths LLP, January 2021

This article looks at trends, including the response to COVID-19, which we expect to impact the mid-market in 2021. Last year we gave COVID-19 a quick mention in our ‘look at the year ahead’. Nobody foresaw the impact it would have. As the market enters a new year, there remains the uncertainty that we’ve grown familiar with...

Subsidy Control to Replace State Aid
Shoosmiths LLP, January 2021

The EU-UK Trade and Cooperation Agreement has effectively brought an end to state aid and a new regime of subsidy control has come into effect...

Vietnam: The New Thu Duc City – What Does it Mean to Investors?
DFDL, January 2021

BACKGROUND The proposal to establish Thu Duc City was developed several years ago by the municipal government of Ho Chi Minh City...

2021 Predictions: Restructuring and Insolvency
Shoosmiths LLP, January 2021

There were big changes in 2020 in the world of restructuring and insolvency legislation with the introduction of two new restructuring tools: the Moratorium and the Restructuring Plan, as well as the reintroduction of Crown preference. However, due to the government-imposed moratorium while the pandemic runs its course, we have seen hardly any real effects of those reforms...

Brexit and MedTech, Part 1: Research and Development
Shoosmiths LLP, January 2021

This is the first in our series of articles in which we will look at how Brexit and the EU-UK trade deal impacts research and development. In July 2020, the Government published its Research and Development Roadmap, which sets out the UK’s ambitious long-term objectives for investment in science and research to deliver economic growth and societal benefits across the UK...

Recent Case Law and the Newly Enacted Amendments to the Bankruptcy Code May Enable Your Commercial Client to Get Much Needed Rent Relief
Bradley Arant Boult Cummings LLP, January 2021

The COVID-19 pandemic has been a global shock to businesses everywhere. Uncertainty about its path, duration and magnitude has wreaked havoc on many of our commercial clients. The associated government-mandated shutdown orders have drastically impacted businesses’ ability to make timely rental payments. The Bankruptcy Code does not generally allow debtors to unilaterally abate or modify the terms of their property leases...

Roundtable Discussion of State Address Confidentiality Programs Webinar Recording
Bradley Arant Boult Cummings LLP, January 2021

Safe at Home Address Confidentiality Programs (ACPs) have been adopted in many states to protect domestic violence victims’ addresses and other personal information from collection and disclosure. Financial services institutions are taking strides to protect the data of participants in ACPs, but the financial services industry also faces some of the most complex issues with ACP compliance...

Illinois Passes Bill Prohibiting Lenders From Charging More Than 36% APR on Consumer Loans
Dykema, January 2021

On January 13, the Illinois legislature unanimously passed the Predatory Loan Prevention Act (SB 1792) (“PLPA”), which would prohibit lenders from charging more than 36% APR on consumer loans. Specifically, the PLPA would apply to any non-commercial loan made to a consumer in Illinois, including closed-end and open-end credit, retail installment sales contracts, and motor vehicle retail installment sales contracts...

 

 

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