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A Much-Awaited Relief to Indian Exporters on Remission of Duties
Kochhar & Co. Advocates & Legal Consultants, September 2021

The World Trade Organization (‘WTO’) has always been of the view that Indian export subsidy schemes like Merchandise Exports from India Scheme (‘MEIS’), Export Oriented Units (‘EOUs’), Service Export Incentive Schemes are principally in violation to the Subsidies and Countervailing Measures Agreement (‘SCM Agreement’)...

What We’re Seeing: Margin Ratchets in Environmental, Social and Governance (‘ESG’) Loans
Shoosmiths LLP, August 2021

Margin ratchets are a concept that the banking and finance world are familiar with. Increasingly these are linked to ESG loans with both lender and borrower engagement. How do they work in practice, what are the benefits and what are the potential risks? Typically margin ratchets are linked to financial covenants – more often than not leverage – they incentivise borrowers to improve their financial health over the life of a loan...

Tackling Chinese Counterfeits is Not Child’s Play
Deacons, August 2021

Did you know? At the end of last year, US Customers and Border Protection officers seized around US$1.3 million worth in China counterfeit toys at the Port of New York and New Jersey. The seizure included more than 141,000 counterfeit UNO card games, 9,600 "LOL Surprise! Under Wraps” balls and almost 2000 “LOL Surprise!” capsule toys...

PPP Loan Insights: Forgiveness Does Not Mean Forgotten – Part I
Dykema, August 2021

We are still waiting for the “official” SBA FAQ announcing the withdrawal of the Forms 3509/3510 Loan Necessity Questionnaire (“Questionnaire”) that, according to the SBA, will include additional information about its review process. In the meantime, PPP lenders have been told by the SBA that they no longer are required to request that borrowers who obtained loans of $2 million or more complete the Questionnaire...

More Legislated Changes for Federally Regulated Employers
Lawson Lundell LLP, August 2021

Important new legislative changes impacting federally regulated employers will come into effect in 2021: the Pay Equity Act and a minimum wage requirement. Details on both these measures and how that will affect employers are examined below.  Pay Equity Act The federal Pay Equity Act comes into effect on August 31, 2021. The Act applies to federally regulated employers who have 10 or more employees...

Legal Update on the New Requirements for Employers under the Personal Information Protection Law in China
Deacons, August 2021

On 20 August 2021, the Personal Information Protection Law of the People’s Republic of China (“PIPL”) was passed by the Standing Committee of the National People’s Congress, and will become effective on 1 November 2021. Comprising 8 chapters and 74 articles, PIPL lays down a clearer yet stricter regulatory framework for the protection of personal information...

Amendment to Law 20,659 known as Company in One Day: Improvements and New Functions
Carey, August 2021

A few days ago, Law 21,366 was published in the Official Gazette amending Law 20,659 (of May 2013), which created a complete digital system (and parallel to the traditional system of public deed and extract registered in the Registry of Commerce and published in the Official Gazette), to incorporate, modify and dissolve commercial companies. This system, administered by the Registry of Companies and Corporations or "RES" ( www.registrodeempresasysociedades...

Amendments to Law 20,659 known as Company in One Day
Carey, August 2021

A few days ago, Law 21,366 was published in the Official Gazette amending Law 20,659 (of May 2013), which created a complete digital system (and parallel to the traditional system of public deed and extract registered in the Registry of Commerce and published in the Official Gazette), to incorporate, modify and dissolve commercial companies. This system, administered by the Registry of Companies and Corporations or "RES" (www.registrodeempresasysociedades...

Observations Regarding Fixed-Income Principal and Cross Trades by Investment Advisers from an Examination Initiative
Dinsmore & Shohl LLP, August 2021

On July 21, 2021, the SEC’s Division of Examinations (the Division) issued a Risk Alert detailing more than 20 examinations of investment advisers who engaged in cross trades, principal trades, or both, involving fixed-income securities as part of the Division’s FIX Initiative. The July 21, 2021, Risk Alert is a follow-up to the Sept...

Hong Kong Monetary Authority issues draft Guideline for Banks on Climate Risk Management
Deacons, August 2021

On 20 July 2021, the Hong Kong Monetary Authority (HKMA) issued a draft guideline on climate risk management for consultation with the banking industry with comments due by 20 August 2021. The guideline includes expectations on governance, strategy, risk management and disclosure...

Health and Safety in Agriculture: Farmers Urged to Make Safety a Priority
Shepherd and Wedderburn LLP, August 2021

Health and safety issues in the agricultural and rural sector are a matter of considerable concern. The Health and Safety Executive (HSE) is urging farmers to make safety a priority to reduce the number of injuries and fatalities in the sector. This recent campaign was prompted by four fatalities over a fortnight, coming only weeks after Farm Safety Week...

Arbitration Rules 2021
Shearn Delamore & Co., August 2021

Arbitration Rules 2021The Asian International Arbitration Centre (“AIAC”) launched its latest edition of the AIAC Arbitration Rules (“AIAC Rules”) on 1 August 2021. The AIAC Arbitration Rules 2021 (“2021 Rules”) streamline proceedings and embrace the needs of a fast evolving disputes climate...

Will PLIs Give Japanese Manufacturing a Boost in India?
Kochhar & Co. Advocates & Legal Consultants, August 2021

Japan has a history of investment and joint ventures in India. Foreign direct investment from Japan increased to USD35 billion between 2000-2020, with USD10 billion worth of inbound mergers and acquisitions in 2015-2020 alone. Factors including geopolitical realignments in Asia, excess global liquidity and a new, incentive-based manufacturing regime in India mean that the economic relationship between India and Japan in high-value manufacturing is likely to expand further...

Variable Pay Employee vs Fixed Pay Employee – Furlough Scheme Implications Explained
Shoosmiths LLP, August 2021

We have recently assisted a well known fashion retailer in successfully defending an unlawful deduction from wages claim in relation to furlough payments received by the employee. This is an important decision, not only for our client, but also other employers who have made use of the Coronavirus Job Retention Scheme (“the Scheme”). Background The employee’s contract of employment stated the employee had a contractual entitlement to a minimum of 20 hours per week...

HK SFC Fines an Unlicensed CEO HK$400,000 in Relation to AML Breaches
Deacons, August 2021

On 5 July 2021, the Hong Kong Securities and Futures Commission (SFC) issued a press release which announced that it has reprimanded and fined Mr Raymond Leung Tak Shing (Leung) HK$400,000 for failing to discharge his duties in relation to AML requirements as a member of a licensed firm’s senior management team...

Mergers Exempt from Stamp Duty
Deacons, August 2021

In a decision that will no doubt come as a great relief to the funds, banking, and asset management industries, the Court of Appeal ruled in Nomura Funds Plc v Collector of Stamp Revenue [2021] HKCA 1040 that a merger effected by way of the universal succession of the merged company (i.e., the surviving company) to the assets and liabilities of the merging company (i.e...

Employee Benefits & Executive Compensation 2021 Summer Client Advisory
Verrill, August 2021

Click here to view as a PDF. This Client Advisory summarizes developments in the law governing employee benefit plans prompted by the COVID-19 pandemic. We explain what these developments mean for plan sponsors and highlight the need to adopt plan amendments within limited time periods in order to fully implement pandemic-related changes...

SEC Continues to Drive ESG -- Approves Nasdaq’s Board Diversity Listing Standards
Dinsmore & Shohl LLP, August 2021

In the wake of the pandemic and social justice movement in 2020, the call for diversifying corporate boards has intensified. On Aug. 6, 2021, the Securities and Exchange Commission (SEC) approved the Nasdaq Stock Market’s (Nasdaq) proposal to amend its listing standards to promote greater board diversity and to require board diversity disclosures for Nasdaq-listed companies...

Immigration Update
Shearn Delamore & Co., August 2021

Home Quarantine Now Possible for Ex-Patriates Imagine having the permission to work in a foreign country and yet being unable to do so as you are prohibited from entry. That has been the dilemma faced by many ex patriates who hold Employment Passes but have been unable to enter Malaysia due to the current restrictions in place...

Mamo TCV Newsletter - July 2021
Mamo TCV Advocates, August 2021

Banking & Finance The Central Bank of Malta Issues Directive 19 on the Use of Cheques and Bank Drafts Directive No 19 ‘on the Use of Cheques and Bank Drafts’ was issued by the Central Bank of Malta on 7th July 2021 with the aim of promoting safe and effective use of cheques and bank drafts drawn on Maltese banks and financial institutions...

Social Media Influencers Could Become the Targets of Trademark Infringement Lawsuits
Buchalter, August 2021

Petunia Products, Inc. owns the BROW BOOST ® trademark, under which it sells a “Billion Dollar Brows” eyebrow primer and conditioner. Petunia recently asserted trademark infringement claims against a skin care products company, which Petunia alleges infringed on its BROW BOOST mark in connection with the name of its product that competes with Petunia’s product, and by using the hashtag #BROWBOOST on social media to promote its product...

COVID-19: OSHA Updates Mask Guidance for Vaccinated Employees and In Schools
Dinsmore & Shohl LLP, August 2021

On Aug. 13, 2021, OSHA released updated guidance on mitigating and preventing the spread of COVID-19 in the workplace. The new guidance updates OSHA’s recommendations for fully vaccinated employees and for schools, and it supplements certain industry-specific guidance...

Barcelona Bedlam
Simonsen Vogt Wiig AS, August 2021

When I was a young lawyer working for the Norwegian Competition Authority, a complaint was received that gave rise to some amusement among the staff at the authority. The complainant argued that the Norwegian football club Viking FK’s signing of the half-decent footballer Ragnvald Soma from rivalling club SK Brann constituted an infringement of Norwegian competition law. Nowadays, competition law in football is no longer a laughing matter...

Relief Scheme Established for Destroyed, Affected or Looted Workplaces
ENSafrica, August 2021

On 10 August 2021, the South African Minister of Employment and Labour gazetted Regulations which established a temporary financial relief scheme for workers who have lost income due to the partial or full closure of workplaces destroyed, damaged, looted or otherwise affected by the recent unrest.  The scheme is a welcome intervention in circumstances where workers are unable to work due to the looting or riots and are not entitled to remuneration...

New COVID-19 Vaccination Requirements for California State Employees and Health Care Workers
Hunton Andrews Kurth LLP, August 2021

Governor Gavin Newsom and the California Department of Public Health (“CDPH”) recently issued new public health requirements in response to the increasing number of hospitalizations and ICU patients in California caused by the highly contagious COVID-19 Delta variant...

 

 

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