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Finally! – Halloumi will Actually be Made in Cyprus, As it Should Be
Chrysostomides Advocates and Legal Consultants, April 2021

It has been a long road for everyone’s favourite cheese. The protection of halloumi cheese should have never been complicated. The firm cheese which has the unique quality of retaining its shape even when fried or grilled, has its origins in the island of Cyprus where it has been produced for many centuries...

Europe and China Cooperate on PCT Searching
Deacons, April 2021

Did you know? The Chinese National Intellectual Property Administration (CNIPA) and European Patent Office (EPO) recently announced a pilot-programme, which will be of particular interest to Chinese and multinational companies with R&D in Mainland China and Hong Kong, especially if they wish to file patents in Europe, US or other jurisdictions outside of Mainland China...

The United States Corporate Transparency Act (“CTA”) of 2021
Morgan & Morgan, April 2021

What is the CTA? The CTA was enacted on January 1st, 2021 as part of the National Defense Authorization Act to prevent the use of companies to evade anti-money laundering rules or to hide other illegal activities. Under the CTA companies will be required to report information regarding its beneficial owners with a beneficial ownership registry maintained by the United States Treasury Department’s Financial Crimes Enforcement Network (FinCEN)...

The Massachusetts Supreme Judicial Court Clarifies the Contours of the Attorney-Client Privilege and Work Product Doctrine in Internal Investigations
Verrill, April 2021

In Attorney General v. Facebook, Inc., No. SJC-12496 (March 24, 2021),[i] the Massachusetts Supreme Judicial Court clarified the scope of protection afforded by the attorney-client privilege and the work product doctrine to internal investigations. At issue was the Massachusetts Attorney General’s request to obtain documents Facebook collected and created during its expansive internal investigation in the wake of the 2018 Cambridge Analytica scandal...

Court of Appeal Confirms Liability of Mainzeal Directors
MinterEllisonRuddWatts, March 2021

The Court of Appeal has delivered its eagerly anticipated judgment in proceedings brought by the liquidators of Mainzeal Property and Construction Ltd against its former directors, including Richard Yan and Dame Jenny Shipley. In those proceedings, the liquidators sought compensation for breach of certain statutory duties of directors engaged on a company’s insolvency: sections 135 (reckless trading) and 136 (incurring obligations) of the Companies Act 1993...

Shearn Delamore & Co Legal Update March 2021 (2)
Shearn Delamore & Co., March 2021

FINANCIAL SERVICES Relaxation of FEP requirements on interest rate swap Bank Negara Malaysia has announced that nonresident banks may trade ringgit denominated interest rate swap without any underlying commitment with any participating onshore licensed banks and their appointed overseas offices (“AOOs”) with effect from 15th March 2021...

Shearn Delamore & Co Legal Update March 2021 (1)
Shearn Delamore & Co., March 2021

FINANCIAL SERVICES Further extension on short selling ban The Securities Commission Malaysia and Bursa Malaysia Securities Berhad announced a further extension, until 29 August 2021, of the existing suspension of Intraday Short Selling (IDSS) and Short Selling by Proprietary Day Traders on the stock exchange of Bursa Malaysia Securities Berhad. The scope of the ban remains the same.   Pepared by: Christina S. C...

Arbitration Appeals - Admitted Error by the Tribunal
Shoosmiths LLP, March 2021

The grounds for appealing an arbitration award are limited.  Even when the tribunal admits that it has made a mistake that is not always enough.  So, when is an admitted error serious enough to permit an appeal? This was the question before the court in Doglemor Trade Ltd and others v Caledor Consulting Ltd and another [2020] EWHC 3342 (Comm). The Facts Mr Khabarov (majority owner of Caledor) was granted an option to purchase 30% of the share capital of Doglemor...

Good News for Small Businesses: PPP Loan Program Deadlines Extended!
Dykema, March 2021

It is expected that President Biden will sign the PPP Extension Act of 2021 passed by the House of Representatives on March 16, 2021, and the Senate on March 25, 2021. The bill extends the funding for the Paycheck Protection Program (“PPP”) Loan program through June 30, 2021, for First Draw and Second Draw Loan applications submitted by lenders to the SBA by May 31, 2021...

FMA Responds on Regulatory Returns Consultation
MinterEllisonRuddWatts, March 2021

On 25 March 2021, the Financial Markets Authority (FMA) released a response to submissions on its March 2018 consultation on proposed regulatory returns for licensed derivative issuers, providers of discretionary investment management services (DIMS) and managers of managed investment schemes (MIS) (together, licensees) under the Financial Market Conduct Act 2013 (FMCA)...

ESG In Action: Diversifying Corporate Governance
Dinsmore & Shohl LLP, March 2021

Dinsmore's Richik Sarkar was published in the American Bar Association's Business Law Today this week discussing a few lawsuits alleging that lack of board and management diversity constitutes a breach of fiduciary duty. An excerpt from the article, "ESG In Action: Diversifying Corporate Governance," is below. "While the purpose of these suits is laudable, significant threshold legal questions exist...

Is Thailand Safe For Investors Amid the Coronavirus Outbreak?
Kudun and Partners, March 2021

Please note: The information, facts, and figures in this article are correct as of the publication date (12 February 2020). For up-to-date information and advice on this matter, please contact the authors.   Novel coronavirus is understandably causing a lot of panic and uncertainty around the globe...

Kudun & Partners Leads Largest Group of Creditors in Thai Airways Business Rehabilitation Proceeding
Kudun and Partners, March 2021

In August 2020, Kudun & Partners was appointed to represent the largest group of creditors, consisting of 87 savings cooperatives, in the wake of the recent Thai Airways’ petition for rehabilitation. Taken together, these investment entities hold 65% of the airline’s total debenture debt, making them the largest group of creditors...

BEIS White Paper: Corporate Governance and Directors
Shoosmiths LLP, March 2021

In the wake of the spate of recent business collapses the Department of Business, Energy and Industrial Strategy (BEIS) has published a White Paper titled “Restoring trust in audit and corporate governance”. The White Paper is open for consultation until 8 July 2021, and feedback can be submitted directly online via the BEIS website or emailed to [email protected]...

Onshore UAE Trusts Law – Refresher and Overview
Afridi & Angell, March 2021

UAE Federal Decree Law 19 of 2020 Regarding Trusts (the UAE Trusts Law) was issued in September of 2020. As there was no comparable law previously, the UAE Trusts Law opened the door to trusts in the UAE for the first time (not including DIFC and ADGM trusts, the UAE’s two financial free zones). This is a potentially significant development that holds great promise, although some key questions remain...

Building the Nation’s Trust – Connecting a Charity’s Work to its Purpose
Shoosmiths LLP, March 2021

The Charity Commission focuses on charities meeting “public expectation”, but they also need to remain true to their stated purpose, even when doing so may prove controversial. A report on our colonial past The National Trust has acted in accordance with its charitable objects. This shouldn’t be headline news, but it has been for the last six months...

FMC Opens Public Consultation Process Regarding Two Amendments to its Regulation on Financial System Debtors
Carey, March 2021

On March 18, 2021, the Financial Market Commission (“FMC”) opened a public consultation process regarding 2 regulations: Amendment to the files that configure the report of financial system debtors The proposed regulatory changes, applicable to banks, supervised cooperatives and bank support companies (sociedades de apoyo al giro), aim to reduce the frequency of the delivery of the files D10 (Information on debtors article 14 LGB (General Banking Act)) and D27 (Obligations

Progress towards a paperless securities market for Hong Kong
Deacons, March 2021

On 19 March 2021, the Hong Kong Government gazetted the Securities and Futures and Companies Legislation (Amendment) Bill 2021 (the Bill). The Bill provides for an uncertificated securities market (USM) regime which will allow investors to hold securities in their own names without paper documents...

Fund Managers’ Duties Under the Open-Ended Fund Company Regime
Deacons, March 2021

An increasing number of investment managers in Hong Kong are considering the adoption of the open-ended fund company (OFC) structure following announcements by the government of subsidy initiatives to cover 70% of expenses paid to local professional service providers for the establishment of OFCs and the re-domiciliation of funds as OFCs. As a key operator of an OFC, the investment manager should be well informed of its obligations and duties under the OFC regime...

Impact of the EU’s SFDR on Hong Kong Fund Managers
Deacons, March 2021

The European Union’s (EU’s) Sustainable Finance Disclosure Regulation (SFDR) imposes disclosure obligations on fund managers and other EU regulated firms regarding environment, social or governance (ESG) issues. The SFDR disclosure obligations came into effect on 10 March 2021. I was recently approached by Ignites Asia – a Financial Times service – for an interview on how the SFDR may impact Hong Kong fund managers. Below is an extract. 1...

Significant Penalty for Failure to Comply with Hong Kong Short Position Reporting
Deacons, March 2021

A recent Securities and Futures Commission (SFC) disciplinary action is a reminder of the need for managers to ensure there are systems and procedures in place to meet the short position reporting obligations of the funds that they manage. The SFC reprimanded and fined an asset manager HK$3...

FMA Directs Derivatives Issuer to Address Misleading Advertising
MinterEllisonRuddWatts, March 2021

The Financial Markets Authority (FMA) has issued a direction order to licensed derivatives issuer, Rockfort Markets (Rockfort), to address specific advertising statements. Link to the media release is availablehere. Who needs to read it? Why? All businesses in the financial services industry should take note of the FMA’s latest direction order...

PIE Changes – PIE Tax Annual Assessment Process
MinterEllisonRuddWatts, March 2021

Inland Revenue has announced that from the 2021 tax year changes will be made to ensure consistency in the taxation of Portfolio Investment Entity (PIE) income. The general guidance is available online here. Who needs to read it? Why? Banks and financial institutions (PIE Providers) and individuals with PIE income...

Anticipation of Changes to Tax Relief on Pensions Proves Unfounded
Shoosmiths LLP, March 2021

There has been a growing expectation that in order to fill the COVID sized hole in the Treasury's finances focus and ultimately action would be brought to bear on pension tax relief across defined benefit and defined contribution pension schemes. However, "Tax Day" has seen cuts to higher rate tax relief fail to materialise...

Why Some Data Subject Request Services Create Compliance Concerns
Bradley Arant Boult Cummings LLP, March 2021

If you are responsible for handling data subject requests made pursuant to the EU General Data Protection Regulation or verified consumer requests made pursuant to the California Consumer Privacy Act, chances are you have come across one or more of the myriad companies that purport to be advocating for consumers in making requests on their behalf. These companies include Mine, Privacy Bee, DeleteMe and Revoke...

 

 

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