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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...

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...

Major Tax Changes On The Horizon
Dykema, March 2021

Now that the COVID relief bill, the American Rescue Plan Act of 2021, has passed and is now being implemented, the focus in Congress and the Biden Administration will be moving to their next major bill as part of President Biden's Build Back Better plan. While some may wish this next bill to move quickly, the bill's complexity mostly likely means a longer process over the next six months...

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...

Red Light Tax Warning for Divorcing or Separating Couples on Tax Day
Shoosmiths LLP, March 2021

HM Treasury’s decision to hold a “Tax Day” today will be a bellwether for long-term changes in government tax policy. Traditionally these announcements would have been made alongside the Budget, but this year the Treasury has decided to announce some extra tax rule changes separately.  In our previous insight we highlighted an “amber” tax alert for couples contemplating divorce or separation...

The American Rescue Plan Act of 2021: Congress Adds a Few Tax Surprises to Its Rescue Package
Dykema, March 2021

The American Rescue Plan Act of 2021, Pub. L. No. 117-2 (the “ARPA”), signed into law on March 11, 2021, by President Biden, contains a few unexpected tax surprises...

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...

A Business Bankruptcy Overview: How Subchapter V, the CARES Act and the Consolidated Appropriations Act Have Expanded Relief for Businesses and Business Owners in Bankruptcy
Bradley Arant Boult Cummings LLP, March 2021

In February 2020, just prior to the COVID-19 outbreak, the Small Business Reorganization Act of 2019 (Subchapter V) took effect.[1] Subchapter V amends Chapter 11 of the Bankruptcy Code to allow certain individuals and businesses with debts of less than $2,725,625 to file a streamlined Chapter 11 case with the goal to make small business bankruptcies faster and cheaper...

Use the Force? Understanding Force Majeure Clauses
Bradley Arant Boult Cummings LLP, March 2021

It has been said that, sooner or later, everything old is new again. In the wake of the novel coronavirus pandemic (COVID-19) sweeping the globe in 2020, a heretofore largely overlooked and even less understood nineteenth century legal term has come to the forefront of American jurisprudence: force majeure...

ESG as the Prism For Change – the SEC Targets Proxy Voting
Dinsmore & Shohl LLP, March 2021

Over the past month, the SEC has signaled the primacy of ESG in its mission for 2021 and beyond. Seemingly daily, there have been updates regarding ESG initiatives, whether from the Division of Enforcement or the Division of Corporation Finance. This week, it was the Division of Investment Management’s turn...

Fair Trade Banking Presents Opportunities for Small and Regional Banks
Spilman Thomas & Battle, PLLC, March 2021

As published in West Virginia Banker magazine, Spring 2021 Recently, we have seen a flurry of congressional and executive activity on the issue of nondiscrimination in banking. In October 2020, Senators Warren and Booker, along with other Democratic senators, introduced the Fair Access to Financial Services Act of 2020. This bill seeks to prevent discrimination in banking based on “race, color, religion, national origin, and sex (including sexual orientation and gender identity)...

Fair Trade Banking Presents Opportunities for Small and Regional Banks
Spilman Thomas & Battle, PLLC, March 2021

As published in West Virginia Banker magazine, Spring 2021 Recently, we have seen a flurry of congressional and executive activity on the issue of nondiscrimination in banking. In October 2020, Senators Warren and Booker, along with other Democratic senators, introduced the Fair Access to Financial Services Act of 2020. This bill seeks to prevent discrimination in banking based on “race, color, religion, national origin, and sex (including sexual orientation and gender identity)...

Fair Trade Banking Presents Opportunities for Small and Regional Banks
Spilman Thomas & Battle, PLLC, March 2021

As published in West Virginia Banker magazine, Spring 2021 Recently, we have seen a flurry of congressional and executive activity on the issue of nondiscrimination in banking. In October 2020, Senators Warren and Booker, along with other Democratic senators, introduced the Fair Access to Financial Services Act of 2020. This bill seeks to prevent discrimination in banking based on “race, color, religion, national origin, and sex (including sexual orientation and gender identity)...

Fair Trade Banking Presents Opportunities for Small and Regional Banks
Spilman Thomas & Battle, PLLC, March 2021

As published in West Virginia Banker magazine, Spring 2021 Recently, we have seen a flurry of congressional and executive activity on the issue of nondiscrimination in banking. In October 2020, Senators Warren and Booker, along with other Democratic senators, introduced the Fair Access to Financial Services Act of 2020. This bill seeks to prevent discrimination in banking based on “race, color, religion, national origin, and sex (including sexual orientation and gender identity)...

Fair Trade Banking Presents Opportunities for Small and Regional Banks
Spilman Thomas & Battle, PLLC, March 2021

Recently, we have seen a flurry of congressional and executive activity on the issue of nondiscrimination in banking. In October 2020, Senators Warren and Booker, along with other Democratic senators, introduced the Fair Access to Financial Services Act of 2020. This bill seeks to prevent discrimination in banking based on “race, color, religion, national origin, and sex (including sexual orientation and gender identity)...

IRS Extends 2020 Tax Filing and Tax Payment Deadlines, But Not 2021 Estimate Dates
Dykema, March 2021

In News Release IR-2021-59, published on March 17, 2021, the IRS and Treasury Department announced that the Federal income tax filing due date for individuals for the 2020 tax year is automatically extended from April 15, 2021, to May 17, 2021. Individual taxpayers can also postpone Federal income tax payments for the 2020 tax year due on April 15, 2021, to May 17, 2021, without penalty or interest regardless of the amount owed...

 

 

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