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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...

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...

Sustainable Future: Conversation Starters for Tenants
MinterEllisonRuddWatts, August 2021

MinterEllisonRuddWatts is actively engaged in The Chancery Lane Project, joining the focused effort from lawyers around the world to develop contract clauses to help fight climate change. Our firm recognises that climate change has broader implications for business and is a key consideration in today’s commercial decision making. We are proud to be the first New Zealand law firm involved in this far-reaching sustainability initiative...

Navigating the Fintech Revolution in Thailand
DFDL, August 2021

‘Navigating the Fintech Revolution in Thailand’ is the indispensable must-read guide for fintech experts who want to stay up-to-date on all current and future fintech developments and successfully navigate the sector’s many challenges and pitfalls! In this edition, DFDL reports on the current state of fintech in Thailand from a legislative and policy perspective with an overview of the current and future fintech landscape...

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...

$784M Fraud Charge Against Telemedicine Company Highlights Importance of Evaluating Telehealth Arrangements
Dinsmore & Shohl LLP, August 2021

Telemedicine and telehealth are newer and ever-expanding components of health care.[1] There are many viable arrangements for companies who wish to engage in telemedicine and/or telehealth and these arrangements can offer many benefits to the patients they serve.  However, companies and licensed individuals who provide services should be careful to understand the state and federal regulatory framework under which they operate...

The Freeze Partnership: An Estate Tax Technique For Real Estate and Other Appreciated or Leveraged Assets
Hanson Bridgett LLP, August 2021

  The freeze partnership is an often overlooked estate tax planning tool. Unlike more common estate tax planning vehicles, the freeze partnership is not a trust and, as the name implies, is a closely-held partnership, limited partnership or LLC (in this article, the term partnership will be used to refer to partnerships, limited partnerships and LLCs)...

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...

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...

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...

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...

Buchalter COVID-19 Client Alert: San Francisco Provides New Evidentiary Presumption in Continued Push to Provide Rent Relief to Limited Commercial Tenants
Buchalter, August 2021

Following the passage of its commercial eviction moratorium for certain qualified tenants in December 2020,[1] the San Francisco Board of Supervisors, on August 4, 2021, provided additional assistance to the same class of “Covered Commercial Tenants” by establishing a new evidentiary presumption aimed at excusing payment of past due rent. To the extent applicable, the presumption applies to all past due rent as of March 16, 2020...

Cryptocurrency – The Future of Banking?
Shoosmiths LLP, August 2021

In our previous article (Cryptocurrency – The Future of Money), we provided an overview of the key ideas behind cryptocurrency. In this article, we look at how cryptocurrency and digital currency might impact the corporate banking and finance market...

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...

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...

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...

From Coders to Brokers: New Proposed 1099-B Reporting for Crypto Miners and Software Developers
Hanson Bridgett LLP, August 2021

Key PointsThe Infrastructure Investment and Jobs Act (H.R. 3684) passed the Senate with a broad definition of "broker" to target cryptocurrency information reporting to the IRS.Absent amendment, the bill imposes obligations similar to IRS Form 1099-B on various technology providers in the crypto industry, even if they do not broker digital asset transactions and lack the necessary information to comply...

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...

Buchalter COVID-19 Client Alert: Supreme Court Holds That in Applying COVID-Related Stays of Eviction Proceedings, Landlords Must Be Given the Opportunity to Challenge a Tenant’s Claim of COVID-Related Hardship
Buchalter, August 2021

On August 12, in a 6-3 decision, the U.S. Supreme Court issued an order enjoining the portion of a New York State statute which provided that tenants could establish that they had suffered COVID-related economic hardship by means of self-certification.  Under the New York law, eviction actions based on non-payment of rent could not go forward if a tenant submitted such a self-certification.  Under the law, landlords could not contest the tenant’s declaration in court...

Key Takeaways from the Court Verdict on Ashton Asoke and Key Considerations for Both Real Estate Developers and Customers
Kudun and Partners, August 2021

On July 30, 2021, the Central Administrative Court rendered its verdict against, among others, the Director of Wattana District, Bangkok Metropolis; the Governor of Bangkok Metropolis; and the Governor of the Mass Rapid Transit Authority of Thailand, revoking all governmental authorizations with respect to the construction of Ashton Asoke Condominium Project...

The Three Laws of Legal Robotics
Shoosmiths LLP, August 2021

In the 1940s writer and futurologist Isaac Asimov laid down his Three Laws of Robotics. We say it’s time for lawyers to do the same. A flourishing future is ours for the taking, provided we know how to grasp it. At Shoosmiths, we’ve been working on future-facing projects for a good few years now...

Patents: Inventors can be Inhuman
ENSafrica, August 2021

“We are both created and create. Why cannot our own creations also create?” What a week First we heard that a South African patent for an invention that lists artificial intelligence (“AI”) as its inventor had been issued, a world first. Then we heard that an Australian court had handed down a judgment allowing AI to be listed as the inventor of a corresponding patent in Australia...

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

Shortly after the passage of the CARES Act, the SBA announced that it would be auditing every borrower with a PPP loan in excess of $2 million. What is meant by 'audit’ remains to be seen...

 

 

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