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Refinements to Hong Kong OTC Derivatives Licensing Framework
Deacons, June 2020

The Securities and Futures Commission (SFC) issued its Consultation Conclusions on the OTC derivatives regime for Hong Kong – Proposed refinements to the scope of regulated activities and competence requirements under the OTC derivatives licensing regime (Conclusions) on 10 June 2020...

International Comparative Legal Guides: Fintech 2020
Shearn Delamore & Co., June 2020

The Fintech LandscapeDevelopments in 2019 in terms of sectors were:Payments: Remittance was an area of significant growth in 2019, with a number of notable non-bank payments service providers receiving Remittance (Class B) Licences from Bank Negara Malaysia (BNM). MoneyMatch, the first graduate from BNM’s Regulatory Sandbox programme for incubating and ensuring the sustainability and regulatory compliance of fintech start-ups, was the first to receive a licence at the start of the year...

Contracts and Force Majeure During a Pandemic (IBLJ)
Kochhar & Co. Advocates & Legal Consultants, June 2020

Contracts and force majeure during a pandemic was published recently in the Indian Business Law Journal authored by Chandrasekhar Tampi, senior partner and Ankur Khandelwal, partner, Kochhar & Co. Overview- The spread of COVID-19 has raised multiple questions with respect to performance of commercial contracts, across the globe. While some contracts have witnessed the erosion of their foundation, others have been rendered difficult, even possible, to be performed...

Repricing Underwater Stock Options
Hanson Bridgett LLP, June 2020

Key Points Before undertaking a stock option repricing program, consider the tax impact on employees holding incentive stock options (ISOs) Additionally, consider the corporate and securities laws that govern repricing programs Introduction Stock options are a vital form of compensation at a wide range of privately-held companies.1 Stock options are intended to motivate employees to drive stockholder value and are used as an employee retention tool...

Municipal Advisors Granted Relief under SEC’s Temporary Conditional Exemption
Dinsmore & Shohl LLP, June 2020

On June 16, 2020, the Securities and Exchange Commission announced a Temporary Conditional Exemption for municipal advisors (MAs), which provides an exemption from certain broker registration requirements under Section 15 of the Securities Exchange Act of 1934. This order is in response to the disruption in the municipal securities markets resulting from the COVID-19 pandemic...

Buchalter COVID-19 Client Alert: Financial Accommodations for Airport Tenants in Response to COVID-19
Buchalter, June 2020

Airport sponsors and their legal counsel have been forced by the COVID-19 pandemic to exercise judgment and make tough decisions regarding the financial accommodations they will offer their commercial aeronautical tenants to help them weather the current storm...

Unprecedented: COVID-19 Litigation Trends, Issue 12
Spilman Thomas & Battle, PLLC, June 2020

This 12th edition of Unprecedented, our weekly update on COVID-19-related litigation brings new developments in labor and employment cases, consumer protection cases, and civil rights litigation. Price gouging and fraud for personal protective equipment (particularly N95 masks) remain major focuses, with manufacturers, retailers, and governments all taking action...

Buchalter COVID-19 Client Alert: Treasury Issues New PPP Interim Final Rule, and Revised Long Form and New Short Form EZ Forgiveness Application and Instructions
Buchalter, June 2020

To implement the changes to the PPP program contained in the recently enacted PPP Flexibility Act, Treasury has issued a new Interim Final Rule (IFR).  It has also issued a revised forgiveness application form, worksheet and instructions, and a new expedited (EZ) forgiveness application form and instructions that can be used by certain borrowers.  Links to those documents can be found below...

The Perils of Responding to Cyber-Incidents Just Got More Complicated
Bradley Arant Boult Cummings LLP, June 2020

It’s 8 am, and you just learned that a material cyber-incident occurred in your organization. You fire up your Incident Response Plan. You engage outside counsel, and outside counsel engages a forensic firm. Your company, your outside counsel, and your forensic firm all sign an agreement that the forensic firm will work at the direction of outside counsel...

Negotiating VC Term Sheets in a Recession
Hanson Bridgett LLP, June 2020

Key Points Prior recessions saw increased instances of investor-favorable terms. Founders need to weigh the benefit of receiving financing now vs. the potential chilling effect on future rounds of equity investment. Founders strategizing how to raise capital in the midst of the ongoing COVID-19 pandemic, can look to the last Great Recession to understand investor-favorable deal terms that may be prime to make a comeback...

IRS Clarifies Eligible Like-Kind Property Under Proposed Section 1031 Regulations
Hanson Bridgett LLP, June 2020

Key Points IRS proposed new regulations for like-kind exchanges under section 1031. The guidance provides the definition of real property and treatment of incidental personal property in the section 1031 context. On June 11, 2020, the IRS released proposed regulations for like-kind exchanges under Internal Revenue Code (the "Code") section 1031 to incorporate the Tax Cuts and Jobs Act ("TCJA") changes...

Don’t be a Mark in a Trademark Scam – Signs of a Scam
Dinsmore & Shohl LLP, June 2020

What are trademark scams? Many scam artists attempt to solicit money from trademark owners by sending notices that appear to be authentic but are meant to mislead or fraudulently induce payment for unnecessary or nonexistent services. Unfortunately, because trademark filings are a matter of public record, many bad actors utilize the filing information to prey upon the owners by seeming legitimate. An example of a widely -known scam is shown below...

Economic Substance Notification – Deadlines
Afridi & Angell, June 2020

The UAE has introduced Cabinet Resolution 31 of 2019 (as amended) (the Economic Substance Regulations) which apply to UAE onshore and free zone entities that undertake, and earn an income from, any of the Relevant Activities (listed below): Banking Business Insurance Business Investment Fund Management Business Shipping Business Holding Company Business Lease-Finance Business Distribution & Service Centre Business Headquarters Business Intellectual Property Business The Re

Introducing the Arendt Insights Mobile App: Instant Access to the Legal Developments Impacting Business in Luxembourg.
Arendt & Medernach, June 2020

“At a time when the flow of information is always expanding, this app is a smart alternative for users to stay informed about these topics without a flood of emails.”(Jean-Marc Ueberecken, Managing Partner). The CoVid-19 crisis as a trigger Arendt Insights is the only app dedicated to Covid-19 crisis management in Luxembourg.   The first version of the app has been designed to give insight from Arendt experts, using the Covid-19 Solutions platform...

English Court Holds that an Expert Can Owe a Fiduciary Duty of Loyalty to a Client
Deacons, June 2020

In the recent case of A Company v X,Y, Z [2020] EWHC 809 (TCC), England’s Technology and Construction Court granted an injunction restraining the Defendants (a global expert firm) from acting in an arbitration, due to breach of the fiduciary duty of loyalty to the client...

Real Time COVID-19 Bulletin - Week of June 15, 2020
Brigard Urrutia, June 2020

Bogotá DC Mayor's Office is preparing a package of new measures for the city The Bogota City Hall has advanced a series of new measures in order to continue fighting the expansion of COVID-19. Particularly, the orange alert has been declared in the hospital system of Intensive Care Units, with which, the District Health Secretariat will give guidelines on patient care and will manage their referral to ICUs...

Law No. 21,236 on Financial Portability is Published in the Diario Oficial
Carey, June 2020

On June 3, 2020, the President of the Republic enacted the law that governs the financial portability, which was published in the Diario Oficial today, June 9, 2020 (the “Law”), whose main provisions can be summarized as follows: I. Scope The Law sets an inalienable right to the financial portability for the “Clients”, i.e...

SERNAC Begins the Process of Monitoring Compliance with Law No. 20,009 which Limits Users' Liability for Fraud
Carey, June 2020

New Law No. 21,234, which amends and replaces Law No. 20,009, entered into force on May 29th, 2020. This norm aims to provide more protection to consumers and extending the liability of financial institutions against payment card and electronic transaction fraud...

Law No.21,234: Modifies the Criminal Offence of Fraudulent Use of Payment Cards and Electronic Transactions
Carey, June 2020

On May 29th, 2020, Law No. 21,234 was enacted (the"New Law"), amending and replacing completely Law No. 20,009, which establishes the “Regime of limitation of liability for users, of unauthorized use of means of payment”, expanding its scope of application, establishing a new liability regime for and a new catalogue of conducts which constitute the criminal offence of “fraudulent use of payment cards and electronic transactions”. Modifies Law No...

FAQs: Employment Ministry's and DPA's New Positions on Checking Employees' Temperatures
ALTIUS/Tiberghien, June 2020

The controversial issue of whether employers can check their employees' temperatures has been much debated. Both the Employment Ministry and the Data Protection Authority (DPA) have recently changed their positions in this respect...

Did the PPP Create Class Action Liability for Banks?
Dinsmore & Shohl LLP, June 2020

As seen in Bank Director The federal government has a history of assisting businesses when a crisis occurs, but one of its latest interventions may have created risk for bank partners providing aid...

Buchalter COVID-19 Client Alert: San Francisco Continues “Shelter in Place” Order with Limited Expansion of Essential Business Operations
Buchalter, June 2020

Since the beginning of the shelter-in-place period on March 16, most office tenants in San Francisco have been deemed non-essential and ordered not to open for business except for the conduct of limited “minimum basic operations...

Long Overdue: U.S. Supreme Court Holds Title VII Protects Gay and Transgender Employees
Lowenstein Sandler LLP, June 2020

What You Need To Know: It is now unlawful under federal law to discriminate against an employee because of that person’s sexual orientation or transgender status. Previously, more than 25 states did not have laws protecting gay employees from discrimination. Yesterday's Supreme Court decision confirms that discrimination based upon one’s sexual orientation or gender identity is discrimination based upon sex and therefore unlawful...

Fast-Changing Whisky Industry Can Keep Lifting Spirits in Scotland's Economy
Shepherd and Wedderburn LLP, June 2020

Hand sanitiser production is just one aspect of business that's altered for £5bn industry, writes George Frier of Shepherd and Wedderburn The whisky industry continues to captivate consumers and entrepreneurs. Record exports continue and, within the sector, the emergence of new brands and the rejuvenation of existing brands demonstrate a vibrant sub-set of the Scottish food & drink economy...

Buchalter COVID-19 Client Alert: Federal Reserve’s Main Street Loan Program is Officially Launched; Buchalter Announces Main Street Lending Team
Buchalter, June 2020

The Federal Reserve's Main Street Lending Program (the “MSLP”), which is designed to help credit flow to small and medium-sized businesses impacted by the COVID-19 pandemic, was officially launched today, Monday, June 15th. As a result, the MSLP is now open and ready for registration by lenders looking to participate in the program...

 

 

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