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News – Banking and Finance and Capital Markets 1st Quarter of 2021
PLMJ, May 2021

Below, you will find the issue of our Banking and Finance and Capital Markets newsletter for the 1st quarter of 2021, which compiles the most significant news in this area. BANKING AND FINANCE I. Banco de Portugal Banco de Portugal press release on the countercyclical capital buffer for the 2nd quarter of 2021. The countercyclical capital buffer percentage in force from 1 April 2021 will remain at 0% of the total amount of exposures (link)...

AI: The Artificial Ingredient You Shouldn’t Avoid
Shoosmiths LLP, May 2021

Those of us who grew up in the 70’s or 80’s may recall the excitement of Marty McFly wandering around in the then distant future of October 2015. Yes, 2015. Just over 5 years ago. ‘Where are the flying cars?!?’, you might be forgiven for asking. ‘And why don’t our Hover Boards, you know, hover?’ It's a common theme. George Orwell’s 1984 never happened as predicted and there’s no Big Brother watching us from a screen on the wall...

Fault-Based Liability Ruled a Requirement for Enterprise Penalty
Simonsen Vogt Wiig AS, May 2021

General about enterprise penalty In relation to the previous section on enterprise penalty as enshrined in section 48a of the 1902 Penal Code, discussion were had as to whether there was a requirement of Fault-based liability in the provision. In the preparatory work on section 27 of the new Penal Code, this was discussed in depth, after which it in Ot.prp. no. 27, 90 (2003-2004) s. 242 was clearly stated that the new provision should not have such a requirement...

The Changing Face of Cleantech
Shoosmiths LLP, May 2021

The pandemic has, if nothing else, demonstrated how much more needs to be done in the battle against climate change. Despite the worldwide economic slowdown and travel ban resulting from coronavirus, global carbon dioxide emissions reduced by just 6% (approximately 2.3bn tonnes) in 2020. But both governments and industry are responding to the challenge, however, with a renewed sense of urgency and collaborative spirit...

Partial Success for Reinsurers as Court Respects Conflicting Jurisdiction Clauses
Shoosmiths LLP, May 2021

The recent anti-suit injunction decision in Axis v Absa Group demonstrates the importance of considering the practical effect of jurisdiction clauses when a suite of contracts or (re)insurance policies are entered into...

Luxembourg Competition Council Willing to Review and Refer M&A Transactions to the European Commission
Arendt & Medernach, May 2021

 On 29 April 2021, following the release of the widely commented European Commission Guidance on Art. 22 of the EU Merger Regulation (EUMR), the Luxembourg Competition Council published a statement on the recent policy change...

Angola Amendments to the Private Investment Law
PLMJ, April 2021

The Private Investment Law (Law 10/18 of 26 June) was amended by Law 10/21 of 22 April. The new law marks the return of the contractual system to the area of private investment. As a result, the current private investment systems are the following: i) Prior declaration system ii) Special system iii) Contractual system The contractual system is applicable to projects in any sector...

New Emergency Measures Adopted after the “Sostegni Decree”
Gianni & Origoni, April 2021

Below is an update on the most relevant employment law measures adopted after the Decree of March 22, 2021, no. 41 (the so-called “Sostegni Decree”) within the framework of the COVID-19 emergency legislation and the on-going vaccination campaign...

Five Reasons Why Investors Love Intellectual Property (And Other Intangible Assets)
Van Doorne N.V., April 2021

Several listed companies recently bought the music rights of world famous stars such as Bob Dylan and Taylor Swift. The payoff of investing in music mainly comes from streams revenues. But the benefits do not seem to be that bad: for instance, since Sony bought Michael Jackson's music portfolio in 2016, its stock price has quadrupled (1)...

Entrepreneurs and Intellectual Property: Avoid These Thirteen Mistakes to Protect Yourself (Part 1 of 3)
Lavery Lawyers, April 2021

In this three-part article series, we will share with you the intellectual property (IP)–related mistakes that we regularly see with startups. We hope you will find it useful for your business...

Kochhar & Co. IP Practice Group Shares a Snapshot of Some of the Recent Landmark Judgments and Legislative Updates in the Indian IP Landscape
Kochhar & Co. Advocates & Legal Consultants, April 2021

JURISPRUDENCE Amazon Seller Services Pvt. Ltd. & Ors. v. Amway India Enterprises Pvt. Ltd. & Ors. (Delhi High Court)1  The Division Bench of the Delhi High Court reversed the prior order which had restrained various e-commerce platforms like Amazon, Flipkart and Snapdeal - from enabling sale of products of 'direct selling' companies without their consent. The Court held that the Direct Selling Guidelines of 2016 are not the law and are only advisory in nature...

Angola: New Rules for Exchange Operations - Individuals
PLMJ, April 2021

The recent Notice 05/2021 of 14 April issued by Banco Nacional de Angola (the "Notice") introduces new rules and procedures that must be observed by individuals – whether or not they are residents for foreign exchange purposes – when carrying out foreign exchange transactions...

OFC – An Alternative Structure for SFC-Authorized Funds
Deacons, April 2021

On 24 February 2021, Hong Kong’s Finance Secretary Paul Chan delivered the 2021-22 Budget which highlighted upcoming government initiatives to promote the establishment of and re-domiciliation of offshore funds to Hong Kong using the Hong Kong open-ended fund company structure (OFC)...

Delegation by Managers under Hong Kong’s OFC Regime
Deacons, April 2021

An open-ended fund company (OFC) must at all times have an investment manager (Fund Manager) who is responsible for managing the scheme property. To bring in expertise in respect of a specific market or strategy or for other various reasons, Fund Managers may engage sub-managers, advisors or delegates. The delegation of the investment management function by a Fund Manager is permissible under the OFC regime...

Disciplinary Action Highlights the Need for Compliance with Sales and Suitability Regulations and Licensing Conditions
Deacons, April 2021

The SFC’s recent public reprimand and fine of HK$6.3 million against a licensed corporation (the Company) brings various provisions of the Code of Conduct and Internal Control Guidelines to the forefront. It also highlights the need for licensed corporations to fully comply with any licensing conditions. Outlined in this article are the key facts of this case and a summary of what licensed intermediaries can learn from this disciplinary action...

Romanian Approach to the Whistleblowers’ Directive
Nestor Nestor Diculescu Kingston Petersen, April 2021

Romanian authorities have recently initiated the transposition process for Directive (EU) 2019/1937 of the European Parliament and of the Council on the protection of persons who report breaches of Union law (the “Whistleblowers’ Directive”). A limited period for public review of the first draft of transposition bill has just closed. The projection is that it will become law by December 2021 to meet the transposition deadline...

Dutch Chapter of Latest Vertical Agreements Guide of Lexology GTDT.
Van Doorne N.V., April 2021

Read and download the Dutch chapter of the latest Vertical Agreements guide of Lexology GTDT, as updated by Sarah Beeston, Pim Jansen and Nina Korstenbroek. You can access the chapter by clicking on the link below. This comprehensive chapter explains how the Dutch competition rules are applied to agreements for the sale and purchase of goods or services between parties operating at different levels of the supply chain (so-called "vertical agreements")...

To Be is Not to Be: Remedies for Erroneously Drafted Written Instruments
Lawson Lundell LLP, April 2021

What options does one have when they discover that a term in a previously executed contract or written instrument was worded poorly, or incorrectly drafted? Generally, parties in this scenario may seek the remedy of rectification, which gives a court the equitable jurisdiction to rectify or correct the document so that it accords with the parties’ true agreement...

Shuttered Venue Operators Grant
Morris, Manning & Martin, LLP, April 2021

The Shuttered Venue Operators Grant (SVOG) is a new federally-funded program providing emergency assistance for eligible venues adversely affected by COVID-19. The program, administered by the Small Business Administration’s (SBA) Office of Disaster Assistance, will offer over $16 billion in grants to shuttered venues, providing economic relief to eligible entities. This legal update summarizes the requirements and additional information related to the grant application process...

Eleventh Circuit Ruling is a Rare Win for Businesses Against ADA Website Lawsuits
Waller, April 2021

The threat that a company’s website violates the Americans with Disabilities Act (ADA) has diminished some thanks to the United States Court of Appeals for the Eleventh Circuit. Lawsuits have become increasingly common alleging that websites must be “accessible” to persons with visual disabilities, such as is required for “public accommodations” under the ADA – like Braille keypads at ATMs and wheelchair ramps at sidewalks...

The Intersection of Equitable Relief and Creative Problem Solving Delaware Bankruptcy Court Approves Mandatory Settlement Procedures to Address Environmental Remediation Issues
Waller, April 2021

Bankruptcy courts are granted, under Section 105(a) of the Bankruptcy Code, the equitable power to “issue any order, process, or judgment that is necessary or appropriate to carry out the provisions of this title.” The reality of chapter 11 is that complex issues inevitably arise, and these issues will occasionally challenge the traditional methods and tools utilized by debtor’s counsel to craft an appropriate solution...

EFFECTS ON INSURANCE REGULATION of Law No. 21,314 which Regulates Market Agents and Pension Advisors
Carey, April 2021

On April 13, 2021, Law No. 21,314 was published in the Official Gazette, which, among other matters, set new transparency requirements and reinforce the responsibilities of market agents (the "Law"). Relevant modifications to the current insurance regulation: Amendments to Decree with Force of Law No. 251 of 1931 ("Insurance Act"). Article 5 of the Law amends the Insurance Act, among others, in the following matters: Insurance consultation system (new Article 12)...

EFFECTS ON THE REGULATION OF CORPORATIONS AND THE SECURITIES MARKET of Law No. 21,314 that Regulates the Market Agents and Social Securiy
Carey, April 2021

On Tuesday, April 13th of 2021, a law was published in the Official Gazette that establishes new demands for transparency and strengthens the responsibilities of market agents, regulates the social security advice and other matters indicated therein, reforming, among other regulations, Law No. 18,045, on the Stock Market and Law No. 18,046 on Corporations (going forward, referred as the “Law”)...

EFFECTS ON THE REGULATION OF CORPORATIONS AND THE SECURITIES MARKET of Law No. 21,314 that Regulates the Market Agents and Social Security
Carey, April 2021

On Tuesday, April 13 th of 2021, a law was published in the Official Gazette that establishes new demands for transparency and strengthens the responsibilities of market agents, regulates the social security advice and other matters indicated therein , reforming, among other regulations, Law No 18,045, on the Stock Market and Law No. 18,046 on Corporations (going forward, referred as the “ Law ”)...

Consumer Financial Protection Bureau Rescinds COVID-Related Relief
Waller, April 2021

Recently, the Consumer Financial Protection Bureau (CFPB) rescinded seven policy statements issued during 2020 that provided temporary relief for financial institutions in consumer financial markets including mortgages, credit reporting, credit cards and prepaid cards...

 

 

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