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Africa Regulatory Insight: Coronavirus (COVID-19) Regulatory Measures
ENSafrica, April 2021

ENSafrica recently released Africa Regulatory Insight: Coronavirus (COVID-19) Regulatory Measures. This comprehensive report outlines the COVID-19 regulatory measures for each country across Sub-Sahara Africa, providing the sector, measure, effective date/status and key points and impact for each region. The information provided herein is intended to provide a general overview, and is not an exhaustive list of all legislatice developments across Sub-Sahara...

Weekly Digest: COVID-19 Resources from Bradley (April 15, 2021)
Bradley Arant Boult Cummings LLP, April 2021

This digest is a curated list of Bradley content regarding the coronavirus. In an effort to provide our clients with the easiest way to find information that may be beneficial in responding to the impact of COVID-19, we have provided links to our most recent blog posts, news alerts, webinar recordings and more. Additionally, this digest will now be deployed on a weekly basis in an effort to reduce the number of emails our clients receive...

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...

Banks Not Required to Act as Detectives or Fraud Detectors
Deacons, April 2021

There has been an increasing number of fraud cases, in particular cyber fraud cases, around the world. Some victims of fraud have sought redress from banks for failing to detect the fraud and refrain from processing their instructions by relying on the Quincecare duty (i.e...

Colombia Updates the Customs Regime
Brigard Urrutia, April 2021

The National Government issued Decree 360 of 2021 that modifies the customs regime contained in Decree 265 of 2019, in order to provide legal security to foreign trade users by specifying the substantial and formal obligations that must be met in the customs procedures and regimes. In addition, it temporarily modified the obligation regarding the minimum amount of liquid assets required of customs agencies...

CFPB Proposed Rule: Slowing the Foreclosure Wave
Hunton Andrews Kurth LLP, April 2021

On April 5, 2021, the Consumer Financial Protection Bureau (the “CFPB”) issued a proposed rule that would, among other things, establish a temporary COVID-19 emergency pre-foreclosure review period until December 31, 2021, for principal residences. Currently, the moratorium on foreclosures and evictions for Federal Housing Administration, US Department of Agriculture, US Department of Veterans Affairs, Fannie Mae, and Freddie Mac loans has been extended until June 30, 2021...

Extension of the Brazilian PTO Project to Eliminate its Patent Backlog
Veirano Advogados, April 2021

The INPI (Brazilian PTO) published Ordinance/INPI/PR No. 21, of March 26, 2021, which extends the Backlog Combat Project aiming at reducing the number of invention patent applications pending decision. The ordinance came into force on April 1st, 2021, and targets patent applications filed between Jan. 1st, 2017 and Dec. 31st, 2017...

Loss of Personal Information: The Superior Court Dismisses a Class Action
Lavery Lawyers, April 2021

On March 26, 2021, the Superior Court rendered a decision dismissing a class action against the Investment Industry Regulatory Organization of Canada (“IIROC”) on the loss of personal information of thousands of Canadian investors.1 The lack of evidence of compensable injury and IIROC’s diligent behaviour are the main reasons for the dismissal of the class action. The Facts On February 22, 2013, an inspector working for IIROC forgot his laptop computer in a public place...

Reserve Bank New Enforcement Department
MinterEllisonRuddWatts, April 2021

The Reserve Bank Te Putea Matua has established a new separate Enforcement Department.  The Department will be operationally separate from the Supervision team but both will work together to incentivise and manage prudent behaviour and to hold institutions to account for non-compliance. Who needs to read it? Why? All financial institutions regulated by the Reserve Bank. This signals a move towards a more proactive regulator to which institutions will need to respond...

Climate Reporting Bill to Receive First Reading this Week
MinterEllisonRuddWatts, April 2021

On 12 April 2021, the New Zealand Government introduced the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Bill (Bill), which will receive its first reading this week.  Once passed, disclosures will be required for financial years commencing in 2022, meaning that the first disclosures will be made in 2023...

Mamo TCV Newsletter - March 2021
Mamo TCV Advocates, April 2021

Banking & Finance ESAs issue joint supervisory statement on the application of the Regulation on Sustainability-related disclosures in the Financial Services Sector (SFDR) ESAs issue recommendations on the application of the SFDR...

When can a Bank Reverse a Credit Transfer without Customer Consent?
ENSafrica, April 2021

The South African Supreme Court of Appeal (“SCA”) recently delivered judgment in the matter of FirstRand Bank Limited v The Spar Group Limited. The SCA held that: A customer with no entitlement to money deposited into its account and who knows that it enjoys no such entitlement, may not pay out money against the credit to the account. Doing so amounts to theft...

New Favorable Qualified Small Business Stock Guidance for Fintechs and Insurtechs
Hanson Bridgett LLP, April 2021

On April 9, 2021, the IRS released Private Letter Ruling (PLR) 202114002 (January 13, 2021), which provides additional context to taxpayers worried about whether their Fintech or Insurtech shares represent Qualified Small Business Stock (QSBS) under Internal Revenue Code (IRC) section 1202...

Proposed Lowering of Statutory Limit of Effective Rate of Interest Stipulated in the Money Lenders Ordinance (Cap. 163)
Deacons, April 2021

The Financial Services Branch of the Financial Services and the Treasury Bureau (the “FSB”) issued a letter on 1 April 2021 to all licensed money lenders setting out the Government’s proposal to revise the statutory interest rate cap and extortionate rate for money lending stipulated in the Money Lenders Ordinance (Cap. 163) (“MLO”)...

High-Income, Corporate Tax Returns Will Be Scrutinized
Waller, April 2021

In its discretionary funding request for fiscal year (FY) 2022, the Biden administration is seeking an additional $1.2 billion for the IRS – a 10.4% increase over FY 2021. $900 million of the increase will be earmarked for compliance. The additional funding in the White House proposal would enable the IRS to “increase oversight of high-income and corporate tax returns,” according to a statement issued by U.S. Treasury Secretary Janet Yellen...

Shearn Delamore & Newsletters 2021
Shearn Delamore & Co., April 2021

Dear valued clients, colleagues and friends,We are pleased to bring you the March 2020 issue of our quarterly Newsletter, we hope that you will continue to find its contents of value to you.REAL ESTATE:PJD Regency Sdn Bhd v Tribunal Tuntutan Pembeli Rumah: Calculation of Liquidated Agreed Damages commences from the Date of Payment of Booking Fee. A case note by Alexis Yong Mey Ling...

Freeports – Planning FAQs
Shoosmiths LLP, April 2021

The designation of eight new Freeports within England made headlines in the Budget and now the winning bidders have to put into effect their successful proposals. What will this mean in practice for those areas affected and what are the likely issues that Freeport authorities will face? We have pulled together some questions we are asked frequently on Freeports, together with the responses we have been providing to our clients...

Arbitration (Amendment) Ordinance 2021 Comes into Effect 19 May 2021
Deacons, April 2021

In our previous article, we reported on the Supplemental Arrangement Concerning Mutual Enforcement of Arbitral Awards between Mainland China and the HKSAR (Supplemental Arrangement) made on 27 November 2020, which made certain revisions to the Arrangement Concerning Mutual Enforcement of Arbitral Awards between Mainland China and the HKSAR, as follows: Recognition of arbitral awards -The Supplemental Arrangement clarified that the procedures set out in the Arrangement shall be in

XRB Issues Timeline for Developing Climate-Related Financial Disclosures
MinterEllisonRuddWatts, April 2021

The External Reporting Board (XRB) recently issued its timeline for developing the financial reporting Standard for climate-related financial disclosures (Standard).  The timeline includes consultation in February to May 2022, and publication of the standard in September 2022, with reporting entities delivering their first disclosures in 2023...

Cartel Conduct Now a Criminal Offence
MinterEllisonRuddWatts, April 2021

Key points following the legislative change From Thursday 8 April 2021, it is a criminal offence to enter into or give effect to an agreement containing a cartel provision. Individuals who participate in cartel conduct can be imprisoned for up to seven years. A cartel provision is a provision in an arrangement between competitors that has the purpose, effect or likely effect of fixing price, restricting output, and/or allocating markets...

The Forefront: Great ExSPACtations
TSMP Law Corporation, April 2021

The advent of blank cheque company IPOs. Special Purpose Acquisition Companies (SPACs) have taken the corporate world by storm. These “blank cheque” shell companies, which raise funds in their initial public offerings (IPO) to invest in potential but as yet unidentified target businesses, have fuelled a listing frenzy in the US. SPAC IPOs have garnered US$87.9 billion in fundraising in the first three months of 2021, already exceeding last year’s total...

The National Security and Investment Bill: What Does it Mean for Real Estate?
Shoosmiths LLP, April 2021

The National Security and Investment Bill will allow government intervention in transactions raising national security concerns. It will require investors in UK real estate to consider whether the regime applies and factor in any timetabling implications. The Bill is currently being examined in the House of Lords. It will introduce an independent screening regime in the UK where a transaction gives rise to national security concerns...

Cambodia: New Transaction Amounts - Know Your Customer Procedures for Financial Institutions and Payment Service Providers
DFDL, April 2021

Pursuant to the Prakas on Launching the Use Rules and Procedures of Bakong System dated 26 June 2020 and the Prakas on Management of Payment Service Providers dated 14 June 2017, the National Bank of Cambodia (“NBC”) has determined transaction amounts and KYC procedures for financial institutions and payment service providers (“PSP”) in Cambodia...

Cambodia: New Transaction Amounts & Know Your Customer Procedures for Financial Institutions & Payment Service Providers
DFDL, April 2021

Pursuant to the Prakas on Launching the Use Rules and Procedures of Bakong System dated 26 June 2020 and the Prakas on Management of Payment Service Providers dated 14 June 2017, the National Bank of Cambodia (“NBC”) has determined transaction amounts and KYC procedures for financial institutions and payment service providers (“PSP”) in Cambodia...

 

 

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