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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...

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...

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 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...

The American Jobs Plan Proposes Important Corporate Tax Changes
Dykema, April 2021

On March 31, 2021, the Biden Administration released a Fact Sheet for its proposed American Jobs Plan (the “AJP”). The full text of the AJP can be found here. Although the AJP is primarily a proposal for rebuilding our country’s infrastructure, positioning the U.S. to compete with China and creating millions of jobs, it also proposes important corporate tax changes necessary to fund the AJP...

Massive Tax Changes of Up to $5.8 Trillion on the Horizon
Waller, April 2021

It was only a matter of time – following the election of President Biden and Democratic majorities in both houses of Congress – before the Biden administration and legislative leaders would turn their attention to changing the tax code. While it is early in what promises to be a loud and lengthy legislative debate in Congress, tax proposals introduced by high-profile senators Elizabeth Warren (D-MA) and Bernie Sanders (I-VT) designed to raise $5...

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...

Finally! – Halloumi will Actually be Made in Cyprus, As it Should Be
Chrysostomides Advocates and Legal Consultants, April 2021

It has been a long road for everyone’s favourite cheese. The protection of halloumi cheese should have never been complicated. The firm cheese which has the unique quality of retaining its shape even when fried or grilled, has its origins in the island of Cyprus where it has been produced for many centuries...

Europe and China Cooperate on PCT Searching
Deacons, April 2021

Did you know? The Chinese National Intellectual Property Administration (CNIPA) and European Patent Office (EPO) recently announced a pilot-programme, which will be of particular interest to Chinese and multinational companies with R&D in Mainland China and Hong Kong, especially if they wish to file patents in Europe, US or other jurisdictions outside of Mainland China...

The United States Corporate Transparency Act (“CTA”) of 2021
Morgan & Morgan, April 2021

What is the CTA? The CTA was enacted on January 1st, 2021 as part of the National Defense Authorization Act to prevent the use of companies to evade anti-money laundering rules or to hide other illegal activities. Under the CTA companies will be required to report information regarding its beneficial owners with a beneficial ownership registry maintained by the United States Treasury Department’s Financial Crimes Enforcement Network (FinCEN)...

The Massachusetts Supreme Judicial Court Clarifies the Contours of the Attorney-Client Privilege and Work Product Doctrine in Internal Investigations
Verrill, April 2021

In Attorney General v. Facebook, Inc., No. SJC-12496 (March 24, 2021),[i] the Massachusetts Supreme Judicial Court clarified the scope of protection afforded by the attorney-client privilege and the work product doctrine to internal investigations. At issue was the Massachusetts Attorney General’s request to obtain documents Facebook collected and created during its expansive internal investigation in the wake of the 2018 Cambridge Analytica scandal...

Court of Appeal Confirms Liability of Mainzeal Directors
MinterEllisonRuddWatts, March 2021

The Court of Appeal has delivered its eagerly anticipated judgment in proceedings brought by the liquidators of Mainzeal Property and Construction Ltd against its former directors, including Richard Yan and Dame Jenny Shipley. In those proceedings, the liquidators sought compensation for breach of certain statutory duties of directors engaged on a company’s insolvency: sections 135 (reckless trading) and 136 (incurring obligations) of the Companies Act 1993...

Pre-ruling Consultation with the Canada Revenue Agency (CRA): A Little-Known Yet Practical Service
Lavery Lawyers, March 2021

Canada’s tax system is very complex and tends to become more complex over time. Amendments to tax laws in recent years have not simplified our tax system, quite the contrary. The introduction of various intention tests in tax laws has also further increased tax authorities’ discretion as to the application of such laws...

Pre-Ruling Consultation with the Canada Revenue Agency (CRA): A Little-Known yet Practical Service
Lavery Lawyers, March 2021

Canada’s tax system is very complex and tends to become more complex over time. Amendments to tax laws in recent years have not simplified our tax system, quite the contrary. The introduction of various intention tests in tax laws has also further increased tax authorities’ discretion as to the application of such laws...

Pre-Ruling Consultation with the Canada Revenue Agency (CRA): A Little-Known Yet Practical Service
Lavery Lawyers, March 2021

Canada's tax system is very complex and tends to become more complex over time. Amendments to tax laws in recent years have not simplified our tax system, quite the contrary. The introduction of various intention tests in tax laws has also further increased tax authorities' discretion as to the application of such laws. In this context, it is often a good idea to obtain the Canada Revenue Agency's (“ CRA ”) advice on the application of tax laws to proposed transactions...

Tax Issues for Practical Solutions (T.I.P.S): International Edition
SyCip Salazar Hernandez & Gatmaitan, March 2021

The SyCipLaw T.I.P.S. International Edition covers the following tax issues: 1. What are the salient provisions on income tax under the Corporate Recovery and Tax Incentives for Enterprises Act, or CREATE Act? On March 26, 2021, President Rodrigo R. Duterte signed the “Corporate Recovery and Tax Incentives for Enterprises Act” (Republic Act No. 11534, the CREATE Act) into law...

Shearn Delamore & Co Legal Update March 2021 (2)
Shearn Delamore & Co., March 2021

FINANCIAL SERVICES Relaxation of FEP requirements on interest rate swap Bank Negara Malaysia has announced that nonresident banks may trade ringgit denominated interest rate swap without any underlying commitment with any participating onshore licensed banks and their appointed overseas offices (“AOOs”) with effect from 15th March 2021...

Shearn Delamore & Co Legal Update March 2021 (1)
Shearn Delamore & Co., March 2021

FINANCIAL SERVICES Further extension on short selling ban The Securities Commission Malaysia and Bursa Malaysia Securities Berhad announced a further extension, until 29 August 2021, of the existing suspension of Intraday Short Selling (IDSS) and Short Selling by Proprietary Day Traders on the stock exchange of Bursa Malaysia Securities Berhad. The scope of the ban remains the same.   Pepared by: Christina S. C...

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...

Arbitration Appeals - Admitted Error by the Tribunal
Shoosmiths LLP, March 2021

The grounds for appealing an arbitration award are limited.  Even when the tribunal admits that it has made a mistake that is not always enough.  So, when is an admitted error serious enough to permit an appeal? This was the question before the court in Doglemor Trade Ltd and others v Caledor Consulting Ltd and another [2020] EWHC 3342 (Comm). The Facts Mr Khabarov (majority owner of Caledor) was granted an option to purchase 30% of the share capital of Doglemor...

Good News for Small Businesses: PPP Loan Program Deadlines Extended!
Dykema, March 2021

It is expected that President Biden will sign the PPP Extension Act of 2021 passed by the House of Representatives on March 16, 2021, and the Senate on March 25, 2021. The bill extends the funding for the Paycheck Protection Program (“PPP”) Loan program through June 30, 2021, for First Draw and Second Draw Loan applications submitted by lenders to the SBA by May 31, 2021...

Digital Nomads - Legal and Tax Framework
PLMJ, March 2021

In the context of a growing transition to a digital economy, the possibility of working anywhere in the world as a remote worker is gaining more and more supporters, and this trend has been encouraged and promoted by many global companies. The concept of digital nomadism focuses on a lifestyle and work that can be considered nomadic in the sense that it does not depend on a fixed location and allows freedom to move around for extended periods of time...

FMA Responds on Regulatory Returns Consultation
MinterEllisonRuddWatts, March 2021

On 25 March 2021, the Financial Markets Authority (FMA) released a response to submissions on its March 2018 consultation on proposed regulatory returns for licensed derivative issuers, providers of discretionary investment management services (DIMS) and managers of managed investment schemes (MIS) (together, licensees) under the Financial Market Conduct Act 2013 (FMCA)...

ESG In Action: Diversifying Corporate Governance
Dinsmore & Shohl LLP, March 2021

Dinsmore's Richik Sarkar was published in the American Bar Association's Business Law Today this week discussing a few lawsuits alleging that lack of board and management diversity constitutes a breach of fiduciary duty. An excerpt from the article, "ESG In Action: Diversifying Corporate Governance," is below. "While the purpose of these suits is laudable, significant threshold legal questions exist...

 

 

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