In line with international models, South Africa has attempted to incentivize investment into the development and renewal of certain urban areas. One of these incentives is the accelerated tax depreciation allowance, introduced in 2003 by section 13quat of the Income Tax Act, 1962 and is commonly referred to as the Urban Development Zone ("UDZ") allowance ...
The Virginia General Assembly made significant amendments to general rules for construction contracts, as well as the specific rules for public entity construction contracts in the Prompt Payment Act, that largely remove the option of “pay when paid” contracts between general contractors and subcontractors. Beginning in 2022, Virginia Code section 11-4 ...
The Ministry of Public Works and Housing (“MPW”) has issued the Circular Letter No. 21/SE/M/2021 on The Procedures for Fulfillment of the Business License Requirements, the Implementation of Construction Work Competence Certification, and the Implementation of Business Entity Certificates and Construction Work Competence Certificates (“Circular Letter”) ...
Many jurisdictions in Northern California and throughout the State have ordered individuals who live in those communities to shelter in place to slow the spread of COVID-19. In addition, all businesses except for “Essential Businesses” have been ordered to close. Certain construction activities, however, are exempt from the Shelter-in-Place orders, including housing projects and public works ...
The IRS recently modernized the public approval process (“TEFRA approval”) for private activity bonds (“bonds”) for TEFRA approvals given on or after April 1, 2019. States and political subdivisions issuing bonds, or on whose behalf bonds are issued (“issuers”), and states and political subdivisions whose geographic jurisdiction contain the site of a project (“hosts”) may take advantage of these new rules ...
On 10 July 2020, the MA issued an updated Guideline, superseding the 2018 version. The Guideline provides guidance in relation to the Banking Ordinance’s minimum criteria for obtaining a banking or deposit taking license. Several technical changes have been made following recent changes to the supervisory regime ...
On March 1, the U.S ...
Last Friday, March 27, we published CARES Act: Paycheck Protection Loans and Eligibility for Loan Forgiveness. This alert is intended to provide an update concerning implementation of the Paycheck Protection Loan application process. The SBA has posted a Paycheck Protection Application Form on its website. Since the loans will be funded by private SBA lenders, and guaranteed by the SBA, most borrowers are lining up with private SBA lenders now ...
March 20, 2023 By: Manuel Fishman and Mary H. Rose What a week this has been since the closure of Silicon Valley Bank. As noted in our Client Alert of last week, California State regulators shut down Silicon Valley Bank (SVB) on Friday, March 10, 2023, and appointed the Federal Deposit Insurance Corporation (“FDIC”) as receiver for the bank ...
FCA clarifies applications timetable The transitional period for the implementation of AIFMD in the UK ends on 22 July 2014 and existing alternative investment fund managers' (AIFMs) must hold the correct Part 4A permission by that date ...
Bank Indonesia recently updated its regulation on domestic non-deliverable forward (DNDF) transactions. Bank Indonesia Regulation No. 24/7/PBI/2022 on Foreign Exchange Market Transactions (“BI Reg. 24/7/2022”) replaces the previous regulation on DNDF, BI Regulation No. 20/10/PBI/2018 (as amended). BI Reg. 24/7/2022 makes some noteworthy amendments on the DNDF terms and introduces new thresholds and provisions on DNDF transactions ...
February 17, 2023 By: Alexander Davis and Manuel Fishman Update This article is partly a republication of a Client Alert that was issued on December 6, 2022 titled “San Francisco’s Commercial Vacancy Tax.” Readers who have already read the original article can simply read ahead to the sections labeled “Update.” Commercial Vacancy Tax In March 2020, the voters of San Francisco approved Proposition D, also known as the Commercial Vacancy Tax ...
In January 2023, Thailand’s Securities and Exchange Commission (the “SEC”) hosted several public hearings to gather feedback from the public on the proposed draft regulations for digital assets business operation in Thailand, including, among others, Public Hearing No. AorNorDor ...
On 16th December 2022 the Bankruptcy Master released an update which advised that the restriction on filing new creditors' winding up petitions is likely to be lifted in the new term. The court has advised that further information will be issued to legal practitioners in advance of the new guidance ...
The Commodities Futures Trading Commission (the “CFTC”), pursuant to its rulemaking authority under the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”)1, has interpreted guarantees of swap agreements to fall under the definition of a swap,2 which means that any swap guarantor must be an “eligible contract participant” (“ECP”) at the time a swap is entered into (which may occur after the date on which the guarantee and related credit facility documents are entered
At its open meeting on October 18, 2011, the Commodity Futures Trading Commission (“CFTC”) adopted final rules (the “Position Limit Rules”) to establish speculative position limits for 28 physical commodity futures and options contracts (“Core Referenced Futures Contracts”) and futures, options, swap, or swaption contracts that are economically equivalent to such Core Referenced Futures Contracts (together with the Core Referenced Futures Contracts, collectively, “Referen
At its open meeting on September 8, 2011, the Commodity Futures Trading Commission (the “CFTC”): announced that it would not complete its rulemaking process for rules necessary to implement the Title VII swaps-related provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) until 2012; and outlined a proposed sequence of rules to be considered during the remainder o
During the US President’s visit to Brussels, President Biden and President of the European Commission, Ursula von der Leyen, stated on Friday 25 March that the parties have agreed on the main principles of a new agreement on the protection of personal data transferred to the United States. While a concrete agreement text has not yet been published, the US White House has published a Fact Sheet explaining the key principles to be expected in the final framework ...
The Delaware Division of Corporations (the “Division”) recently announced that effective December 1, 2015, its Uniform Commercial Code (“UCC”) filing office will no longer accept paper UCC filings submitted directly to the State of Delaware via regular mail, courier or fax. The Division will instead require that all UCC filings be submitted to the Division electronically.To read the full alert, click here ...
Given the housing crisis, the city has enacted regulations that attempt to force a property owner to legalize an illegal unit, unless the owner can prove certain things to the satisfaction of San Francisco Planning Staff or the San Francisco Planning Commission. Long gone are the days in which an unhappy tenant or neighbor will report an illegal unit to the city and the city will fine the owner unless the illegal unit is removed ...
For a surrender of lease to be effective, the tenant must relinquish its lease to its immediate landlord and the landlord must accept that. The combination of these acts extinguishes the lease. There are two methods of effecting a surrender: expressly, by way of deed, and by operation of law. The preferred route is expressly by a deed of surrender, as the parties' acquiescence is clear and unequivocal ...
Hong Kong’s Securities and Futures Commission (SFC) held two virtual briefing sessions in October 2021 and provided useful guidance on its newest climate-related risk management requirements for fund managers, as detailed in the Consultation Conclusions on the Management and Disclosure of Climate-related Risks by Fund Managers (with amendments to the Fund Manager Code of Conduct (FMCC)) and the Circular issued on 20 August 2021 ...
Across the UK, local people are creating businesses that could revitalise town centres – repair and sharing spaces, community bakeries, climate action hubs, genuinely affordable housing – services that develop critical social, economic and climate resilient infrastructure. But a major barrier to their success is the lack of access to affordable, secure, long-term land and property ...
Following the successful uptake of a similar initiative in 2022, the European Commission has re-launched its fund to support small and medium enterprises (“SMEs”) in safeguarding their intellectual property assets ...
