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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)...

2006 ISDA Definition Booklets – Bound for the Recycling Bin?
ENSafrica, May 2021

Around 17 May 2021, the International Swaps and Derivatives Association (“ISDA”) is expected to replace our battled-scarred 2006 ISDA Definitions booklets by publishing the new 2021 ISDA Interest Rate Derivatives Definitions (the “New Definitions”)...

Amalgamation of GIEK and Export Credit Norway into Export Finance Norway
Simonsen Vogt Wiig AS, May 2021

The purpose of the amalgamation is to enhance quality and efficiency and is not intended to represent a change in the Norwegian export finance policy. The financing schemes and services currently available will therefore continue also after the amalgamation. Export Finance Norway will be a part of the Norwegian State...

SMEs Also Need to Comply with POPIA
ENSafrica, May 2021

The Protection of Personal Information Act, 2013 (“POPIA”), South Africa’s privacy or data protection legislation, applies to the processing (which includes collection, use, receipt and destruction) of personal information, such as names and contact details, of individuals and juristic persons, in South Africa...

Time to Apply for Subsidies for Open-Ended Fund Companies and REITs
Deacons, May 2021

Following announcements during the 2021-22 Budget by the Finance Secretary Paul Chan, the Securities and Futures Commission (SFC) issued on 10 May 2021 details of the grant scheme available for Hong Kong open-ended fund companies (OFCs) and real estate investment trusts (REITs)...

Trendy Climate Change Leaves the Fashion Industry Hot Under the Collar
ENSafrica, May 2021

South Africans’ recent celebration of Freedom Day signalled 27 years of democracy. Through democracy, our Constitution further brought us rights and obligations to guide our rainbow nation, including freedom of expression and environmental rights to protect our environment, health and well-being while focusing on the sustainability of our environment. Although clothing serves a function and a need, for many, luxury clothing is the gold standard of self-expression and success...

Salaries Tax Alert: Decision of the Court of First Instance in Dr Leung Ka-Lau v CIR [2021] HKCFI 1117
Deacons, May 2021

Factual background The taxpayer, Dr Leung, was a medical doctor employed by the Hospital Authority (“HA”). Part of the conditions of his employment was that he was required to be ‘on call’ on certain days including Sundays and public holidays. When ‘on call’, he was obligated, among other things, to be within the physical proximity of the hospital, to be ready to render medical services if the need arose, and to abstain from drinking alcohol...

FDA Announces Revocation of Policy on Information Related to New Drug Applications
Dinsmore & Shohl LLP, May 2021

On April 30, 2021, the U.S. Food and Drug Administration (FDA) announced it was revoking a policy related to new drug applications (NDAs) and abbreviated new drug applications (ANDAs). The FDA stated that the previous policy announced by the Department of Health and Human Services (HHS) on Jan. 15, 2021, was being rescinded because the new policy would have required the FDA to publish redundant information about new applications of NDAs and ANDAs...

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...

Ohio Board of Pharmacy to Award Up to 73 New Medical Marijuana Dispensary Licenses
Dinsmore & Shohl LLP, May 2021

The Ohio Board of Pharmacy recently announced it will award up to an additional 73 dispensary licenses across Ohio. Dispensary licenses will be awarded through an application and lottery process that is expected to be finalized during the spring or summer of 2021. This expansion will bring the total number of dispensary licenses in Ohio to 130 and is expected to ameliorate patient dissatisfaction with regards to the price of medical marijuana products and lack of equal access...

Shearn Delamore & Co. Legal Updates April 2021
Shearn Delamore & Co., May 2021

Dispute ResolutionThreshold to Commence Winding Up Proceedings RaisedBy the Federal Government Gazette Notification No. 4159 dated 22 March 2021, the amount of indebtedness required to commence winding up proceedings under section 466(1)(a) has been fixed at RM50,000.00 with effect from 1 April 2021.This means that a creditor may only commence winding-up proceedings against a debtor company where the debtor company has failed to satisfy a debt owed to the creditor exceeding RM50,000...

Proposed Expansion to Ohio Laser Rule Advances to Public Rules Hearing
Dinsmore & Shohl LLP, May 2021

More than three years after initial publication, the State Medical Board of Ohio's proposed revisions to its light-based device (laser) rules are now advancing toward possible enactment, as the Medical Board has announced amendments to the proposal and scheduled public rules hearing for May 17, 2021...

New Information Requirement for Producers of Priority Products in the Context of the EPR Law
Carey, May 2021

By means of Resolution No. 375 , dated May 3, 2021, the Ministry of the Environment has instructed a new information request for producers of priority products, in the context of Law No. 20,920 on Waste Management, Extended Producer Responsibility and Recycling Promotion ( "EPR Law")...

Adjudication: Is the “Multiple Dispute” Challenge a Thing of the Past?
Shoosmiths LLP, May 2021

For some years, contractors and subcontractors have been using an effective tactic in adjudication. That is to pick off discrete elements of a large time or money claim and to obtain a series of favourable declarations in adjudications on those elements. The declarations can then be used as a bargaining tool to leverage a settlement of the full claim. Or they can be converted into payment orders by way of a further adjudication...

HHS Advises on Fraudulent Postcard Disguised as Official OCR Communication
Dinsmore & Shohl LLP, May 2021

On April 26, 2021, the Department of Health and Human Services (HHS) Office of Civil Rights (OCR) announced on its OCR Security List Digest that OCR had been made aware of misleading postcards being sent to health care organizations.  The postcards inform recipients that they must participate in a “Required Security Risk Assessment.,” It directs them to send their risk assessment to www.hsaudit.org,  a non-governmental website marketing consulting service...

COVID-19 and the Impact on Disabled Employees in the Workplace
Shoosmiths LLP, May 2021

The impact of the pandemic can be seen across all sectors of society but those who are disabled have been particularly affected, not least because employees with an underlying disability are likely to have been identified as clinically extremely vulnerable and told to shield for considerable parts of the last year. Being away from the workplace and separated from colleagues has left many feeling insecure...

District Court Finds DOJ ‘Falls Short’ of Showing Good Cause for Late FCA Intervention
Dinsmore & Shohl LLP, May 2021

The Department of Justice (DOJ) suffered an unusual defeat when its motion for late intervention in a False Claims Act (FCA)[1] qui tam case, United States ex rel. Odom v. Southeast Eye Specialists, PLLC,[2] was rebuffed by the Middle District of Tennessee, rejecting the magistrate judge’s recommendations...

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...

Consultation on New Tax for UK Residential Property Developers
Shoosmiths LLP, May 2021

The government is consulting on a proposal to introduce a new UK-wide tax for residential property developers from 2022, with a view to generating revenue to cover the costs associated with the removal of unsafe cladding. The measure is intended to generate at least £2 billion over the course of a decade, which the government says is a “fair contribution” to the overall cost of the remediation programme...

Norwegian Data Protection Authority Intends to Issue € 2.5 Million Fine to Disqus Inc.
Simonsen Vogt Wiig AS, May 2021

Background Disqus is an American company offering online public comment sharing services. These services were previously used by various Norwegian online newspapers. The Data Protection Authority has investigated whether Disqus has been sharing information about the users of the comment sections with marketing companies, without the knowledge of neither the users nor the owners of the online newspapers, and in breach of the GDPR...

Strategic Land: Broadening the Principle of 'Benefitting Land'
Shoosmiths LLP, May 2021

In a recent case, the Upper Tribunal decided that land benefitting from a restrictive covenant was greater than the land which had the legal benefit. An application to release the covenant was, accordingly, refused...

Ohio COVID-19 Indoor Air Quality Assistance Program Expands Eligible Entities and Extends Reimbursement Deadline
Dinsmore & Shohl LLP, May 2021

The Ohio COVID-19 Indoor Air Quality Assistance Program allows eligible private employers to receive reimbursement for eligible inspections, assessments, maintenance, and/or improvements to indoor heating, ventilation, and air conditioning systems to help control the spread of COVID-19. Employers are not eligible for this program if any other federal funding has been supplied for the same purposes...

Roundtable Discussion - Delivering the Town of Tomorrow
Shoosmiths LLP, May 2021

We all need our town centres. But more than that, we need our town centres to work better for us. As consumers grow increasingly comfortable with online shopping, the realisation that our towns are over-reliant on retail is being played out at a national level. No longer can we expect empty retail units to be snapped up by new tenants in a matter of weeks...

W. Va. Consumer Law Changes Offer Help For Finance Cos.
Bradley Arant Boult Cummings LLP, May 2021

On March 29, in a development that provides some measure of relief to businesses operating in West Virginia, particularly within the financial services industry, Gov. Jim Justice signed into law amendments to the West Virginia Consumer Credit and Protection Act, or WVCCPA...

IHL Series: Fraud
Shoosmiths LLP, May 2021

To support our IHL community, on 21 April we hosted our latest webinar on “Fraud” where we discussed the recent upsurge in fraud due to home working, general awareness of fraudulent activity and what businesses can do to protect themselves. Here are the key takeaways: What types of fraud are you seeing at the moment? The world is a turbulent place right now, and therefore the perfect time for fraud and illicit activity to thrive...

 

 

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