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Practice Industry: Agriculture, Crossborder Trade & Investment

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International Sanctions: A Dedicated Regime for Financial Sanction in Luxembourg
Arendt & Medernach, January 2021

December 23, 2020 the Luxembourg legislator has published the law of 19 December 2020 implementing financial restrictive measures (“law of 19 December 2020”). This law has repealed the law of 27 October 2010 enhancing the anti-money laundering and counter terrorist financing legal framework...

New KPPU Guidelines on Merger Control Rules
Makarim & Taira S., December 2020

KPPU has recently issued its long-anticipated guidelines on the Indonesian merger control rules (“KPPU Guidelines”) under KPPU Regulation No. 3 of 2019 on The Assessment of Mergers or Consolidations of Business Entities or Acquisitions of Shares in Companies (“KPPU Regulation 3/2019”) issued at the end of last year. The guidelines are relatively long and detailed (almost 100 pages), and some of their content is still subject to the KPPU’s interpretation...

Mainland China and Hong Kong Sign Supplemental Arrangement on Mutual Enforcement of Arbitral Awards
Deacons, December 2020

On 27 November 2020, the Secretary for Justice, Ms Teresa Cheng SC, and the Vice-President of the Supreme People’s Court, Mr Yang Wanming, signed the Supplemental Arrangement Concerning Mutual Enforcement of Arbitral Awards between Mainland China and the HKSAR (Supplemental Arrangement)...

Free-Standing Freezing Orders in the BVI - Black Swan Verses Broad Idea
O'Neal Webster, December 2020

British Virgin Islands entities and structures are frequently used to hold assets located onshore, outside the BVI. Sometimes these assets represent the proceeds of wrong-doing including breach of fiduciary duty, breach of express trust, or pure fraud. The vast majority of the 400,000 active BVI companies on the register tend to be holding companies, holding real property, investments, or shares in other companies including shares in trading companies...

Hong Kong Monetary Authority ("HKMA")’s Expectations on Remote On-Boarding of Corporate Customers
Deacons, November 2020

Hong Kong has in recent times seen an increasing use of remote on-boarding of customers by banks as a result of COVID-19. Banks are generally required to pay more attention to the remote on-boarding assessment of corporate customers as opposed to individual ones due to the higher money laundering and terrorist financing risks associated with corporate vehicles...

Brazilian Senate Approves Amendment to Insolvency Law
Veirano Advogados, November 2020

On November 25, 2020, the Brazilian Senate approved Bill of Law No 4,458/2020 ("BL 4458"), which amends Law No 11,101/2005 ("BBL"), to update the legislation regarding the judicial reorganization, pre-packaged reorganization and bankruptcy liquidation of businessmen and companies. BL 4458, which provisions have already been approved by the House of Representatives, will now be sanctioned by the President...

Mainland China Briefing: China Stock Exchanges Issue Implementation Rules for Trading by QFIs
Deacons, November 2020

Following the issuance of new rules governing the Qualified Foreign Investors (QFI) regime in September 2020 (New QFI Rules, for more information, you may refer to our earlier article here), China equities and futures trading exchanges (including the Shanghai Stock Exchange (SSE), the Shenzhen Stock Exchange (SZSE), the National Equities Exchange and Quotations (NEEQ) and the China Financial Futures Exchange (CFFEX)) issued new implementation rules for QFIs at the end of October...

Regional Comprehensive Economic Partnership Signed
DFDL, November 2020

On 15 November 2020, leaders of the ASEAN Member States, Australia, China, Japan, Republic of Korea and New Zealand witnessed the signing of the Regional Comprehensive Economic Partnership (“RCEP“) Agreement. The RCEP Agreement marks ASEAN’s biggest free trade pact to date, covering a market of 2.2 billion people with a combined size of US$26.2 trillion...

Washington Supreme Court Alters State's Agricultural Exemption in the Minimum Wage Statute
Schwabe, Williamson & Wyatt, November 2020

On November 5, 2020, the Washington Supreme Court altered a 60-year provision of Washington’s Minimum Wage Statute when it issued its decision in Martinez-Cuevas v. DeRuyter Brothers Dairy. The court held that the agricultural overtime exemption at RCW 49.46.130(2)(g), which exempted agricultural employers from paying overtime at a rate of 1.5 times the regularly hourly rate, violated article I, section 12 of the Washington State Constitution as applied to dairy workers...

UAE Introduces Filing Requirements Relating to Beneficial Ownership - Deadline of 27 October 2020
Afridi & Angell, October 2020

On 24 August 2020, the UAE issued Cabinet Resolution 58 of 2020 on Regulating the Procedures of the Real Beneficiary (the Resolution). The Resolution, amongst other things, aims to establish a legal framework for identifying and recording details of real beneficiaries of entities licensed to conduct business in the UAE. The Resolution is an additional step towards the UAE’s efforts in combating money laundering, the financing of terrorism and illegal organisations...

Arendt Weekly Update - 16 October 2020
Arendt & Medernach, October 2020

The Arendt Weekly Update is a newsletter designed to give you the insight you need without overloading your mailbox. It lists the latest news, topical webinars, training courses and more. NEWSFLASHES   Budget 2021: various tax measures to address the impact of the COVID-19 pandemic and support a sustainable recovery On 14 October 2020, the Luxembourg government filed the budget bill 7666 with the Luxembourg parliament...

The Impact of VAT on Your Business in China
PLMJ, October 2020

Defining your strategy and analysing the market are crucial when making the decision to invest in China, but the tax efficiency of the business has its own specific issues and investors should not neglect them either. The Chinese tax system has particular characteristics that you must get to know before investing. In this informative note, we will address some basic aspects of value added tax and the invoicing system...

Private Landowners Lose Ability to Apply for ALR Exclusion
Lawson Lundell LLP, October 2020

On September 30, 2020 important changes to the Agricultural Land Commission Act, [SBC 2002] Chapter 36 and the associated regulations came into force that may significantly affect the prospects for removal of private land from the Agricultural Land Reserve (“ALR”). These changes are of particular note to private owners of ALR lands slated for future development...

MOFCOM Amends and Releases FIE Complaint Measures
Deacons, September 2020

In recent years, foreign investment laws and regulations have undergone sweeping reform of which the complaint mechanism introduced under the new Foreign Investment Law and its implementing regulations for foreign invested enterprises (FIEs) is particularly noteworthy...

COVID-19: Entry into the Emirates of Dubai and Abu Dhabi
Afridi & Angell, September 2020

On 12 September 2020, the UAE Ministry of Health and Prevention (MoHAP) reported 1007 new COVID-19 cases in the UAE. With the number of cases rising both within the UAE and in most other countries, the UAE government has reiterated the importance of adhering to preventive guidelines and has further placed safeguards, particularly in Abu Dhabi, to ensure that those traveling to the UAE are confined to prevent the transmission of the virus...

Recent Amendments to the Commercial Agency Law
Afridi & Angell, September 2020

As many will know, Federal Law 18 of 1981 (the Commercial Agency Law; or CAL) regulates agency, distributorship and franchise relationships in the UAE, regardless of the nomenclature used to describe them...

Smokable Hemp Bans – Practical Considerations for Hemp Companies and the Financial Institutions that Serve Them
Bradley Arant Boult Cummings LLP, September 2020

The popularity of smokable hemp has rapidly increased since the 2018 Farm Bill legalized hemp at the federal level. But the Farm Bill allows states to regulate hemp production in ways “more stringent” than federal law, and some states have used this leeway to ban smokable hemp to some degree. The result is a patchwork of state laws regarding smokable hemp’s legality, adding complexity to a legal landscape that was already nuanced enough...

Repeal of UAE Boycott of Israel Law
Afridi & Angell, August 2020

Following the announcement of the Abraham Accord with Israel, President His Highness Sheikh Khalifa bin Zayed Al Nahyan issued Federal Decree Law 4 of 2020, repealing Federal Law 15 of 1972 (the Boycott Law). Brief overview of the Boycott Law Pursuant to the Boycott Law, the United Arab Emirates (UAE) joined the Arab League boycott of Israel (the Boycott)...

UAE Foreign Direct Investment Law vs GCC Customs Exemption
Afridi & Angell, August 2020

As reported in our inBrief of 15 April 2020, Federal Decree-Law 19 of 2018 on Foreign Direct Investment (the FDI Law) permits majority foreign investment in certain business sectors and activities. Although majority ownership is attractive, it is not the only factor that a potential foreign direct investor should consider. One additional factor is whether the proposed business would qualify for the 5% GCC customs duty exemption that is discussed below...

State Council Promotes New Policies to Stabilise Foreign Trade and Foreign Investment
Deacons, August 2020

On 29 July 2020, the State Council held an executive meeting (Meeting) which centred on stabilising the main body of foreign trade, the industrial chain and the supply chain, and establishing four policies to stabilise foreign trade and foreign investment (Four Policies)...

China Announced Draft 2020 Catalogue of Encouraged Industries for Foreign Investment
Deacons, August 2020

According to the annual study “Doing Business” released by the World Bank Group in recent years, China’s business environment has improved greatly during 2018 to 2020, with its global ranking moved up from 78th to 31st. In terms of investment policies, the Chinese government mainly uses the Catalogue of Encouraged Industries for Foreign Investment to facilitate and guide foreign investment in specific industries, fields, and regions in China...

China Releases Circular on Further Stabilizing Foreign Trade and Foreign Investment
Haynes and Boone, LLP, August 2020

On August 12, 2020, the State Council of the People’s Republic of China (“State Council”) released theCircular on Further Stabilizing Foreign Trade and Foreign Investment(the “Circular”), in which the Chinese government announced 15 policies aiming to protect foreign trade entities and to keep supply chains stable against the economic fallout of the unabated COVID-19 pandemic. A few key points of the Circular include: 1...

China Releases Draft Measures for the Administration of Imported and Exported Food Safety
Haynes and Boone, LLP, August 2020

On June 11, 2020, the General Administration of Customs (“GAC”) released the Measures for the Administration of Imported and Exported Food Safety [draft] (General Administration of Customs of People's Republic of China, 2020) (“Draft Law”) to solicit public comments until July 11, 2020...

Angola New Rules for Exchange Operations
PLMJ, August 2020

Banco Nacional de Angola (“BNA”) continues to be very active in producing foreign exchange legislation. It recently revised the rules on foreign exchange operations of current invisibles, goods and capital, carried out by resident and non-resident individuals, through Notice 17/20 of 3 August (the“Notice”). The main change made by this notice concerns non-resident foreign workers (“expatriates”)...

EU Recovery Prospectus - Planned Facilitation of the Equity Issuance through an Abridged Securities Prospectus
Heuking Kühn Lüer Wojtek, August 2020

In order to tackle the effects of the Corona crisis, it is planned at EU level to temporarily facilitate the raising of equity capital for companies. This will enable certain issuers to publish a shortened prospectus with only 30 pages instead of a full prospectus to issue shares. Through this, issuers will have the option to issue shares at short notice, without bureaucracy and inexpensively, thereby improving the debt-to-equity ratio in their balance sheets...

 

 

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