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2021 Predictions: What’s on the Horizon for Construction?
Shoosmiths LLP, January 2021

The outlook for the year ahead is uncertain with the effects of post-Brexit rules to contend with and COVID-19 continuing to restrict the way we live and work. We look at what the year may have in store for the construction industry. COVID-19 There is no doubt that the pandemic has caused challenges for the construction industry and is likely to have a significant impact into 2021...

Coronavirus: New Measures to Support Tenants
PLMJ, January 2021

The Covid-19 pandemic has led to the adoption of a set of exceptional and temporary measures to prevent the spread of SARS-CoV-2 and to the introduction of various forms of support intended to mitigate the economic impact of this situation...

The Regulatory Sprint is Over - What’s at the Finish Line Under the New Stark and AKS Final Rules?
Verrill, January 2021

The U.S. Department of Health and Human Services (HHS) completed its “Regulatory Sprint” by finalizing changes to regulations pertaining to two federal fraud and abuse laws. On December 2, 2020, the Centers for Medicare & Medicaid Services (CMS) published a final rule revising regulations to the Stark Law. The Stark Final Rule adds, modifies and clarifies key definitions and exceptions...

Year in Review: Financial Regulation
Simonsen Vogt Wiig AS, January 2021

General Since the European System of Financial Supervision (ESFS) was introduced in 2010, several legislative acts have been adopted in the EU without being incorporated into the EEA-agreement.  This is mainly due to Norwegian constitutional issues. These constitutional issues were resolved in 2018, and as result, a huge backlog of EU legislative acts needs to be incorporated into the EEA-agreement and transposed into Norwegian law...

New York Enacts a Moratorium on COVID-19-Related Residential Evictions and Foreclosures
Bradley Arant Boult Cummings LLP, January 2021

On December 28, 2020, New York passed a new law entitled the “COVID-19 Emergency Eviction and Foreclosure Prevention Act of 2020.” The act places a moratorium on COVID-19-related residential real property mortgage foreclosure actions and residential eviction proceedings until May 1, 2021, where a tenant or homeowner has submitted a “hardship declaration” to the foreclosing party, landlord, and/or the court...

When Do CARES Act Forbearance Rights and Foreclosure Moratoriums End?
Bradley Arant Boult Cummings LLP, January 2021

The March 2020 Coronavirus Aid, Relief, and Economic Security Act (CARES Act) contains a number of provisions that help borrowers with federally backed mortgage loans. Among these are forbearance protections for borrowers with single-family loans and multifamily loans. However, only one of the forbearance provisions has a clearly defined period when the rights are available...

How to Provide Employees $26,250 in Nontaxable Student Loan Repayment Assistance
Bradley Arant Boult Cummings LLP, January 2021

The Taxpayer Certainty and Disaster Tax Relief Act, recently passed as part of the “Consolidated Appropriations Act, 2021,” has significantly extended the tax exclusions for employer-paid student loan repayment assistance introduced under the CARES Act. With this extension, employers can provide employees with student loan repayment assistance of up to $5,250 per year for 2021 through 2025 (up to $26,250 total)...

Buchalter COVID-19 Client Alert: New Treasury PPP Rules Clarify Recent Changes to PPP Program, Extend Time to Obtain a PPP Loan to March 31, 2021
Buchalter, January 2021

  On January 6, 2021, Treasury issued two new Interim Final Rules (IFRs) addressing the new Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act’s (Act) creation of PPP Second Draw Loans, and the Act’s various changes to PPP requirements generally. The major PPP components of the Act are set forth in detail in Buchalter’s COVID Alert of December 28, 2020 (Buchalter PPP Changes Alert), which can be found here...

Buchalter COVID-19 Client Alert: Congress Incentivizes Rent Deferral During COVID-19 Pandemic Through Bankruptcy Code Amendments in Stimulus Bill
Buchalter, January 2021

In the recently-passed Consolidated Appropriations Act, 2021 (the “Act”), Congress provided much-needed cover for landlords that enter into forbearance agreements with their tenants during the COVID-19 pandemic by protecting landlords from exposure to preference litigation arising out of the deferred rent payments if the tenant were to later file bankruptcy...

The Proposed Regulatory Framework for Digital Banks in Malaysia
Shearn Delamore & Co., January 2021

In this article, Goh Hui Wen examines the proposed regulatory framework for digital banks in Malaysia. INTRODUCTION The global financial services industry has seen a momentous evolution over the past decades driven by new technology innovations. As customers gravitate towards digital experiences and products, the transformation of the traditional banking system has become inevitable...

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...

FCA Publishes 2020 Fines Data & Calls for More Resources
Shoosmiths LLP, January 2021

The FCA has published details of the financial penalties imposed during 2020 showing a significant fall on previous years in the number of penalties imposed and aggregate value. It also calls for greater resources to help tackle frauds and scams. In 2020 the FCA imposed 11 fines totalling £192,570,018. Despite the number of fines reducing significantly there was still a range in the issues which resulted in penalties being imposed...

The Trade and Cooperation Agreement between the EU and the UK Post Brexit – What Happened to "A Level Playing Field"?
Simonsen Vogt Wiig AS, January 2021

At Christmas, the Trade and Cooperation Agreement (TCA) consisting of 1256 pages was finally agreed between the EU and the UK.  Crucially, the Agreement is between the EU and UK only and not the EU and its member states and the UK. The TCA establishes a free trade area for goods and services, in accordance with the WTO law. Both sides can apply trade remedies as is usual for free trade agreements such as on condition anti-dumping duties, anti-subsidy duties, and economic safeguards...

A NEW YEAR’S TALE OF CAUTION – OFAC Settlement Highlights Risks for Those Dealing in Digital Currencies
Hunton Andrews Kurth LLP, January 2021

What Happened: OFAC settled with BitGo, Inc. for $98,830, resolving 183 apparent violations of multiple US sanctions programs for processing digital currency transactions on behalf of individuals located in sanctioned jurisdictions...

COVID-19 Legislation: New Paycheck Protection Program Loan Rules Allow Second Round Funding and Deductibility of Expenses Paid with Forgivable Loan Proceeds
Hanson Bridgett LLP, January 2021

Key Points Past and future PPP loan recipients can deduct PPP loan-funded eligible expenses for federal tax purposes even if the loan is forgiven. Expanded eligibility for new loans to include new categories of employers; existing borrowers who have not yet received loan forgiveness may increase loan amount based on expanded allowable expenses...

OCIE Risk Alert - Observations from Examinations of Broker-Dealers and Investment Advisers: Large Trader Obligations
Dinsmore & Shohl LLP, January 2021

On Dec. 16, 2020, OCIE issued a new Risk Alert focused on the compliance efforts of investment advisers and broker-dealers regarding Rule 13h-1 (the Rule). The Rule was enacted in order to help the SEC identify market participants that conduct significant amounts of trading activity in national market system (NMS) securities. Generally, NMS securities are exchange-listed equity securities and standardized options...

Stark Law: Clarification of Key Terms
Dinsmore & Shohl LLP, January 2021

On Jan. 19, 2021, the two recent final rules issued by the Department of Health and Human Services Office of Inspector General (OIG) and the Centers for Medicare and Medicaid Services (CMS) regarding changes to the Physician-Self Referral Law (Stark Law) and the Anti-Kickback Statute (AKS) regulations (respectively the OIG Final Rule and the CMS Rule, collectively the Final Rules) will become effective...

2021: In Which We Rise from the Ashes of the Pandemic - Goodbye, Annus Horribilis?
TSMP Law Corporation, January 2021

If anyone had told you that 2020 would be a year in which you are virtually guaranteed a lie-flat bed in economy class, businesses instructed employees not to come into the office, and budget supermarket Sheng Siong’s shares outperformed bank blue chip DBS’s, you would have sent the chap to have his head checked.But as the new coronavirus spread worldwide, the ensuing Covid-19 pandemic forced billions into lockdown...

Retirement Plan Provisions in the New COVID-19 Relief Acts
Bradley Arant Boult Cummings LLP, January 2021

The recently enacted COVID-19 Related Tax Relief Act of 2020 and the Taxpayer Certainty and Disaster Tax Relief Act of 2020, both of which are part of the “Consolidated Appropriations Act, 2021,” includes the following provisions that expand and extend changes intended to provide relief to retirement plan sponsors and participants affected by the COVID-19 pandemic and other disasters...

Year in Review: Banking and Financing
Simonsen Vogt Wiig AS, January 2021

After a hectic first quarter, the focus shifted dramatically after the lockdown in mid-March. Within a few days, we went from negotiating new financings within most industries to assisting our clients with urgent waivers and liquidity loans. After the initial chaotic period, we have, however, seen a more normalized period with considerable activity where strong companies and good projects have been able to obtain new financings on acceptable terms...

Law 21,299: Regulates Postponement Loans of Mortgage Loans and Sets State Guaranty to Guarantee Them
Carey, January 2021

On January 4, 2021, law No. 21, 299, which allows the postponement of mortgage loans installments and sets a state guaranty to guarantee the so postponed installments was published in the Official Gazette (the “New Law”)...

Congress Makes Sweeping Changes to Money Laundering Enforcement
Buchalter, January 2021

On New Year’s Day 2021, Congress passed—over President Trump’s veto—a defense appropriations law containing the Anti-Money Laundering Act of 2020 (“AML Act”) and the Corporate Transparency Act, as part of a sweeping new set of anti-money laundering reforms that create important new beneficial ownership disclosure obligations for a wide range of small companies, and contain both good and bad news for financial institutions...

Shearn Delamore & Co. Legal Update December 2020
Shearn Delamore & Co., January 2021

FINANCIAL SERVICES BURSA MALAYSIA SECURITIES EXPANDS MARKET MAKING FRAMEWORK Bursa Malaysia Securities Berhad (“Bursa”) has, via Participating Organisations’ Circular No. R/R 13 of 2020 issued on 24 November 2020, made amendments to the rules and directives of Bursa in relation to the expansion of the market making framework...

Brexit-Portugal – Temporary Permission Regime
PLMJ, December 2020

Decree-Law 106/2020 of 23 December (the “TPR Law”), which was published on 23 December, sets out a Temporary Permissions Regime (the “Portuguese TPR”) for UK entities that provide financial services in Portugal under the freedom to provide services or freedom of establishment as provided for in the applicable EU legislation (the “EU Passport”)...

Finance & Loan Security Rights in Real Estate in the COVID-19 Era 10 Key Questions and Answers - Focus on Bangladesh
DFDL, December 2020

This edition of our Q&A series focuses on real estate financing and loan securitization issues in Bangladesh. Given the continuing global uncertainty and economic disruption caused by COVID-19, investors are increasingly concerned about their ability to secure, dispose or otherwise transfer assets that are often now subject to revamped or revised local rules and regulations...

 

 

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