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The Philosophy Behind the Successful Economic Substance Regime of the BVI
Morgan & Morgan, November 2020

Following the introduction in the British Virgin Islands (BVI) of the Economic Substance (Companies and Limited Partnerships) Act, 2018 (ESA), which became effective on January 1st, 2019, some questioned the sustainability of BVI’s position as a leading international financial centre. While we cannot underestimate those concerns, we believe that there is also evidence that ESA will not have a negative impact on the BVI...

OIG Takes Aim at Speaker Programs in Special Fraud Alert
Bradley Arant Boult Cummings LLP, November 2020

On November 16, 2020, the Office of Inspector General of the Department of Health and Human Services (OIG) issued a Special Fraud Alert addressing the fraud and abuse risks of speaker programs that are commonplace in the pharmaceutical and medical device industries...

FMA Consultation on Advertising Financial Products
MinterEllisonRuddWatts, November 2020

Today the Financial Markets Authority (FMA) published a consultation paper seeking feedback in relation to its proposed guidance about advertisements for financial products under the Financial Markets Conduct Act 2013 (FMCA). The draft guidance is available online. The consultation paper and the consultation page containing details on how to make a submission can each be found on the FMA’s website...

COVID-19, the CARES Act and the Impact on Mortgage Forbearance
Spilman Thomas & Battle, PLLC, November 2020

In response to the coronavirus pandemic, the federal government passed the CARES Act, which provides a number of protections to homeowners unable to pay their mortgages. The CARES Act prohibits any home foreclosures before December 31, 2020, and allows homeowners to seek forbearance from lenders for a period of 180 days, with one extension of 180 days. The Act applies to all federally backed mortgages...

The Proposed Indian Copyright Amendment Rules and Suggestions for Further Amendment
Kochhar & Co. Advocates & Legal Consultants, November 2020

The Copyright Office of the Department for Promotion of Industry and Internal Trade (DPIIT) has invited comments and suggestions to amend the Copyright Act before November 30, 2020. Mid last year, the DPIIT proposed a set of amendments to the Indian Copyright Rules. While these amendments sought to increase transparency and provide clarity for right holders, many other essential modifications were overlooked...

Defence: Key Changes in the Regulatory Landscape Pursuant to Atmanirbhar Bharat
Kochhar & Co. Advocates & Legal Consultants, November 2020

The Government of India has been very active in putting in place the necessary framework to implement the objectives of the ‘Atmanirbhar Bharat Abhiyan’. The ‘Atmanirbhar Bharat Abhiyan’ or a program of self-reliance announced by the Government of India intends to focus on the five key pillars of economy, infrastructure, system, vibrant demography, and demand...

Moving from Brexit 1.0 to Brexit 2.0
Shoosmiths LLP, November 2020

What will UK data protection look like after Brexit 2.0 on 31 December 2020? Regime 1: the 'UK GDPR': the UK's new bespoke version together with the Data Protection Act 2018 The UK GDPR will be the UK data protection regime based on the 'EU GDPR' (see below)...

Settlement in Climate-Related Financial Disclosure Case
MinterEllisonRuddWatts, November 2020

The recent settlement in the Australian case: McVeigh v Retail Employees Superannuation Trust (REST) will be highly relevant to all New Zealand fund managers considering the impact of climate change on their investors. McVeigh v REST is the first case to consider whether a trustee of a superannuation fund had the duty to consider and disclose climate change risks...

Michigan Voters Add Constitutional Protections for Electronic Data and Communications
Dykema, November 2020

While public attention focused on the federal and state elections, Michigan voters made an important decision—they adopted Proposal 20-2, which amended Michigan’s Constitution to extend its protection from unreasonable searches and seizures to electronic data and communications...

Michigan Increasing Enforcement of Emergency COVID-19 Rules to Ensure In-Person Work Happening Only When Strictly Required
Dykema, November 2020

Governor Whitmer announced last week that MIOSHA is increasing enforcement of its October 14 Emergency COVID-19 Rules, with a focus on promoting more remote work for offices...

Understanding the Impact of the 2020 Federal Elections
Dykema, November 2020

After months of predictions of a possible Democratic wave,Tuesday’s election delivered mixed results. Joe Biden appears poised to narrowly defeat President Trump after one of the most contentious election cycles in recent memory. Republicans are favored to retain their Senate majority despite having to defend twice as many seats as their Democratic counterparts...

Further Extension of Temporary Layoff Period for Federally Regulated Employers
Lawson Lundell LLP, November 2020

On November 9, 2020, the federal government announced a further temporary extension to permitted layoff periods for federally regulated private-sector employees. Background In June of 2020, the federal government extended the time periods for layoffs under the Canada Labour Standards Regulations to allow federally regulated private-sector employers more time to recall laid-off employees...

SECURE Act Update: Nondiscrimination Testing Relief and Changes to Permissible In-Service Distribution Ages for Defined Benefit and Money Purchase Plans
Patterson Belknap Webb & Tyler LLP, November 2020

As part of our series of continuing updates1 on different aspects of The Setting Every Community Up For Retirement Enhancement Act of 2019 (the “SECURE Act”) and related legislation that may impact (or provide opportunities for) employers that sponsor retirement plans, this alert provides an overview of changes to rules related to nondiscrimination testing where defined benefit plans have been frozen or closed to new participants under the SECURE Act, and a reduction in the m

New Standard Conditions for Full Financial Advice Provider Licences Released
MinterEllisonRuddWatts, November 2020

On 6 November 2020, the Financial Markets Authority (FMA) released the final standard conditions for full financial advice provider (FAP) licences and the classes of financial advice service. A link to the standard conditions and licence classes are available online. These conditions follow the FMA’s consultation in June this year. See our previous discussion on the standard conditions and licence classes...

Newsletter: Fintech Legal News in Argentina - Edition No. 13
Beccar Varela, November 2020

In this newsletter you will find a selection of the main legal news related to the fintech and digital banking market in Argentina. 3.0 transfers New open and interoperable model for instant payments As we anticipated in previous bulletins, the Central Bank (BCRA) completely updated the system of immediate electronic payments existing until now, taking it to a much more ambitious, interoperable and open model, which aims to interconnect bank accounts and accounts on an equal footing...

Dykema’s M&A Deal Volume Comes Roaring Back in the Third Quarter
Dykema, November 2020

Dykema’s M&A transaction volume was up sharply in the third quarter with 25 deals closing during that three-month period. The transactions involved a wide variety of industries including Dental Service Organizations (DSOs) and Medical Service Organizations (MSOs), alcoholic beverages, precious metals, automotive, waste management, health & fitness and cloud services...

Illinois 2020 Election Ramifications
Dykema, November 2020

While a few legislative races are still being tabulated, Democrats maintained their supermajority status in both the Illinois House of Representatives and Senate in this election cycle. Current projections, that are subject to change pending mail-in ballots, are for a Democrat supermajority of 72-46 in the House and 41-18 in the Senate. This was not an unexpected outcome, though most pre-election predictions had the Democrats achieving an even wider gap in the Legislature...

SEC Disclosure Requirement Amendments to Regulation S-K: Description of Business, Legal Proceedings, and Risk Factors
Dinsmore & Shohl LLP, November 2020

Effective Nov. 9, 2020, the Securities and Exchange Commission’s (SEC) amendments to “modernize the description of business, legal proceedings, and risk factor disclosures” required under Regulation S-K take effect. These amendments largely follow the proposed amendments, dated Aug. 8, 2019,[1] with some clarifications. The intent of the amendments is to improve the disclosure regime, which has not had a major overhaul in over thirty years...

Offshore Data Transfers Under the New Privacy Act 2020
MinterEllisonRuddWatts, November 2020

One of the key changes to New Zealand’s data protection regime under the Privacy Act 2020 is the introduction of a new information privacy principle 12 (IPP 12), requiring certain controls be put in place before disclosing personal information to foreign entities. The concept itself is not new, and largely follows the approach taken in the EU, Australia and other jurisdictions...

The Dome Report - West Virginia Turns a Brighter Shade of Red
Spilman Thomas & Battle, PLLC, November 2020

While yesterday’s federal election results from West Virginia were not a surprise, the down ballot races, especially for the State Legislature, clearly demonstrated what was a strong red wave that engulfed incumbents, swept away open seats, and cemented what may be durable majorities in both chambers for years to come.   As around the country, early voting enthusiasm also gripped West Virginia...

Home Office - A Risk for Privacy and Cyber Security? What Companies Need To Do
Heuking Kühn Lüer Wojtek, November 2020

The Coronavirus pandemic has caused a shift in the paradigm of modern-day workplaces. Companies across the globe have seen a rapid and widespread shift to remote work, making compliance with the GDPR harder than ever. The Federal Office of Information Security (BSI), in its recent report on the ‘State of IT Security in Germany 2020’, expressed its concern and indicated a ‘tense situation’ for data protection in the country...

Can Parallel Importers Rebrand Generic Medicines?
ALTIUS/Tiberghien, November 2020

If a branded medicine and its generic version are put on the EEA market by economically linked undertakings, is a parallel importer then allowed to rebrand and repackage the imported generic version as the branded reference medicine? This has been a hotly debated issue in recent years and recently led the Brussels Court of Appeal (CoA) to refer three questions to the European Court of Justice (ECJ) (Cases C-253/20 and C-254/20)...

SECURE ACT Update: Lifetime Income Illustrations
Patterson Belknap Webb & Tyler LLP, November 2020

The Setting Every Community Up For Retirement Enhancement Act of 2019 (the “SECURE Act”), made sweeping changes to retirement plan rules...

A Cure for Covid-19 and a Vaccine for Creditors?
TSMP Law Corporation, November 2020

Balance has been tipping over from creditors to shareholders and the pandemic is only bringing this deepening fault line to the fore. Covid-19 slammed into the global consciousness this March and, as expected, immediately torpedoed the markets. But despite the worsening economic data hogging news headlines, exacerbated by intensifying US-China tensions, the markets have paradoxically strengthened since...

IRS Issues 2021 Limits for Retirement Plans
Hanson Bridgett LLP, November 2020

On Oct. 26, 2020, the IRS announced in Notice 2020-79 cost of living adjustments (COLAS) to the qualified plan dollar limits for 2021. Below is a summary of the limits that are generally relevant for most retirement plans. Effective Jan. 1, 2021: The elective deferral limit for 401(k), 403(b), and eligible 457(b) plans is unchanged at $19,500. The catch-up contribution limit for those aged 50 or older remains stable at $6,500...

 

 

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