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Guideline on Application for Authorisation to Carry on Special Purpose Business (GL 33)
Deacons, August 2021

The Insurance Authority has recently issued a Guideline on Application for Authorisation to carry on Special Purpose Business. This largely reflects the content of the amendments made to the Insurance Ordinance by the Insurance (Amendment) Ordinance 2020 and the Insurance (Special Purpose Business) Rules. In this regard, see our Client Alerts dated 27 May 2020 and 10 March 2021 by referring to the following links...

Shoosmiths Response to COVID-19
Shoosmiths LLP, July 2021

In response to the coronavirus (COVID-19) we continue to undertake a series of measures to: 1. protect our employees; 2. provide continuity of support to our clients; and 3. work with critical elements of our supply chain to enable us to fulfil 1 and 2 Shoosmiths senior leadership, including our Chairperson, CEO, COO, business support Directors and business unit heads, are meeting as and when required to consider and act upon developments regarding COVID-19...

Buchalter TCPA Digest: More ATDS Cases Slip Past Pleading Stage, Plaintiffs Keep Trying to Leverage Facebook’s FN7, and Florida Enacts Not-so-“Mini” TCPA
Buchalter, July 2021

  The TCPA and other related regulations over telemarketing and “robocalling” continue to evolve at a quick pace, creating uncertainty and posing challenges for any business that contacts consumers through calling or texting. This past month has seen more important developments in the wake of the Supreme Court opinion in Facebook v. Duguid, which gave us a narrow interpretation of the statutory ATDS definition...

Doing Business Online? You Probably Need a Privacy Policy and Terms of Service
Dinsmore & Shohl LLP, July 2021

The COVID-19 pandemic has shown that every business—even traditional brick and mortar businesses—needs a presence on the internet. When people think of online commerce, they usually think about making purchases on Amazon. However, as contactless purchasing becomes more prevalent, restaurants, breweries, and distilleries are increasingly developing online options for their consumers...

Pint of IP: Protecting your Products with Patents
Dinsmore & Shohl LLP, July 2021

Since President George Washington signed the first Patent Act of the U.S. Congress into law in 1790, inventors have filed applications and been issued patents directed to beer, wine, and spirits...

Charities and Data Protection: Brexit, The New EU SCCs and Guidance, What Do We Do Now?
Shoosmiths LLP, July 2021

The data protection landscape has seen significant change and more is expected. What does that mean for charities specifically? On our 8 July, 2021 webinar Shoosmiths’ Partner, Sarah Tedstone, identified areas with significant change already and where action will be needed in the next few weeks and months to stay compliant...

New Bill Pumps the Breaks on Health Care Consolidation in Oregon (updated 07/28/2021)
Schwabe, Williamson & Wyatt, July 2021

On July 27, 2021, Governor Kate Brown signed into law a bill that will make it more difficult for health care entities in Oregon to consummate mergers and similar transactions...

Navigating the Uneven Bars: When Are Companies Allowed to Use the Olympic Trademarks?
Dinsmore & Shohl LLP, July 2021

The Tokyo 2020 Olympic Games, one of the world’s most talked about and anticipated events, finally kicked off on Friday, July 23, 2021, after a long wait due to COVID-19. Every time the Olympics comes around, a common internet myth will persist that warns: Unless you are an Official Sponsor, you are barred from talking about the Olympics. While that may be true in certain circumstances, it is not always the case...

Best Practices in Share Class Reviews
Dinsmore & Shohl LLP, July 2021

The following is a list of best practices applicable to the share class review process. This guide aims to provide helpful tips regarding the process of replacing an advisory client’s existing mutual fund share class with a lower-cost alternative, where it is identified that a replacement option exists and may be available for placement in the client’s account at the custodian. Review of share classes on a periodic basis...

Are your Third-Party Arrangements Compliant with EBA Outsourcing Guidelines already?
Boyanov & Co., July 2021

Are you a compliance professional at a credit institution, a payment institution and electronic money (e-money) institution, or a third-party provider to such institution? If so, have a quick look at this compliance reminder with a view of the forthcoming deadline on 31 December 2021...

Tax Alert: Mergers Exempt from Stamp Duty
Deacons, July 2021

In a decision that will no doubt come as a great relief to the funds, banking, and asset management industries, the Court of Appeal ruled in Nomura Funds Plc v Collector of Stamp Revenue [2021] HKCA 1040 that a merger effected by way of the universal succession of the merged company (i.e., the surviving company) to the assets and liabilities of the merging company (i.e...

Business Transition to a Net Zero and Resilient World
Shoosmiths LLP, July 2021

We are very excited to be supporting the UN Global Compact Network UK’s ‘Transitioning to a Net Zero’ webinar series. The opening webinar, ‘Business Transition to a Net Zero and Resilient World’ took place on Thursday, 1 July 2021 during London Climate Action Week. The webinar saw government representatives, experts and business leaders discuss their vision of a net zero, climate resilient world, and the actions they are taking to get there...

Cross-State Review of Websites and Use of Cookies by German Supervisory Authorities
Heuking Kühn Lüer Wojtek, July 2021

In the summer/autumn of 2020, the supervisory authorities of several German states examined the websites of various media companies, particularly with a view to the use of cookies and the tracking of users for advertising purposes...

FMA Releases Report Covering Fire and General Insurers Conduct and Culture
MinterEllisonRuddWatts, July 2021

The FMA has published its “Insurance conduct and culture: Fire and general insurers update”. The report covers the FMA’s findings from its evaluation of New Zealand fire and general insurers’ review of their operations to ensure a lack of conduct issues following the 2019 Life Insurer Conduct and Culture review. Links to the report and the FMA media release are available online...

Norwegian Legal Update, Summer 2021 – ESG Compliance
Simonsen Vogt Wiig AS, July 2021

What is to come: new ESG reporting requirements Norway introduced legislation presenting social reporting requirements already in 2013 through the introduction of section 3-3 of the Norwegian Accounting Act in anticipation of the Non-Financial Reporting Directive 2014/95 (NFRD)...

Developments in the Russian Merger Control Rules: Liberalization of Thresholds and Approval of the FAS’ Merger Guidelines
ALRUD Law Firm, July 2021

For over five years, the Russian merger control landscape has been a quiet place, occasionally disturbed by high-profile mergers which required a king-sized approach and the use of international cooperation tools. In 2021, following a change in the Federal Antimonopoly Service’s (“FAS Russia”) senior management, decisions have been taken which signal a shift within Russian merger control legislation and practice...

Practical Tips on Private OFCs, Subsidy Grant Scheme and Re-Domiciliation
Deacons, July 2021

On 25 June 2021, Fiona Fong, one of our financial services partners, interviewed Elizabeth Wong, an Associate Director of Investment Products at Hong Kong’s Securities and Futures Commission (SFC)...

Rural Businesses and Easing COVID-19 Restrictions in Scotland
Shepherd and Wedderburn LLP, July 2021

The Scottish Government has published its route map out of lockdown, legislating five levels, each imposing increasingly tougher restrictions. As at 19 July, the whole of Scotland moved to Level 0, with cautious optimism that most legal restrictions might be removed entirely in August. However, in the meantime, the move to Level 0 does not mean that everything returns to how it was pre-pandemic – there will remain a level of restrictions and compliance points that must be met...

A Banking and Financing Summary after a Hectic Period
Simonsen Vogt Wiig AS, July 2021

We have this year assisted with numerous new financings, covering everything from new bank syndicates, refinancings, direct lending and bond loans. It has in periods been especially hectic within the shipping, aviation and renewable energy sectors. On the regulatory side, we have had a particular focus on the LIBOR transition...

NMLS Transition Update for Existing California Financing Law Licensees: CA DFPI Has Opened the NMLS Portal to Receive Transition Applications
Buchalter, July 2021

  Following July 8, 2021’s Client Alert, the California Department of Financial Protection and Innovation (DFPI) posted its CFL Transition Checklist for existing California Financing Law licensees to begin the license administration transition over to the Nationwide Multistate Licensing System (NMLS) portal. The deadline for submitting CFL transition applications through the NMLS portal is December 31, 2021...

IRS Expands Self-Correction under EPCRS and Adds New Overpayment Correction Methods
Buchalter, July 2021

By: Jenni Krengel and Tonie Bitseff On Friday, the IRS issued Revenue Procedure 2021-30 expanding the Employee Plans Compliance Resolution System ("EPCRS")—a voluntary program for correcting errors in tax-qualified and section 403(b) plans—by adding two new methods for recouping benefit overpayments, among other changes...

Health Care Noncompetes Are Under Attack
Dinsmore & Shohl LLP, July 2021

On July 9, 2021, President Joe Biden signed a wide-ranging executive order entitled “Promoting Competition in the American Economy.” One key element of the executive order is to address noncompete covenants that the White House characterized as stifling competition between companies. Section 5(g) encouraged the FTC to draft rules which seek to “curtail the unfair use of non-compete clauses and other clauses or agreements that may unfairly limit worker mobility...

AML/CFT Supervisors Release Updated Guideline for the Amended Identity Verification Code of Practice 2013
MinterEllisonRuddWatts, July 2021

On 16 July 2021, the Financial Markets Authority, the Department of Internal Affairs, and the Reserve Bank of New Zealand (Supervisors), released the updatedExplanatory Note: Electronic Identity Verification Guideline(Guideline) on the Amended Identity Verification Code of Practice 2013 (AIVCOP). The Guideline replaces the previousIdentity Verification Code of Practice – Explanatory Noteissued in December 2017 (Previous Explanatory Note)...

Bill 78 and the Notion of Ultimate Beneficiary
Lavery Lawyers, July 2021

Bill 78 was introduced in December 2020 by Minister Jean Boulet and given assent on June 8, 2021. It amends the Act respecting the legal publicity of enterprises (the “Act”) and its regulation, the Regulation respecting the application of the Act respecting the legal publicity of enterprises (the “Regulation”)...

Shearn Delamore & Co Legal Updates July (1)
Shearn Delamore & Co., July 2021

Financial ServicesRuling of Shariah Advisory Council of Bank Negara Malaysia on QardAt its 213th meeting of the Shariah Advisory Council (“SAC”) of Bank Negara Malaysia, the SAC ruled that the method under Malaysian Financial Reporting Standard (“MFRS”) 17 Insurance Contracts and MFRS 9 Financial Instruments may be adopted to measure qard (interest free loan) for transactions between shareholders’ fund and takaful fund...

 

 

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