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National Security & Investment Bill
Shoosmiths LLP, February 2021

The UK Government has published the National Security and Investment Bill – a proposed law that will introduce a screening process for certain acquisitions and investments and which is expected to come into force as early as April 2021. The National Security and Investment Bill has now had its second reading and is expected to come into force as early as April 2021. We take a look at what it will cover...

How Could Cryptocurrency Affect Divorce?
Shoosmiths LLP, February 2021

Earlier this month, Elon Musk revealed that Tesla, the electric car company run by the world's richest person, had bought $1.5bn (£1.1bn) in bitcoin and might soon also accept payment in the popular but controversial cryptocurrency. News of Tesla’s investment boosted bitcoin, and while lately it dropped from its record high, it appears to be rebounding. Cryptocurrency investment continues to move into the mainstream as global interest rates remain at record lows...

UnMasked: A Generational Shift in Attitudes About Racial Inequity, Diversity And The Unique Implications for Businesses
Dinsmore & Shohl LLP, February 2021

This week, Westlaw Today published an article by Dinsmore partner J.T. Wilson III about the generational shift in attitudes toward racial equity in light of George Floyd's death and about how business owners and employers must react accordingly...

Bid Protests in New York
Bradley Arant Boult Cummings LLP, February 2021

Bradley attorneys Aron Beezley and Nathaniel Greeson highlight the administrative bid protest landscape in New York given the state's abundant acquisition economy. New York state's budget is the second largest in the country, and with it, New York has some of the most developed state acquisition laws and procedures in the country. Accordingly, New York provides comparatively robust bid protest rights when it comes to state-level bid protests...

Legal Developments in the Philippines: Focus on Data Privacy, Digital Banks and FinTech
SyCip Salazar Hernandez & Gatmaitan, February 2021

This bulletin is on recent Philippine legal developments in data privacy, fintech and digital banks. PRIVACY UPDATE Caring about Sharing: New Rules on Data Sharing Agreements On December 23, 2020, the Philippine data privacy regulator, the National Privacy Commission (NPC) issued NPC Circular No. 2020-03 on data sharing agreements (2020 DSA Circular).1 The circular supersedes NPC Circular No...

Hong Kong Monetary Authority (“HKMA”) – AML/CFT Regtech: Case Studies and Insights
Deacons, February 2021

The HKMA published a report titled “AML/CFT Regtech: Case Studies and Insights” highlighting the opportunities that Regtech offers to transform the effectiveness and efficiency of Anti-Money Laundering and Counter-Financing of Terrorism (“AML/CFT”) efforts, and sharing end-to-end approaches which worked in real-life examples...

Financial Stability Institute (“FSI”) Publishes Bank for International Settlement (“BIS”) Research Paper on Fintech Regulation
Deacons, February 2021

The FSI has published the BIS’s research paper titled “Fintech regulation: how to achieve a level playing field” in February 2021 (the “Paper”). The Paper explores how regulation should evolve to encourage fair competition between traditional banks and new fintech and big tech players...

New Asia Securities Industry and Financial Markets Association (“ASIFMA”) Report on Data Challenges and Opportunities for ESG and Sustainable Finance in APAC
Deacons, February 2021

ASIFMA, together with the Future of Sustainable Data Alliance, published a paper entitled “Data Challenges and Opportunities for ESG and Sustainable Finance in Asia Pacific” – a result of a year-long review of sustainability data challenges facing the industry in the Asia Pacific...

Bulletin Real Time: Latest News
Brigard Urrutia, February 2021

1. Historic: First vaccine administered in Colombia. A nurse in the Caribbean region of Sincelejo was the first Colombian to be vaccinated in the country. The original plan had been to begin the nationwide vaccination program on Saturday (February 20), but things have moved faster. Sincelejo and Montería began vaccinating today. Bogotá, Medellín, Cali, Barranquilla, Bucaramanga and Cartagena begin tomorrow...

Hong Kong SFC Licensing and Compliance Hints: Protecting Client Assets
Deacons, February 2021

As mentioned in our article published on 3 April 2020, the deadline for compliance with the Securities and Futures Commission’s (SFC’s) circular of 8 July 2019 on new measures to protect client assets (Circular) was extended to 31 January 2021. With these new measures in place, intermediaries are now required to obtain confirmation from authorised institutions (AIs) (i.e...

SFC Guidance on the Appointment of Multiple Custodians and Custody Procedures for Open-Ended Fund Companies
Deacons, February 2021

On 23 December 2020, the Securities and Futures Commission (SFC) updated its Frequently Asked Questions (FAQs) relating to Open-ended Fund Companies (OFCs) on matters related to custodians and the custody of assets and records of the OFC. Appointment of multiple custodians Under the Securities and Futures Ordinance, all scheme property of an OFC must be entrusted to a custodian of the OFC for safekeeping...

Mainland China briefing: Mainland China, Hong Kong and Macau sign MoU for the Greater Bay Area Wealth Management Connect Scheme
Deacons, February 2021

On 5 February 2021, financial authorities in Mainland China, Hong Kong and Macau, including the People’s Bank of China (PBOC), the China Banking and Insurance Regulatory Commission (CBIRC), the China Securities Regulatory Commission (CSRC), China’s State Administration of Foreign Exchange (SAFE), Hong Kong’s Securities and Futures Commission (SFC), the Hong Kong Monetary Authority (HKMA) and the Monetary Authority of Macau (AMCM), jointly signed a memorandum of understa

Welcome Home, Offshore Funds!
Deacons, February 2021

Hong Kong will soon allow re-domiciliation of existing offshore funds through amendments to the Securities and Futures Ordinance (SFO) for open-ended fund companies (OFCs) and the Limited Partnership Fund Ordinance (LPFO) for limited partnership funds (LPFs)...

Good Governance in Farming Businesses
Shoosmiths LLP, February 2021

Post-Brexit, it’s now even more important for farming families to understand how changes to direct payments and valuation of farmland can affect succession, asset protection and family disputes. We explain what you need to know. Leaving the EU resulted in the UK leaving the EU’s Common Agricultural Policy (CAP), which paid farmers direct payments and has been a significant source of income for many farmers...

Will the Romanian Offshore be the Expected Investment Driver for New Energy Projects?
Nestor Nestor Diculescu Kingston Petersen, February 2021

With the main goal of the EU being to cut CO2 emissions in order to become carbon neutral by 2050, offshore represents valuable “available space” for the development of clean energy projects. While in some cases offshore is already a crowded place, other offshore locations are still free of significant energy infrastructure. Therefore, planning ahead is more important than ever...

Social Bonds Are All The Rage: How to Credibly Attain The Coveted Designation
Dinsmore & Shohl LLP, February 2021

Social bonds, which raise funds for new or existing projects seeking to address social issues, continue to soar in popularity among investors – but how is “social bond” designation achieved? The primary criteria for social bond designation is established by the United Nations Sustainable Development Goals (UNSDG)...

Buchalter COVID-19 Client Alert: FHA, VA, USDA Foreclosure and Eviction Moratoria, and Forbearance Application Deadline, Extended to June 30; Current List of Time Periods for GSEs, Federal Agencies and West Coast States Foreclosures and Evictions, and Forbearance Applications
Buchalter, February 2021

  Following last week’s FHFA announcement extending the Fannie Mae and Freddie Mac foreclosure and eviction moratoria and their deadlines for applying for COVID-related forbearance, the White House announced on February 16 that FHA, VA, and USDA will extend their single-family residential foreclosure and eviction moratoria, and their deadlines for applying for COVID-related forbearance, to June 30, 2021...

Golden Visa: Changes to the Rules on Obtaining a Residence Permit for Investment in Portugal
PLMJ, February 2021

The reasons for the changes to the Golden visa rules: A legislative authorisation in the 2020 State Budget 2020 authorised the Government to review the rules on residence permits for investment provided for in Law 23/2007 of 4 July by the end of 2020. The aim is to encourage investment in inland areas, urban regeneration, cultural heritage, activities of high environmental or social value, and productive investment and job creation...

PSE Issues Amendments to the Voluntary Delisting Rules
SyCip Salazar Hernandez & Gatmaitan, February 2021

The Philippine Stock Exchange (PSE) issued Memorandum CN-No. 2020-0104, 1 dated December 21, 2020, on the amendments to its Voluntary Delisting Rules. These amendments tighten the approval requirements for delisting and seek to ensure the fairness of the tender offer price...

Pension Schemes Bill Receives Royal Assent
Shoosmiths LLP, February 2021

The Pension Schemes Bill received Royal Assent on 11 February 2021, becoming the Pension Schemes Act 2021. Originally introduced into Parliament in Autumn 2019, the Act covers a mix of pensions-related matters which we outline in this article. Parts One and Two set out the legislative framework for establishing a collective money purchase scheme, commonly known as a collective defined contribution scheme (Part Two extends this to Northern Ireland)...

Adding up the Numbers: DOJ Announces Its False Claims Act Recoveries for 2020
Dykema, February 2021

In January 2021, the U.S. Dept. of Justice (DOJ) announced $2.2 billion in False Claims Act (FCA) recoveries for fiscal year 2020, which ended on September 30.[1] Although this amount is substantial, it nonetheless represents the smallest recovery figure in 10 years. These figures reflect the Trump administration’s unaggressive enforcement efforts and its restrictive view of the FCA. As recently as 2016, FCA recovery exceeded $4.5 billion. Recoveries in 2019 were $3...

Clarity on B-BBEE Annual Reporting Obligations for JSE-Listed Companies, But More is Needed
ENSafrica, February 2021

Over the last few years, companies listed on both the primary and secondary market of the Johannesburg Stock Exchange (“JSE”), have been obliged to comply with increasingly onerous and often unclear reporting obligations in respect of the status of their transformation. On 3 February 2021, the B-BBEE Commission offered some clarity, however, there are still uncertainties that need to be addressed for many JSE-listed companies to overcome reporting challenges...

POPIA: What you Need to Know About the Role of the Information Officer
ENSafrica, February 2021

With the Protection of Personal Information Act, 2013 ("POPIA") deadline closing in on 1 July 2021, many organisations are starting to feel the mounting pressure of becoming compliant with POPIA. A good starting point in any POPIA compliance journey is the appointment of an Information Officer for your organisation.   Who is the Information Officer? POPIA, by default, designates the head of any private body as the Information Officer...

Buchalter COVID-19 Client Alert: FHFA Announces Extension of Time Periods for GSEs’ Foreclosure and Eviction Moratoria; List of Current Time Periods for GSEs, Federal Agencies and West Coast States Foreclosures and Evictions, and Forbearance Applications
Buchalter, February 2021

On February 9, the Federal Home Finance Agency announced extensions of time until March 31, 2021 for the Freddie Mac and Fannie Mae COVID-related foreclosure and eviction moratoria, and allowed an additional three months of forbearance for borrowers in a forbearance plan as of February 28. Other federal agencies and various states have also extended such deadlines for foreclosure and eviction moratoria, and for borrowers to apply for forbearance...

Weekly Digest: COVID-19 Resources from Bradley
Bradley Arant Boult Cummings LLP, February 2021

Coronavirus Insights & Updates The information listed below is categorized by topic for your convenience and includes content from the previous week. Bradley is actively monitoring and engaging with relevant federal, state or local entities on issues related to the coronavirus. Please contact one of the authors if you have any questions. Click on a link below to view the full article, alert, blog, webinar recording or interview...

 

 

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