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Practice Industry: Dispute Resolution, Financial Services

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Mediation: A Star in the Making as a Dispute Resolution Method for Commercial Disputes (Focus on Thailand)
DFDL, November 2021

Article by Anne Coulon, Regional Legal Adviser, DFDL Thailand Mediation is a confidential, fast, flexible and cost-effective dispute resolution (“DR”) method based on the mutual consent of the involved parties. Companies, contractors, individuals, banks, real estate owners, governmental bodies; or any combination thereof may be parties to commercial mediation. Breaches of contract, business torts etc. can all be successfully submitted to and/or resolved through mediation...

Obstacles and Optimism: An Offshore Look at Chinese Outbound Investment
Carey Olsen, November 2021

What is your outlook for Chinese businesses and investment as we approach the end of 2021? China is, and will continue to be, the strongest market for offshore law firms in Asia. China's outbound investment activity has been subdued since 2016, due to domestic constraints on outbound capital flows and tighter scrutiny of Chinese investments abroad...

Managing Transfer Pricing Compliance Risk in Thailand
DFDL, November 2021

On 21 November 2018, Thailand introduced a new transfer pricing law which became effective for the fiscal year commencing on 1 January 2019. Thereafter, the Thai Revenue Department (“TRD”) amended and revised the Thai Revenue Code by enacting Royal Decree No. 47 (“RD47”). Under RD47, companies established under Thai law are subject to TP documentation rules if they have annual turnover of at least THB 200 million (USD 6 million)...

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

Dear valued clients, colleagues and friends, We are pleased to bring you the latest legal updates for November 2021...

Connecticut Supreme Court Rejects Tough Delaware Standard in Allowing Member Inspections of Manager-Managed LLC Books and Records – Or Does It?
Verrill, November 2021

Before allowing the inspection of corporate books and records, Delaware courts require a shareholder seeking information about possible mismanagement to come forward with evidence demonstrating a reasonable basis to suspect mismanagement.[1] In Benjamin v...

M&A Quarterly Reporter – 2021 Q3
Hunton Andrews Kurth LLP, November 2021

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Norwegian Court of Appeal rules on the MV «Cheshire» litigation
Simonsen Vogt Wiig AS, November 2021

The dispute relates to MV «Cheshire» incident in 2017, where a cargo of 42,000 metric tons of fertiliser was subject to a major decomposition incident off Gran Canaria, during a voyage from Norway to Thailand. The fertiliser was completely damaged and the vessel was declared a total loss. The cargo owners held the ship owners jointly liable for the cargo damage. Bibby Transport Ltd and a number of H&M insurers held the fertiliser producer liable for the damaged vessel...

Kudun and Partners represents Hatton Equity on its acquisition of shares in DRJL Group Ltd for the total value of THB 2.38 billion
Kudun and Partners, November 2021

Kudun and Partners represented Hatton Equity as lead counsel with respect to the proposed acquisition of shares in DRJL Group Ltd., a renowned cosmetic brand engaging in manufacturing and distribution business with the brand name, Dr. Jill from the sellers for a total value of THB 2.38 billion (approximately USD 72.88 million). The proposed transaction involves the merger acquisition transaction and also project financing from the offshore lender...

Migrating a Company Into Guernsey
Carey Olsen, November 2021

The Process Migration is the process which allows an overseas company to be registered as a Guernsey company in accordance with the provisions of The Companies (Guernsey) Law, 2008 (as amended) (the "Law")...

Guernsey Companies: UK Tax Residence Considerations
Carey Olsen, November 2021

Whether CMC of a Guernsey company is exercised in the UK is question of fact. This briefing summarises UK tax residence points arising out of UK tax case law, focussing in particular on the most recent case of Development Securities (No. 9) Ltd and other v HMRC2, and also provides some practical guidance on how Guernsey companies can minimise UK CMC risks when there is no intention to make the company UK tax resident...

The winner takes it all: priorities between directors, companies and third parties when directors breach their duties
Carey Olsen, November 2021

What happened? Two directors of VTL, a Jersey company, devised a fraudulent scheme. They purported to provide investors with a mechanism to decrease income tax exposure. As it turned out, the scheme was a fraud on the customers. It was also a fraud on VTL: instead of turning over around £4.55 million in proceeds from the scheme to VTL, the directors kept these funds for themselves...

A wave of FirstGen – assisting the creators of new wealth
Carey Olsen, November 2021

These newly-minted individuals and families are the recipients of a large portion of the huge wealth generated globally in the past 12 to 18 months, and require special attention from advisors and fiduciary service providers not only to manage and protect their newfound fortune but to deal with the inevitable pressures associated with it. The FirstGen – who are they? Broadly speaking, the FirstGen are original wealth creators who are predominantly from a younger age bracket...

All That Glitters – A Look Back at the Antitrust Division’s Evaluation of Corporate Compliance Programs and What to Expect, Competition Policy International
Hunton Andrews Kurth LLP, November 2021

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Commission for the Financial Market publishes regulation on ESG content in annual reports
Carey, November 2021

On November 12, 2021, the Commission for the Financial Market ("CMF") published General Rule 461 which modifies the structure and content of the annual report of issuers of securities registered at the CMF Securities Registry on Environmental, Social and Governance or ESG matters (the "NCG")...

Defined Contribution Value for Money: Regulators Unite
Shoosmiths LLP, November 2021

Defined contribution (DC) pension schemes will soon be required to disclose more information than ever before in a bid to assess and improve value for their members. On 16 September 2021, The Pensions Regulator (TPR) and the Financial Conduct Authority (FCA) published a joint discussion paper on developing a common regulatory framework for measuring value for money (VFM) for DC members. Background VFM has become a key element of DC governance in recent years...

Five tricky issues when calculating holiday pay
Shoosmiths LLP, November 2021

Calculating holiday pay can be a difficult and complicated area of employment law to navigate. There have been a number of notable cases handed down over the last five years, and it’s fair to say that further clarity is still needed for employers. In this article, we discuss five different areas that employers often have to grapple with when tackling holiday pay issues. 1...

What to Know About PPP Appeals and Next Steps (updated 11/15/2021)
Schwabe, Williamson & Wyatt, November 2021

Update: On September 16, 2021, the Final Rule on Borrower Appeals of Final SBA Loan Review Decisions was posted and became effective on September 14, 2021 (the “Final Rule”). The Final Rule applies to all appealable final SBA loan review decisions under the PPP and applies to all appeals filed after the effective date and to those appeals filed before the effective date for which a notice and order has not been made...

Latest Federal Court Cases, 11/15/21
Schwabe, Williamson & Wyatt, November 2021

Apple Inc. v. Qualcomm Inc., Appeal Nos. 2020-1683, -1763, -1764, 1827 (Fed. Cir. Nov. 10, 2021) Our Case of the Week reinforces a developing body of law concerning standing to appeal from an adverse PTAB decision in an IPR.  This is the second such decision arising from a global settlement between Apple and Qualcomm this year.   We wrote about the first case, in April this year, here...

Clause and effect: “see to it” and “on demand” guarantees
Shepherd and Wedderburn LLP, November 2021

  In the recent case of Shanghai Shipyard Co. Ltd. V. Reignwood International Investment (Group) Company Limited [2021] EWCA Civ 1147 the Court of Appeal (COA) unanimously overturned the first instance decision and found a parent company guarantee to be a guarantee “on demand”. Despite arbitration proceedings having commenced under the underlying contract, the COA found the guarantor liable to pay $170 million under the guarantee...

Philippines: Guidelines on the Submission of Reports on Crimes and/or Losses by Banks and Non-Banks with Quasi-Banking Functions (NBQB)
DFDL, November 2021

On 12 October 2021, the Bangko Sentral ng Pilipinas (“BSP”) issued Memorandum No. M-2021-72, to provide guidelines on the submission of the reports on crimes and/or losses (“RCL”). The following are the submission procedures under the Memorandum: Banks and NBQBs shall follow the existing manner of reporting a crime and/or loss incident, i.e...

Philippines: BSP Reminds All BSP-Supervised Financial Institutions of the Analysis of Suspicious Transaction Reports with Possible Links to Tax Crimes and Real Estate Sector
DFDL, November 2021

On 15 October 2021, the Bangko Sentral ng Pilipinas (“BSP”) issued Circular Letter No...

Philippines: BSP Guidelines on Digitization of Customer Records
DFDL, November 2021

Circular Letter No. CL-2021-080, issued on 18 October 2021 by the Bangko Sentral ng Pilipinas (“BSP”), disseminates to all BSP-Supervised Financial Institutions (“BSFI”) the Anti-Money Laundering Council’s (“AMLC”) Guidelines on Digitization of Customer Records (“DIGICUR”) adopted via the AMLC Regulatory Issuance (“ARI”) A, B, and C, No. 2, Series of 2018...

Philippines: Clarification on the Definition of Digital Bank
DFDL, November 2021

The Bangko Sentral ng Pilipinas (“BSP”) in Memorandum No. M-2021-053 dated 13 October 2021 clarified the definition of “digital banks”. A digital bank refers to a bank which offers financial products and services that are processed end-to-end through a digital platform and/or electronic channels with no physical branch/sub-branch or branch-lite unit offering the same...

Raising the Stakes on Crypto Compliance: Congress Passes Infrastructure Bill With Felony Charges for Digital Asset Reporting Failures
Hanson Bridgett LLP, November 2021

Key Points New tax reporting provisions on cryptocurrency, as well as criminal consequences for noncompliance, survived in the Infrastructure Investment and Jobs Act (H.R. 3684) set to become law. The legislation imposes potential felony charges for failures to report certain "receipt" of digital assets, as well as expands the definition of "broker" to target crypto exchanges...

IRS Issues 2022 Limits for Retirement Plans
Hanson Bridgett LLP, November 2021

On Nov. 4, 2021, the IRS announced in Notice 2021-61 cost-of-living adjustments ("COLAS") to the tax-qualified retirement plan dollar limits for 2022. Most of the applicable dollar limits currently effective for 2021 will increase significantly compared with prior years. Below is a summary of the limits that are generally relevant for most retirement plans. Effective Jan...

 

 

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