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A Revisit of Director Eligibility and Duties for Hong Kong OFCs
Deacons, December 2020

With the growing popularity of the Hong Kong open-ended fund company (OFC) structure following revisions to the OFC Code in September 2020, fund managers are increasingly looking at practical considerations when planning ahead on the establishment of new OFCs. One of the key areas is the appointment of the OFC’s board of directors. The key operators of an OFC are the directors, the investment manager and the custodian...

SFC Issues Consultation Conclusions and Revised REITs Code
Deacons, December 2020

Hong Kong’s Securities and Futures Commission (SFC) revised the Code on Real Estate Investment Trusts (REITs) after a two-month consultation on the proposed amendments. The revised Code on REITs can be viewed here...

Short & Sweet – Direct Agreements between Lenders and Borrowers’ Counterparties
Simonsen Vogt Wiig AS, December 2020

So called ‘direct agreements’ in the context of debt financing, has the main purpose of establishing a direct contractual relationship between a lender and the borrower’s counterparties for the purpose of enabling the lender to gain control over the borrower’s contracts. Direct agreements are most common for project financings and other facilities where the value of the assets being financed at large depend on the borrower’s contracts. Examples are e.g...

Coming in 2021: CFPB Finalizes Changes to “Qualified Mortgage” Definition and Creates a New “Seasoned QM” Loan Category
Buchalter, December 2020

  Changes are coming in 2021 to the eligibility requirements for “Qualified Mortgage” or “QM” loans. The Ability-to-Repay/Qualified Mortgage Rule administered by CFPB (“ATR/QM Rule”) requires a creditor to make a reasonable, good faith determination of a consumer’s ability to repay a residential mortgage loan according to its terms...

Employee Benefits & Executive Compensation 2020 Year-End Client Advisory
Verrill, December 2020

Click here to view as a PDF. This Client Advisory highlights important developments in the law governing employee benefit plans over the past year. It offers insight into what these developments mean for employers and plan sponsors and previews developments we expect to see in 2021...

MBIE Publishes Regulations to Support FSLAA and Other Changes
MinterEllisonRuddWatts, December 2020

Today, the Ministry of Business, Innovation and Employment (MBIE) released various long-awaited suite regulations to support the Financial Services Legislation Amendment Act 2019 (FSLAA) and other recent legislation changes (such as the Trusts Act and tax disclosure)...

The Most Important Changes in the New Inheritance Act
Simonsen Vogt Wiig AS, December 2020

The new Inheritance Act enters into force on 1 January 2021. The law was passed on 15 May 2019 and replaces the current law from 1972. The most important change is pedagogical, as the law has a better language and a clearer structure. The language has been simplified, and terms such as «landowner» and «legatee» have been replaced by the common term «heir»...

FMA Sets Expectations for Issuers of ‘Green’ and ‘Responsible’ Investment Products
MinterEllisonRuddWatts, December 2020

The Financial Markets Authority (FMA) has released guidance on financial products that integrate non-financial factors such as natural, social and human capital impacts along with financial returns (integrated financial products). The guidance sets out how the fair dealing provisions of the Financial Markets Conduct Act 2013 (FMCA) apply to integrated financial products...

Short & Sweet – Financial Assistance Restrictions
Simonsen Vogt Wiig AS, December 2020

With ‘financial assistance’ in this context, we refer to assistance granted by a company in connection with the purchase of the shares in that company or its parent company. The most common example is that a company grants a guarantee or security in connection with the purchaser’s financing of the purchase price for the acquisition of shares in the company...

Call Frequency Limitations – CFPB Debt Collection Rule Working Session 4 Webinar Recording
Bradley Arant Boult Cummings LLP, December 2020

The CFPB’s debt collection rule goes a long way towards resolving a long standing FDCPA question: How often can I call a debtor? Rather than institute a bright line rule, the CFPB adopted a rebuttable presumption which effectively limits debt collectors (including loan servicers subject to the FDCPA) to placing seven calls in a seven-day period. To further complicate matters, the rule also effectively prohibits calls for seven days after you actually reach a debtor...

COVID-19 Government Support Measures Latvia (as of 7 December 2020)
Ellex Klavins, December 2020

I Banking and Finance The Government of Latvia has approved a business support program that provides for financial measures ensured in cooperation with state development agency Altum. The program is planned to continue until mid-2021. Depending on individual needs, companies, regardless of industry, can use six crisis alleviation programs: Working capital loan – a liquidity support for companies, whose activities have been affected by Covid-19...

SEC Amends MD&A and Financial Disclosure Requirements
Hunton Andrews Kurth LLP, December 2020

On November 19, 2020, the Securities and Exchange Commission (SEC) voted 3-2 to adopt additional amendments to Regulation S-K for public companies, including Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A). These amendments reflect the latest development in the SEC’s ongoing disclosure effectiveness initiative, which seeks to modernize and streamline public company disclosure requirements...

Federal Reserve Announces Last Day for Lender MSLP Participation Purchase Submissions; Lenders Will Require Borrower MSLP Loan Applications Several Days Prior
Buchalter, December 2020

The Federal Reserve has issued amended For Profit and Non-Profit Frequently Asked Questions for the Main Street Lending Program, addressing the key dates for the end of the program in December, 2020.  These dates are driven by the end of the Federal Reserve’s Special Purpose Vehicle’s authority to purchase MSLP loan participations on December 31...

Short & Sweet – Group Account Systems
Simonsen Vogt Wiig AS, December 2020

What is it? A group account system (Nw: konsernkonto) («GAS«) is a technical solution a bank may offer its customers that simplifies the process for lending amounts within the customer’s group. It can be a useful tool for managing and controlling the liquidity in the group and ensuring flexibility for allocating liquidity within the various participating group members...

LIBOR Administrator Announces Wind-down Dates for Publication of LIBOR Index Data; Federal Bank Regulators Announce that Banks Should Cease Using LIBOR in New Contracts by December 31, 2021
Buchalter, December 2020

ICE Benchmark Administration, the British-based LIBOR administrator, announced that it intends to cease the publication of the one-week and two month U.S. Dollar LIBOR settings immediately after December 31, 2021, and the other U.S. Dollar LIBOR settings immediately after June 20, 2023. Accordingly, on November 30, the U.S...

California Enacts Consumer Debt Collector Licensing Administered by DFPI
Buchalter, December 2020

During the 2019 legislative session, California enacted SB 908 - the Debt Collection Licensing Act, Financial Code Division 25, Sections 100000, et seq., requiring consumer debt collectors who are collecting on their own account or the account of others, including debt buyers, to be licensed beginning January 1, 2022...

Back to 2020 - Forward to 2021: Arendt Weekly Update, 4 December 2020
Arendt & Medernach, December 2020

Back to 2020 - Forward to 2021 2020 was a busy year – and a uniquely challenging one to say the least. Legal and regulatory changes, many of them linked to the COVID-19 crisis, have impacted your business and will continue to impact it in the new year. That is why we are pleased to provide you with an overview of the major recent legal and regulatory developments that have taken place under Luxembourg and EU law...

COVID-19 Resources Hub - Regional Insights
DFDL, December 2020

 Regional Insights [VIDEO] Salary Arrangements & Restructuring in the Time of COVID-19: Market Views & Legal Implementation Watch our latest video to gain a clearer view on the salary arrangement options available to human resources departments in light of the disruption caused by the COVID-19 global pandemic...

Pre-Pandemic Chapter 13 Defaults Received CARES Act Modification Protection in the Middle District of Alabama
Bradley Arant Boult Cummings LLP, December 2020

In a notable decision interpreting the March 2020 Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Bankruptcy Court for the Middle District of Alabama held that Chapter 13 debtors behind on their payments before March 2020 may seek modification of their plan if they suffered from COVID-19 related financial distress. In In re Fowler, No. 16-31791; In re Lewis, No. 19-32243, 2020 WL 6701366 (Bankr. M.D. Ala. Nov. 13, 2020), Bankruptcy Judge William R...

Shearn Delamore & Co. Legal Update November 2020
Shearn Delamore & Co., December 2020

DISPUTE RESOLUTION The National Code (Revised 2020) Act 828 (“the Act”) came into force on 15 November 2020. It replaces its predecessor the National Land Code (Act 56 of 1965) that was in force since 1 January 1966. The Act was revised by the Commissioner of Law Revision under the authority of the Revision of Laws Act 1968...

Expert Advice for New Phases for Lenders and Borrowers on PPP and MSLP Loans: PPP Loan Forgiveness and SBA PPP-MSLP Loan Reviews
Buchalter, November 2020

The Federal government’s COVID emergency loan programs and credit facilities have moved into critical new phases.  As highlighted by the recent media focus on the new SBA PPP Forgiveness Questionnaire for borrowers, both borrowers and lenders face new and challenging issues regarding these loan programs, particularly PPP loans and the Main Street Loan Program. PPP Loan Program – For most borrowers, the time period for spending PPP loan proceeds has expired...

Buchalter COVID-19 Client Alert: San Francisco Extends Commercial Eviction Moratorium and Provides Repayment Relief for Qualified Small Businesses
Buchalter, November 2020

On November 17, 2020, the San Francisco Board of Supervisors unanimously approved an extension to the commercial eviction moratorium that had been previously enacted and extended on a month-to-month basis by mayoral declaration. The new commercial eviction ordinance (the “Ordinance”) keeps the majority of the terms of the current moratorium in effect, while providing a new four-tiered system for qualified tenants for repayment of deferred rent...

FHA Posts Proposed Rule Permitting Acceptance of Private Flood Insurance
Bradley Arant Boult Cummings LLP, November 2020

On November 23, 2020, the U.S. Department of Housing and Urban Development (HUD) published in the Federal Register a proposed amendment to Federal Housing Administration (FHA) regulations that would allow lenders to accept private flood insurance policies on FHA-insured properties located in Special Flood Hazard Areas...

Buchalter COVID-19 Client Alert: Expert Advice for New Phases for Lenders and Borrowers on PPP and MSLP Loans: PPP Loan Forgiveness and SBA PPP-MSLP Loan Reviews
Buchalter, November 2020

The Federal government’s COVID emergency loan programs and credit facilities have moved into critical new phases.  As highlighted by the recent media focus on the new SBA PPP Forgiveness Questionnaire for borrowers, both borrowers and lenders face new and challenging issues regarding these loan programs, particularly PPP loans and the Main Street Loan Program. PPP Loan Program – For most borrowers, the time period for spending PPP loan proceeds has expired...

Hong Kong Monetary Authority ("HKMA")’s Expectations on Remote On-Boarding of Corporate Customers
Deacons, November 2020

Hong Kong has in recent times seen an increasing use of remote on-boarding of customers by banks as a result of COVID-19. Banks are generally required to pay more attention to the remote on-boarding assessment of corporate customers as opposed to individual ones due to the higher money laundering and terrorist financing risks associated with corporate vehicles...

 

 

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