Novel coronavirus is understandably causing a lot of panic and uncertainty around the globe. While legislators scramble to contain the virus’ spread, investors are also being forced to make weighty decisions with very little information as they attempt to navigate market uncertainty and supply chain disruption. This is particularly true in Thailand, which now has the highest number of confirmed cases outside of China ...
In August 2020, Kudun & Partners was appointed to represent the largest group of creditors, consisting of 87 savings cooperatives, in the wake of the recent Thai Airways’ petition for rehabilitation. Taken together, these investment entities hold 65% of the airline’s total debenture debt, making them the largest group of creditors ...
On 25 March 2021, the Royal Government of Cambodia (“RGC”) implemented ‘Round 8’ of measures aimed at mitigating the impacts of COVID-19 on businesses and workers in Cambodia. The RGC in their press release noted the positive update with respect to the development of COVID-19 vaccines and the fact that Cambodia has to date managed to effectively control COVID-19 ...
In 2020, as offices and workplaces across Canada closed or reduced staffing capacity due to COVID-19, many Canadian workers who normally performed work at their employer’s worksite were suddenly required to work from home, either fully or partially. While this has not always been an easy transition, the silver lining is that such workers may be eligible for an income tax deduction in respect of their work-from-home situation ...
The American Rescue Plan Act of 2021 (“ARP Act”), the $1.9 trillion pandemic aid bill, contained changes to (1) the Paycheck Protection Program (“PPP”) by expanding eligibility and other items and (2) the Consolidated Omnibus Budget Reconciliation Act (“COBRA”). The ARP Act provides for fully subsidized COBRA premium payments ...
COVID-19 has forced us to completely rethink the way we live, work and move around. It has begged the question: what is it that makes a great city? Manchester is one of the fastest-growing cities in the UK. With cranes dominating the skyline, billions continue to be invested into the city centre as it evolves into a city of quarters ...
Key Points Historic definition of "public works" expanded beyond construction-related activities Supreme Court holds that some special districts must pay prevailing wages to workers performing non-infrastructure related tasks Full extent of coverage of prevailing wages for operational contract workers is unclear Labor Code Section 1720(a)(1) defines a "public work" as "construction, alteration, demolition, installation, or repair work done under contract and paid for in wh
Over the past couple of years, school systems have been faced with several personnel issues related to the ECCAT classification. Several grievances were filed relating to determining seniority of the ECCAT classification, with employees mainly alleging that seniority as an Aide should serve as the seniority date as an ECCAT ...
UAE Federal Decree Law 19 of 2020 Regarding Trusts (the UAE Trusts Law) was issued in September of 2020. As there was no comparable law previously, the UAE Trusts Law opened the door to trusts in the UAE for the first time (not including DIFC and ADGM trusts, the UAE’s two financial free zones). This is a potentially significant development that holds great promise, although some key questions remain ...
It’s fair to say that ‘employee engagement’ has become quite the buzz word(s) in organisations’ quest for a competitive advantage. But what is engagement really and what impact does it have on performance? Furthermore, how do we drive employee engagement at a time when our own wants and needs are evolving right in front of us? This blog will attempt to scratch the surface on what is a much larger topic ...
The Charity Commission focuses on charities meeting “public expectation”, but they also need to remain true to their stated purpose, even when doing so may prove controversial. A report on our colonial past The National Trust has acted in accordance with its charitable objects. This shouldn’t be headline news, but it has been for the last six months ...
On March 19, 2021, Governor Gavin Newsom signed Senate Bill No. 95 (SB95) and revived California’s COVID-19 Supplemental Paid Sick Leave. By March 29, 2021, employers of more than 25 employees must provide Supplemental Paid Sick Leave for covered employees who are unable to work or telework due to concerns related to COVID-19 through at least September 30, 2021 ...
The new American Rescue Plan Act[1] (ARPA) as signed into law earlier this month provides for $1.9 trillion in economic stimulus, supplementing last year’s Coronavirus Aid, Relief, and Economic Security (CARES) Act[2] and its $2.2 trillion allocation, both undertaken in response to the economic impact of the COVID-19 pandemic in the United States ...
Since the consultation document on Proposed Security of Payment Legislation (SOPL) for the Construction Industry in June 2015 and the report of the consultation in April 2016, the SOPL Bill has yet to be put before the Legislative Council for consideration. The Government released a draft Technical Circular on the Implementation of the Spirit of Security of Payment Legislation in Public Works Contracts (Draft Circular) and a reference document in mid-March 2021 ...
On 25 March 2021, the Royal Government of Cambodia (“RGC”) implemented ‘Round 8’ of measures aimed at mitigating the impacts of COVID-19 on businesses and workers in Cambodia. The RGC in their press release noted the positive update with respect to the development of COVID-19 vaccines and the fact that Cambodia has to date managed to effectively control COVID-19 ...
On 26 March 2021, the Ministry of Labour and Vocational Training (“MLVT”) issued Notification 013/21 (“Notification”) on extending the deadline for foreign employee work permit applications in order to help foreign employees who face difficulties in returning to Cambodia in light of recent COVID-19 outbreak ...
On 19 March 2021, the Hong Kong Government gazetted the Securities and Futures and Companies Legislation (Amendment) Bill 2021 (the Bill). The Bill provides for an uncertificated securities market (USM) regime which will allow investors to hold securities in their own names without paper documents ...
An increasing number of investment managers in Hong Kong are considering the adoption of the open-ended fund company (OFC) structure following announcements by the government of subsidy initiatives to cover 70% of expenses paid to local professional service providers for the establishment of OFCs and the re-domiciliation of funds as OFCs. As a key operator of an OFC, the investment manager should be well informed of its obligations and duties under the OFC regime ...
The European Union’s (EU’s) Sustainable Finance Disclosure Regulation (SFDR) imposes disclosure obligations on fund managers and other EU regulated firms regarding environment, social or governance (ESG) issues. The SFDR disclosure obligations came into effect on 10 March 2021. I was recently approached by Ignites Asia – a Financial Times service – for an interview on how the SFDR may impact Hong Kong fund managers. Below is an extract. 1 ...
A recent Securities and Futures Commission (SFC) disciplinary action is a reminder of the need for managers to ensure there are systems and procedures in place to meet the short position reporting obligations of the funds that they manage. The SFC reprimanded and fined an asset manager HK$3 ...
On March 17th, 2021, through the publication of General Ruling No. 96/2021 in the Official Gazette, the National Institute of Industrial Property (“INAPI”) provided new instructions in relation to the filing and payment of renewal applications of trademark registrations in Chile, applying the regulations set forth in the Trademark Law Treaty (“TLT”), which was ratified by Chile and is in force since 2012. By virtue of General Ruling No ...
On March 18, 2021, the Financial Market Commission (“FMC”) opened a public consultation process regarding 2 regulations: Amendment to the files that configure the report of financial system debtors The proposed regulatory changes, applicable to banks, supervised cooperatives and bank support companies (sociedades de apoyo al giro), aim to reduce the frequency of the delivery of the files D10 (Information on debtors article 14 LGB (General Banking Act)) and D27 (Obligations
The government’s recently announced low-carbon industrial sector strategy, supported by over £1 billion in funding to cut emissions from industry and public buildings, if nothing else, shows great ambition but does it also deliver the wherewithal to achieve those objectives? It builds on the proposals in the Energy White Paper which themselves expanded upon the Ten Point Plan for a Green Industrial Revolution announced by Prime Minister in November last year ...
