On 16 January 2023, the Financial Market Commission ("CMF") published in its web site and invited to submit comments to a regulatory proposal involving the issuance of two rules: (i) the general rule that will regulate the requirements and procedures for registration in the Registry of Financial Services Providers (the "RPSF") and (ii) the general rule that will regulate the authorization to provide investment advisory services by persons registered in the RPSF (the "Proposed Rule") ...
On January 16, 2023, the Commission for the Financial Market (“CMF”) announced the beginning of the implementation of Law No. 21,521, known as the “Fintech Law”, which will come into force on February 3, 2023. The entry into force of the Fintech Law is an extremely relevant milestone for the financial industry since, among other things, it establishes a regulatory framework for services based on Fintech technologies that were not regulated by our legislation ...
Hot on the heels of the Subsidy Control Act 2022 fully entering into force on 4 January 2023, the three streamlined routes under which UK public authorities will be able to give subsidies without having to assess each one against the subsidy control principles have recently been laid before Parliament: Subsidy Control Act 2022: Streamlined Routes - GOV.UK (www.gov.uk) The routes cover (i) research development and innovation (ii) energy usage and (iii) local growth ...
A recent California decision provides clarity on a lender’s ability to charge late fees for missed loan payments, which should be of interest to all lenders operating in California. In Honchariw v. FJM Private Mortgage Fund, LLC, et al.,[1] the California First District Court of Appeals held that late payment fees assessed against the entire unpaid principal balance of a loan constitutes unlawful penalties under California Civil Code Section 1671 ...
Grace Instrument Industries, LLC v. Chandler Instruments Company, LLC, Appeal No. 2021-2370 (Fed. Cir. Jan. 12, 2023) In an appeal from the U.S. District Court for the Southern District of Texas, the Federal Circuit vacated the district court’s determination that one of a patent’s claim terms, “enlarged chamber,” is indefinite, and remanded for further proceedings ...
It is with great pleasure that we announce the promotion of Thitawan Thanasombatpaisarn and Kongwat Akaramanee to partners of Kudun and Partners. Thitawan, our new capital markets partner, and Kongwat, our new dispute resolution partner, have been valued members of our team for many years, and has consistently demonstrated exceptional legal acumen and a deep commitment to our clients ...
On 30 December 2022, the Central Bank of Myanmar issued letter No. FE-1/2861(Ka) concerning the Foreign Exchange Supervisory Committee Meeting Resolution No. (78/2022). The most pressing issue faced by foreign companies in Myanmar was resolved by the decisions made in paragraphs 1(d) of the meeting resolution no. 78/2022 ...
It has been some time since there has been talk about bonfires in Parliament but the continued debate (albeit largely outside of the Chamber thus far) as to when we should finally say 'farewell' to 'retained' EU legislation is one that many of us are watching with interest. When originally introduced, the suggestion that some 4,000 pieces of legislation would essentially evaporate by the end of this year caused something veering between confusion, concern and, let's be honest, disbelief ...
Goldman Sachs can’t make profits in the FinTech sector, as reported recently in the Financial Times newspaper. Competition must be tough. Where is competition coming from? A source, still arguably on the edges, is BigTech, who are using FinTech essentials (digital technology and big data) to become a player in the financial services market ...
The Charity Commission has today (17 January) begun a public consultation on proposed new guidance for charities’ use of social media. It encourages charities to adopt a social media policy which is right for them. Social media presents charities with great opportunities to campaign and comment, to communicate the value they create and to fundraise. But these channels also present serious risks for charities ...
The Digital Operational Resilience Act (“DORA”) is part of the Digital finance package adopted in 2020 by the EU Commission to further enable and support the potential of digital finance in terms of innovation and competition, while mitigating the risks arising from it. DORA enters into force on 16 January 2023 ...
On 19 October 2022, the Council of the EU announced that political agreement (the ‘Political Agreement’) had been reached with the EU Parliament on the review of the Regulation on European long-term investment funds (the ‘ELTIF Regulation’) ...
Overview On 4 November 2022, the Ministry of Commerce of Cambodia issued two new regulations, namely, Prakas 226 on the Formalities and Procedures of Inspection and Investigation under the Law on Competition (“Prakas 226”) and Prakas 227 on the Conditions and Procedures of Negotiated Settlement under the Law on Competition (“Prakas 227”) ...
Matters of cross-border company mobility are addressed at European Union level by means of Directive (EU) 2017/1132 (the “2017 Directive”) which provides for cross-border mergers and domestic divisions of public limited liability companies ...
Operating expenses (“OpEx”) and common area maintenance fees (“CAM”) are two important items in any commercial lease, but they are often overlooked after the decision is made on how to split up these fees. Typically, operating expenses are calculated and allocated based on a gross, modified gross, or triple net basis, with the tenant being responsible for a percentage of CAM based on the percentage of the total property they occupy ...
On 21 December 2022 the Supreme Court handed down its decision in the case of Stanford International Bank Ltd (in liquidation) v HSBC Bank PLC [2022] UKSC 34. Stanford International Bank’s (‘SIB’) appeal was ultimately struck out as it was determined that it did not suffer a recoverable loss. Background The original claim was brought by Antigua-based SIB in relation to several accounts it held with HSBC Bank PLC (‘HSBC’) in London between 2003 to 2009 ...
With the well-known challenges of the last ten months or so, market conditions deteriorated substantially over 2022 and the venture capital (VC) market became a far more challenging one in which to agree a valuation and raise money. While those challenges are not over, from speaking to VC clients and others, there's a cautious optimism that as 2023 progresses the market will slowly improve ...
The Financial Executives Institute of the Philippines (FINEX) recently launched “Ethics: Enduring or Evolving?”, the second installment of the FINEX Ethics Committee's book project focused on ethical challenges and issues of ethics in business. It includes an article on “Digital Ethics and the Philippine Law” by SyCipLaw Senior Partner and TMT expert Rose Marie M. King-Dominguez. In the article, Ms ...
The UK Advertising Standards Authority (ASA) has ruled that the marketing of an NFT of a Johan Cruyff goal was misleading. The one-of-a-kind non-fungible token (NFT), entitled “In a Way, Immortal”, depicts Cruyff’s flying kick for Barcelona against rivals Atlético Madrid which was dubbed “The Phantom Goal” and earned Cruyff the nickname the "flying Dutchman". The NFT was auctioned and eventually sold for a reported €550.000 at Sotheby's ...
On 16th December 2022 the Bankruptcy Master released an update which advised that the restriction on filing new creditors' winding up petitions is likely to be lifted in the new term. The court has advised that further information will be issued to legal practitioners in advance of the new guidance ...
On January 11, 2023 the SEC Division of Investment Management issued an additional Marketing Rule FAQ. The newly issued FAQ addresses gross and net performance requirements applicable to private fund case studies, single investments and/or groups of investments, i.e. extracted performance. Specifically, the Question provides as follows: Q. When an adviser displays the gross performance of one investment (e.g ...
Ukraine is an EU candidate: Can we soon file patent applications for Ukraine at the European Patent Office? The European Council granted Ukraine EU candidate status on 23 June 2022. Will patents granted by the European Patent Office soon also apply in Ukraine? Not immediately, because on the one hand the candidate status legally creates neither rights nor obligations ...
All registered charities with an annual income over £10,000 and all CIOs - charitable incorporated organisations - are required to complete and file online with the Charity Commission an Annual Return in a prescribed form within ten months of their financial year end. Just before Christmas, the Commission confirmed details of new and revised questions in the Annual Return ...
