Will the release of its digital currency be China’s next salvo in its bid for world domination?One of the biggest developments in global finance has recently occurred, but not enough people are talking about it. It features technology, money and a battle between global superpowers ...
As part of President Jokowi Widodo’s plan to issue “investment friendly” regulations, the Ministry of Public Works and Housing (“MPW”) revoked MPW Regulation No. 09/PRT/M/2019 on Guidelines on Licensing Services for Foreign Construction Business Entities (“MPW Reg 9/2019”) on 18 November 2019 under MPW Regulation 17/PRT/M/2019 (“MPW Reg 17/2019”) ...
Carey partner, Diego Peralta, and associate, Vesna Camelio, contributed to the Q&A section of the Chilean chapter in the first edition of the “Foreign Direct Investment Regimes: A practical cross-border insight into FDI screening regimes”. To read the full article, click here: https://www.carey.cl/download/filebase/noticias/_notes/Chilean-chapter-ICLG-Foreign-Direct-Investment-Regimes ...
Some are just donkeys with a horn.I will remember 2019 as the year when many unicorns were exposed as donkeys in disguise.Invoking the rarity and mystique of the mythical creature, a “unicorn” is the term the financial market coined for companies worth US$1 billion or more. The year opened with high hopes for such companies that sought an initial public offering (IPO) in the following months ...
On 1 January 2020, the International Chamber of Commerce (ICC) will introduce its revised rules and trade terms governing global freight transport. The Incoterms rules were first introduced by the ICC in 1936 to “establish commonly accepted definitions and rules related to the sale of goods between trading partners worldwide”, and now facilitate international trade valued in the trillions of dollars each year ...
Over the past years, the Minister of Agrarian Affairs and Spatial Planning/ Head of the National Land Agency (“Minister”) has issued several regulations on location permits due to the progressive system established by the government for the efficiency of investments and licensing. After the Online Single Submission (“OSS”) system became applicable, the Minister issued Regulation No ...
The False Claims Act (“FCA”) is one of the most powerful anti-fraud weapons available to the U.S. Department of Justice (“DOJ”). It permits treble damages and makes penalties available for each false claim the defendant submitted to a federal payor. The DOJ effectively deployed the FCA against mortgage lenders in the aftermath of the sub-prime lending crisis to obtain, in some cases, billion-dollar settlements ...
The U.S. Department of Homeland Security (DHS) published a final rule on January 11, 2019, introducing electronic registration requirement for employers seeking to file H-1B cap-subject petitions. The final rule went into effect on April 1, 2019, though the electronic registration requirement was suspended Fiscal Year 2020 (October 1, 2019 – September 30, 2020) to allow USCIS to complete user testing and ensure the system and process are fully functional ...
The U.S. District Court in Portland, Oregon, issued a 28-day temporary restraining order (TRO) in an unusual weekend session just before the “Presidential Proclamation on Suspension of Entry of Immigrants Who Will Financially Burden the United States Healthcare System” was to go into effect on November 3, 2019. Judge Michael H. Simon agreed to “freeze things the way they are” so a determination can be made on the merits of the case ...
Almost at the same time as the much-noticed and controversially discussed Directive on Copyright in the Digital Single Market (see Update IP No. 12: Agreement on the Reform of the Digital Copyright Law) and barely noticed by the public, another European Directive on copyright law was adopted ...
The U.S.-China trade dispute continues to simmer with multiple significant developments in the past several weeks: The Office of the U.S. Trade Representative (USTR) announced the exclusion process for Chinese imports subject to List 4A Section 301 tariffs will open on Oct. 31, 2019 and conclude on Jan. 31, 2020. List 4A and 4B tariffs on an estimated $300 billion of goods imported from China, effective Sept. 1, 2019 and Dec ...
In order to improve mortgage services to achieve among other targets, disclosure, punctuality, simplicity and affordability as well as to adapt them to the development of laws, technology and public needs, the government has issued Minister of Agrarian Affairs and Spatial Planning/ Head of the National Land Agency (“MOA”) Regulation No ...
On 7 August 2019 a new UN convention was signed in Singapore by 46 countries, the "UN Convention on International Settlement Agreements Resulting from Mediation", also known as the Singapore Convention. The Singapore Convention applies to international settlement agreements resulting from mediation and aims to be an instrument for international trade to facilitate and promote mediation as an alternative method of resolving trade disputes ...
CFIUS inbound investment national security review expanding to certain non-controlling foreign investments in critical technology, critical infrastructure, and sensitive personal data, as well as to certain real estate transactions. The U.S. Treasury Department published proposed rules in the Federal Register on Sept. 24, 2019, concerning changes to the review process for foreign investment conducted by the Committee on Foreign Investment in the United States (CFIUS) ...
What’s happened? After much media coverage regarding the potential change in the law concerning properties owned in common in Dubai, Law 6 of 2019 was introduced on 4 September 2019 (the New Law). The New Law is an important development for Dubai as most real estate is held by way of property owned in common. That is, a real estate development that has been subdivided into apartments, offices, retail units and/or common areas ...
In the lead up to the Expo 2020, the UAE government has taken a number of measures to promote economic diversification, foster growth, and stimulate the region’s innovation environment. The government’s push to develop the private equity, venture capital, and start-up eco-system is a central component of this agenda ...
On the 21st of August 2019 Notification dated 21 August 2019 the General Department of Taxation (“GDT“) issued Notification 17517 GDT on the Second Reminder of the Payment of the Property Tax reminding owners of immovable property to file their annual Property Tax declaration before the deadline of 30 September 2019 ...
The Association of Fire Prevention Enterprises of Cambodia (“AFPE”) in conjunction with the National Quality Inspection Centre for fire Safety Systems (“NICS”) hosted a seminar on 9 September 2019 on the introduction of the National Standard Book on Fire Safety Systems – Building Design Code ...
The two financial centres have long been considered twins, but where do the similarities end and the differences begin? Hong Kong, now entering its 15th week of protests, has been filled with increasingly incendiary rhetoric and escalating violence. This past weekend saw protesters lighting fires at an MTR station entrance, just outside the uber-luxe Bulgari boutique in Central ...
The information in this article is based on new regulations issued by the City of San Francisco, and supersedes the article published in early June of this year. San Francisco has recently enacted the Community Opportunity to Purchase Act (COPA), a law that provides San Francisco nonprofits with the right to purchase apartment buildings of three or more units before they are put on the market ...
The Cape Town Convention on International Interests in Mobile Equipment of 16 November 2001 (the the “CTC”) and its Protocol on Matters Specific to Aircraft Equipment has since its adaption in 2001 grown to be the overruling legal framework in the aviation industry, providing banks, airlines and leasing companies with an international unified regime on acknowledgement and enforcement of security interests in aircraft ...
The High Court of Justice held that travel agents are not permitted to sell insurance products for outside of Israel. This is in accordance with the decision of the Ministry of Finance’s Commissioner of Capital Markets, Insurance and Savings. In July 2019, the High Court of Justice rendered its decision in the matter 2969/19 The Israel Association of Travel Agencies and Consultants v. The Commissioner of the Capital Markets, Insurance and Savings Authority ...
The Investment Coordinating Board (Badan Koordinasi Penanaman Modal – “BKPM”) recently issued Regulation No. 5 of 2019 (“Reg No. 5/2019”) which came into effect on 29 July 2019. Reg No. 5/2019 amends BKPM Regulation No. 6 of 2018 on the Guidelines and Procedures for Licenses and Investment Facilities (“Reg No ...
Frithjof Herlofsen of Simonsen Vogt Wiig successfully represented an Italian shipowner in a loss of hire cover dispute against Gard. The rushed response of the Nordic Plan Revision Committee to include "Anti-Hamburg" wording in the revised 2019 Commentary to the Nordic Plan raise several concerns. Overview ...
The U.S.-China trade dispute escalated yet again as the Office of the U.S. Trade Representative (USTR) announced a fourth round of tariffs of 10 percent on an estimated $300 billion of goods imported from China not already subject to Section 301 tariffs. At the same time, the USTR continues to accept List 3 exclusion requests and is working to complete review of List 1 and List 2 exclusion requests. 1. USTR Announces Section 301 Tariffs on $300B of U.S ...
