The rise in the number of internet users in the last two decades has witnessed an increase in intellectual property infringement and theft. Presently, there exists in massive numbers, bad actors who leverage on the brands, identity and works of innocent internet (particularly social media) users, to derive personal gains and benefits ...
While there is a lot of interest and fascination surrounding existing digital assets, like cryptocurrencies and non-fungible tokens (“NFTs”), many individuals and corporations are ramping up their efforts to market and provide virtual goods and services in the Metaverse ...
Initially published by Thomson Reuters [24 November 2021], Shoosmiths partner Sam Tyfield below explores the Financial Conduct Authority’s policy and supervisory priorities in the areas of market abuse monitoring, data collection and the classification of a ‘venue’ - for the purposes of the FCA Handbook. The Financial Conduct Authority (FCA) released Market Watch 68 on November 16, 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 ...
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) ...
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") ...
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 ...
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 ...
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 ...
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 ...
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 (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 ...
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 ...
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 ...
Payment Service Banks (“PSBs”) have remained a veritable vehicle for financial inclusion across countries since their introduction into the financial space,. In July 2021, the Central Bank of Nigeria (“CBN”) issued a Supervisory Framework for Payment Service Banks, to supplement the existing Guidelines for the Licensing and Regulation of Payment Service Banks, (issued in 2018 and revised in 2020) ...
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 ...
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 ...
