Extension on short-selling banThe Securities Commission Malaysia (“SCM”) and Bursa Malaysia Securities Berhad (“Bursa Malaysia”) announced a further extension, until 31 December 2020, of the existing suspension for the suspension of all short selling, other than permitted short selling, on the stock exchange of Bursa Malaysia. The scope of the ban remains the same ...
Tax and Revenue Income tax The following technical guidelines have recently been published on the Inland Revenue Board of Malaysia’s official website: Garis Panduan Mengenai Duti Setem ke atas Suratcara Pindah Milik Saham bagi Saham dalam Syarikat yang Tidak Tersenarai di Bursa Malaysia Berhad (available in Malay language only) — issued on 23 June 2020 to replace Technical Guideline dated 6 November 2019;Garis Panduan Permohonan untuk Kelulusan Ketua Pengarah Hasil Dal
Key Points If finalized as proposed, a Department of Labor (DOL) proposed rule would require plan fiduciaries to select investments based solely on pecuniary factors. The proposed rule would also tighten conditions for treating environmental, social, and corporate governance (ESG) factors as pecuniary factors plan fiduciaries may consider in selecting investments ...
This article first appeared on the website of the Corporate and M&A Law Committee of the Legal Practice Division of the International Bar Association (here), and is reproduced by kind permission of the International Bar Association, London, UK. © International Bar Association. The Covid-19 pandemic has pushed countries across the world into an unprecedented humanitarian and economic crisis ...
On July 23, SBA announced that lenders may begin submitting PPP loan forgiveness requests to SBA on August 10. To assist lenders, SBA issued a Procedural Notice with new guidance regarding lenders’ reviews of forgiveness applications. The Notice may be found here: https://www.sba.gov/sites/default/files/2020-07/5000-20038.pdf The Notice reaffirmed forgiveness guidance and rules previously issued ...
Key Points New proposal would allow investment advisors to provide advice to ERISA retirement plan participants for a fee, despite potential conflicts of interest. Reinstates five-part test from 1975 for determining when an investment advisor provides investment advice as a fiduciary to a plan participant. The U.S ...
The Federal Reserve has announced that the Main Street Lending Program will now be available to non-profits such as educational institutions, hospitals, and social service organizations, and has issued a set of Frequently Asked Questions regarding the new Nonprofit Organization New Loan Facility and Nonprofit Organization Expanded Loan Facility ...
Since the outbreak of the COVID-19 pandemic, local municipalities and state governments throughout the country have implemented stay-at-home orders and mandated closures of businesses and restaurants to lower the spread of the disease. California, after having permitted much of the state to reopen businesses, has seen a recent spike in COVID-19 cases and on July 13th implemented a new statewide order to curb the increase, reimposing certain business closures ...
Key Points Participants in defined contribution retirement plans, such as 401(k), 401(a), 403(b), or governmental 457(b) plans, can skip their required minimum distribution (RMD) payments for 2020. If RMDs for 2020 have already been received, participants have until August 31, 2020 to rollover the RMD into an eligible retirement plan ...
Unfortunately, financial exploitation is a significant and growing area of concern, particularly with elderly investors or those with diminished capacity. Investment advisers are facing a client base who is increasingly older, and with that comes the increased likelihood of an investment adviser encountering possible financial exploitation ...
In an effort to attract more foreign talent to work in the Guangdong-Hong Kong-Macau Greater Bay Area (GBA), the Ministry of Finance and State Administration of Taxation jointly issued a Notice on 14 March 2019, granting Individual Income Tax (IIT) subsidy to overseas (including Hong Kong, Macau and Taiwan) high-end talent and talent in short supply working in the GBA (Circular 31) ...
This is a briefing on the issuances as of July 22, 2020 on the following matters in relation to the COVID-19 pandemic: A. Intellectual Property Office (IPOPHL) Suspends Services at its Main Office from July 20 to 27, and Extends Deadlines B. BIR Amends Reportorial Requirements of Banks and Other Lenders that Granted a Grace Period on Loans that were due during the Enhanced Community Quarantine C. New Bureau of Internal Revenue (BIR) Form for Related Party Transactions A ...
The Canada Emergency Wage Subsidy (the "CEWS") Is a key component of the Government of Canada's COVID-19 economic response plan. The purpose of the CEWS, adopted on April 11, 2020, is to help Canadians keep their jobs during the crisis and help companies maintain an employment relationship with their employees in order to recover more quickly when the economy returns to normal ...
On July 15, 2020, the Kentucky Community Property Trust Act (the “Act”; codified at KRS 386.620 et seq.) became effective, instituting an elective community property regime under Kentucky law. The intent of the Act is to permit spouses to receive a stepped-up basis for federal income tax purposes at the death of the first spouse in 100 percent of the property they have elected to treat as community property ...
Key Points On July 17, 2020, the Federal Reserve announced two new loan options under the Main Street Lending Program to support nonprofit organizations: the Nonprofit Organization New Loan Facility ("NONLF") and the Nonprofit Organization Expanded Loan Facility ("NOELF") ...
The economic downturn engendered by the COVID-19 pandemic likely will lead to a significant increase in acquisitions of distressed targets. Representation and warranty (“R&W”) insurance policies as well as related insurance products can facilitate these transactions ...
The Limited Partnership Fund Bill which provides for registration of eligible funds as limited partnership funds (LPFs) in Hong Kong passed the third reading at the Legislative Council on 9 July 2020. The Limited Partnership Fund Ordinance (LPFO) will come into operation on 31 August 2020 ...
On 24 June 2020, the Securities and Futures Commission (SFC) published its latest Annual Report, covering the 12-month period to 31 March 2020. As in previous years, the report provides a useful summary of what the SFC has done over the past year particularly in terms of achieving its publicly stated goals and providing insight into its priorities moving forward ...
On 26 June 2020, Hong Kong’s Securities and Futures Commission (SFC) issued a circular publishing in draft new versions of the financial return forms for SFC licensed corporations (LCs). The SFC is planning to revise the existing forms in order to collect additional data from LCs to “enable the SFC to identify risks in a timely manner, take prompt supervisory action and protect investors”. It is expected that the forms will be gazetted without significant amendment ...
On 29 June 2020, the People’s Bank of China (PBOC), the Hong Kong Monetary Authority (HKMA), and the Monetary Authority of Macao (AMCM) jointly published an announcement on the launch of the cross-boundary wealth management connect pilot scheme (Wealth Management Connect) in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) (the announcement is available here in English and here in Chinese) ...
So, you want to start a hemp company. You have your big idea and a business plan ready. At some point, though, you begin to wonder whether you should be thinking about any legal issues as you get your company off the ground. That’s where we come in. Bradley’s Cannabis Industry team has a deep understanding of the many unique legal and business issues that impact hemp companies ...
On July 20, the Office of the Comptroller of the Currency proposed a rule which, if finalized as a rule, would establish a new standard for when a national bank or Federal savings association (“bank”) is the “true lender” in a lending arrangement with a third party. Under the proposed rule, the bank is the lender in a loan transaction if either (1) the bank is the named lender in the loan documents at origination, or (2) the bank funds the loan at origination ...
On July 7, 2020, the Consumer Financial Protection Bureau (CFPB) issued its final rule, the 2017 Payday, Vehicle Title, and Certain High-Cost Installment Loans Rule (Small Dollar Rule), which rescinded the ability to repay and underwriting provisions. The final rule does not, however, rescind or alter the payment provisions in the Small Dollar Rule, and the CFPB indicated that it would be moving forward with those provisions ...
After filing Form CRS ahead of the June 30 2020 deadline, many investment advisers breathed a sigh of relief. However, advisers must remain vigilant as the June 30 deadline was the beginning of a new set of compliance efforts which firms must meet on a going-forward basis. In an effort to keep firms on track, we have summarized these ongoing obligations. 1) Initial Delivery ...
On June 23, 2020, the Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert focused on assisting private fund advisers in reviewing and enhancing their compliance programs, as well as providing information to investors regarding potential private fund adviser deficiencies ...
