The Securities and Futures Commission (SFC) issued its Consultation Conclusions on the OTC derivatives regime for Hong Kong – Proposed refinements to the scope of regulated activities and competence requirements under the OTC derivatives licensing regime (Conclusions) on 10 June 2020 ...
Following up on Dykema’s alert from June 18, 2020, President Trump signed a Proclamation that extends his April 22, 2020, 60-day ban on immigrant workers entering the United States until December 31, 2020. In addition, it also added those with H-1B, H-2B, L-1 and J-1 visas and any foreign national accompanying them to this ban. The Proclamation states this was done to address, in part, high unemployment levels due to the coronavirus pandemic ...
On June 20th., it was published Law N°21.240, bill which was approved last Wednesday 17th by the Congress. The New Law increases sanctions for the infringement of quarantines and sets forth responsibility for Employees and Legal Entities. Article 318 of the Criminal Code punishes anyone who “jeopardizes public health by the infringement of hygienic and sanitary norms properly published by the authority, in the context of a catastrophe, pandemic or contagion ...
Civil Aviation Authority: All international flightsshall remain suspended untilJuly 22, 2020. National Immigration Authority: All identifications issued by the National Immigration Authoritythat weredue to expirebetween March 13 and July 31, 2020,willremain validuntilOctober 31, 2020,without incurring in fines or surcharges ...
The Fintech LandscapeDevelopments in 2019 in terms of sectors were:Payments: Remittance was an area of significant growth in 2019, with a number of notable non-bank payments service providers receiving Remittance (Class B) Licences from Bank Negara Malaysia (BNM). MoneyMatch, the first graduate from BNM’s Regulatory Sandbox programme for incubating and ensuring the sustainability and regulatory compliance of fintech start-ups, was the first to receive a licence at the start of the year ...
Key Points Title VII prohibits discrimination based on sexual orientation and gender identity. The holding does not change currently-existing legal obligations for California employers as discrimination based on sexual orientation and gender identity is prohibited under the FEHA. California employers should ensure they are complying with FEHA’s posting and training requirements. On Monday, June 15, 2020, the U.S. Supreme Court published a long-awaited opinion, Bostock v ...
Key Points Before undertaking a stock option repricing program, consider the tax impact on employees holding incentive stock options (ISOs) Additionally, consider the corporate and securities laws that govern repricing programs Introduction Stock options are a vital form of compensation at a wide range of privately-held companies.1 Stock options are intended to motivate employees to drive stockholder value and are used as an employee retention tool ...
On June 16, 2020, the Securities and Exchange Commission announced a Temporary Conditional Exemption for municipal advisors (MAs), which provides an exemption from certain broker registration requirements under Section 15 of the Securities Exchange Act of 1934. This order is in response to the disruption in the municipal securities markets resulting from the COVID-19 pandemic ...
To implement the changes to the PPP program contained in the recently enacted PPP Flexibility Act, Treasury has issued a new Interim Final Rule (IFR). It has also issued a revised forgiveness application form, worksheet and instructions, and a new expedited (EZ) forgiveness application form and instructions that can be used by certain borrowers. Links to those documents can be found below ...
What are trademark scams? Many scam artists attempt to solicit money from trademark owners by sending notices that appear to be authentic but are meant to mislead or fraudulently induce payment for unnecessary or nonexistent services. Unfortunately, because trademark filings are a matter of public record, many bad actors utilize the filing information to prey upon the owners by seeming legitimate. An example of a widely -known scam is shown below ...
It’s 8 am, and you just learned that a material cyber-incident occurred in your organization. You fire up your Incident Response Plan. You engage outside counsel, and outside counsel engages a forensic firm. Your company, your outside counsel, and your forensic firm all sign an agreement that the forensic firm will work at the direction of outside counsel ...
Key Points Prior recessions saw increased instances of investor-favorable terms. Founders need to weigh the benefit of receiving financing now vs. the potential chilling effect on future rounds of equity investment. Founders strategizing how to raise capital in the midst of the ongoing COVID-19 pandemic, can look to the last Great Recession to understand investor-favorable deal terms that may be prime to make a comeback ...
Key Points IRS proposed new regulations for like-kind exchanges under section 1031. The guidance provides the definition of real property and treatment of incidental personal property in the section 1031 context. On June 11, 2020, the IRS released proposed regulations for like-kind exchanges under Internal Revenue Code (the "Code") section 1031 to incorporate the Tax Cuts and Jobs Act ("TCJA") changes ...
The UAE has introduced Cabinet Resolution 31 of 2019 (as amended) (the Economic Substance Regulations) which apply to UAE onshore and free zone entities that undertake, and earn an income from, any of the Relevant Activities (listed below): Banking Business Insurance Business Investment Fund Management Business Shipping Business Holding Company Business Lease-Finance Business Distribution & Service Centre Business Headquarters Business Intellectual Property Business The Re
While the world contends with the COVID-19 crisis and its economic and financial impact, China is quietly opening its doors to its financial sector, inviting more foreign financial institutions, banks, insurance providers and other financial service companies to set up shop in China. On March 27, the Chinese government granted approval for both The Goldman Sachs Group Inc ...
Several reports, including one by the U.S. Chamber of Commerce, indicate President Trump may issue a Proclamation limiting or prohibiting the entry into the United States of foreign nationals holding H-1B, H-2B, L-1 and J-1 visas. H-1Bs are used to employ foreign nationals in specialty occupations (those positions normally requiring at least a Bachelor’s Degree or its equivalent for entry into the field). H-2Bs are for temporary, non-agricultural workers ...
On June 3, 2020, the President of the Republic enacted the law that governs the financial portability, which was published in the Diario Oficial today, June 9, 2020 (the “Law”), whose main provisions can be summarized as follows: I. Scope The Law sets an inalienable right to the financial portability for the “Clients”, i.e ...
The National Energy Commission (“NEC”) issued on May 29, 2020 the Exempt Resolution No. 176 (“NEC ER 176”) that determines the scope on the exclusive business purpose and separate accountings of energy distribution companies, for the provision of the energy distribution public service according to what was set in Law No. 21,194. The NEC ER 176 was published in the Official Gazette on June 9, 2020 ...
According to the announcements of the authority in recent days, the new instructions for movement permits (hereinafter “Instructions”) were published on June 12, which will be effective as of Monday, June 15 at 05:00 am. The main modifications introduced by this new version of the instructions are the following: 1. Types of collective permits ...
On June 11, 2020, Resolution No. 29/2020 (“RES 29”) of the Chilean Economic Development Agency (“CORFO”), which approved the regulations that will govern the “Green Credit” program, was published in the Official Gazette. The RES 29 aims to endorse the investment in renewable energy projects during the economic contingency arising post Covid-19. (https://www.corfo.cl/sites/cpp/sala_de_prensa/nacional/10_06_2020_corfo_crea_credito_verde) ...
On May 29th, 2020, Law No. 21,234 was enacted (the"New Law"), amending and replacing completely Law No. 20,009, which establishes the “Regime of limitation of liability for users, of unauthorized use of means of payment”, expanding its scope of application, establishing a new liability regime for and a new catalogue of conducts which constitute the criminal offence of “fraudulent use of payment cards and electronic transactions”. Modifies Law No ...
Bogotá DC Mayor's Office is preparing a package of new measures for the city The Bogota City Hall has advanced a series of new measures in order to continue fighting the expansion of COVID-19. Particularly, the orange alert has been declared in the hospital system of Intensive Care Units, with which, the District Health Secretariat will give guidelines on patient care and will manage their referral to ICUs ...
