In the recent case of A1 & ANOR V R2 & ORS [2021] HKCFI 650, the Applicants are pursuing proceedings in the Cayman Islands and other jurisdictions in relation to an alleged fraud committed against a Cayman Islands exempted limited partnership, involving alleged misappropriation of over US$100 million ...
Financial ServicesBank Negara Malaysia seeks feedback on Alternative Reference Rate and Strategic Direction on KLIBOR and KLIRROn 19 May 2021, Bank Negara Malaysia invited written feedback by 18 June 2021 on its Alternative Reference Rate and Strategic Direction on the Kuala Lumpur Interbank Offered Rate (“KLIBOR”) and the Kuala Lumpur Islamic Reference Rate (“KLIRR”) for the Malaysian Financial Markets discussion paper ...
The Centers for Medicare & Medicaid Services (CMS) recently issued a new rule modernizing the “Stark Law” regulations. The rule aims to advance value-based care and ease the regulatory burden on physicians. Most of the reforms are effective January 2021; however, the rule includes important changes to how physician group practices may share profits that take effect next year ...
On May 28, 2021, the U.S. Equal Employment Opportunity Commission (EEOC) released updated and expanded guidance on the COVID-19 pandemic’s interactions with federal equal employment opportunity (EEO) laws. The majority of the new guidance is directed at inquiries regarding vaccination status, vaccine incentives, and accommodations ...
With the continuation of the Prime Minister’s orders on measures for COVID-19 prevention and control until 4 June 2021, we have pulled together a guide on some of the current Government initiatives and support available to businesses in the Lao PDR. In our guide, we provide details on: Banking & Finance: The latest credit policies and guidelines for commercial banks and financial institutions ...
On May 12, the Cyberspace Administration of China (“CAC”) issued for public comments the Several Provisions on Administration of Automobile Data Security (Draft for Comment) (“Draft Provisions”). The Draft Provisions would be the first departmental rules dedicated to addressing data compliance requirements in the automobile industry. Unlike previous draft standards[1] proposed for connected vehicles, the Draft Provisions would apply to vehicles of all types ...
The Bank for International Settlements (BIS) recently discussed possible approaches to establishing an interoperating central bank digital currencies (CBDC) arrangement as the future of cross-border payments. Although not an “official” definition, CBDC generally refers to a new form of digital currency issued by a central bank, denominated in an existing unit of account operating as a store of value and a medium of exchange ...
The challenges of addressing COVID-19, government closure orders, the Paycheck Protection Program, Main Street Lending Facilities and digital banking made this past audit season more challenging than most. Not surprisingly, it has given rise to quite a number of potential significant deficiencies.1 Significant deficiencies that are not addressed will no doubt become “material weaknesses ...
While overdraft litigation risks have threatened the financial services industry for some time, recent class action lawsuits have trickled down to community banks. One place in particular where exposure has expanded is the increased willingness of plaintiff’s counsel to challenge the use of form account agreements and disclosures, including reliance on Regulation E’s model consent form ...
For parents, the child maintenance system can seem a vast and complicated system of ropes and pulleys for something they expect should be straightforward. But remember, the Child Maintenance Service (“CMS”), formerly known as the Child Support Agency, is a huge machine with a vast caseload. This unfortunately means that the system does not always work as it should. To help parents, we have set out our top tips for dealing with child maintenance below. 1 ...
The following enhancements have been made to the Money Lenders Licence Licensing Conditions with effect from 16 March 2021: Revision of Condition 9 (content of advertisements by money lenders) to provide that advertisements published by money lenders should be fair and reasonable and not contain misleading information ...
There is a growing consensus among business stakeholders and society at large that mere compliance with legal rules is not enough tolive up to the requirements of business integrity. Moreover, legal rules often use vague concepts and ethics are also useful to give concrete expression to the required practices ...
Decree-Law 36/2021, which amends Decree-Law 176/2006 of 30 August ("Medicines Statute"), was published on 19 May. The new Decree-Law introduces a ban on the advertising of discounts on the price of medicines subject to medical prescription that are reimbursed by the National Health Service ("NHS") or that contain narcotic or psychotropic substances ...
On May 19, 2021, Superintendent Resolution Nº 045-2021-SMV/02 was published, apdopting the Regulation of the Financial Participative Financing Activity and its Management Companies (the “Regulation“), which clarifies the provisions of Emergency Decree Nº 013-2020 – Emergency Decree that Promotes the Financing of MSMEs, Entrepreneurships and Startups ...
The world is in an upheaval now with the pandemic raging for over a year. The discussions and decisions that probably would never have been made a few years ago are being made today in the interest of the greater good and the public at large. When Bill Gates expressed his reservations against lifting IP protection on vaccine patents, it left the world reeling and his comments understandably criticised by experts and laymen alike ...
OSHA Adopts CDC Vaccine Guidance. On May 17, 2021, the federal Occupational Health and Safety Administration (“OSHA”) updated its online COVID-19 portal to announce that OSHA is revising its employer materials to reflect recent interim guidance from the Centers for Disease Control and Prevention (“CDC”). In the meantime, OSHA recommends that employers “refer to the CDC guidance for information on measures appropriate to protect fully vaccinated workers ...
The Brazilian Secretariat of Foreign Trade, of the Ministry of Economy, published Notice nº 32/2021, initiating public consultations on the negotiations of Free Trade Agreements between Mercosur and Vietnam and Mercosur and Indonesia ...
The Brazilian Chamber of Deputies approved the Bill 3729/2004, which brings new rules for the federal environmental licensing proceedings. On May 13th, 2021, the Brazilian Chamber of Deputies approved the Bill 3729/2004 (“Bill”), which brings new rules for the federal environmental licensing proceedings ...
Shoosmiths won increased provision for an adult child from her father's estate under the Inheritance (Provision for Family and Dependants) Act 1975, achieving all of the costs benefits of the Defendant’s failure to beat the Claimant’s Part 36 offer. Recorder Williamson QC heard the trial remotely over two days on 21 and 22 January 2021 in the Peterborough County Court. He handed down judgment on 2 February 2021 ...
Secretary of Commerce Resolution No. 485/2021, published in the Official Gazette on May 12th, 2021, regulates subsection C) of Article 7 of Law of Supermarket Shelves No. 27,545 [1], which establishes that the cheapest products per unit of measure must be situated at an equidistant height between the first and last shelf. The Resolution establishes that the value to be considered is the lowest in the price list offered to the consumer on a “non-transitory basis”, i.e ...
The third wave of COVID-19 is now spreading all over Thailand. The rise in confirmed numbers of cases and deaths has been reported by the Centre for the COVID-19 Situation Administration (“CCSA”). In response to the outbreak, the Ministry of Public Health announced a vaccination plan which ultimately aims to reduce the spread of COVID-19 infections by having around 50 million people (roughly 70% of the population) in Thailand vaccinated by the end of the year ...
The Proposal for a Regulation of the European Parliament and of the Council on markets in cryptoassets, which amends Directive (EU) 2019/1937, ("Regulation on Markets in Crypto-assets", or the "MiCA Regulation" for short) was published on 24 September 20201. The Proposal is part of the Digital Finance Package adopted on the same date by the European Commission as part of the Digital Finance Strategy for the EU financial sector2 ...
On 3 May 2021, the EU Member states approved “dried yellow mealworms” as a novel food under EU Regulation 2015/2283. According to the applicant, mealworms can be used in a broad range of food products, such as bread, cookies, or pasta. A Commission implementing regulation will follow soon, which marks the final step and formally authorises the novel food. Mealworms are the first insect species to secure clearance as a novel food but more are likely to follow ...
As cryptocurrency and digital assets enter mainstream markets, the business world will have to come to grips with the nature of this new asset class. Silk Road was an Internet black market (known as the Dark Web) notorious for trading contraband, including illicit drugs. These transactions are anonymous, being settled in Bitcoin, a cryptocurrency that bypasses traditional payment modes that allow authorities to identify parties ...
On May 17, 2021, the United States Health Resources and Services Administration (HRSA) publicly disclosed letters which were sent to six major pharmaceutical manufacturers. HRSA’s letters expressly state that each manufacturer is currently in violation of the Federal 340B Program statute as a result of policies restricting contract pharmacies and covered entities from access to 340B Program discounted medication ...
