The ever-growing industry of Peer-to-Peer Lending (“P2P Lending”) has driven the Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) to issue OJK Regulation No. 10/POJK.05/2022 on Technology-Based Collective Financing Services, which came into force on 4 July 2022. The regulation provides more detailed and extensive provisions to cater with the rapid development of the industry ...
After extensive discussions and multiple changes to the draft bill since 2016, the Indonesian House of Representatives passed the draft bill on Personal Data Protection on 20 September 2022 (“Personal Data Protection Law”). The Personal Data Protection Law will be the basis of the regulations on personal data protection and this advisory highlights the key provisions ...
According to official statistics, almost 104,000 couples got married in Ukraine during the first half of such a difficult year of 2022. It is interesting that during the same period of 2021, a little less than 86 thousand couples exchanged marriage vows. Such indicators indicate that the full-scale war did not prevent those who have a desire to create new families ...
Earlier this month, Deputy Attorney General (DAG) Lisa Monaco delivered a shot across the bow to individuals responsible for corporate malfeasance, and the companies that protect them. On September 15, 2022, in a memorandum and in public remarks, she issued marching orders to federal prosecutors and a warning to corporate America. She made clear that the Department of Justice (DOJ) would seek and allocate significant resources to “prioritize and prosecute corporate crime ...
As part of the UK Government’s review of the UK funds regime it has included in the Finance Act 2022, (the Act) a new regime for qualifying asset-holding companies (QAHCs). This regime came into effect on 1 April 2022. The QAHC regime provides a tax efficient, UK resident vehicle through which certain types of institutional investors and funds can hold investments ...
Lauren Bowkett is a fraud and financial crime expert in the Business Crime and Compliance Team at Shoosmiths. She is an expert in confiscation proceedings under the Proceeds of Crime Act 2002 (‘POCA’) and has successfully intervened in numerous POCA cases to assert her clients third party interest rights ...
A webinar hosted by Shoosmiths in collaboration with Asset Reality. Scroll down the page to watch the webinar. Intro poll According to a recent survey, what percentage of millennial millionaires own cryptocurrency? According to a recent study conducted by CNBC, 83% percent of millennial millionaires own cryptocurrency with over half having at least 50% of their wealth in cryptocurrencies. https://cointelegraph ...
The Jersey Retail Price Index (“JRPI”), the main measure of inflation, was 7.9% higher in June 2022 than it was 12 months before - the highest rate of increase seen since 1992. 1 The next JRPI is due to be released in October 2022 and further significant increases are expected. Such a hefty rise in inflation is concerning – it is inevitable that people will suffer from a worrying financial squeeze ...
The action of unjustified enrichment, also known as the actio de in rem verso, dates back to Roman Law and despite the fact that it was formally included in the Maltese Civil Code in 2007 by means of Article 1028A, it has always been accepted by the Maltese Courts. The notions of equity and fairness serve as the foundation of this action. One should be compensated for the benefit gained by an individual without a just cause to the detriment of the former ...
On 17 August 2022, the Trade Competition Commission of Thailand (“TCCT”) issued the Notification of TCCT on Guidelines for Determining Fair Trade Practices Relating to Provision of Credit Terms for Small and Mediums Enterprises (“SMEs”) being Sellers or Service Providers (No.2) (“Notification”) which came into effect on 16 September 2022 ...
<p>Dear valued clients, colleagues and friends,</p><p> </p><p>We are pleased to bring you the latest legal updates for September 2022.</p><p> </p><h2><strong>Financial Services</strong></h2><p><a href="http://www.shearndelamore.com/alerts/2022/Legal_Updates_Sept_1_2022.pdf">Expansion of SRI Sukuk and Bond Grant Scheme</a></p><p><a href="http://www ...
On 1 April 2022, the Qualifying Asset Holding Companies (“QAHC”) regime, the latest innovation in the UK’s corporate tax landscape, came into effect for UK tax resident companies. Meanwhile in the EU, the European Commission has announced it will be introducing the anti tax-avoidance directive (“ATAD 3”) aimed at EU resident holding companies claiming benefits under double tax treaties and due to come into effect on 1 January 2024 ...
On September 15, 2022, the Wall Street Journal reported Securities and Exchange Commission (SEC) Chairman Gary Gensler told reporters after a Congressional hearing that digital assets and the intermediaries dealing in such assets that allow for staking may shift the “efforts of others” analysis under the Howey test. If so, they would be re-categorized as securities ...
On September 8, 2022, the Ninth Circuit Court of Appeals affirmed the reserved right of the Metlakatlan Indian Community to fish in the off-reservation waters where Metlakatlans had traditionally fished, and held that Metlakatlans are not subject to an Alaska statute creating a limited-entry program for commercial fishing. Metlakatla Indian Community v ...
In a recent interview with Mexico Business News, WSG Member Eduardo Kleinberg, Managing Partner at Basham, Ringe y Correa, provided insights on the importance of IP law to ensure a company’s longevity and success. And, discussed how lack of government oversight, support and follow-through of IP Law can result in a country disincentivizing innovation, domestic competitiveness and international investment ...
In a major speech delivered on September 15, 2022, Deputy Attorney General Lisa Monaco added important substance and details to Department of Justice policies aimed at aggressively combatting corporate crime and encouraging companies to self-report misconduct. These new policies result from months of DOJ meetings with a Corporate Crime Advisory Group comprised of stakeholders from the business community, the defense bar, public interest groups, academics, and others ...
The Directorate of Investment and Company Administration (“DICA“) issued an Announcement for its Recommendation on Foreigner Visa Extensions (“Announcement“) that went into effect on 14 September 2022. The Announcement sets forth the requirements for companies that wish to apply to extend a foreigner’s visa and such companies must have been reg/istered for one year ...
On August 19, 2022, the Office of Federal Contract Compliance Programs (“OFCCP”) published that it had received a Freedom of Information Act (“FOIA”) request from a journalist with the Center for Investigative Reporting. The request sought the disclosure of EEO-1 Type 2 Consolidated Report data filed annually by prime federal government contractors and first tier sub-contractors (“covered contractors”) ...
Polaris Innovations Ltd. v. Brent, Appeal No. 2019-1483 (Fed. Cir. Sept. 15, 2022) In our Case of the Week, the Federal Circuit provided what appears to be its first precedential opinion construing Section 317 of the Patent Act—a provision concerning the effect of settlement during an America Invents Act (AIA) proceeding. The Court’s opinion construes the statute in ways that may be unexpected for parties who seek to settle inter partes review (IPR) petitions ...
In a decision rendered on September 1, 20221, the Court of Appeal of Quebec stated that a judge seized of an application for authorization for treatment must ensure that the patient in question can be heard and assert their rights. The Court also took the opportunity to analyze the indefinite hospitalization clauses and the re-hospitalization clauses made necessary following a subsequent deterioration in a patient?s health ...
The issue of the Dubai Law No. 4 of 2022 regulating Virtual Assets in Dubai (VA Law) issued in March 2022 created a lot of buzz and further strengthened Dubai’s position as a global hub for digital assets. The VA Law also established the Dubai Virtual Assets Regulatory Authority (VARA) which was tasked with creating a legal framework for virtual assets sector ...
Reflecting on Scottish Housing Day's theme of sustainability for this year, we consider the balancing act faced by developers in dealing with an ever changing set of challenges in their drive to Net Zero. Scottish Housing Day 2022 shines a spotlight on sustainable housing ...
