On 10th December 2020, the Central Bank of Nigeria (CBN) issued a circular on “New License Categorisations for the Nigerian Payments System”. The introduction of the policies highlighted in the circular may impact significantly on the fintech landscape in Nigeria as the CBN now clearly sets out the activities that can be carried out by fintechs that operate in the electronic payments system space in Nigeria ...
Effective Jan. 1, 2021, Florida law will require all public employers, as well as some private employers, to enroll in and use the E-Verify system. What is E-Verify? E-Verify is a free federal electronic database that allows employers to quickly validate documentation presented by new hires to establish that a new employee is lawfully eligible for employment in the United States ...
With ‘financial assistance’ in this context, we refer to assistance granted by a company in connection with the purchase of the shares in that company or its parent company. The most common example is that a company grants a guarantee or security in connection with the purchaser’s financing of the purchase price for the acquisition of shares in the company ...
The CFPB’s debt collection rule goes a long way towards resolving a long standing FDCPA question: How often can I call a debtor? Rather than institute a bright line rule, the CFPB adopted a rebuttable presumption which effectively limits debt collectors (including loan servicers subject to the FDCPA) to placing seven calls in a seven-day period. To further complicate matters, the rule also effectively prohibits calls for seven days after you actually reach a debtor ...
I Banking and Finance The Government of Latvia has approved a business support program that provides for financial measures ensured in cooperation with state development agency Altum. The program is planned to continue until mid-2021. Depending on individual needs, companies, regardless of industry, can use six crisis alleviation programs: Working capital loan – a liquidity support for companies, whose activities have been affected by Covid-19 ...
In response to the extraordinary economic and social impact of the ongoing Covid-19 public health crisis, the Government of Hong Kong has sought to provide support to the beleaguered commercial property sector. In the 2020 Policy Address, the Chief Executive announced the abolition of the Double Ad Valorem Stamp Duty (DSD) on non-residential property (NRP) transactions pursuant to the Public Revenue Protection (Stamp Duty) Order 2020 taking effect from 26 November 2020 ...
The Pennsylvania General Assembly has concluded the legislative session. COVID-19 significantly changed the format and content of the legislative session. The operating rules were amended to permit remote voting, and the legislative focus centered on the impact of COVID-19 on schools, communities, businesses and the Pennsylvania budget for the FY 2020-2021. Below is a snapshot of some of the key areas addressed during this session ...
On November 19, 2020, the Securities and Exchange Commission (SEC) voted 3-2 to adopt additional amendments to Regulation S-K for public companies, including Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A). These amendments reflect the latest development in the SEC’s ongoing disclosure effectiveness initiative, which seeks to modernize and streamline public company disclosure requirements ...
The Federal Reserve has issued amended For Profit and Non-Profit Frequently Asked Questions for the Main Street Lending Program, addressing the key dates for the end of the program in December, 2020. These dates are driven by the end of the Federal Reserve’s Special Purpose Vehicle’s authority to purchase MSLP loan participations on December 31 ...
Back to 2020 - Forward to 2021 2020 was a busy year – and a uniquely challenging one to say the least. Legal and regulatory changes, many of them linked to the COVID-19 crisis, have impacted your business and will continue to impact it in the new year. That is why we are pleased to provide you with an overview of the major recent legal and regulatory developments that have taken place under Luxembourg and EU law ...
In this report, you will find a summary of two important resolutions published in the Official Gazette. Resolution No. 191/2020 Today, Resolution No. 191/2020 of the National Institute of Industrial Property was published in the Official Gazette, by means of which it was established that all communication deadlines made by the National Patent Administration and published in the Patents Bulletin will begin to run as from thirty (30) calendar days from said publication ...
ICE Benchmark Administration, the British-based LIBOR administrator, announced that it intends to cease the publication of the one-week and two month U.S. Dollar LIBOR settings immediately after December 31, 2021, and the other U.S. Dollar LIBOR settings immediately after June 20, 2023. Accordingly, on November 30, the U.S ...
During the 2019 legislative session, California enacted SB 908 - the Debt Collection Licensing Act, Financial Code Division 25, Sections 100000, et seq., requiring consumer debt collectors who are collecting on their own account or the account of others, including debt buyers, to be licensed beginning January 1, 2022 ...
What is it? A group account system (Nw: konsernkonto) («GAS«) is a technical solution a bank may offer its customers that simplifies the process for lending amounts within the customer’s group. It can be a useful tool for managing and controlling the liquidity in the group and ensuring flexibility for allocating liquidity within the various participating group members ...
On November 12, 2020, the Washington Supreme Court extended corporate attorney-client privilege protection to appropriate ex parte communications between defendant hospitals and their non-employee agents. The court’s decision in Hermanson v. MultiCare Health Sys., Inc ...
Today, the federal government introduced in Parliament Bill C-15, the United Nations Declaration on the Rights of Indigenous Peoples Act. This blog provides some background on the United Nations Declaration on the Rights of Indigenous Peoples (UNDRIP) and the new federal bill. The United Nations Declaration on the Rights of Indigenous Peoples UNDRIP was passed by the UN General Assembly in 2007 ...
In a notable decision interpreting the March 2020 Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Bankruptcy Court for the Middle District of Alabama held that Chapter 13 debtors behind on their payments before March 2020 may seek modification of their plan if they suffered from COVID-19 related financial distress. In In re Fowler, No. 16-31791; In re Lewis, No. 19-32243, 2020 WL 6701366 (Bankr. M.D. Ala. Nov. 13, 2020), Bankruptcy Judge William R ...
The November edition of the SyCipLaw T.I.P.S. is on the Voluntary Assessment and Payment Program for Taxable Year 2018 (VAPP) under Revenue Regulations No. 21-2020. Under the VAPP, taxpayers may pay “all internal revenue taxes covering the taxable year ending December 31, 2018, and fiscal year 2018 ending on the last day of the months of July 2018 to June 2019 ...
Regional Insights [VIDEO] Salary Arrangements & Restructuring in the Time of COVID-19: Market Views & Legal Implementation Watch our latest video to gain a clearer view on the salary arrangement options available to human resources departments in light of the disruption caused by the COVID-19 global pandemic ...
By resolution adopted on October 7, 2020, the state of emergency has been extended until January 31, 2021 ...
DISPUTE RESOLUTION The National Code (Revised 2020) Act 828 (“the Act”) came into force on 15 November 2020. It replaces its predecessor the National Land Code (Act 56 of 1965) that was in force since 1 January 1966. The Act was revised by the Commissioner of Law Revision under the authority of the Revision of Laws Act 1968 ...
On November 18, 2020, the IRS released Revenue Ruling 2020-27 stating that a taxpayer who received a Paycheck Protection Program (PPP) loan cannot deduct eligible business expenses (i.e., payroll costs, mortgage loan interest, rent payments and utility payments) paid or incurred in 2020 during the covered period (as defined below) if the taxpayer reasonably expects that the PPP loan will be forgiven in the future ...
Vassily Rudomino, Senior partner of ALRUD, Ksenia Tarkhova and Ruslana Karimova, Senior associate of ALRUD, Roman Vedernikov, Associate of ALRUD, and Anastasia Kayukova, ALRUD Senior attorney, prepared an article for the eighth edition of 'The Foreign Investment Regulation Review' by Law Business Research. This review focuses on the main aspects of foreign investment regulation in various jurisdictions ...
