Financial ServicesTransition from LIBORIn this article, Krystle Lui Shu Lin reports on the transition from LIBOR rates to risk-free rates ...
The cap may no longer fit - In a welcome and well-reasoned decision from the Supreme Court in the case of Manchester Building Society -v- Grant Thornton, the scope of duty and extent of liability of professional advisers has been comprehensively reviewed and clarity provided. The Manchester Building Society (“MBS”) claim related to a claim against Grant Thornton (“GT”) regarding auditing and accounting advice it provided ...
Considering the recent amendments on social security matters introduced by law 21,314 -especially those set through its article 4- on June 25, 2021, the Financial Market Commission (“ FMC ”) and the Superintendence of Pensions (“ SP ”) opened a public consultation process on a new regulation, to rule social security financial advisory (the “ Regulatory Proposal ”) ...
Contents Please click on the links below to jump to the relevant section: Legislation Relevant entities Relevant activities Tax residence requirements Guidance General requirements Directed and managed Core-income generating activities (CIGA) Premises Employees and personnel Expenditure Enhanced requirements Reduced requirements Outsourcing Enforcement authorities Reporting formalities Demonstrating compliance Penalties Recent developments Legal framework Legisl
The economic substance requirements in the Cayman Islands, introduced by the International Tax Co-operation (Economic Substance) Act (as revised) (the “ES Act”) (Economic substance requirements in the Cayman Islands), have been extended to partnerships pursuant to the International Tax Co-operation (Economic Substance) (Amendment of Schedule) Regulations 2021, which came into force on 30 June 2021 ...
The popularity of wild camping following the easing of the first lockdown caused a number of problems for landowners and managers concerned about the impact on the countryside. Now, as we head into a summer of staycations, landowners may wish to familiarise themselves with the public’s right of responsible access afforded by the Land Reform (Scotland) Act 2003 ...
The ASA has taken further steps in their battle against influencers that fail to disclose when they are advertising to consumers on their social media channels. The ASA has taken further steps in their battle against influencers that fail to disclose when they are advertising to consumers on their social media channels ...
This newsletter features a look into notable recent Finnish competition and regulatory case law. New rules on fines and the FCCA's powers introduced to the Finnish Competition Act Concurrently with the implementation of the ECN+ Directive (Directive 2019/1 of the European Parliament and of the Council), the Finnish Parliament approved a set of other notable amendments to the Finnish Competition Act at the end of May 2021 ...
On June 28, the Consumer Financial Protection Bureau (CFPB) issued a new rule (Rule) setting forth loss mitigation/loan modification steps residential mortgage loan servicers must take in regard to mortgage loan borrowers due to possible COVID-19 related hardship, and when servicers may or may not commence foreclosure proceedings. The Rule will take effect on August 31, 2021 and remain in place until December 31, 2021 ...
On June 28, 2021, the CFPB issued a long-awaited set of final rules outlining a number of new COVID-19 mortgage servicing requirements and protections. As expected, the CFPB’s recent release includes, among other things, a COVID-19 foreclosure moratorium, additional COVID-19-related early intervention live contact and reasonable diligence requirements, and relief from the CFPB’s anti-evasion requirements for certain COVID-19 loan modifications ...
The term «næringsdrivende» (business activity) in the Norwegian Foundation Act shall be understood as activity with taxable profit («erverv til formål») The Ministry of Trade, Industry and Fisheries’ work on amending the Norwegian Foundation Act has been going on for several years, cf. proposals for a new Foundation Act in the NOU 2016: 21. Further law amendment proposals have now been proposed in a public hearing ...
On March 11, 2021, Christie’s auction house made a landmark sale by auctioning off an entirely digital artwork by the artist Beeple, a $69 million transaction in Ether, a cryptocurrency.1 In doing so, the famous auction house put non-fungible tokens (“NFT”), the product of a decentralized blockchain, in the spotlight ...
Litigation between the Associated General Contractors of America (AGC) and the Small Business Administration (SBA) may be nearing an end (The Associated General Contractors of America, Inc. vs. United States Small Business Administration, et al.,United States District Court for the District of Columbia). AGC initially filed a lawsuit against SBA in December 2020, challenging the introductions of Form 3509 and Form 3510 (Loan Necessity Questionnaires) in October 2020 ...
Due to the Covid-19 pandemic, the telecommunications business has not grown as substantially as anticipated. However, based on a forecast of the National Broadcasting and Telecommunications Commission (the “NBTC”), the business should have an opportunity to grow in the near future ...
On June 23, 2021, the Department of Telecom (“DoT”) released revised regulations relating to Other Service Providers (“OSP”) replacing the previous OSP regulations that were issued last year. This client update provides a summary of key issues that have been addressed by the new regulations. SUMMARY OF NEW OSP REGULATIONS Effective Date. The regulations are stated to come into force immediately ...
A primer on burgeoning crypto-asset regulation in Cyprus In Cyprus, the Prevention and Suppression of Money Laundering and Terrorist Financing Law, L188(I)/2007 (the “AML Law”) was amended earlier this year through L13(I)/2021 (the “Amending Law”), in order to harmonise domestic legislation with the provisions of the 4th and 5th AML Directives (Directives (EU) 2015/849 and 2018/843) ...
In a case concerning the validity and effect of certain deeds relating to pension increases, the High Court has handed down its judgement. The case also considers the application of scheme forfeiture clauses to arrears of underpayments. The case, concerning the Axminster pension scheme (‘Scheme’), was brought by the Scheme’s independent trustee. Many of the original issues were compromised by the parties, meaning that the court was asked to approve the compromise ...
If you work in the Telephone Consumer Protection Act (TCPA) space, you are certainly aware of the landmark unanimous decision by the United States Supreme Court in Facebook v Duguid[1], in which the Court narrowed the definition of an automatic telephone dialing system (ATDS) to equipment that has the capacity to either store or produce numbers using a random or sequential number generator. On its face, this decision seemed benign (the definition of an ATDS is unchanged) ...
The IVAucher programme was set up to stimulate private consumption in the sectors worst affected by the economic impact of the COVID-19 pandemic (catering, accommodation and culture). With regard to these sectors, “catering” is used in the broad sense to cover restaurants, cafés, bars and catering companies providing food and beverage services, and “accommodation” refers to hotels and other short-stay accommodation for holidays and business travel ...
The starting point on divorce is that the assets acquired during the marriage fall into the ‘matrimonial pot’ and will be divided equally between the parties. This is called the sharing principle. However, in certain circumstances an inheritance will be a relevant contribution and a good reason to depart from an equal division ...
Dear valued clients, colleagues and friends,Our TMT Partners, Christina Kow and Timothy Siaw, have co-authored the Malaysian chapter of The International Comparative Legal Guides – Fintech 2021. The chapter covers a broad overview of common issues in fintech laws and regulations in Malaysia.The Fintech LandscapeFunding For FintechFintech RegulationOther Regulatory Regimes / Non-Financial RegulationAccessing Talent TechnologyTo read more, please click here ...
Dear valued clients, colleagues and friends,Our Head of the Intellectual Property Practice Group, Karen Abraham, has authored the Malaysian chapter of The Intellectual Property Review, 10th Edition published by The Law Reviews. The chapter provides a summary and overview of the types of intellectual property coverage available in Malaysia, together with updates of recent legal developments.1 ...
