A year after auto-enrolment's 10th birthday the government gives the green light to changes which have the potential to extend to workplace pension savings initiative to more workers than ever before ...
On June 10, the Consumer Financial Protection Bureau (“CFPB”) issued a rule bringing non-bank automobile finance companies under its supervisory authority. Auto finance companies were already subject to the enforcement and regulatory authority of the CFPB, but under the new rule, certain auto finance companies are also subject to routine and cause-based examinations by the CFPB. The rule goes into effect on August 31 of this year ...
The General Provisions referred to in Article 58 of the Law to Regulate Financial Technology Institutions (“Fintech Law”), Circular 12/2018 addressed to the Electronic Payment Funds, relative to the general provisions applicable to the operations of the Electronic Payment Funds and the General Provisions applicable to the Financial Technology Institutions (“Fintechs”), were published in the Federal Official Gazette (Diario Oficial de la Federación) on Septembe
Australia has a complex system of taxation including a Federal income tax, capital gains tax and goods and services tax (GST) and eight separate State and Territory systems of duties and taxes. Tax planning is therefore important to maximise after-tax investor returns. The following guide sets out some high level issues to consider on a global M&A deal where the target is an Australian company or business or where downstream Australian subsidiaries are involved ...
IntroductionAs of 8 January 2009, Belgian listed companies and financial undertakings are required to have an audit committee. The Law of 17 December 2008 on the establishment of an audit committee in listed companies and financial undertakings (the “Law”) then enters into force ...
An important update to Georgia’s statutory lien waiver laws will take effect on January 1, 2021. This summer, Georgia enacted an amendment to O.C.G.A. § 44-14-366 (the Lien Waiver Statute), that alters the form for interim and final lien waivers. The new statute makes it clear that lien waivers only waive lien or bond rights against the property and do not waive the right to file a lawsuit for non-payment or other related claims ...
Just over one year ago, new ATM regulations under the Americans with Disabilities Act (ADA) became enforceable. Since virtually the stroke of midnight on March 15, 2012, banks, credit unions and other ATM operators have been served with lawsuits alleging noncompliance with certain of those new ADA regulations, particularly those requiring auxiliary aids and services for ATM users who are blind or have low vision ...
After two years of review, the Office of the Comptroller of the Currency (OCC) recently announced that it will begin accepting applications for special purpose national bank charters from financial technology (fintech) companies. The OCC’s announcement came hours after the Treasury Department endorsed the approach ...
[!<CDATA[ In one of its recent opinions, Kellogg Brown & Root Services, Inc. v. Sec’y of the Army, the Federal Circuit issued new guidance on what contractors must show to prove the reasonableness of costs incurred following an (alleged) government-caused delay. The U.S. Army (the “Army”) and Kellogg Brown & Root Services, Inc. (“KBR”) contracted for KBR to deliver thousands of trailers to Iraq by an agreed-upon deadline ...
In the recent judgment of “The Owners of the mv “Silver Star” v Hilane Limited”*, several important principles were established, namely: Full effect must be given to the right to proceed against an associated ship of a charterer in respect of a maritime claim that arises in the course of the Charter ...
Given the current economic climate, many employers are reformulating their businesses or are aiming to cut costs, which may give rise to more cases of proposed redundancies. We discuss how affected employees can best navigate these uncertain times. A redundancy situation is rarely welcomed by both employers and employees; they can represent financial hardship, both for employers struggling with profitability, and the inevitable direct impact on individual employees and their families ...
Introduction The sphere of asset tracing and recovery, particularly the extent of tools available around the world, is rightly attracting more attention in cross-border fraud and investigations. This includes projects at the international level, such as UNCITRAL's ongoing efforts (for which the author acts as an expert), as well as attention being given in national legislatures around the world ...
Assessing lender risk in fund finance markets 2024 (GLI chapter) Contents Risk analysis in an evolving market Complex Fund structures Typical structures in our jurisdictions Feeder vehicles Legal perspective Market risk Competition in the market Concentration risk Liquidity risk ESG risks Conclusion Acknowledgment Risk analysis in an evolving market Despite being a relatively long-standing lending product, there have been limited public payment defaults by f
Contents Risk analysis in an evolving market Complex fund structures Typical structures in our jurisdictions Legal perspective Waiver of commitments Market risk Competition in the market Concentration risk Liquidity risk ESG risks Conclusion Risk analysis in an evolving market Despite being a relatively long-standing lending product, there have been limited public payment defaults by funds in the fund finance space ...
The Asia Cloud Computing Association (ACCA) has launched its new research report entitled “Asia’s Financial Services: Ready for the Cloud—A Report on FSI Regulations Impacting Cloud in Asia-Pacific Markets.” SyCipLaw Partner Rose Marie M. King-Dominguez with Senior Associate Ruben P. Acebedo II contributed the information on the Philippines ...
Shareholders with a substantial interest in a listed company are required to disclose their shareholdings in order to improve market transparency, prevent insider trading, and facilitate informed investment decisions. In most countries in Asia, initial disclosure is required once a shareholder acquires an interest in 5% of a listed company’s voting shares. In Taiwan and Sri Lanka it is 10% ...
Bill Gates said in a blog post: “The development of AI is as fundamental as the creation of the microprocessor, the personal computer, the Internet, and the mobile phone. It will change the way people work, learn, travel, get health care, and communicate with each other. Entire industries will reorient around it. Businesses will distinguish themselves by how well they use it ...
The legal concept that one can arrest a vessel and prevent it moving is unusual to say the least. An arrest in the UK (and other jurisdictions) is practically undertaken by serving upon the vessel a “Warrant of Arrest”, a very similar concept to criminal proceedings albeit this form of arrest is a civil law admiralty procedure and for very different reasons ...
Quick Overview The ARRC released an updated version of its recommended LIBOR fallback language for USD LIBOR syndicated loans on June 30, 2020. Among other updates, the updated fallback language recommends a “Hardwired Approach” to effect LIBOR replacement and removes the previous alternative recommendation for an “Amendment Approach ...
This is a summary in which we have briefly described the main regulations issued so far in Argentina during the COVID-19 health emergency that affect or are related to fintech and digital banking activities ...
The Arendt Weekly Update is a newsletter designed to give you the insight you need without overloading your mailbox. It lists the latest news, topical webinars, training courses and more ...
Many banks formed holding companies in the late 1980s and 1990s. They had various reasons for doing this. Some formed a holding company to hold subsidiaries providing nonbank activities. Some used the holding company to reduce state taxes in states where banks are taxed differently. Some were acquisitive, and holding companies gave them more options in acquiring banks. Some thought the holding company would help improve the marketability of the stock ...
As seen in Bank Director The process of establishing a de novo bank always has been complicated and time-consuming, and occasionally even painful. But since the beginning of the financial crisis, it seems that obtaining deposit insurance for a de novo bank has become a nearly impossible task. The Federal Deposit Insurance Corp. received 1,738 applications for deposit insurance from 2000 through 2008, and approved 1,258 of those applications—an approval rate of 72 percent ...
The rise in the number of internet users in the last two decades has witnessed an increase in intellectual property infringement and theft. Presently, there exists in massive numbers, bad actors who leverage on the brands, identity and works of innocent internet (particularly social media) users, to derive personal gains and benefits ...
The U.S. Court of Appeals for the Fifth Circuit held in a 2-1 opinion that Congress’ delegation of legislative power to the Securities and Exchange Commission (the SEC) is unconstitutional because it fails to “provide an intelligible principle by which the SEC would exercise the delegated power.” The Fifth Circuit has called into question the legitimacy of the majority of the SEC’s enforcement operation, which occurs in front of administrative law judges (ALJs) ...
