A huge number of global and national initiatives have been made to appropriately handle sustainability challenges, including the European Green Deal and the relating Taxonomy. Both mandatory regulations and voluntary principles have been (and will continue to be) initiated and implemented, to ensure or encourage that ESG considerations also are taken into account with respect to financing ...
March 31, 2022 By: Michael Flynn On March 16, 2022, the CFPB announced it will expand the scope of its enforcement activities regarding discrimination beyond the specific areas covered by ECOA, by applying the UDAAP unfair practices standard to discriminatory practices in all consumers financial segments ...
Economic sanctions The sanctions imposed by the UK, European Union and US following the recent invasion of Ukraine by Russia target the Russian economy. Whilst Russia is the largest country in the world, in terms of the global economy it only made up 3.11% of Global GDP in 2020. The sanctions imposed however will still have wide ranging impacts on all areas of the global market, and can already be seen in dramatically rising energy prices ...
In line with the actions planned in the European Union’s tax policy agenda to reform the corporate tax system, the Proposal for a Council Directive 2021/0434 (the “Unshell Directive”) was published on 22 December 2021. This proposal introduces a set of rules to prevent the improper use of shell companies (companies without economic substance) exclusively intended to obtain tax advantages ...
[!<CDATA[ Most state and federal courts have expressed a strong preference for parties to resolve their legal disputes via binding arbitration when there is an arbitration clause applicable to the dispute, there are instances where courts will deny such a request – even when the parties have expressly agreed to this particular forum in their construction contract ...
[!<CDATA[ As of September 1, 2021, in a change to Texas caselaw that had been in place for over a century, Texas contractors now have protection in certain circumstances from liability for defective plans and specifications provided to the contractor by someone else. In the 1907 Texas Supreme Court case Lonergan v ...
CRF Payments to ANCs and Their Shareholders Are Not Taxable On January 21, 2022, the Department of the Treasury held a consultation with Alaska Native Corporations on the federal income tax consequences of Coronavirus Relief Fund (CRF) distributions made to Alaska Native Corporations (ANCs) and to Alaska Native Corporation shareholders ...
During the US President’s visit to Brussels, President Biden and President of the European Commission, Ursula von der Leyen, stated on Friday 25 March that the parties have agreed on the main principles of a new agreement on the protection of personal data transferred to the United States. While a concrete agreement text has not yet been published, the US White House has published a Fact Sheet explaining the key principles to be expected in the final framework ...
The 31st of March is already an auspicious date in the Cambodian tax calendar: It is the deadline for most taxpayers in Cambodia to submit their annual Income Tax return. This year, however, the last day of March is also the deadline for non-resident e-commerce providers to register for value-added tax (“VAT”) in Cambodia ...
The new Register of Persons Holding a Controlled interest in Land (RCI) will come into force in Scotland on 1 April 2022. The purpose of this article is to highlight the key points of the regulations behind the RCI1 and how they may affect landowners and tenants of registrable leases (being those longer than 20 years) in Scotland ...
One of the amendments to the National Internal Revenue Code, as amended (the Tax Code), which was introduced by Republic Act (RA) No. 10963 (the Tax Reform for Acceleration and Inclusion (TRAIN) Law) and took effect on 1 January 2018, was the increase of value-added tax (VAT) from 0% to 12% on the sale of goods and services to export enterprises upon satisfaction of certain conditions under the TRAIN Law. On 11 April 2021, RA No ...
When it comes to continuing disclosure, two of the more common “material events” to occur are rating changes and the incurrence of a “financial obligation.” As a general matter, these are reportable events that should be posted to Electronic Municipal Market Access (EMMA). However, as a practical matter, these material events are frequently overlooked ...
In the midst of a new wave of COVID-19 infections, the Cabinet of Thailand approved the draft of a new regulation on March 1, 2022, referred as the Draft Announcement of the Eastern Economic Corridor Policy Committee (“EEPC”) Re: Incentives for Business Operator in the Promotion Zone for Specific Industries B.E … ...
A new regime The UK has introduced a new regime which, from 4 January 2022, requires purchasers to obtain prior approval for transactions in certain specified sectors ...
The Economic Crime (Transparency and Enforcement) Act received Royal Assent on 15 March 2022. Its effects will be felt far and wide across the UK real estate industry. We explained in our article Economic Crime Bill – what it means for real estate, that the aim of the new Act is to crack down on foreign criminals using UK property to launder money ...
In March of 2021, Dinsmore published a client alert titled “Chapter 19 of HUD’s New MAP Guide – Initial Takeaways for Lenders and Borrowers.” In that article, we offered our observations about new requirements in the MAP Guide and predicted how those requirements might impact the loan closing process ...
Entrepreneurs and investors in cryptocurrencies and other digital assets may finally receive guidance and clarity from the federal government ...
On 14 March 2022 in Philipp v Barclays Bank UK Plc [2022] EWCA Civ 318 the Court of Appeal gave further guidance on the extent of the Quincecare duty owed by banks to their customers. What is a Quincecare duty? It is well established that banks have a duty to use reasonable skill and care in carrying out customers’ orders which includes not complying with instructions if they have reasonable grounds for believing the order was an attempt to misappropriate funds ...
The new year, 2022, will be the year in which cryptocurrencies gain more legitimacy worldwide through government regulation, oversight and further acceptance. Indeed, in December 2021, the Dubai World Trade Centre announced that it will become a crypto zone and a regulator for cryptocurrencies and other virtual assets - including digital assets, products, operators and exchanges. In September 2021, the country of El Salvador officially recognized Bitcoin as legal tender ...
The Corporate Transparency Act (the “Act”) was enacted by Congress on January 1, 2021, as part of the National Defense Authorization Act. The Act’s purpose is to curtail shell companies often used in corporate transactions, including real estate transactions, from conducting illegal activities made possible by concealing the ownership and control of such entities ...
In the light of the current geopolitical situation, we would like to inform you on a new procedure of the Counter-Sanctions FDI regime, the corresponding legal basis and the connected matters which could be of importance for your business. Follow the link to learn more. Download file We hope that the information provided herein will be useful for you ...
How has the use of digital technology, as a result of the COVID-19 pandemic, contributed to the rise in fraud? As a result of the COVID-19 pandemic, businesses experienced a rapid and significant increase in the use of digital technology. Bearing in mind health concerns, as well as business continuity, many businesses began to shift to widespread remote working environments ...
Although bankruptcy filings have been scarce in the couple years since COVID-19 emerged,[1] filings are expected to start ticking upward again as governmental pandemic assistance and financial leeway, such as forbearance agreements, are lifted ...
