In our previous article (Cryptocurrency – The Future of Money), we provided an overview of the key ideas behind cryptocurrency. In this article, we look at how cryptocurrency and digital currency might impact the corporate banking and finance market ...
Following the passage of its commercial eviction moratorium for certain qualified tenants in December 2020,[1] the San Francisco Board of Supervisors, on August 4, 2021, provided additional assistance to the same class of “Covered Commercial Tenants” by establishing a new evidentiary presumption aimed at excusing payment of past due rent. To the extent applicable, the presumption applies to all past due rent as of March 16, 2020 ...
Banking & Finance The Central Bank of Malta Issues Directive 19 on the Use of Cheques and Bank Drafts Directive No 19 ‘on the Use of Cheques and Bank Drafts’ was issued by the Central Bank of Malta on 7th July 2021 with the aim of promoting safe and effective use of cheques and bank drafts drawn on Maltese banks and financial institutions ...
Financial ServicesBank Negara Malaysia issues Policy Document on Reference Rate FrameworkThe policy document on Reference Rate Framework (“RRF PD”) was issued by Bank Negara Malaysia (“BNM”) on 11 August 2021 and will come into effect on 1 August 2022 ...
On July 30, 2021, the Central Administrative Court rendered its verdict against, among others, the Director of Wattana District, Bangkok Metropolis; the Governor of Bangkok Metropolis; and the Governor of the Mass Rapid Transit Authority of Thailand, revoking all governmental authorizations with respect to the construction of Ashton Asoke Condominium Project ...
On August 12, in a 6-3 decision, the U.S. Supreme Court issued an order enjoining the portion of a New York State statute which provided that tenants could establish that they had suffered COVID-related economic hardship by means of self-certification. Under the New York law, eviction actions based on non-payment of rent could not go forward if a tenant submitted such a self-certification. Under the law, landlords could not contest the tenant’s declaration in court ...
The Thai government has made significant changes to interest and default interest rates to modernize Thai law and also reflect the country’s current economic situation. Due to the difficulties caused by the COVID-19 pandemic, many debtors are struggling to meet the timelines for their loan payment obligations. The Emergency Decree amending the Civil and Commercial Code B.E ...
Cryptocurrency, for most of us at least, has been hidden behind a veil of incomprehensible idiom for most of its lifespan. However, it has the potential to revolutionise the way we pay, borrow and lend, maybe sooner rather than later. Like quantum computing and artificial intelligence, we are told they’re set to change the world but few of us understand how that might actually work or what their impact might be ...
Even after four years of the introduction of Goods and Service Tax, there is a lack of clarity on many substantive and procedural issues. One such issue is the absence of complete relief from the ill effects of an inverted duty structure, that is where the GST rate paid on purchases is more than the GST rate payable on sales, resulting in an accumulation of credits. The difficulty arises because the taxpayer has to pay tax to its vendors on its purchases in cash ...
Last year, we reported on the important decision of the Royal Court of Jersey in April 2020 in Re Grundy [2020] JRC 071, which case our firm presented to the Royal Court and which demonstrated the flexibility of the remedies available under Jersey law where a successful application to set aside the exercise of a fiduciary power on grounds of mistake and/or inadequate deliberation is made (No re-writing history: the flexibility of Jersey’s remedies for mistake and inadequate deliber
BACKGROUND Complexities arise when arranging financings to co-investment structures, especially if the credit support includes security over shares granted by some (but not all) of the shareholders ...
Summary Liquidated damages (LDs) are predetermined damages set when a contract is entered into, based on a calculation of the estimated loss likely to be incurred if the contractor fails to meet specific dates. LDs clauses are commonplace in commercial contracts. In construction contracts, they generally apply where the contractor fails to complete works by specified dates due to reasons for which the contractor is culpable ...
1. What is the extended period for availing yourself of the Estate Tax Amnesty? Taxpayers now have until June 14, 2023, to avail themselves of the Estate Tax Amnesty. Republic Act No. 11569, titled “An Act Extending the Estate Tax Amnesty and for Other Purposes, Amending Section 6 of Republic Act No. 11213, otherwise known as the ‘Tax Amnesty Act’” was signed into law by President Rodrigo Duterte on June 30, 2021 ...
Smart buildings offer individuals, businesses and even cities better and more efficient ambient experiences. However, the connected technologies that make buildings “smart” tend to require processing massive amounts of data inputs, often including personal information ...
The recent decision in the Technology and Construction Court (“TCC”) in Toppan Holdings Limited and Abbey Healthcare (Mill Hill) Limited v Simply Construct (UK) LLP arguably does no more than follow precedent. But the outcome is significant for anyone taking a collateral warranty. The lesson is: get a warranty signed promptly, if you do not want to lose the right to adjudicate ...
In May 2021, we published an article, Milestone in Hong Kong-Mainland China cross border insolvency: Mutual recognition of and assistance to Insolvency Proceedings between Hong Kong and Mainland China, which highlighted the key features of the cooperation mechanism in relation to Hong Kong-Mainland China cross border insolvency set out in the Record of Meeting of the Supreme People’s Court and the Government of the Hong Kong Special Administrative Region and Mutual Recognition of a
In recent years, there has been an increasing trend for different creditors to issue multiple petitions against the same debtor company. This may be due to the large number of listed companies in Hong Kong encountering financial difficulties during this period of economic downturn, or simply a lack of knowledge of the law in this area ...
Financial ServicesRecovery Planning Policy DocumentFollowing feedback on its exposure draft, Bank Negara Malaysia has issued a revised policy document on recovery planning which are applicable to banks and investments banks licensed under the Financial Services Act 2013, Islamic banks licensed under the Islamic Financial Services Act 2013 and financial holding companies of the foregoing mentioned licensed entities (collectively, the “FIs”) ...
Starting around October 26, 2020, the Small Business Administrations (the “SBA”) asked Paycheck Protection Program (“PPP”) lenders to provide certain questionnaires to PPP borrowers with loans of $2 million or greater. There are two questionnaire forms on the Treasury: Form 3509 for for-profit borrowers and Form 3510 for non-profit borrowers ...
With SEC Form 10-Qs for the second quarter ended June 30, 2021, due shortly, and SEC Form 10‑Ks for companies with June 30 year ends due in the next few weeks, publicly traded companies that received PPP loans, even those that have had those loans forgiven, need to review and update their SEC disclosures regarding their PPP loan ...
In the recent case of Granton Central Developments Ltd v Len Lothian Ltd, a commercial landlord appealed successfully against a Sheriff’s decision that it was obliged to provide, and that its tenant was entitled to receive, a supply of water to leased subjects. Background to the utilities dispute Granton Central Developments Ltd and Len Lothian Ltd were the landlord and tenant respectively in terms of a lease of commercial premises in Granton, Edinburgh ...
On 26 July 2021, the Malaysia Competition Commission (“MyCC”) issued a statement (“the Press Release”) that it is looking into the pricing practices of food delivery platform companies including but not limited to the “imposition of exorbitant commission fees” by the said companies (“the Inquiry”). The Press Release is accessible here ...
The ESG Disclosure Rules have been introduced in response to the increased investor appetite for socially and environmentally responsible investments and to ensure that Jersey maintains its high regulatory standards amid global concerns regarding ‘greenwashing’ (firms marketing investments which appear more environmentally and socially focussed than they are in reality) ...
The following is a list of best practices applicable to the share class review process. This guide aims to provide helpful tips regarding the process of replacing an advisory client’s existing mutual fund share class with a lower-cost alternative, where it is identified that a replacement option exists and may be available for placement in the client’s account at the custodian. Review of share classes on a periodic basis ...
