On November 1, 2019, the Supreme Court granted certiorari in Liu v. Securities Exchange Commission, No. 18-1501. The Court will decide whether the Securities Exchange Commission (SEC) may seek and obtain disgorgement from a defendant as equitable relief for a securities law violation. The outcome will have widespread implications for corporate and securities lawyers ...
To improve the effectiveness of integrated licensing in the financial services sector, the Financial Services Authority (Otoritas Jasa Keuangan–“OJK”) introduced an electronic licensing system to integrate all licensing in the financial services sector. OJK Regulation No. 26 / POJK.01 /2019 on Electronic Licensing within the Financial Services Sector (“POJK No. 26/2019”) came into effect on 28 October 2019 ...
Some are just donkeys with a horn.I will remember 2019 as the year when many unicorns were exposed as donkeys in disguise.Invoking the rarity and mystique of the mythical creature, a “unicorn” is the term the financial market coined for companies worth US$1 billion or more. The year opened with high hopes for such companies that sought an initial public offering (IPO) in the following months ...
On 1 January 2020, the International Chamber of Commerce (ICC) will introduce its revised rules and trade terms governing global freight transport. The Incoterms rules were first introduced by the ICC in 1936 to “establish commonly accepted definitions and rules related to the sale of goods between trading partners worldwide”, and now facilitate international trade valued in the trillions of dollars each year ...
Under a new proposed rule, certain required disclosures could be provided electronically to all retirement plan participants, including former employees and beneficiaries. On October 23, 2019, the U.S. Department of Labor issued a proposed rule intended to expand the use of internet technology to furnish ERISA-required disclosures to plan participants, and to reduce printing and mail expenses ...
Under a new proposed rule, certain required disclosures could be provided electronically to all retirement plan participants, including former employees and beneficiaries. On October 23, 2019, the U.S. Department of Labor issued a proposed rule intended to expand the use of internet technology to furnish ERISA-required disclosures to plan participants, and to reduce printing and mail expenses ...
phttps://www.huntonak.com/en/insights/looking-beyond-the-fines-accountability-in-light-of-ftc-consent-orders-iapp-perspectives ...
The era of cryptocurrencies has come: whilst they were initially used as a specific means of payment and as a source of investments other functions are now being explored, such as the possibility of cryptocurrencies being directly contributed to a company in the context of its incorporation ...
On August 26th, 2019, the National Institute of Normalization (INN) published Technical Specification INN/ET1 on compliance plans for the protection of consumer’s rights (the “Technical Specification”), in accordance to which suppliers can develop the compliance plans referred in Article 24 subparagraph four of Law No. 19,496 Consumer Protection Act (“CPA”), included therein after the latest amendment to that Law ...
On November 6, 2019, the IRS announced in Notice 2019-59 cost of living adjustments to the qualified plan dollar limits for 2020. Below is a summary of the limits that are generally relevant for most retirement plans. Effective January 1, 2020: The elective deferral limit for 401(k), 403(b), and eligible 457(b) plans is increased from $19,000 to $19,500. The catch-up contribution limit for those age 50 or older is increased from $6,000 to $6,500 ...
This fall, an outbreak of lung illnesses allegedly related to vaping ignited public hysteria and legislative reactions in many states. The vaping and cannabis industries are already paying, and will continue to pay, high reputational and policy costs associated with these events, and the industries should also be aware that the widespread nature of reported injuries could lead to a substantial amount of costly mass tort litigation ...
Our partner, Felipe Moro, and our associate, Diego Lasagna, authored this year’s Thomson Reuter’s Practical Law guide about Banking Regulation in Chile, which provides, “a high level overview of the governance and supervision of banks, including legislation, regulatory bodies and the role of international standards, licensing, the rules on liquidity, foreign investment requirements, liquidation regimes and recent trends in the regulation of banks ...
After sending cryptocurrency enforcement letters in the summer of 2019, the IRS recently issued Revenue Ruling 2019-24 and an accompanying frequently asked questions (FAQs) with additional guidance on the taxation of cryptocurrency. The Revenue Ruling addresses the tax treatment of cryptocurrency "hard forks", where one version of the currency is split from its original ledger and a new version of the currency is created with a new ledger ...
Starting Nov. 1, 2019, employers in Illinois with at least 25 employees must comply with the Illinois Secure Choice Savings Program Act (Secure Choice Program) or offer employees an employer-sponsored retirement plan ...
In 2013, Virginia Ginni Rometty - CEO of IBM, said “I would like you to think of big data as the next natural resource that can be to our era what steam, electricity and oil were for the Industrial Age." Probably, you have read or heard: Data is the new oil! Data is the new bacon! Data is the new currency! These analogies have become very popular because data is now considered one of the most important commodities ...
Governor Newsom has signed several bills that impact the cannabis industry by providing relief from federal income tax deduction limitations, encouraging minority participation, encouraging union membership, and clarifying some other existing regulations. The bills include: Assembly Bill 37 repeals the limitation on deductions for business expenses for cannabis businesses, which had previously conformed to Internal Revenue Code section 280E for state tax purposes ...
Franchising has become one of the most prominent business models in recent years, particularly in sectors such as food & beverage (F&B), education, fashion and modern lifestyle. The Indonesian franchise regime began in 1997, but has changed several times since then, the latest being under Minister of Trade Regulation No. 53/M-DAG/PER/8/2012 on the Implementation of Franchises as amended by Minister of Trade Regulation No. 57/M-DAG/PER/9/2014 (“Regulation 53”) ...
Introduction Pursuant to UAE Federal Cabinet Resolution No. 56 of 2019, Emirates Development Bank has been appointed to maintain the register of finance lease contracts created pursuant to UAE Federal Law No. 8 of 2018 on Finance Lease (the Finance Lease Law or the Law). Background The Finance Lease Law was promulgated in December 2018. This Law creates a register (the Register) pursuant to which “Finance Lease Contracts” shall be registered ...
On September 23, 2019, the IRS published final regulations that amend the rules for hardship distributions from 401(k) and 403(b) plans. The regulations finalize the proposed regulations issued in November 2018 to implement statutory changes made by the Tax Cuts and Jobs Act of 2017 and the Bipartisan Budget Act of 2018 intended to make it easier for plan participants to take hardship distributions ...
According to the recent insurance broker's Transactional Risk Insurance Claims Study1, the number of W&I claims have increased by 293% between 2016 and 2018 in Europe, the Middle East and Africa (the EMEA-region). One explanation is of course the triple increase W&I policies issued over the same period. The W&I market have become more mature than what it was just some few years back ...
On 7 August 2019 a new UN convention was signed in Singapore by 46 countries, the "UN Convention on International Settlement Agreements Resulting from Mediation", also known as the Singapore Convention. The Singapore Convention applies to international settlement agreements resulting from mediation and aims to be an instrument for international trade to facilitate and promote mediation as an alternative method of resolving trade disputes ...
Activists and government leaders are sounding the death knell for our planet unless something is done about climate change. But while sustainability is important, sustainability reporting may not be the answer. In a headline-hogging speech at the UN last month, 16-year-old environmental activist Greta Thunberg berated politicians and business people for doing too little to arrest climate change, ruining the globe for future generations. High-profile scandals back up her claim ...
CFIUS inbound investment national security review expanding to certain non-controlling foreign investments in critical technology, critical infrastructure, and sensitive personal data, as well as to certain real estate transactions. The U.S. Treasury Department published proposed rules in the Federal Register on Sept. 24, 2019, concerning changes to the review process for foreign investment conducted by the Committee on Foreign Investment in the United States (CFIUS) ...
As early as September 23, 2019, the United States House of Representatives is expected to vote on the widely anticipated Secure and Fair Enforcement (SAFE) Banking Act ...
