Originally published on October 23, 2021 Revitalizing Brownfields has long been considered a centerpiece for community efforts to encourage growth and development of properties impacted by contamination. In 2021, Oregon’s Legislature passed HB 2518, which seeks to enhance Brownfield development by making forgivable loans available to assist with the cleanup of blighted properties ...
On February 18th, 2022, the Asset Management Association of China (“AMAC”) issued the Announcement on Issues related to Application for Fund Practitioner Qualification by Overseas Fund Professionals (关于境外基金专业人才申请基金从业资格有关事项的公告, the “Announcement”), allowing eligible overseas professionals to register with AMAC as PRC fund practitioners ...
On 19 January 2022, the Scottish Government approved legislation that will require local authorities to set up licensing schemes for short-term lets, and require all short-term let properties to hold a suitable licence ...
The Chambers Global Guide ranks law firms and lawyers in more than 200 jurisdictions in selected disciplines. All subject areas are part of Chambers Europe, published in March. SVW is ranked within Banking and Finance, Corporate M&A, Oil and Gas, Dispute Resolution, and International & Cross Border Capabilities. SVW has two new lawyers entering the rankings, Sunniva Kinsella and Mathias Teir, as up and coming, as well as defending last year’s placements ...
With a low percentage of Nigeria’s population investing in the stock market and fewer Nigerians interested in investment opportunities, the rise ofRoboAdvisors is a welcome alternative in the financial advisory market (“the Market”) in Nigeria. In a bid toregulateand strengthen the Market, the Nigerian Security and Exchange Commission (“SEC”) recently rolled out the rules onRoboAdvisory services (‘the Rules”) in Nigeria ...
The competition review of local market mergers is often complex. This series of three articles breaks down that complexity into ten key questions ...
The Infrastructure Investment and Jobs Act from the U.S. Congress, signed into law November 15 by President Biden, provides $1.2 trillion to rebuild roads and bridges, water infrastructure, resilience, and internet, with a focus on infrastructure improvements and expansion of broadband networks. The Biden Administration has established a website for the Infrastructure Investment and Jobs Act that contains helpful links to programs and program descriptions ...
On Jan. 27, 2022 the SEC Division of Examinations issued a Risk Alert providing observations of examination staff relating to advisers to private funds. The Risk Alert provides additional observations in follow up to the Division of Examinations June 23, 2020 Private Fund Adviser Risk Alert. The Jan ...
On Feb. 9, 2022 the SEC proposed rules related to cybersecurity risk management for investment advisers and registered investment companies, as well as amendments to certain rules that govern adviser and fund disclosures ...
By Michael Flynn Under the long-recognized valid when made doctrine, if a loan was not subject to a state usury law when it was made, it does not subsequently become even if it is subsequently sold or assigned to another party. The doctrine long was applied by courts and utilized in secondary market sales, but its application to a non-bank purchaser was rejected by the Second Circuit in 2015 in Madden v. Midland Funding, LLC ...
With the 2022 year well under way most enterprises in Cambodia are turning their attention to their annual compliance obligations. There have been some recent changes and updates with respect to the annual compliance obligations for most enterprises in Cambodia. We have included the recent changes in our summary below ...
On 10 February 2022, the General Department of Taxation (“GDT”) issued Notification 2845 (“Notification 2845”), which provides the 2021 market interest rates for Employee Loans in accordance with Article 15 of Prakas 543 on Tax on Salary and Instruction No. 7015 GDT dated 13 March 2020. The 2021 market interest rates for 2021, based on the average of ten (10) commercial Cambodian banks, are as follows: USD – 8.28% per annum Khmer Riel – 8 ...
When contractors are engaged in construction projects, the employer/clientundertakes to make payments to the contractor in instalments and through the mechanisms provided under their contract. One important mechanism for payment in a construction contract is the contractor’s payment application. Usually, the contract will require that the contractor submitsits payment application every month or after the agreed milestones ...
Crowded release of new AML rules With the continuous development of onshore financial markets and the ever-intensifying requirements globally for anti-money laundering (“AML”), it has become increasingly imperative for China to improve its AML legal and regulatory frameworks to give further play to the role of AML in building up the modern financial system and deepening the two-way opening-up of the financial industry ...
Crowded release of new AML rules With the continuous development of onshore financial markets and the ever-intensifying requirements globally for anti-money laundering (“AML”), it has become increasingly imperative for China to improve its AML legal and regulatory frameworks to give further play to the role of AML in building up the modern financial system and deepening the two-way opening-up of the financial industry ...
January 2022 has seen the issuance of Instruction No. 002 AAR.N (“Instruction 002”) on the Compulsory Submission of Annual Financial Statements to the Accounting and Auditing Regulator (“ACAR”) and Instruction 001 AAR.I regarding the Submission to the ACAR on the use of English for computerized or other accounting systems (“Instruction 001”). We set out the salient points with respect to Instruction 002 and Instruction 001 below for your reference ...
A recent IRS concession bodes well for how the tax treatment of proof of stake validators may develop through case law. On December 20, 2021, the IRS offered a full refund to the plaintiffs in Jarrett et al v. United States for taxes paid on tokens created through proof of stake on the Tezos blockchain in 2019. In a statement released February 3, 2022, Joshua Jarrett confirmed the decision to seek an IRS ruling in the cryptocurrency case, rather than accept the tax refund ...
On January 31, 2022, the Financial Market Commission (“FMC”) opened a public consultation process (the “Regulatory Proposal”), in order to simplify the registration process in the following registries, and the ongoing reporting obligations of entities registered in those registries: Registry of Foreign Reinsurance Brokers. Registry of Foreign Securities. Special Registry of Reporting Entities ...
Investing in India can be challenging in view of the myriad of laws at both the Central and State level, as well as cumbersome sector specific requirements. Many-a-times, foreign investors tie up with Indian promoters to overcome these hurdles. However, difficulties get amplified when they get embroiled in litigation / arbitration with Indian promoters over issues related to mismanagement, control, earn-out payments etc ...
The phrase ‘national security’ is at the heart of but not defined in the National Security and Investment (NSI) Act 2021. There are some insights from related legislation and other sources, but the absence of definition means there is legal and consequently business uncertainty. From 4 January 2022 when the NSI Act 2021 came into full effect, the meaning of national security became crucial to M&A activity concerning the UK ...
What is Fintech? The term fintech refers to the technologising of the financial industry. Fintech has become ever more recognized in the past few years, especially amidst COVID-19 in which demand for cashless payments and quick transactions have increased. Fintech exists in our daily lives from online banking to blockchain and to cryptocurrencies ...
Someone at IRS’s Chief Counsel Office realized the Service may have a qualified small business stock (“QSBS”) interpretation problem. After the IRS released multiple private letter rulings (“PLRs”) with favorable guidance on what constitutes a qualified trade or business under IRC section 1202(e)(3), IRS Chief Counsel appears to have had enough. Chief Counsel Memo (“CCA”) 202204007 (Nov ...
Introduction On 20 January 2022, the Interim Measures for Interconnection Services between the China Interbank Bond Market and the Exchange Bond Market[1] (the “Connect Measures”) were jointly issued by China’s bond market infrastructures, the Shanghai Stock Exchange (SSE), the Shenzhen Stock Exchange (SZSE), the China Foreign Exchange Trade Center & National Inter-bank Funding Center (CFETS), the China Securities Depository Clearing Corporation (CSDCC), and the Shanghai C
