On 30 September 2022, the Foreign Exchange Supervisory Committee (“FESC”) of the Central Bank of Myanmar (“CBM”) issued Letter No. FE-73 (23/2022) as a result of discussions held during meeting No. (53/2022). The letter has allowed fuel import entities to make repayments of financing agreements in Chinese yuan (“RMB”) in a bid to prevent delays in oil distribution to consumers in Myanmar ...
October 12, 2022 By: Michael Flynn On September 27, 2022, the Consumer Financial Protection Bureau (CFPB) issued a Request for Information Regarding Mortgage Refinances and Forbearances. The Request indicates that the CFPB is considering making the COVID emergency relief foreclosure/loss mitigation requirements a permanent requirement for mortgage lenders and servicers when dealing with temporarily distressed borrowers ...
The Guernsey Financial Services Commission (“GFSC”) has published its Guidance for CIS on measures to counter the risk of greenwashing (“Guidance”) which applies to all collective investment schemes which are authorised or registered under the Protection of Investors (Bailiwick of Guernsey) Law, 2020 and to those responsible for preparing the prospectuses and other marketing materials of such schemes ...
It’s hard to explain to someone who has never been accused of a crime that they cannot use their own money, and this situation could last for months. Nonetheless, an institution exerting this effect functions under Polish law and can impact both individuals and companies This institution is the freezing of accounts. In general it is used where there is a suspicion that funds in an account have a criminal origin or are related to an offence ...
In June 2022, at one of the annual meetings of the Employment, Social Policy, Health and Consumer Affairs (“EPSCO”) Council, health ministers expressed their concerns regarding the legislative transition to Regulation (EU) No 2017/745 of the European Parliament and of the European Council of 5 April 2017 on medical devices (“MDR”) and to Regulation 2017/746 of the European Parliament and of the European Council of 5 April 2017 on in vitro diagnostic medical devi
On 10 October, the Government submitted the State Budget Law Proposal for 2023 Parliament Bill 38/XV/1st to the Portuguese Parliament. This budget proposal comes in a demanding economic environment that is characterised by high inflation and the prospects of a slowdown in most economies ...
It has been a little over a year since the Financial Action Task Force (“FATF”), an international initiative established to combat money laundering published its Mutual Evaluation Report (“MER”) on South Africa in which it identified major “weak spots” in our compliance processes. The FATF gave the country a deadline of February 2023 to remedy all the deficiencies or face possible grey listing ...
S African countries grapple with the measures necessary to meet their nationally determined commitments (“NDCs”) under the Paris Agreement, it is critical to be primed to attract sustainable finance, and for central banks and regulators in each country to create a fertile environment for this redirection of capital ...
After more than 10 years, the Department of Finance has finally issued Revenue Regulations (RR) 7-2022, which provides "the policies and guidelines for the availment of tax incentives under the Renewable Energy Act of 2008" ...
On 13 September 2022, the Microfinance Supervision Committee (“Committee“) under the Ministry of Planning and Finance issued Directive No.4/2022 (“Directive“), which outlines risk-based management strategies required of microfinance institutions (“MFIs“) to combat money laundering and terrorism. The Directive also pertains to Section 69 (c) of the Anti-Money Laundering Law (Union Parliament Law No ...
Annex II is a list of cooperative jurisdictions maintained by the EU that reflects ongoing cooperation between the EU and its international partners and the commitments of these countries to reform their legislation to adhere to agreed tax good governance standards. Its purpose is to recognise ongoing constructive work in the field of taxation, and to encourage the positive approach taken by cooperative jurisdictions to implement tax good governance principles ...
On 28 March 2022, the Government of the Russian Federation adopted Resolution No. 497 which introduced a large-scale bankruptcy moratorium starting 1 April. We have already written about the moratorium and the consequences of its introduction for creditors and debtors in more detail here and here. The legal regulation of the moratorium was established in accordance with Article 9.1 of the Bankruptcy Law and the clarifications set forth in Resolution No ...
With the COVID-19 Inquiry (“the Inquiry”) now open, and applications for Core Participant status for Modules 1 and 2 currently being assessed, potential applicants will need to consider how their participation in the Inquiry will be funded. Section 40 of the Inquiries Act 2005 provides that funding for legal representation can be awarded out of the Inquiry budget. As the Inquiry will be funded by the government this is, in effect, public funding ...
The Proposed VASP Bill primarily: (i) defines the virtual assets activities that require registration; (ii) prescribes the criteria for a virtual assets service provider (“VASP”) to register; (iii) sets out the ongoing requirements and obligations of VASPs; and (iv) specifies the enforcement and general powers of the Commission as well as the penalties for contravening or failing to comply with, a provision of the Proposed VASP Bill ...
During the COVID-19 pandemic, questions about employee health-privacy-related symptoms, testing, and vaccination became prevalent in discussions about the workplace at all levels—from “the water cooler” to national news ...
Key Points AB 890 gave Nurse Practitioners who meet certain requirements authority to practice more independently. The bill created two categories of Nurse Practitioner—one that may perform delineated functions without the use of standardized procedures in certain clinical settings where physicians and surgeons practice and another that may perform these functions and more outside of such clinical settings ...
On September 23, Kudun and Partners were invited by TrustLaw, the charitable arm of Thomson Reuters, to be the legal experts in their Legal Health Check Workshop. The core objective of the event was to raise awareness of how law firms, like Kudun and Partners, can work with TrustLaw to provide pro bono legal services to NGOs, Civil Society Organizations (CSOs) and social enterprises (SEs). Chai Lertvittayachaikul and Emi Rowse (Igusa), partners of Kudun and Partners, presented at the event ...
Resource rent tax on aquaculture The government proposes to introduce a resource rent tax on aquaculture from 1st of January 2023. The proposal will be circulated for consultation today with a deadline of 3rd of January 2023. The proposal includes a resource rent tax with an effective rate of 40% applicable to the production of salmon, trout, and rainbow trout. The proposal includes a tax-free allowance of between 4,000 and 5,000 tonnes ...
Bank Indonesia recently updated its regulation on domestic non-deliverable forward (DNDF) transactions. Bank Indonesia Regulation No. 24/7/PBI/2022 on Foreign Exchange Market Transactions (“BI Reg. 24/7/2022”) replaces the previous regulation on DNDF, BI Regulation No. 20/10/PBI/2018 (as amended). BI Reg. 24/7/2022 makes some noteworthy amendments on the DNDF terms and introduces new thresholds and provisions on DNDF transactions ...
The ever-growing industry of Peer-to-Peer Lending (“P2P Lending”) has driven the Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) to issue OJK Regulation No. 10/POJK.05/2022 on Technology-Based Collective Financing Services, which came into force on 4 July 2022. The regulation provides more detailed and extensive provisions to cater with the rapid development of the industry ...
As part of the UK Government’s review of the UK funds regime it has included in the Finance Act 2022, (the Act) a new regime for qualifying asset-holding companies (QAHCs). This regime came into effect on 1 April 2022. The QAHC regime provides a tax efficient, UK resident vehicle through which certain types of institutional investors and funds can hold investments ...
Lauren Bowkett is a fraud and financial crime expert in the Business Crime and Compliance Team at Shoosmiths. She is an expert in confiscation proceedings under the Proceeds of Crime Act 2002 (‘POCA’) and has successfully intervened in numerous POCA cases to assert her clients third party interest rights ...
A webinar hosted by Shoosmiths in collaboration with Asset Reality. Scroll down the page to watch the webinar. Intro poll According to a recent survey, what percentage of millennial millionaires own cryptocurrency? According to a recent study conducted by CNBC, 83% percent of millennial millionaires own cryptocurrency with over half having at least 50% of their wealth in cryptocurrencies. https://cointelegraph ...
We would like to take this opportunity to remind our readers that the immovable property tax (“TOIP”) and Unused Land Tax deadlines for 2022 of 30 September 2022 are fast approaching. The 2022 TOIP and Unused Land Tax payment can be submitted at any tax branch or any branches of the following banks: Canadia, ACLEDA, Vattanac, Cambodia Public Bank or ABA Bank ...
On 17 August 2022, the Trade Competition Commission of Thailand (“TCCT”) issued the Notification of TCCT on Guidelines for Determining Fair Trade Practices Relating to Provision of Credit Terms for Small and Mediums Enterprises (“SMEs”) being Sellers or Service Providers (No.2) (“Notification”) which came into effect on 16 September 2022 ...
