The Federal Tax Authority (the FTA) has started to impose penalties on businesses that have failed to submit their economic substance notifications by the set deadline of 30 June 2020 for the financial period ended on 31 December 2019, and the economic substance reports by the set deadline of 31 December 2020 for the financial period ended on 31 December 2019 ...
Thailand’s Securities and Exchange Commission (“SEC”) Board on 11 June 2021 approved new rules prohibiting the trading on national exchange platforms of utility tokens and certain types of ‘novelty’ cryptocurrencies such as DogeCoin, SafeMoon or MonaCoin. The Securities and Exchange Commission’s Notification No. Kor Thor. 18/2564 Re: Rules, Conditions and Procedures for Undertaking Digital Asset Businesses (No ...
Dear valued clients, colleagues and friends,Our TMT Partners, Christina Kow and Timothy Siaw, have co-authored the Malaysian chapter of The International Comparative Legal Guides – Fintech 2021. The chapter covers a broad overview of common issues in fintech laws and regulations in Malaysia.The Fintech LandscapeFunding For FintechFintech RegulationOther Regulatory Regimes / Non-Financial RegulationAccessing Talent TechnologyTo read more, please click here ...
The Alan Turing Institute has published a new report: "AI in Financial Services", looking to the use of artificial intelligence in the FS sector. We will watch with interest how the report’s findings evolve into more specific regulatory rules or guidance ...
There are a plethora of issues that parties need to work through to make a strategic land project viable; not least, the UK tax system which has a number of potential pitfalls that can materially impact returns. At present, there is no single tax efficient model catered for in UK legislation to enable parties to come together ...
The court has to have regard to the “income, earning capacity, property and other financial resources that each party to the marriage has or is likely to have in the foreseeable future” (Section 25(2)(a) Matrimonial Causes Act 1973). Property and other financial resources can include expectations under a will and beneficial interests under a trust. Expectations under a will It is rare for a future entitlement under a will to be treated as a financial resource ...
In it the CSSF clarified its interpretation of the concept of lending to the “public”, an information relevant for the non-bank lending industry and, in particular, for private debt funds with a loan origination activity. Background In general terms, the granting of loans to the public on a professional basis is a regulated activity which is subject to authorisation by the CSSF under Article 28-4 of the law of 5 April 1993 on the financial sector ...
Financial ServicesBNM issues Corporate Strategic Plan policy document for DFIsOn 27 May 2021, Bank Negara Malaysia (“BNM”) issued the Corporate Strategic Plan (“CSP”) policy document, applicable to all development financial institutions (“DFIs”) prescribed under the Development Financial Institutions Act 2002 ...
On 8 June 2021, the Hong Kong Monetary Authority (HKMA) unveiled “Fintech 2025”, a new strategy aiming to drive fintech development in Hong Kong. In essence, “Fintech 2025” seeks to encourage the financial sector to adopt technology in their businesses and transactions comprehensively by 2025 by focusing on the following five key areas: 1 ...
On June 17, 2021, the Law No. 21,353 was published, which contemplates the following new tax measures to support micro, small and medium-sized companies in the context of the crisis generated by Covid-19: Temporary reduction of the penal interest rate for SMEs from 1.5% to 0%, for each month or fraction of a month, in case of default in the payment of all or part of any kind of taxes and contributions due ...
On June 10, 2021, the National Congress approved the bill that establishes new tax measures to support micro, small and medium-sized companies in the context of the crisis generated by Covid-19. The bill, which is awaiting the final formalities of enactment and publication, includes the following tax measures: Temporary reduction of the penal interest rate for SMEs from 1 ...
On 22 May 2021, SPV77 Co. Ltd., a special purpose entity set up to issue and offer Siri Hub Investment Digital Tokens (“SIRIHUB”) to investors secured approval from the Securities and Exchange Commission (“SEC”) for the country’s first Initial Coin Offering (“ICO”). The first ICO approval by the SEC follows three years of legal changes starting with the passage of the Emergency Decree on Digital Asset Business Operation B.E. 2561 (2018) ...
In El Salvador, the Bitcoin Law was approved by the Legislative Assembly and published in the Official Gazette last June 9th of this year, establishing avacatio legisof ninety days from its publication; in that sense, its entry into force is scheduled for next September 7th ...
As we emerge from the pandemic, UK cities have a positive future – from the growth of digital broadcasting in Manchester to the positive future for inward investment; from what is needed to preserve our high streets to excitement around the Birmingham 2022 Commonwealth Games. The UK Cities Investor Guide is a bi-annual publication produced in partnership with EG, and tackles some of the key challenges and opportunities facing the real estate investment market ...
On 20 May 2021, The Stock Exchange of Hong Kong Limited (Exchange) published conclusions to its consultation on review of the Rules Governing the Listing of Securities on the Exchange (Listing Rules) relating to disciplinary powers and sanctions The Exchange decided to implement all the proposals in the consultation paper (see our previous client alert “Hong Kong Stock Exchange proposes to enhance disciplinary regime to deter misconduct” published in August 2020),
Dinsmore's Richik Sarkar was published in Bank Director this week discussing the need for diversity and inclusion within governance structures. Read an excerpt below ...
Starting in 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) expanded the deductibility of charitable contributions to incentivize charitable giving during 2020. The Consolidated Appropriations Act (the “CAA”), which was passed on December 27, 2020, extended and expanded many provisions of the CARES Act for 2021, which continues to make this a favorable time for making charitable contributions ...
Saravut Krailadsiri, our tax partner and Pichaya Nimcharoen, our tax associate recently published a journal for Thailand’s Office of Judicial and Legal Affairs of the Court of Justice, Thailand as part of “Dunlaphaha: Journal of the Court of Justice ...
On 9thDecember 2020, the Central Bank of Nigeria (CBN) the Central Bank of Nigeria (CBN) issued a circular on “New License Categorisations for the Nigerian Payments System” (NPS Circular). The NPS Circular set out the different licences, their permissible activities and the share capital requirements. You may access our earlier article on the NPS Circularhere ...
On 25 May 2021, the Central Bank of Nigeria (“CBN”) issued a circular to deposit money banks, payment service providers and other financial institutions notifying them of the release of the Regulatory Framework for Non-Bank Acquiring in Nigeria (“the Framework”). In this article, our Olubusola Oyeyosola Diya examines the provisions of the Framework and considers its impact on financial service providers ...
In 2020, the pandemic disrupted the Quebec economy and the trend continued in 2021. After a difficult year for local businesses, there is an opportunity for business owners to rethink their business model as they develop their recovery plan. In this context, an initial public offering and equity financing might be a good idea ...
In May 2021, the total value of cryptocurrency globally surpassed USD $2.5 trillion, and continues its emergence as a new asset class.[1] Governments in Canada and around the world are updating regulatory requirements in response to the new innovations in financial technologies. Historically, there has been regulatory uncertainty surrounding cryptocurrencies in Canada ...
Virtual shareholder meetings have become ubiquitous for both public and private companies since the onset of the COVID-19 pandemic. Canadian securities regulators, stock exchanges and federal and provincial governments quickly responded to accommodate electronic meetings where it was otherwise not permitted. In British Columbia, Ministerial Order No ...
In recent years, Special Purpose Acquisition Companies or “SPACs” have gained tremendous popularity in the United States. In 2020 alone, one hundred SPACs accounted for approximately $80 billion in US public fundraising. Although that enthusiasm has not reached the same levels in continental Europe, these investment vehicles are also increasingly making their way into the different European markets. Today, about six SPACs are listed on Euronext Amsterdam ...
