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 UK Government has put forward for approval by Parliament a new safeguard mechanism for international transfers, known as the International Data Transfer Agreement (IDTA), that will impact organisations transferring personal data out of the UK. If approved, the IDTA will apply from 21 March 2022, and we would encourage affected organisations to review their data transfer processes now ...
The Norwegian Data Protection Authority has notified Stortinget of an infringement fine of two million kroner and imposed an infringement fine of four million kroner on Østre Toten municipality. In both cases, the Authority emphasizes that it is a clear management responsibility to secure the business against such attacks, and that two-factor authentication, awareness-raising and an appropriate risk and vulnerability analysis are key measures ...
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
As June 2022 approaches, many companies in Thailand are focusing on and racing towards the implementation of compliance mechanisms in advance of the adoption of the Personal Data Protection Act (“PDPA”), Thailand’s new and all-encompassing data protection legislation. This new law will significantly impact businesses that handle personal data. It sets out heavy fines and penalties which will be imposed upon organizations that mishandle clients’ personal data ...
As June 2022 approaches, many companies in Thailand are focusing on and racing towards the implementation of compliance mechanisms in advance of the adoption of the Personal Data Protection Act (“PDPA”), Thailand’s new and all-encompassing data protection legislation. This new law will significantly impact businesses that handle personal data. It sets out heavy fines and penalties which will be imposed upon organizations that mishandle clients’ personal data ...
This newsletter features a look into notable recent Finnish competition and regulatory case law.Recent developments in Finnish merger control: A more hardline approach to divestiture commitments The Finnish Competition and Consumer Authority's (FCCA) merger control team had a busy year ...
Law No. 21,394, officially published on November 30, 2021, introduced a set of reforms to the justice system to promote efficiency in judicial processes and to limit the need for physical presence in courts. For that purpose, the Law reformed certain provisions of the Organic Code of Courts, the Code of Civil Procedure, and the Electronic Procedure Law, regarding the collection proceeding: Legal deadline to file an opposition to the collection complaint ...
