The Securities and Futures Commission (SFC) issued a circular on 27 March 2020 reminding the industry of the importance of compliance with the suitability obligation. Deacons’ client alert, which you can access here provides a succinct summary of the sources of the suitability obligation and the SFC’s FAQs on the subject. The alert also drew attention to the sampling and monitoring obligations under FAQ 10, which are frequently overlooked ...
Just weeks after the “implosion” of cryptocurrency exchange FTX, credit services provider BlockFi filed for Chapter 11 protection with the United States Bankruptcy Court for the District of New Jersey, indicating that it is burdened with billions of dollars of estimated liabilities and more than 100,000 creditors ...
An old adage is that history will repeat itself. In other words, all of this has happened before, and it will all happen again. Another banking crisis is upon us following the familiar cycle of financial deregulation. The failures of Silvergate, Silicon Valley, and Signature Banks provide an opportunity to learn and to act. From the early 1980s through the 1990s, Presidents and Congress worked together on “financial services modernization ...
May 31, 2023 By: Stephanie Shea The California Unruh Act (specifically, California Civil Code § 51) prohibits “all business establishments of every kind whatsoever” from discriminating based on citizenship or immigration status, among other things. That protection applies to all persons within the jurisdiction of California. At the federal level, (simply put,) the federal civil rights statute (specifically, 42 U.S.C. § 1981), prohibits alienage discrimination ...
Last year, we reported on the important decision of the Royal Court of Jersey in April 2020 in Re Grundy [2020] JRC 071, which case our firm presented to the Royal Court and which demonstrated the flexibility of the remedies available under Jersey law where a successful application to set aside the exercise of a fiduciary power on grounds of mistake and/or inadequate deliberation is made (No re-writing history: the flexibility of Jersey’s remedies for mistake and inadequate deliber
With the Paradise papers leak in 2017 and the infamous Panama papers leak the year before, it has become increasingly more important to choose the right destination for offshore investment. It will require careful consideration, planning and skilful professional advice. It will also no doubt require a jurisdiction with a politically and economically stable environment, sound legislation, low tax (or zero tax), a solid banking framework and a discreet environment ...
TAX REFORM The purpose of the current Angolan tax reform is to diversify sources of tax revenue (which up to now has been excessively dependent on oil), to modernise the Angolan tax system with a view to promoting greater tax justice and equity and also to increase the effectiveness and efficiency of the machinery of tax administration ...
Note on Circular Letter No. 002/DCC/2020 With the approval of Notice No. 2/2020, of January 2020 (“Notice 2/2020”), the National Bank of Angola (“BNA”) introduced a greater flexibility in the foreign exchange sector, as it eliminated prior licensing and delegated on commercial banks the validation of the operations. With the publication of the Circular Letter No ...
Angola's General State Budget for 2021 (“GSB 2021”) came into force on 1 January 2021 and was approved by Law 42/20 of 31 December. It introduced the following tax changes: Value Added Tax • Definition of the scope of application of Value Added Tax (“VAT”) Individuals or legal entities are now excluded from the scope of VAT when their turnover or import transactions are no more than Kz (AOA) 10 million ...
Angolan Central Bank (Banco Nacional de Angola, “BNA”) recently published Notice 10/22 of 6 April to update the scope of application of Notice 10/20 of 3 April on the granting credit to the real sector of the economy. The new Notice establishes (i) the terms and conditions applicable to the this type of credit, (ii) the minimum requirements in terms of number and total value and (iii) the treatment in the calculation of the reserve requirements ...
Note on Circular Letter No. 002/DCC/2020 With the approval of Notice No. 2/2020, of January 2020 (“Notice 2/2020”), the National Bank of Angola (“BNA”) introduced greater flexibility in the foreign exchange sector, as it eliminated prior licensing and delegated the validation of the operations to the commercial banks. With the publication of the Circular Letter No ...
Notice 11/2021 of 2 December (the “Notice”) was approved by Banco Nacional de Angola (“BNA”) todefine the procedures for carrying out foreign investment operations and repatriation of capital byforeign exchange non-residents, in relation to (a) companies without shares admitted to trading onregulated markets (b) securities and derivative instruments and (c) divestment operations ...
In the context of the approval of the Tax Package, which is part of the tax reform process started in 2020, on 15 April 2021, the Angolan General Tax Administration (AGT) published Instruction 0033/ GACA/GJ/AGT/2021 (the “Instruction”). The aim of this Instruction is to clarify and standardise the rules for the application in time of the amendments made to the main Tax Codes, in particular, the Industrial Tax Code and the Employment Income Tax Code ...
Banco Nacional de Angola (“BNA”) continues to be very active in producing foreign exchange legislation. It recently revised the rules on foreign exchange operations of current invisibles, goods and capital, carried out by resident and non-resident individuals, through Notice 17/20 of 3 August (the“Notice”). The main change made by this notice concerns non-resident foreign workers (“expatriates”) ...
We publish the new edition of the newsletter on Banking and Finance, Capital Markets and Insurance Law in Angola for the 2nd quarter of 2022 brings together the most significant new developments in these areas. In this newsletter, you can find legislative news regarding the National Bank of Angola, President of the Republic, Government/Parliament and CMC ...
The Private Investment Law (Law 10/18 of 26 June) was amended by Law 10/21 of 22 April. The new law marks the return of the contractual system to the area of private investment. As a result, the current private investment systems are the following: i) Prior declaration system ii) Special system iii) Contractual system The contractual system is applicable to projects in any sector ...
In today’s economy, banks all too commonly find themselves foreclosing on real property collateral. As a result, banks are regularly in the position of having to determine the starting bid in foreclosure proceedings. This determination can be complicated by North Carolina General Statute § 45-21 ...
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 ...
On Dec. 29, 2020, the Consumer Financial Protection Bureau (CFPB) published a final rule amending Regulation Z’s Ability-to-Repay/Qualified Mortgage (QM) requirements (the New Rule). Regulation Z requires creditors to make a reasonable, good-faith determination of a consumer’s ability to repay their residential mortgage loan. Loans that comply with Regulation Z’s requirements qualify for certain protections from liability ...
In response to the Coronavirus pandemic, the President signed H.R. 748, known as the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act on March 27, 2020. The bill provides more than $2 trillion of aid to individuals and the public and private sector ...
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 ...
Corporate status A foundation company is a body corporate with a legal personality distinct from its members, directors and other connected persons. As foundation companies are governed by the Companies Act (Revised), except where it is inconsistent with the Foundation Company Act (2017), they benefit from an extensive body of case law and are well recognised in other jurisdictions ...
On 11 November 2022, the China Banking and Insurance Regulatory Commission ("CBIRC") issued for public consultation a draft revision to the PRC Banking Supervision Law (the "Consultation Draft"). The current PRC Banking Supervision Law was first promulgated in February 2004 and was amended once in 2006 (the "Current Law") ...
