On September 15, 2022, the Wall Street Journal reported Securities and Exchange Commission (SEC) Chairman Gary Gensler told reporters after a Congressional hearing that digital assets and the intermediaries dealing in such assets that allow for staking may shift the “efforts of others” analysis under the Howey test. If so, they would be re-categorized as securities ...
The issue of the Dubai Law No. 4 of 2022 regulating Virtual Assets in Dubai (VA Law) issued in March 2022 created a lot of buzz and further strengthened Dubai’s position as a global hub for digital assets. The VA Law also established the Dubai Virtual Assets Regulatory Authority (VARA) which was tasked with creating a legal framework for virtual assets sector ...
Reflecting on Scottish Housing Day's theme of sustainability for this year, we consider the balancing act faced by developers in dealing with an ever changing set of challenges in their drive to Net Zero. Scottish Housing Day 2022 shines a spotlight on sustainable housing ...
HUD issued Mortgagee Letter 2022-16 (“the Letter”) on September 7, changing a Departmental policy on surplus cash distribution that had been in place for roughly half a century. Multifamily borrowers with loans that close after September 7 may, subject to certain preconditions, take distributions of surplus cash monthly instead of annually or semi-annually ...
On September 9, 2022, the Securities and Exchange Commission (SEC) announced its latest efforts to assert control over and regulate the Web3 ecosystem – an Office of Crypto Assets. This new office will be housed within the Division of Corporation Finance's Disclosure Review Program (DRP), which has historically been the source of focused review of issuer filings. Once officially established later this fall, the office will join the seven existing offices of the DRP ...
One of the proposals set out in the Green Paper concerns an investment obligation for streaming services. According to the proposal, streaming services are required to either invest directly in Norwegian films and series, or, if the services do not invest sufficiently in Norwegian content, contribute to the financing of such productions through financial contributions to the Norwegian Film Fund ...
Registrations for the Mamo TCV Advocates Sustainable Finance Week being held between the 24th and 28th October 2022 are now open. Please click here for the programme of events ...
By: Jack Darrington, Keven Rowe, and Landon Hardcastle Under a new Utah law, most providers of commercial financing or factors which are located in Utah or who lend to a Utah resident are required to register as a commercial financing provider with the Utah Department of Financial Institutions. Additionally, certain disclosures are required before engaging in most transactions. To some extent, the law mirrors Truth in Lending type acts passed in New York and California ...
As data centers play a crucial role in the growing digital world, many businesses undoubtedly need reliable data hosting services to facilitate better data management ...
Many are still of the belief that business income tax (also called corporate income tax (CT)) is only under discussion and its introduction uncertain. That is certainly not the case. The UAE federal government has announced the application of income tax for business activities as of 1 June 2023. Although the law for CT has not yet been issued, we know that the Federal Tax Authority (FTA) (which also administers the VAT) is busy preparing for the introduction of CT ...
As a matter of important update that may impact potential and scheduled transactions in Russia, please be advised that on 8th of September 2022 the President of the Russian Federation has signed Decree No. 618 “On Special Procedure for Consummation (Execution) of Certain Types of Transactions (Operations) between Certain Persons” (“Decree No. 618”). Decree No ...
In Butler-Sloss and Ors v Charity Commission for England and Wales and Anor,[1] the England and Wales High Court (the Court) blessed the charity trustees’ decision to adopt investment policies that restricted investments to those aligned with the charities’ purposes, thereby excluding many potential investments. In so doing, the Court provided clarification regarding Harries v Church Commissioners for England ...
One of the main rationales for using a cash box structure is that equity securities issued by PLC are issued for a non-cash consideration so that the statutory pre-emption provisions set out in the UK Companies Act 2006 do not apply. The issue can therefore take place without the timing implications of seeking shareholder approval to disapply the pre-emption rights or conducting a pre-emptive issue ...
One of the main rationales for using a cash box structure is that equity securities issued by PLC are issued for a non-cash consideration so that the statutory pre-emption provisions set out in the UK Companies Act 2006 do not apply. The issue can therefore take place without the timing implications of seeking shareholder approval to disapply the pre-emption rights or conducting a pre-emptive issue ...
What is the intention of the new regime? By replicating and improving upon successful asset holding structures adopted by fund managers in jurisdictions like Luxembourg, the QAHC regime is intended to bolster the UK funds industry by facilitating greater UK-based fund activities, amending certain aspects of the UK tax system which have hitherto made UK vehicles unattractive as asset holding companies ("AHCs") ...
Dear valued clients, colleagues and friends, On 23 August 2022, the Malaysia Competition Commission (“MyCC”) launched a public consultation on the proposed renewal of a Block Exemption Order (“BEO”) in respect of liner shipping services covered under a VSA. The renewal application was made pursuant to Section 8 of the Competition Act as the earlier BEO granted expired on 6 July 2022. The press release by MyCC (“Press Release”) is accessible here ...
September 1, 2022 By: Nora Sheriff, Gwenneth O’Hara, and Lillian Rafii On August 19, 2022, the California investor-owned utilities filed a joint motion for official notice at the California Public Utilities Commission (CPUC), saying that the recently adopted Inflation Reduction Act of 2022 (HR 5376) is “directly relevant” to the CPUC’s open net energy metering (NEM) proceeding. The CPUC is currently contemplating a revision to its NEM tariff (referred to as NEM 2 ...
Mamo TCV Advocates shall be organising a series of webinars spanning over one week to provide insights on sustainable finance and related regulatory compliance obligations. The scope of these webinars is to highlight how the sustainability-related requirements are impacting the financial services sector from a regulatory standpoint. During the week, Mamo TCV Advocates will also be discussing employment and corporate social responsibility matters ...
Goods and Services Tax AlertSummons not to be issued to Managing Director, CEO, CFOs of companies routinely By the recent Guidelines for issuance of summons under Section 70 of the CGST Act – Instruction 03/2022- 23 [GST-Investigation], indiscriminate issuance of summons has been discouraged, and officers have been advised to issue summons judiciously ...
On August 24, 2022, the IRS issued Notice 2022-36, 2021-15 I.R.B. 986, (the "Notice"), which grants significant penalty relief for taxpayers who failed to file certain tax or information returns for tax years 2019 and 2020. However taxpayers must file their missing returns on or before September 30, 2022, in order to obtain the penalty relief. This Notice presents a rare opportunity to taxpayers who have not filed the requisite returns to avoid onerous penalties ...
On the 12 August 2022, the MFSA has issued a Circular to inform the financial services industry of the launch of a new standardised template (“Annex AX26: Source of Wealth and Source of funds self-declaration form”) to be used with immediate effect when submitting a statement of source of wealth and source of funds ...
The Philippines is party to double taxation agreements (DTAs) with 43 countries. These DTAs contain exchange of information (EOI) provisions, which oblige contracting parties to exchange details that are needed to carry out the provisions of the DTAs or the domestic laws that concern the taxes applicable to the DTAs. To this end, the Bureau of Internal Revenue (BIR) consistently develops its EOI programme and has, in the past decade, circulated administrative issuances to facilitate EOI ...
