Unfortunately, financial exploitation is a significant and growing area of concern, particularly with elderly investors or those with diminished capacity. Investment advisers are facing a client base who is increasingly older, and with that comes the increased likelihood of an investment adviser encountering possible financial exploitation ...
In an effort to attract more foreign talent to work in the Guangdong-Hong Kong-Macau Greater Bay Area (GBA), the Ministry of Finance and State Administration of Taxation jointly issued a Notice on 14 March 2019, granting Individual Income Tax (IIT) subsidy to overseas (including Hong Kong, Macau and Taiwan) high-end talent and talent in short supply working in the GBA (Circular 31) ...
On 22 July 2020, data protection authorities from Australia, Canada, Gibraltar, Hong Kong, Switzerland and United Kingdom (together the Authorities), issued an open letter (Letter) on global privacy expectations of video teleconferencing companies (VTC companies)[1]. Why there is such a Letter? As a result of the COVID-19 pandemic, the Authorities have witnessed an increasing use of VTC tools, both in social and business contexts ...
This is a briefing on the issuances as of July 22, 2020 on the following matters in relation to the COVID-19 pandemic: A. Intellectual Property Office (IPOPHL) Suspends Services at its Main Office from July 20 to 27, and Extends Deadlines B. BIR Amends Reportorial Requirements of Banks and Other Lenders that Granted a Grace Period on Loans that were due during the Enhanced Community Quarantine C. New Bureau of Internal Revenue (BIR) Form for Related Party Transactions A ...
Key Points On July 17, 2020, the Federal Reserve announced two new loan options under the Main Street Lending Program to support nonprofit organizations: the Nonprofit Organization New Loan Facility ("NONLF") and the Nonprofit Organization Expanded Loan Facility ("NOELF") ...
On July 15, 2020, the Kentucky Community Property Trust Act (the “Act”; codified at KRS 386.620 et seq.) became effective, instituting an elective community property regime under Kentucky law. The intent of the Act is to permit spouses to receive a stepped-up basis for federal income tax purposes at the death of the first spouse in 100 percent of the property they have elected to treat as community property ...
In April 2019, with the introduction of House Bill 904, a bi-partisan effort was made to strengthen cyber security in North Carolina. H.B ...
The Canada Emergency Wage Subsidy (the "CEWS") Is a key component of the Government of Canada's COVID-19 economic response plan. The purpose of the CEWS, adopted on April 11, 2020, is to help Canadians keep their jobs during the crisis and help companies maintain an employment relationship with their employees in order to recover more quickly when the economy returns to normal ...
The Limited Partnership Fund Bill which provides for registration of eligible funds as limited partnership funds (LPFs) in Hong Kong passed the third reading at the Legislative Council on 9 July 2020. The Limited Partnership Fund Ordinance (LPFO) will come into operation on 31 August 2020 ...
On 24 June 2020, the Securities and Futures Commission (SFC) published its latest Annual Report, covering the 12-month period to 31 March 2020. As in previous years, the report provides a useful summary of what the SFC has done over the past year particularly in terms of achieving its publicly stated goals and providing insight into its priorities moving forward ...
On 26 June 2020, Hong Kong’s Securities and Futures Commission (SFC) issued a circular publishing in draft new versions of the financial return forms for SFC licensed corporations (LCs). The SFC is planning to revise the existing forms in order to collect additional data from LCs to “enable the SFC to identify risks in a timely manner, take prompt supervisory action and protect investors”. It is expected that the forms will be gazetted without significant amendment ...
On 29 June 2020, the People’s Bank of China (PBOC), the Hong Kong Monetary Authority (HKMA), and the Monetary Authority of Macao (AMCM) jointly published an announcement on the launch of the cross-boundary wealth management connect pilot scheme (Wealth Management Connect) in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) (the announcement is available here in English and here in Chinese) ...
On July 20, the Office of the Comptroller of the Currency proposed a rule which, if finalized as a rule, would establish a new standard for when a national bank or Federal savings association (“bank”) is the “true lender” in a lending arrangement with a third party. Under the proposed rule, the bank is the lender in a loan transaction if either (1) the bank is the named lender in the loan documents at origination, or (2) the bank funds the loan at origination ...
On July 7, 2020, the Consumer Financial Protection Bureau (CFPB) issued its final rule, the 2017 Payday, Vehicle Title, and Certain High-Cost Installment Loans Rule (Small Dollar Rule), which rescinded the ability to repay and underwriting provisions. The final rule does not, however, rescind or alter the payment provisions in the Small Dollar Rule, and the CFPB indicated that it would be moving forward with those provisions ...
In Japan, the Act on the Protection of Personal Information (APPI) is the primary law that regulates data protection issues ...
Thursday 16 July 2020 saw the Court of Justice of the European Union (“CJEU”) issue its decision on the validity of two international data transfer mechanisms - the “Privacy Shield” mechanism, which allowed for transfers between the EU and the US, and the Standard Contractual Clauses (“SCCs”) which are of more general application. Both of these mechanisms were confirmed by decisions of the European Commission ...
On July 15, 2020, the Federal Reserve published a number of changes to the Main Street Lending Program’s frequently asked questions, which FAQs were amended to provide further guidance on a number of issues. The Federal Reserve Bank of Boston MSLP web page has links to clean and redline versions of the new FAQs: https://www.bostonfed.org/supervision-and-regulation/supervision/special-facilities/main-street-lending-program/information-for-lenders/docs ...
On Thursday, July 16, 2020, the European Union's top court issued a landmark ruling that will immediately transform how companies can lawfully transfer EU personal data to the United States. The court invalidated the EU-U.S. Privacy Shield, one of the most common mechanisms used by U.S. companies in connection with cross-border data transfers ...
After filing Form CRS ahead of the June 30 2020 deadline, many investment advisers breathed a sigh of relief. However, advisers must remain vigilant as the June 30 deadline was the beginning of a new set of compliance efforts which firms must meet on a going-forward basis. In an effort to keep firms on track, we have summarized these ongoing obligations. 1) Initial Delivery ...
On June 23, 2020, the Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert focused on assisting private fund advisers in reviewing and enhancing their compliance programs, as well as providing information to investors regarding potential private fund adviser deficiencies ...
“Shield 4.0” extends the deadlines for all obligated entities to file transfer pricing information (TPR), declarations on preparation of local transfer pricing documentation, and enclosures of group transfer pricing documentation. The earlier regulations extended the deadlines only for selected taxpayers ...
On 23 June 2020, the Chinese government announced the Special Administrative Measures (Negative List) for Foreign Investment Access (2020 Edition) (2020 National Negative List) and the Special Administrative Measures (Negative List) for Foreign Investment Access in Pilot Free Trade Zones (2020 Edition) (2020 FTZ Negative List). The 2020 National Negative List and the 2020 FTZ Negative List (2020 Negative Lists) will come into force on 23 July 2020 ...
Resolution No. 61/202 of Chilean Tax Authority amends instructions on Certificate No. 66 on donations and expenses associated with the global outbreak of Covid-19 July 6, 2020 On June 17, the Internal Revenue Service issued the Resolution No. 61 through which it modified the Resolution No. 49, which creates the certificate that recipients must issue for the donations they receive in the context of the health crisis produced by Covid-19. According to Resolution No ...
An application software (app) is a program designed to help customers perform particular activities. These apps, which are usually on our electronic devices, are used to control several things ranging from health & fitness, music, movies, online shopping, gaming to mobile money transfers and even household appliances. In this article, our Davidson Oturu, breaks down the IP considerations app developers should note ...
Quick Overview The ARRC released an updated version of its recommended LIBOR fallback language for USD LIBOR syndicated loans on June 30, 2020. Among other updates, the updated fallback language recommends a “Hardwired Approach” to effect LIBOR replacement and removes the previous alternative recommendation for an “Amendment Approach ...
