The 2023 Federal Budget (the ?Budget?), tabled on March 28, 2023, proposes amendments to certain provisions of the Income Tax Act (ITA) that would make ?genuine? intergenerational business transfers no longer subject to the anti-avoidance rules of section 84.1 and allow the transferor to benefit from their capital gains exemption ...
In May 2017, the Israeli Innovation Authority (the successor of the Office of Chief Scientist), a division of the Israeli Ministry of Economy and Industry (the "Innovation Authority"), issued new rules1 becoming applicable to Israeli companies that receive grants from the Innovation Authority ("Funded Companies") ...
On the 20th of December 2022, various amendments (and clarifications) to the Employment and Industrial Relations Act (Chapter 452) came into force, mainly relating to the probationary period applicable to fixed term contracts and the duration of fixed term contracts. By means of the amendments: In the case of a renewal of a fixed term contract for the same functions and tasks as the previous fixed term contract, there shall be no new probationary period ...
Bank Indonesia issued Regulation No. 10/7/PBI/2008 on 19 February 2008 regarding Offshore Loans of Non-bank Companies. Offshore loans are one of the key factors which may have positive and negative impacts on balance of payments, monetary stabilization and development continuity ...
On September 6th, 2020, “Rules for the Consideration and Resolution of Administrative Disputes by the Federal Service for Intellectual Property”, approved by the order of the Russian Ministry of Education and Science and the Ministry of Economic Development (“Rules”) came into force. The Rules were developed jointly with the Federal Service for Intellectual Property (Rospatent) ...
On 18 November 2022, the People's Bank of China and the State Administration of Foreign Exchange ("SAFE") jointly promulgated the Provisions on Administration of Funds Invested in China's Bond Markets by Foreign Institutional Investors (《境外机构投资者投资中国债券市场资金管理规定》, the "New Rules") ...
China’s unified bond market now comprises the inter-bank market, exchange market, and commercial bank counter market; among these, the inter-bank market serves as the principal market with more than 85% of the total bond custody balance by the end of 2021[1] ...
Minimum Requirements for Employment Contracts All individuals set to be employed are required to have a written employment contract, as mandated by the Working Environment Act, Section 14-5. This requirement applies regardless of whether the employment is for a permanent or temporary position. As of July 1, 2024, new content requirements for employment contracts will be introduced for new employment relationships. These requirements are in addition to the existing minimum requirements ...
The Securities and Futures Commission (SFC) is introducing new disclosure requirements for short positions in certain Hong Kong listed shares. Background Part XV of the Securities and Futures Ordinance (Part XV) requires disclosure of short positions of over 1% held by substantial (5% or more) shareholders in a listed company, and of all short positions held by directors and chief executives of listed companies ...
Blockchain technology holds vast potential that can only be unleashed with regulatory backing. The potential, initially perceived only by a small circle of cryptography enthusiasts, is now recognised by central banks, governments, and major financial institutions.Smart contracts and decentralised autonomous organisations can change the legal system as we know it while generating new models for the economy ...
Due to the non-renewal of the constitutional state of exception of catastrophe, the health authority modified the Covid-19 regulations. The main changes are mentioned below: A. STEP-BY-STEP PLAN MODIFICATION On October 1st 2021, Exempt Resolution No. 994 was published in the Official Gazette, which regulates and establishes a new version of the “Step-by-Step Plan” ...
The regulations incoprorate requirements on occupational pension scheme trustees under at 2019 Competition and Markets Authority Order to carry out a tender process for fiduciary management services and set objectives for their investment consultants. The Occupational Pension Schemes (Governance and Registration) (Amendment) Regulations 2022 (Regulations) will come into force on 1 October ...
The Cyberspace Administration of China (CAC) issued theProvisions on Regulating and Promoting Cross-Border Data Flows (Draft for Comments)(《规范和促进数据跨境流动规定（征求意见稿）》)on September 28, 2023 seeking public comments, which garnered significant attention. Yesterday (March 22, 2024), the CAC issued the official version of theProvisions on Promoting and Regulating Cross-Border Data Flows(《规范和促进数据跨境流动规定》)(the "Official Provisions"), which came into effect immediately upon publication ...
UAE Federal Decree-Law 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations (AML Law) came into force at the end of October 2018 ...
The Act Amending the Business Freedom Act and Certain Other Acts enteredinto force on 19 May 2016. The changes mainly affect Poland's small businessregister - the Central Register and Information on Economic Activity (CEIDG). The amended Business Freedom Act clarifies certain terminology used in the regulations but also introduces entirely new solutions governing small businesses ...
Act No. 125/2008, Coll., on Transformations of Commercial Companies and Cooperatives, taking effect 1 July 2008, supersedes the existing regulation of intra-state transformations in the Commercial Code and newly regulates certain transformations with foreign elements, i.e. cross border mergers and transfer of assets to a foreign participant ...
Over the past years, the Minister of Agrarian Affairs and Spatial Planning/ Head of the National Land Agency (“Minister”) has issued several regulations on location permits due to the progressive system established by the government for the efficiency of investments and licensing. After the Online Single Submission (“OSS”) system became applicable, the Minister issued Regulation No ...
The FSR addresses such distortions and closes a regulatory gap. Subsidies granted by non-EU governments (so called third states) currently go largely unchecked, while subsidies granted by Member States are subject to scrutiny under EU State aid rules. The FSR includes new tools to effectively tackle foreign subsidies that cause distortions and undermine the level playing field in the internal market ...
On 13 June 2019, the Minister of Public Works and Public Housing (“MPW”) issued Regulation No. 09/PRT/M/2019 on Guidelines on Licensing Services for Foreign Construction Business Entities (“Reg No. 9/2019”) replacing:(i) MPW Regulation No. 10/PRT/M/2014 on Guidelines on Issuing Licenses to Representatives of Foreign Construction Service Corporate Bodies (“Reg No. 10/2014”); and (ii) MPW Regulation No ...
After five long years since the issuance of Law No.7 of 2014 on Trade (the "Trade Law"), the Government of Indonesia finally issued an implementing regulation on e-commerce on 20 November 2019, through Government Regulation No. 80 of 2019 on Trade through the Electronic System ("GR 80/2019"). This regulation is part of the Government's efforts to encourage internet-based transactions and trading as part of making Indonesia 4.0. GR 80/2019 has 19 chapters and an extensive scope ...
A new Regulation on Corporations has recently entered into force in Chile (the “New Regulation”). It aims essentially to complement the provisions of the Law on Corporations, updating the rules established in the prior Regulation on Corporations, clarifying or specifying certain articles that raised questions, adjusting the applicable provisions to the latest legal amendments and making certain practical aspects easier ...
In order to implement Government Regulation No. 24 of 2018 which introduced an online system for processing and issuing certain business licenses (known as the Online Single Submission “OSS” system), earlier this year, the Investment Coordinating Board (“BKPM”) issued 2 new regulations on investment, ie BKPM Regulation No. 6 of 2018 on the Guidelines and Procedure for Capital Investment Licensing and Facilities (“Regulation 6/2018”) and Regulation No ...
