On November 23, 2020, the U.S. Department of Housing and Urban Development (HUD) published in the Federal Register a proposed amendment to Federal Housing Administration (FHA) regulations that would allow lenders to accept private flood insurance policies on FHA-insured properties located in Special Flood Hazard Areas ...
The Federal government’s COVID emergency loan programs and credit facilities have moved into critical new phases. As highlighted by the recent media focus on the new SBA PPP Forgiveness Questionnaire for borrowers, both borrowers and lenders face new and challenging issues regarding these loan programs, particularly PPP loans and the Main Street Loan Program. PPP Loan Program – For most borrowers, the time period for spending PPP loan proceeds has expired ...
Hong Kong has in recent times seen an increasing use of remote on-boarding of customers by banks as a result of COVID-19. Banks are generally required to pay more attention to the remote on-boarding assessment of corporate customers as opposed to individual ones due to the higher money laundering and terrorist financing risks associated with corporate vehicles ...
Hong Kong has in recent times seen an increasing use of remote on-boarding of customers by banks as a result of COVID-19. Banks are generally required to pay more attention to the remote on-boarding assessment of corporate customers as opposed to individual ones due to the higher money laundering and terrorist financing risks associated with corporate vehicles ...
In September 2020, the Hong Kong Monetary Authority (“HKMA”) issued the Guideline explaining the HKMA’s interpretation of some of his oversight requirements under the Payment Systems and Stored Value Facilities Ordinance (“PSSVFO”) relating to designated Retail Payment Systems (“Designated RPS”) so as to assist system operators (“SO”) or settlement institutions (“SI”) of Designated RPS to understand and comply with such requiremen
On 21 August 2020, the HKIMR, the research arm of the Hong Kong Academy of Finance, released its second report, entitled “Artificial Intelligence in Banking: The Changing Landscape in Compliance and Supervision”. The report is intended as a starting point for understanding the broad implications of Artificial Intelligence (“AI”) adoption in the banking industry, as well as in relation to compliance and supervision ...
The FSB, the organisation that coordinates the development of effective regulatory, supervisory and other financial sector policies at an international level, published its final report on the regulation, supervision and oversight of global stablecoin (“GSC”) arrangements (“Final Report”) in October 2020 ...
This is to inform you that new registration application forms, for the Uniform State Register of Legal Entities (“USRLE”), came into effect on 25th November 2020. These forms provide for new opportunities in disclosing data and information about legal entities, in the USRLE. Please see below our summary of key takeaways. The following important information and data can now be disclosed publicly in the USRLE, by legal entities: {{1 ...
On November 25, 2020, the Brazilian Senate approved Bill of Law No 4,458/2020 ("BL 4458"), which amends Law No 11,101/2005 ("BBL"), to update the legislation regarding the judicial reorganization, pre-packaged reorganization and bankruptcy liquidation of businessmen and companies. BL 4458, which provisions have already been approved by the House of Representatives, will now be sanctioned by the President ...
Key Points On Nov. 3, 2020, a substantial majority of California voters passed the California Privacy Rights and Enforcement Act (CPRA). The CPRA replaces the California Consumer Privacy Act (CCPA), bringing California Privacy law more in line with the European Union’s General Data Protection Regulation (GDPR) and considerably strengthening the privacy rights of California residents. CPRA will go into effect on Jan. 1, 2023 ...
The Federal Reserve has issued amended For Profit and Non-Profit Frequently Asked Questions for the Main Street Lending Program, addressing the key dates for the end of the program in December, 2020. These dates are driven by the end of the Federal Reserve’s Special Purpose Vehicle’s authority to purchase MSLP loan participations on December 31 ...
On Nov. 19, 2020, the Office of Compliance Inspections and Examinations (OCIE) issued a new Risk Alert focusing on common compliance deficiencies relating to the Advisers Act and Rule 206(4)-7, otherwise known as the Compliance Rule. As a brief refresher, the Compliance Rule requires advisers to adopt and implement written policies and procedures reasonably designed to prevent violations of the Advisers Act ...
Following the issuance of new rules governing the Qualified Foreign Investors (QFI) regime in September 2020 (New QFI Rules, for more information, you may refer to our earlier article here), China equities and futures trading exchanges (including the Shanghai Stock Exchange (SSE), the Shenzhen Stock Exchange (SZSE), the National Equities Exchange and Quotations (NEEQ) and the China Financial Futures Exchange (CFFEX)) issued new implementation rules for QFIs at the end of October ...
Hong Kong’s Securities and Futures Commission (SFC) issued a circular last year (the Circular) in recognition of the increasing use of electronic data storage (cloud storage) for record keeping purposes. The Circular was intended to provide licensed corporations with greater flexibility in keeping regulatory records with electronic data service providers (EDSPs), as well as to clarify their general obligations in relation to electronic data ...
Hong Kong’s Mandatory Provident Fund Schemes Authority (MPFA) revised the Guidelines on Approved Exchanges (Guidelines III.4) with effect from 13 November 2020, adding Shanghai Stock Exchange, Shenzhen Stock Exchange, Indonesia Stock Exchange and Warsaw Stock Exchange (Additional Exchanges) to the list of approved stock exchanges for the purpose of the Mandatory Provident Fund Schemes (General) Regulation (Regulation) ...
Private open-ended fund companies (OFCs) can now appoint intermediaries licensed or registered for type 1 (dealing in securities) regulated activities by the Securities and Futures Commission (SFC) to act as custodians (T1 Intermediary Custodian), aligning custody and prime brokerage arrangements with major overseas fund jurisdictions ...
Hong Kong’s Financial Services and Treasury Bureau (FSTB) issued a public consultation paper on 3 November 2020 (Consultation) proposing the introduction of a licensing regime for virtual asset services providers (VASPs), as well as other changes to Hong Kong’s anti-money laundering regime ...
On 29 October 2020, Hong Kong’s Securities and Futures Commission (SFC) published its Consultation Paper on the Management and Disclosure of Climate-related Risks by Fund Managers (Consultation) which proposes new mandatory requirements for Hong Kong fund managers of collective investment schemes around climate-related risks ...
The California Department of Financial Protection and Innovation (fka Department of Business Oversight) is one step closer to issuing final regulations that would impose new early disclosure requirements on covered commercial lenders that are CFL licensed or subject to CFL licensing. On September 11, 2020, DFPI issued 4th Round Proposed Commercial Loan Disclosures. The DFPI's rulemaking is required by California Financial Code 22804 after California enacted SB 1235 in 2018 ...
Following the introduction in the British Virgin Islands (BVI) of the Economic Substance (Companies and Limited Partnerships) Act, 2018 (ESA), which became effective on January 1st, 2019, some questioned the sustainability of BVI’s position as a leading international financial centre. While we cannot underestimate those concerns, we believe that there is also evidence that ESA will not have a negative impact on the BVI ...
Norway has acceded to the Cape Town Convention on International Interests in Mobile Equipment and its Protocol on Matters Specific to Aircraft Equipment (the «CTC»). The CTC has been implemented and given effect under Norwegian law as of 1 April 2011. It is still possible to register security interests over an aircraft with the Norwegian Civil Aircraft Registry («NCAR») ...
The California Department of Financial Protection and Innovation (fka Department of Business Oversight) has taken further steps to transition its administration of the California Financing Law (CFL) License to the Nationwide Mortgage Licensing System (NMLS) portal. On November 18, 2020, DFPI issued a Notice of Third Modifications to Proposed Rulemaking Requirements for CFL NMLS Transition with a short, 15-day comment period ending December 3, 2020 ...
The debt collection restrictions and requirements in the FDCPA, which was enacted in 1977, have failed to keep up with or even contemplate modern technologies. In particular, as methods and forms of communication have evolved, the industry has had little guidance on how it can utilize newer communication channels such as emails, text messages, or social media. In many cases, the industry has had to grapple with different and often conflicting court interpretations ...
This article has been published in PLI Chronicle. The market for consumer products derived from cannabis and its components, including cannabidiol (CBD), is exploding. U.S. sales of CBD products is expected to exceed $20 billion by 2024, up from just $1.9 billion in 2018. TheCBD market is expected to develop across diverse industries such as cosmetics and skin care, health products, food and beverage, pet products, and pharmaceuticals ...
