The Russian insurance market is facing fundamental changes that will reshape the industry, by creating new opportunities for foreign insurance companies to operate in Russia. Within the framework of its obligations as a WTO member state, Russia must allow access of branches of foreign insurers, from WTO countries, to the Russian insurance market, by August 2021 ...
On 30 September 2020, the Royal Government of Cambodia (“RGC”) issued a press release and rolled out ‘Round 6’ of measures aimed at mitigating the impacts of COVID-19 on businesses and workers in Cambodia. These represent a combination of new and existing measures (that have been extended) ...
Balance has been tipping over from creditors to shareholders and the pandemic is only bringing this deepening fault line to the fore. Covid-19 slammed into the global consciousness this March and, as expected, immediately torpedoed the markets. But despite the worsening economic data hogging news headlines, exacerbated by intensifying US-China tensions, the markets have paradoxically strengthened since ...
SC and Bursa extend temporary margin financing flexibilitiesOn 28 September 2020, the Securities Commission Malaysia (“SC”) and Bursa Malaysia Berhad (“Bursa”) extended the temporary relief measures relating to margin financing to 31 December 2020. The relief measures, which took effect on 27 March 2020 via Participating Organisations’ Circular No. R/R 6 of 2020, were initially due to expire on 30 September 2020 ...
On Oct. 26, 2020, the IRS announced in Notice 2020-79 cost of living adjustments (COLAS) to the qualified plan dollar limits for 2021. Below is a summary of the limits that are generally relevant for most retirement plans. Effective Jan. 1, 2021: The elective deferral limit for 401(k), 403(b), and eligible 457(b) plans is unchanged at $19,500. The catch-up contribution limit for those aged 50 or older remains stable at $6,500 ...
On page 8 of the September–October issue, we discussed the COVID-19 forbearance landscape and related compliance challenges for mortgage servicers. In this article, we unpack the post-forbearance world, focusing on the transition out of forbearance and into other forms of loss mitigation assistance, including, but not limited to, payment deferrals, repayment plans, loan modifications, etc ...
On 25 September 2020 Parliament approved new regulations for Blockchain and Distributed Ledger Technology (DLT).(1) The goal of this new legal framework is to further establish and increase Switzerland's reputation as a leading, innovative and sustainable location for fintech and DLT companies. DLT framework DLT allows shared data management and, in particular, shared accounting among participants that do not know or do not trust each other's identity ...
On October 29, the OCC, the Federal Reserve, the FDIC, the NCUA and the CFPB (collectively, the “agencies”) issued a Notice of Proposed Rulemaking (“NPR”) to clarify and make into a rule the prior Interagency Statement Clarifying the Role of Supervisory Guidance issued on September 11, 2018 (“2018 Statement”). Comments on the NPR are due within 60 days of the date the NPR is published in the Federal Register ...
On October 27, the Office of the Comptroller of the Currency issued a final rule that establishes 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. This rule may have significant impact on bank’s partnerships and other arrangements with non-bank third parties, including bank-FinTech partnerships ...
Background and about Atmanirbhar Bharat The idea of Atmanirbhar Bharat,or self-reliance, was at the heart of the Hon’ble Prime Ministerof India, Shri Narendra Modi’s address to the nation on 12May 2020 when he announced an economic package towards building aAtmanirbhar Bharat, or a self-reliant, resilient India ...
27.10.2020 –Emergency Ordinance no ...
Facing Australia's first recession in 30 years, Australian businesses are attempting to steer a course not only for survival but for the growth needed to be a viable long term. But alongside uncertainty comes opportunity. Our new report, prepared in partnership with Acuris, explores the key steps for companies and investors to take advantage of the opportunities – and decisive, informed and proactive action is critical ...
The Bangko Sentral ng Pilipinas (BSP, the Central Bank of the Philippines) has issued Memorandum No. M-2020-0741 (Implementing Rules and Regulations and Frequently Asked Questions on Section 4(uu) of the R.A. No. 11494 or the “Bayanihan to Recover as One Act” (Bayanihan 2)) to guide BSP-Supervised Financial Institutions (BSFIs) on the implementation of the one-time 60-day grace period granted to debtors under Bayanihan 2 for loan payments falling due by December 31, 2020 ...
In response to the ongoing disruption caused by COVID-19, OCIE issued a Risk Alert on Aug. 12, 2020. In the Risk Alert, OCIE makes various observations and recommendations which fall into six different categories: (1) protection of investors’ assets; (2) supervision of personnel; (3) practices relating to fees, expenses, and financial transactions; (4) investment fraud; (5) business continuity; and (6) the protection of investor and other sensitive information ...
On July 28, 2020, the SEC announced a pair of settled administrative actions against Houston-based VALIC Financial Advisors (VFA). In the first action, the SEC charged VFA with failing to disclose that its parent company paid a for-profit entity owned by a Florida teacher’s union to promote VFA to Florida teachers. The second action involved VFA’s wrap fee arrangements with clients ...
On 24 August 2020, the UAE issued Cabinet Resolution 58 of 2020 on Regulating the Procedures of the Real Beneficiary (the Resolution). The Resolution, amongst other things, aims to establish a legal framework for identifying and recording details of real beneficiaries of entities licensed to conduct business in the UAE. The Resolution is an additional step towards the UAE’s efforts in combating money laundering, the financing of terrorism and illegal organisations ...
AELEX is the exclusive contributor to the Nigerian Chapter of The Legal 500 (Legalease): Franchise and Licensing Country Comparative Guides. The country specific Guide provides a pragmatic overview of how businesses can set up franchises and also license their technology and intellectual property rights in Nigeria. The Guide was authored by our Davidson Oturu,Tiwalola Osazuwa and Kofoworola Oyegunle. Please click here to read the Guide ...
INTRODUCTION There are several government agencies regulating various sectors of the Nigerian economy. Most of these regulatory agencies are creation of statutes which usually specify their functions, powers and general mode of operations. While some of these agencies are responsible for sensitising the citizens about government policies,[1]a good number are charged with the task of enforcing policies, programmes and laws enacted by the Government ...
The current crisis caused by the COVID-19 pandemic has already caused, and will continue to cause, significant liquidity problems for some businesses. Companies whose financial difficulties threaten their very existence will have to restructure in order to avoid bankruptcy, either by availing themselves of the protection of the Companies' Creditors Arrangement Act1 (the "CCAA") or by using the proposal mechanism of the Bankruptcy and Insolvency Act2 (the "BIA") ...
Effective Oct. 15, 2020[1], the Committee on Foreign Investment in the United States’ (CFIUS) mandatory filing requirement will shift from a critical technology[2], industry-specific focus to one focused on export controls. It will focus on whether the U.S. regulatory authorization would be required to export the target U.S. business’ critical technology to the foreign person party to the transaction, including certain parties in the foreign person’s ownership chain ...
On Oct. 8, 2020 the SEC issued a joint statement on additional Form CRS guidance regarding firms’ disciplinary history. The statement was released in tandem with several new FAQs, which help clarify firms’ disclosure obligations as they relate to disciplinary history. The update guidance comes in response to the SEC’s early review of firms’ Form CRS filings ...
Law 58/2020 of 31 August implements into Portuguese law Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing. It enshrines in the Portuguese legal framework a first approach to the regulation of entities that engage in activities with virtual assets ...
In a judgment of 8 September 2020, the Court of Justice of the European Union (“CJEU”) ruled that Member States are not allowed to exclude performers who are nationals of States outside the European Economic Area (“EEA”) from perceiving the equitable remuneration provided by Article 8(2) of the Rental and Lending Rights Directive ...
