Key Points On Aug. 31, 2020, the California Assembly passed Assembly Bill 1281 (AB 1281). AB 1281, if signed, will guarantee that certain California Consumer Privacy Act (CCPA) exemptions will be extended beyond their initial deadline, December 2020. Importantly, AB 1281 will give covered businesses at least another year before they need to comply with CCPA’s provisions when collecting and using employee data or business-to-business related personal information ...
As many will know, Federal Law 18 of 1981 (the Commercial Agency Law; or CAL) regulates agency, distributorship and franchise relationships in the UAE, regardless of the nomenclature used to describe them ...
At the beginning of astartup’slife,the use of financial resources in the most efficient way is of vital importance.It is for this reasonthatthe incentives that a country can provide to an entrepreneurand hisnewlyformed company can potentially determine how and how much that company willgrow ...
The Philippine Stock Exchange (PSE) has issued Memorandum Circular 2020-00761 on August 3, 2020 and this sets out the Guidelines on Minimum Public Ownership Requirement for Initial and Backdoor Listings (2020 MPO Guidelines) ...
Following the announcement of the Abraham Accord with Israel, President His Highness Sheikh Khalifa bin Zayed Al Nahyan issued Federal Decree Law 4 of 2020, repealing Federal Law 15 of 1972 (the Boycott Law). Brief overview of the Boycott Law Pursuant to the Boycott Law, the United Arab Emirates (UAE) joined the Arab League boycott of Israel (the Boycott) ...
The global COVID-19 pandemic has devastated the hospitality industry. Hotel occupancy rates have fallen greatly in many markets, with employee layoffs and property closures affecting even the largest and otherwise best performing hotels. It is uncertain when the industry will recover. Many hotel properties will require a chapter 11 bankruptcy case to successfully reorganize their debt obligations and operations and preserve the value of the business ...
BAG dated February 13, 2020 - 6 AZR 146/19 ("Air Berlin") In the context of collective redundancies, the term "company" is a legal term under European Union (EU) law and, with regard to the responsible employment agency, it focus particularly on the local effects of the intended dismissals. In the EU legal system, the term "company" is to be interpreted autonomously, uniformly and detached from the national understanding of the term ...
Regional Court of Nuremberg, decision of June 18, 2020 - 1 TaBV 33/19 The Regional Labor Court (Landesarbeitsgericht - LAG) of Nuremberg had to rule on a motion by a works council, in which the latter demanded that the discussions held with it be conducted only in German. At the same time, it demanded that all communication between the branch management and the employees be conducted in German. The Regional Court rejected both motions of the works council ...
Note on Circular Letter No. 002/DCC/2020 With the approval of Notice No. 2/2020, of January 2020 (“Notice 2/2020”), the National Bank of Angola (“BNA”) introduced greater flexibility in the foreign exchange sector, as it eliminated prior licensing and delegated the validation of the operations to the commercial banks. With the publication of the Circular Letter No ...
Banks have played a crucial role these last few months as the COVID-19 pandemic has swept across the world. Through Paycheck Protection Program loans, payment deferments, and other initiatives, banks have provided significant assistance to people and businesses of all types. The banking industry has worked incredibly hard, and bankers across the country should be proud ...
As reported in our inBrief of 15 April 2020, Federal Decree-Law 19 of 2018 on Foreign Direct Investment (the FDI Law) permits majority foreign investment in certain business sectors and activities. Although majority ownership is attractive, it is not the only factor that a potential foreign direct investor should consider. One additional factor is whether the proposed business would qualify for the 5% GCC customs duty exemption that is discussed below ...
On August 26, 2020, the Securities and Exchange Commission (SEC) adopted long anticipated amendments to the “accredited investor” definition. The SEC said that the amendments are intended to update and improve the definition to identify more effectively investors that have sufficient knowledge and expertise to participate in securities offerings that are not registered under the Securities Act of 1933 ...
Note on Circular Letter No. 002/DCC/2020 With the approval of Notice No. 2/2020, of January 2020 (“Notice 2/2020”), the National Bank of Angola (“BNA”) introduced a greater flexibility in the foreign exchange sector, as it eliminated prior licensing and delegated on commercial banks the validation of the operations. With the publication of the Circular Letter No ...
Key Points On August 26, 2020, the Securities and Exchange Commission (SEC) adopted amendments that broaden the qualifying pool of individuals and entities known as “accredited investors.” The amendments expand the definition based on defined measures of professional knowledge, experience, or certifications, in addition to the existing tests for income or net worth ...
Key Points On August 26, 2020, the Securities and Exchange Commission (SEC) adopted amendments that broaden the qualifying pool of individuals and entities known as “accredited investors.” The amendments expand the definition based on defined measures of professional knowledge, experience, or certifications, in addition to the existing tests for income or net worth ...
The Limited Partnership Fund Ordinance (LPFO), which provides for registration of eligible funds as limited partnership funds (LPFs) in Hong Kong, will come into operation on 31 August 2020. The enactment of the LPFO is a very welcome development, and is part the Hong Kong government’s stated aim to enhance the competitiveness of Hong Kong in becoming a preferred centre for international asset and wealth managers in Asia ...
On 31 July 2020, the China Securities Regulatory Commission (CSRC) issued consultation papers on Measures for the Supervision and Administration of Public-offered Securities Investment Fund Managers (the Measures, available here in Chinese)and the Provisions on Issues concerning the Implementation of the Measures for the Supervision and Administration of Public-offered Securities Investment Fund Managers (the Implementation Provisions, available here in Chinese) ...
The summer holidays have already begun in most of the federal states or are about to begin. Due to the Corona pandemic, most holiday plans could not be realized during the Easter holidays. Although the travel warnings for most countries in the EU were lifted in time for the summer holidays, it is still not possible to enjoy "normal" holidays this year ...
Due to the Corona pandemic and the associated economic effects, numerous companies were forced to announce short-time work over the past few months. This raises the question for employers to what extent it is still possible to hire during short-time work and what effects this has on short-time working compensation. NEW HIRES DURING SHORT-TIME WORK First of all, a distinction must be made between new hires before and after the introduction of short-time work ...
When the corona pandemic broke out, many employers allowed their employees to work in home office or even forced them to do so. In the meantime, many uncertainties have been clarified and the desire for normality is increasing among both employers and employees. Therefore, in the following, we will describe what employers must take into account when employees return from home office. 1 ...
In June, the European Commission has published the "White Paper on levelling the playing field as regards foreign subsidies". For the first time that the European Commission has brought together State aid and investment control as well as trade defence instruments. Companies coming from third countries can expect costly and lengthy examination procedures in M&A transactions, but also new hurdles for other activities in the internal market ...
On August, 18, 2020, the CFPB issued a new proposed rule to create a new category of “seasoned qualified mortgages” (Seasoned QMs) that would receive the safe harbor conclusive presumption of meeting the Ability to Repay standard. The proposed rule would allow certain loans that meet specified criteria and are held in portfolio by the lender for three years to qualify as QMs ...
On 7 August 2020, The Stock Exchange of Hong Kong Limited (Exchange) published a consultation paper on proposed changes in respect of the Exchange’s disciplinary regime. The proposals have a particular emphasis on strengthening the Exchange’s powers to hold accountable, and impose appropriate sanctions on, individuals responsible for misconduct and breaches of the Listing Rules ...
In order to tackle the effects of the Corona crisis, it is planned at EU level to temporarily facilitate the raising of equity capital for companies. This will enable certain issuers to publish a shortened prospectus with only 30 pages instead of a full prospectus to issue shares. Through this, issuers will have the option to issue shares at short notice, without bureaucracy and inexpensively, thereby improving the debt-to-equity ratio in their balance sheets ...
