While the calling restrictions are sure to get the most publicity from the CFPB’s new debt collection rule, a number of the less discussed aspects of the rule may present just as many operational challenges. For instance, the CFPB’s prohibition on the sale or transfer of certain types of debt, as well as the record retention requirements in the rule will likely present a number of hurdles of their own ...
Charities need many things to make a difference, including good people and sufficient funding, but effective leadership underpins everything and the recently refreshed Charity Governance Code is a valuable tool in striving to practise good governance ...
In an update to our client alert from November 30 regarding the San Francisco commercial eviction moratorium previously passed by the Board of Supervisors, we note that, following our publication of the client alert, the Board of Supervisors, on December 1, amended the moratorium to clarify previous language on a retail tenant’s right to terminate its lease that was ambiguous ...
In a small victory for landlords of bankrupt tenants, the Bankruptcy Court for the Southern District of Texas has ruled that the Chuck E. Cheese parent company may not use its bankruptcy filing to avoid paying its rent. The COVID-19 pandemic and related stay-at-home orders have prompted numerous retailers and restaurants to seek bankruptcy protection. Many of those companies successfully used the bankruptcy process to obtain relief from their rental obligations ...
On 24 September 2020, Statistics Indonesia (Badan Pusat Statistik ─ “BPS”) issued BPS Regulation No. 2 of 2020 on Indonesian Standard Business Classifications (Klasifikasi Baku Lapangan Usaha Indonesia ─ “KBLI”), which is known as the 2020 KBLI. The 2020 KBLI came into force on its issuance date and revoked BPS Regulation No. 95 of 2015 on the KBLIs, as amended by BPS Regulation No. 19 of 2017, which is known as the 2017 KBLI ...
Law No. 11 of 2020 on Job Creation (the “Job Creation Law” or known as the Omnibus Law) was issued and came into effect on 2 November 2020. It is mainly based on the principles of the equalization of rights, legal certainty, greater ease of doing business, togetherness, and independence ...
KPPU has recently issued its long-anticipated guidelines on the Indonesian merger control rules (“KPPU Guidelines”) under KPPU Regulation No. 3 of 2019 on The Assessment of Mergers or Consolidations of Business Entities or Acquisitions of Shares in Companies (“KPPU Regulation 3/2019”) issued at the end of last year. The guidelines are relatively long and detailed (almost 100 pages), and some of their content is still subject to the KPPU’s interpretation ...
With the rapid development of technology and the rise of new finance products and players in the fintech industry, banks are pushed to produce new products and innovative services in order to serve their customers and keep abreast of the behaviour of consumers who appreciate the convenience of digital services. In response to this, the Financial Services Authority (Otoritas Jasa Keuangan -- OJK) has issued OJK Regulation No. 12/POJK ...
On 29 September 2020, the Minister of Law and Human Rights (“MOLHR”) issued Minister of Law and Human Rights’ Regulation Number 26 of 2020 on Visas and Stay Permits During the Adaptation to the New Normal Period (“MOLHR Reg. No ...
It is clear that government restrictions and trading difficulties have created an environment in which existing transfer pricing policies will not always be appropriate. The OECD has done well to reach rapid consensus among its members on four key transfer pricing topics, namely: comparability analysis, losses and the allocation of COVID-19-specific costs, government assistance programmes and advance pricing agreements (APAs) ...
With the growing popularity of the Hong Kong open-ended fund company (OFC) structure following revisions to the OFC Code in September 2020, fund managers are increasingly looking at practical considerations when planning ahead on the establishment of new OFCs. One of the key areas is the appointment of the OFC’s board of directors. The key operators of an OFC are the directors, the investment manager and the custodian ...
So called ‘direct agreements’ in the context of debt financing, has the main purpose of establishing a direct contractual relationship between a lender and the borrower’s counterparties for the purpose of enabling the lender to gain control over the borrower’s contracts. Direct agreements are most common for project financings and other facilities where the value of the assets being financed at large depend on the borrower’s contracts. Examples are e.g ...
Changes are coming in 2021 to the eligibility requirements for “Qualified Mortgage” or “QM” loans. The Ability-to-Repay/Qualified Mortgage Rule administered by CFPB (“ATR/QM Rule”) requires a creditor to make a reasonable, good faith determination of a consumer’s ability to repay a residential mortgage loan according to its terms ...
From 1 January 2021, debtors insolvent due to COVID-19 pandemic will benefit from suspension of duty to file for insolvency until 31 January 2021 for companies expecting COVID-19 financial assistance related to November and December 2020 lock-down easier access to protective shield proceedings and self-administration proceedings, shorter prognosis period for over-indebtedness test (four months instead of twelve) SanInsFoG becomes effective 1 January 2020 The Act for the Further
California voters signaled that privacy is a top priority by overwhelmingly approving Proposition 24 on Nov. 3, 2020—the California Privacy Rights Act (CPRA). The CPRA amends and significantly strengthens the recently enacted California Consumer Privacy Act and moves California's privacy laws toward those of the EU General Data Protection Regulation (GDPR) ...
The new Inheritance Act enters into force on 1 January 2021. The law was passed on 15 May 2019 and replaces the current law from 1972. The most important change is pedagogical, as the law has a better language and a clearer structure. The language has been simplified, and terms such as «landowner» and «legatee» have been replaced by the common term «heir» ...
On 10th December 2020, the Central Bank of Nigeria (CBN) issued a circular on “New License Categorisations for the Nigerian Payments System”. The introduction of the policies highlighted in the circular may impact significantly on the fintech landscape in Nigeria as the CBN now clearly sets out the activities that can be carried out by fintechs that operate in the electronic payments system space in Nigeria ...
AELEX POWER SECTOR GUIDE - % ǼLEX Legal .avada-select-parent .select-arrow{background-color:#ffffff}.select-arrow{background-color:#ffffff} With the country proceeding to fundamentally restructure the industry to secure the supply of reliable, affordable and, ultimately, sustainable energy, the Nigerian government has introduced some new policies to curb some of these fundamental limitations ...
With ‘financial assistance’ in this context, we refer to assistance granted by a company in connection with the purchase of the shares in that company or its parent company. The most common example is that a company grants a guarantee or security in connection with the purchaser’s financing of the purchase price for the acquisition of shares in the company ...
It's that time of year again – CLE Compliance season! With the impact of COVID-19, we know many of our clients have found it challenging to meet their annual CLE requirements. Bradley is pleased to offer you a complimentary, online CLE addressing key topics with thought-leading speakers from inside and outside of Bradley. This CLE program includes 1 ethics hour and 2 general hours ...
The CFPB’s debt collection rule goes a long way towards resolving a long standing FDCPA question: How often can I call a debtor? Rather than institute a bright line rule, the CFPB adopted a rebuttable presumption which effectively limits debt collectors (including loan servicers subject to the FDCPA) to placing seven calls in a seven-day period. To further complicate matters, the rule also effectively prohibits calls for seven days after you actually reach a debtor ...
I Banking and Finance The Government of Latvia has approved a business support program that provides for financial measures ensured in cooperation with state development agency Altum. The program is planned to continue until mid-2021. Depending on individual needs, companies, regardless of industry, can use six crisis alleviation programs: Working capital loan – a liquidity support for companies, whose activities have been affected by Covid-19 ...
On November 19, 2020, the Securities and Exchange Commission (SEC) voted 3-2 to adopt additional amendments to Regulation S-K for public companies, including Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A). These amendments reflect the latest development in the SEC’s ongoing disclosure effectiveness initiative, which seeks to modernize and streamline public company disclosure requirements ...
