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 ...
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 ...
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 ...
ICE Benchmark Administration, the British-based LIBOR administrator, announced that it intends to cease the publication of the one-week and two month U.S. Dollar LIBOR settings immediately after December 31, 2021, and the other U.S. Dollar LIBOR settings immediately after June 20, 2023. Accordingly, on November 30, the U.S ...
During the 2019 legislative session, California enacted SB 908 - the Debt Collection Licensing Act, Financial Code Division 25, Sections 100000, et seq., requiring consumer debt collectors who are collecting on their own account or the account of others, including debt buyers, to be licensed beginning January 1, 2022 ...
Back to 2020 - Forward to 2021 2020 was a busy year – and a uniquely challenging one to say the least. Legal and regulatory changes, many of them linked to the COVID-19 crisis, have impacted your business and will continue to impact it in the new year. That is why we are pleased to provide you with an overview of the major recent legal and regulatory developments that have taken place under Luxembourg and EU law ...
What is it? A group account system (Nw: konsernkonto) («GAS«) is a technical solution a bank may offer its customers that simplifies the process for lending amounts within the customer’s group. It can be a useful tool for managing and controlling the liquidity in the group and ensuring flexibility for allocating liquidity within the various participating group members ...
The German government has decided to block the proposed acquisition of IMST GmbH, a German company active in satellite and radar technology, by China Aerospace Science and Industry Corporation (CASIC). Foreign investment control regulations have been tightened by various amendments in 2020 ...
In the recent judgment of The Center (76) Limited V Victory Serviced Office (HK) Limited HCA 1020/2020; [2020] HKCFI 2881, the Hong Kong Court of First Instance rejected a tenant’s argument that the tenancy agreement was frustrated due to the COVID-19 pandemic and social disruption ...
In a notable decision interpreting the March 2020 Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Bankruptcy Court for the Middle District of Alabama held that Chapter 13 debtors behind on their payments before March 2020 may seek modification of their plan if they suffered from COVID-19 related financial distress. In In re Fowler, No. 16-31791; In re Lewis, No. 19-32243, 2020 WL 6701366 (Bankr. M.D. Ala. Nov. 13, 2020), Bankruptcy Judge William R ...
Regional Insights [VIDEO] Salary Arrangements & Restructuring in the Time of COVID-19: Market Views & Legal Implementation Watch our latest video to gain a clearer view on the salary arrangement options available to human resources departments in light of the disruption caused by the COVID-19 global pandemic ...
A registered trademark in the British Virgin Islands is transmissible in the same way as other personal or moveable property. Transmission can be completed by assignment, testamentary disposition, or operation of law. When a trademark is assigned, the owner’s right, title, and interest with respect to the trademark is transferred to the new owner ...
British Virgin Islands entities and structures are frequently used to hold assets located onshore, outside the BVI. Sometimes these assets represent the proceeds of wrong-doing including breach of fiduciary duty, breach of express trust, or pure fraud. The vast majority of the 400,000 active BVI companies on the register tend to be holding companies, holding real property, investments, or shares in other companies including shares in trading companies ...
DISPUTE RESOLUTION The National Code (Revised 2020) Act 828 (“the Act”) came into force on 15 November 2020. It replaces its predecessor the National Land Code (Act 56 of 1965) that was in force since 1 January 1966. The Act was revised by the Commissioner of Law Revision under the authority of the Revision of Laws Act 1968 ...
Trademark owners with registrations in EU where the UK is designated should soon receive notification for treatment of registrations and applications following the Brexit transition period. The Brexit transitional period, during which EU laws and rights have continued in force in the UK, will end on December 31, 2020. Thereafter, EU Trade Mark and Design applications and registrations (and designations of the EU) will only cover the remaining 27 EU member states ...
On November 18, 2020, the IRS released Revenue Ruling 2020-27 stating that a taxpayer who received a Paycheck Protection Program (PPP) loan cannot deduct eligible business expenses (i.e., payroll costs, mortgage loan interest, rent payments and utility payments) paid or incurred in 2020 during the covered period (as defined below) if the taxpayer reasonably expects that the PPP loan will be forgiven in the future ...
Vassily Rudomino, Senior partner of ALRUD, Ksenia Tarkhova and Ruslana Karimova, Senior associate of ALRUD, Roman Vedernikov, Associate of ALRUD, and Anastasia Kayukova, ALRUD Senior attorney, prepared an article for the eighth edition of 'The Foreign Investment Regulation Review' by Law Business Research. This review focuses on the main aspects of foreign investment regulation in various jurisdictions ...
On November 12, 2020, just one day after the European Data Protection Board (“EDPB”) published its recommendations on additional measures for data transfers to third countries (Recommendation 01/2020), the European Commission published a draft of the long-awaited updated Standard Contractual Clauses (“SCCs”). Under Art. 46 GDPR, these can serve as the basis for data transfers to third countries without an adequacy decision ...
