It has been said that, sooner or later, everything old is new again. In the wake of the novel coronavirus pandemic (COVID-19) sweeping the globe in 2020, a heretofore largely overlooked and even less understood nineteenth century legal term has come to the forefront of American jurisprudence: force majeure ...
Over the past month, the SEC has signaled the primacy of ESG in its mission for 2021 and beyond. Seemingly daily, there have been updates regarding ESG initiatives, whether from the Division of Enforcement or the Division of Corporation Finance. This week, it was the Division of Investment Management’s turn ...
Law 7/2021 was published on 26 February and it amends the General Tax Law, the Tax Procedure and Process Code, the General Rules on Tax Infringements, and some other legislative acts. The aim of the new law is to strengthen taxpayers' guarantees and to simplify procedures in tax matters ...
On 14 March 2021, the law of 5 March 2021 on certain rules for the implementation of Regulation (EU) No 2019/1150 of the European Parliament and of the Council of 20 June 2019 on promoting fairness and transparency for business users of online intermediation services (the “P2B Regulation”) (hereinafter the “Law”) entered into force ...
U.S. capital markets are beginning to experience the effects of the passage of the Holding Foreign Companies Accountable Act (HFCAA). Amid continuing tensions between the United States and China, then-President Trump signed the HFCAA into law on December 18, 2020. The HFCAA was introduced in the United States Senate on March 28, 2019 by Senator John Kennedy (R-LA) and Senator Chris Van Hollen (D-MD). The HFCAA passed the Senate by unanimous consent on May 20, 2020 ...
On March 11th, 2021, the National Consumer Service (hereinafter “ SERNAC ”) published a new interpretative circular which sets rules for the notification of breaches regarding financial portability and other monitoring data (the “ Circular ”). The Circular revokes SERNAC's Exempt Resolution No ...
Hanson Bridgett has long been a visionary in promoting social and environmental change. That innovative spirit is what led them to become the first law firm certified as a B Corporation and a leading advocate for what has now become a global social movement. The California law firm is one of the founding members of B Corporation, a business model created in 2006 that enables companies to include a social as well as financial agenda in their legal structure ...
The National Information Technology Development Agency (NITDA) has extended the timeline for filing the 2021 data audit report from 15 March 2021 till 30 June 2021. In 2019, the National Information Technology and Development Agency (‘NITDA’) issued the Nigerian Data Protection Regulation (‘NDPR’) ...
Corporate & Commercial Recognition of UK Insolvency Proceedings in Malta Post-BrexitSimon Pullicino comments on the impact of Brexit with respect to cross-border insolvency and the implications for the recognition and enforcement of UK proceedings in Malta and vice-versa ...
Introduction: On February 7, 2021, the State Council Anti-monopoly Commission (the “Commission”) promulgated the Anti-Monopoly Guidelines for the Platform Economy (the “Guidelines”), following only three months after the State Administration for Market Regulation (“SAMR”) issued an exposure draft of the same on November 10, 2020 (the “Exposure Draft”), which unveiled a more rigorous approach to anti-monopoly regulation ...
The Malaysian Bar had challenged the DGIR’s power to undertake tax audits on the clients’ accounts of law firms on the basis that it contravened legal professional privilege ...
The deficits being generated by the emergency measures that the federal and provincial governments have implemented since March 2020 are a reminder of the magnitude of our governments' pre-crisis deficits. This situation will inevitably lead to a greater tax burden for businesses and individuals at some point ...
The Insurance Authority has now gazetted the Insurance (Special Purpose Business) Rules. They will come into effect on 29th March, 2021, the same day as the Insurance (Amendment) Ordinance which makes provision for special purpose insurers (see our Client Alert dated 27 May 2020 regarding special purpose insurers). The Rules restrict the sale of insurance linked securities. Insurance linked securities are securities issued through insurance securitisation i.e ...
On Wednesday, March 10, 2021, Supreme Decree N° 007-2021-VIVIENDA was published in the Official Gazette “El Peruano”, which established a three-month deadline for the submission of Cofinanced Private Initiatives (“IPC”) on investment projects for sanitation services ...
FINANCIAL SERVICES BNM announces new funds for SMEs On 5 February 2021, Bank Negara Malaysia ("BNM") announced: an additional RM2 billion for the Targeted Relief and Recovery Facility (“TRRF”); the establishment of a RM200 million Disaster Relief Facility (“DRF”) 2021. TRRF The TRRF was a facility announced in the Budget 2021, established to assist eligible SMEs in the services sector ...
On March 2, 2021, Virginia Governor Ralph Northam signed the Consumer Data Protection Act (CDPA or law) into law. This makes Virginia the second state, behind California, to adopt a comprehensive consumer data privacy law. Like the California Privacy Rights Act (CPRA) and EU General Data Protection Regulation (GDPR), the CDPA creates a number of privacy obligations for businesses and gives Virginia consumers more control over their personal data. The CDPA takes effect on Jan ...
On the 4th March 2021, the Seventh Chamber of the Court of Justice of the European Union issued its decision on an important matter related to the breach of ambient air quality legislation by the UK government (European Commission v. United Kingdom of Great Britain and Northern Ireland, c-664/18). This case is only one among several others filed by the Commission against EU Member States, including France, Italy, Bulgaria and Hungary ...
Preparing and maintaining statutory company registers can use up valuable resources of the finance department or directors of the company, however if a company is sold it is one of the first documents that the buyers’ solicitors will request. It can be costly, and time consuming to re-create registers and it can hold up any sale ...
The Chancellor announced the first eight Freeport locations: Solent, East Midlands Airport, Felixstowe & Harwich, Humber, Liverpool City Region, Plymouth and South Devon, Teesside and Thames ...
From 1 April 2021, a 2% Stamp Duty Land Tax (SDLT) surcharge will apply to non-UK residents purchasing residential property in England & Northern Ireland. However, what is meant by a non-UK resident in these circumstances can result in some surprising outcomes ...
With the new year comes a new president. Will the new year and administration also bring new water policy? Bet on it. Just as President Trump undid President Obama’s signature water policy decision—the Clean Water Rule, which clarified and arguably expanded federal water permitting jurisdiction—President Biden is likely to rewind many of President Trump’s water policy (and, more generally, environmental policy) decisions over the next four or more years ...
The period for filing complaints to challenge 2020 property tax values in Ohio ends on March 31, 2021. For properties assessed in a 2020 county reappraisal or update, a reduction in the 2020 value may offer greater tax savings now than at any point for the next three tax years. However, the potential impact of COVID-19 on tax year 2021 values must be carefully considered ...
The SyCipLaw T.I.P.S. for February covers the following tax issues: 1. What are the new and simplified guidelines and procedures on the use of Computerized Accounting Systems, Computerized Books of Account, and/or its Components, including Electronic Storage System? The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Order No. 9-2021 (RMO No ...
This publication is part of a DFDL series focusing on Corporate Insolvency Regime in consideration of the COVID-19 outbreak in Asia. DFDL published the previous editions in a series of tailor-made FAQs on restructuring and insolvency matters that businesses and stakeholders need to keep track of in Cambodia, Indonesia, the Lao PDR, Myanmar, the Philippines, Thailand and Vietnam ...
