On the 10 May 2023, the FCA published its findings from its review into firms’ approaches to fair value assessments under the new Consumer Duty. In conducting its review, the FCA’s objective was to understand how firms in different sectors are implementing the price and value requirements, in a bid to ensure that the internal supervisory and regulatory approaches within the FCA reflect industry thinking ...
Notification 020/23 was issued by the Accounting and Auditing Regulator (ACAR) on the 12th of May 2023 concerning the Extension to Submit Annual Financial Statements for the 2022 financial year for Enterprises and Non-Profit Organizations that are not subject to independent financial audits ...
The South African banking and finance landscape is continually evolving, driven by changing regulations as well as emerging trends. Recent amendments to the Financial Intelligence Centre Act, 2001 (“FICA”) have brought about new obligations that trustees operating within the sector must be aware of ...
Last Friday, on 12 May 2023, the UAE Ministry of Finance (Ministry) published an Explanatory Guide which provides an explanation of the meaning and intended effect of each article of the Corporate Tax (CT) Law. The Explanatory Guide may be accessedHere ...
On February 23, 2023, the Parliament adopted a new Law of Ukraine "On Collective Agreements and Contracts" (hereinafter - the " Law" ). Most of the provisions of the Law enter into force 6 months after the termination or cancellation of martial law, but we can understand what new this act offers now ...
By imposing the obligations, the regulation aims to end unfair practices and conduct which is harmful to competition and end users by the companies acting as gatekeepers in the online platform economy. Under the DMA, a firm will be considered as a designated gatekeeper if three criteria are met. First, the company must have a significant impact on the European market which is determined by the company’s turnover ...
Corporate flexibility Jersey’s corporate law regime is modern and flexible, providing a wide range of structuring options that can be tailored to the specific needs of the business. This flexibility is particularly useful for companies looking to list in the U.S., as Jersey companies can look and feel very similar to Delaware corporations where that is desirable. Direct listing Jersey companies can list securities in the U.S ...
Although NFTs have existed for a number of years, and have changed the world of merchandise and art, it is worth considering how intellectual property (IP) rights interplay with this asset class. This article considers NFTs in their component parts with a view to understanding how IP law, and specifically the areas of copyright and trade marks, apply. What is an NFT? An NFT stands for non-fungible token and is a digital asset with a unique digital identifier, recorded on a blockchain ...
The Digital Markets, Competition and Consumers Bill ('Bill') has now landed. Its aim is to protect against consumer harms that have materialised following the digital transformation of how we buy goods, services and digital content. What does this mean for consumer protection law? Subscriptions Why? The Competition and Markets Authority (‘CMA’) estimates that consumers spend £1.6 billion a year on subscriptions they do not want [1] ...
On May 2, 2023, by means of Resolution 410 ("Res. 410/2023") the Ministry of the Environment ("MMA") issued a request for information to the producers of priority products, within the framework of Law No. 20,920 ("EPR Law"). The information requested by Res. Ex ...
The Norwegian Government today, ahead of presenting the revised budget for 2023, announced postponed implementation of resource rent tax on onshore wind power. The proposal for a resource rent tax was sent for consultation on 16th December 2022, with the deadline set for 15th March 2023. The initial plan was to implement the tax from 2023, but the effective date is now under review, partly due to feedback received during the consultation period ...
A significant change to the tax treatment of income which is vested by a South African trust in non-resident beneficiaries has been proposed in Annexure C of the 2023 Budget Review (the “Review”), which sets out additional tax amendments for the upcoming legislative cycle ...
“If climate change is a shark, then water is its teeth”. This quote from James P. Bruce, a Canadian hydrogeologist, has never seemed more relevant to the South African context than today in light of recent extreme flooding and drought events. A warmer atmosphere holds more water vapour and when that water is released it can have devastating effects, as parts of Kwa-Zulu Natal experienced in 2022 ...
Applicability of English case law and practice The relevant provisions of the Jersey companies law are based on the UK Companies Act 1985, and are similar to the equivalent provisions in the UK Companies Act 2006 ...
By: Neusha Etemad and Anne Marie Ellis CDA Background Section 230 of the Communications Decency Act (CDA) was enacted in 1996 to provide websites with immunity from liability arising from posting third-party content. For a service provider to be immune, however, the information at issue must be “provided by another information content provider ...
The Securities and Exchange Commission (SEC) has extended the deadline for applications for amnesty for late and non-filing of annual financial statements (AFS), general information sheets (GIS), as well as non-compliance with SEC Memorandum Circular No. 28, series of 2020 (Requirement for Corporations, Partnerships, Associations, and Individuals to Create and/or Designate E-mail Account Address and Cellphone Number for Transactions with the Commission) (MC28) ...
The SEC Division of Examinations (“Examinations”) issued a Risk Alert on April 26, 2023 to highlight the importance of establishing written policies and procedures for safeguarding customer records and information at branch offices. Examinations provides that a branch office includes any location other than a firm’s main office, including offices of any independent contractors through which a firm may offer investment products and services ...
The new framework for assessing non-domestic property rateable values has been set out under the draft Non-Domestic Rating Bill, introduced to Parliament on 23 March 2023 – but only likely to take effect on or after 1 April 2024. As business rates policy is fully devolved, not all of these measures will apply in Wales. The more regular revaluations should keep rateable values closer to market reality ...
The UK government has proposed legislation (Digital Markets, Competition and Consumers Bill - Parliamentary Bills - UK Parliament) that would materially affect merger control for transactions. This comment addresses the proposed changes that would be of concern to those engaged in mergers affecting local markets ...
The European Commission has confirmed that it has started dawn raids at the premises of companies operating in the fashion industry in several Member States. Officers from national competition authorities accompanied Commission officials at these inspections. The Commission has also sent out formal requests for information to such companies ...
On March 21, 2023, Quebec?s Minister of Finance tabled his budget for the 2023-2024 fiscal year. One of the budget?s key measures is the introduction of a new tax holiday in connection with major investment projects. At first glance, the new measure does not appear to be specifically aimed at the mining industry, but some mining companies involved in the extraction of critical and strategic minerals and planning substantial investments in the near future could greatly benefit from it ...
Report of the Department of Environmental Law and Climate Change The human right to a clean, healthy and sustainable environment A/HRC/52/L.7 (un.org) The Human Rights Council of the United Nations General Assembly, at its 52nd session held between February 27 and April 4, 2023, through this document, urged States to: to ...
