The Federal government’s COVID emergency loan programs and credit facilities have moved into critical new phases. As highlighted by the recent media focus on the new SBA PPP Forgiveness Questionnaire for borrowers, both borrowers and lenders face new and challenging issues regarding these loan programs, particularly PPP loans and the Main Street Loan Program. PPP Loan Program – For most borrowers, the time period for spending PPP loan proceeds has expired ...
The Federal government’s COVID emergency loan programs and credit facilities have moved into critical new phases. As highlighted by the recent media focus on the new SBA PPP Forgiveness Questionnaire for borrowers, both borrowers and lenders face new and challenging issues regarding these loan programs, particularly PPP loans and the Main Street Loan Program. PPP Loan Program – For most borrowers, the time period for spending PPP loan proceeds has expired ...
The legal status of CBD, a naturally occurring compound found in the cannabis plant, is murky. Certain Member States are more restrictive about it than others. The Court of Justice of the EU has very recently provided clarification in the context of a preliminary ruling (case C-663/18 of 19 November 2020). This case revolves around CBD’s ban in France, after it had been imported from the Czech Republic where it was lawfully produced ...
Following a decision of the Hamburg Regional Labour Court, the works council has an enforceable right of co-determination with the definition of staffing ratios – in accordance with § 87 exp. 1 No. 7 BetrVG. The co-determination right aims at avoiding an otherwise health-endangering overloading of the personnel ...
Regional Labor Court Mecklenburg-Vorpommern, ruling of July 30, 2019, 5 Sa 233/18 It is up to the employer to decide how to react to a conflict situation in the company, regardless of the causes and responsibilities of the disputants. FACTS The parties dispute over the validity of transferring the plaintiff to another workplace to resolve an interpersonal conflict ...
In the recent judgment of Leung Kwok Hung (also known as “Long Hair”) v. Commissioner of Correctional Services [2020] HKCFA 37, the Court of Final Appeal (CFA) ruled in favour of Leung Kwok Hung (Leung) in his fight against the Commissioner of Correctional Services (Commissioner). After being convicted and sentenced to imprisonment, Leung, the appellant, was required to have his hair cut at Lai Chi Kok Reception Centre pursuant to Standing Order 41-05 ...
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Hong Kong has in recent times seen an increasing use of remote on-boarding of customers by banks as a result of COVID-19. Banks are generally required to pay more attention to the remote on-boarding assessment of corporate customers as opposed to individual ones due to the higher money laundering and terrorist financing risks associated with corporate vehicles ...
In September 2020, the Hong Kong Monetary Authority (“HKMA”) issued the Guideline explaining the HKMA’s interpretation of some of his oversight requirements under the Payment Systems and Stored Value Facilities Ordinance (“PSSVFO”) relating to designated Retail Payment Systems (“Designated RPS”) so as to assist system operators (“SO”) or settlement institutions (“SI”) of Designated RPS to understand and comply with such requiremen
On 21 August 2020, the HKIMR, the research arm of the Hong Kong Academy of Finance, released its second report, entitled “Artificial Intelligence in Banking: The Changing Landscape in Compliance and Supervision”. The report is intended as a starting point for understanding the broad implications of Artificial Intelligence (“AI”) adoption in the banking industry, as well as in relation to compliance and supervision ...
The FSB, the organisation that coordinates the development of effective regulatory, supervisory and other financial sector policies at an international level, published its final report on the regulation, supervision and oversight of global stablecoin (“GSC”) arrangements (“Final Report”) in October 2020 ...
Hong Kong has in recent times seen an increasing use of remote on-boarding of customers by banks as a result of COVID-19. Banks are generally required to pay more attention to the remote on-boarding assessment of corporate customers as opposed to individual ones due to the higher money laundering and terrorist financing risks associated with corporate vehicles ...
On November 25, 2020, the Brazilian Senate approved Bill of Law No 4,458/2020 ("BL 4458"), which amends Law No 11,101/2005 ("BBL"), to update the legislation regarding the judicial reorganization, pre-packaged reorganization and bankruptcy liquidation of businessmen and companies. BL 4458, which provisions have already been approved by the House of Representatives, will now be sanctioned by the President ...
On 18 November 2020, the Luxembourg Competition Council issued decisions against German biscuit manufacturer Bahlsen, as well as against the Luxembourg supermarket outlet Cactus and the internationally active Auchan and Delhaize groups for engaging in resale price maintenance agreements and distorting competition on the Luxembourg market. The decisions impose fines of in total EUR 3,3 million and mark the end of a five year long investigation process.Legal FrameworkArt ...
The Centers for Disease Control and Prevention has expanded the definition of close contact to now evaluate exposure cumulatively over a 24-hour period such that “15 cumulative minutes of exposure at a distance of 6 feet or less can be used as an operational definition for contact investigation,”[1] Because the newly expanded definition is not limited, it impacts many different industries (inclu
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 ...
The California Department of Financial Protection and Innovation (fka Department of Business Oversight) is one step closer to issuing final regulations that would impose new early disclosure requirements on covered commercial lenders that are CFL licensed or subject to CFL licensing. On September 11, 2020, DFPI issued 4th Round Proposed Commercial Loan Disclosures. The DFPI's rulemaking is required by California Financial Code 22804 after California enacted SB 1235 in 2018 ...
On Nov. 19, 2020, the Office of Compliance Inspections and Examinations (OCIE) issued a new Risk Alert focusing on common compliance deficiencies relating to the Advisers Act and Rule 206(4)-7, otherwise known as the Compliance Rule. As a brief refresher, the Compliance Rule requires advisers to adopt and implement written policies and procedures reasonably designed to prevent violations of the Advisers Act ...
Following the issuance of new rules governing the Qualified Foreign Investors (QFI) regime in September 2020 (New QFI Rules, for more information, you may refer to our earlier article here), China equities and futures trading exchanges (including the Shanghai Stock Exchange (SSE), the Shenzhen Stock Exchange (SZSE), the National Equities Exchange and Quotations (NEEQ) and the China Financial Futures Exchange (CFFEX)) issued new implementation rules for QFIs at the end of October ...
Hong Kong’s Securities and Futures Commission (SFC) issued a circular last year (the Circular) in recognition of the increasing use of electronic data storage (cloud storage) for record keeping purposes. The Circular was intended to provide licensed corporations with greater flexibility in keeping regulatory records with electronic data service providers (EDSPs), as well as to clarify their general obligations in relation to electronic data ...
Hong Kong’s Mandatory Provident Fund Schemes Authority (MPFA) revised the Guidelines on Approved Exchanges (Guidelines III.4) with effect from 13 November 2020, adding Shanghai Stock Exchange, Shenzhen Stock Exchange, Indonesia Stock Exchange and Warsaw Stock Exchange (Additional Exchanges) to the list of approved stock exchanges for the purpose of the Mandatory Provident Fund Schemes (General) Regulation (Regulation) ...
Private open-ended fund companies (OFCs) can now appoint intermediaries licensed or registered for type 1 (dealing in securities) regulated activities by the Securities and Futures Commission (SFC) to act as custodians (T1 Intermediary Custodian), aligning custody and prime brokerage arrangements with major overseas fund jurisdictions ...
Hong Kong’s Financial Services and Treasury Bureau (FSTB) issued a public consultation paper on 3 November 2020 (Consultation) proposing the introduction of a licensing regime for virtual asset services providers (VASPs), as well as other changes to Hong Kong’s anti-money laundering regime ...
On 29 October 2020, Hong Kong’s Securities and Futures Commission (SFC) published its Consultation Paper on the Management and Disclosure of Climate-related Risks by Fund Managers (Consultation) which proposes new mandatory requirements for Hong Kong fund managers of collective investment schemes around climate-related risks ...
With the Universal Community Testing Programme for COVID-19 detection by the Hong Kong Government and temperature screening in the workplace, the collection and use of biometric data (such as DNA samples, fingerprints and facial images) have raised concerns among the public. In August 2020, the Privacy Commissioner (PC) has updated its guidance note on how data users should collect and use biometric data in compliance with the Personal Data (Privacy) Ordinance (Guidance Note) ...
