On January 4, 2023, Law No. 21,521, also known as the "Fintech Law", was published. The new law promotes competition and financial inclusion through innovation and technology in the provision of financial services. Among other amendments, the Fintech Law introduced certain amendments related to the public offering of securities, amending Law No. 18,045, the Securities Market Law ("LMV"), Law No. 18,046, the Corporations Law ("LSA") and the Commercial Code ...
On December 30, 2022, the Asset Management Association of China ("AMAC") issued a consultation draft of the Measures for Registration and Filing of Private Investment Funds (《私募投资基金登记备案办法 (征求意见稿)》) (the "Draft Measures") and the ancillary Guidelines No. 1-3 on private fund manager registration〔i.e. Guideline on Basic Operational Requirements ("Guideline No. 1"), Guideline on Shareholders, Partners and Actual Controllers ("Guideline No ...
After an extremely busy 2021 where the financial markets and the lending sector recovered rapidly from the COVID-hibernation, 2022 has been a turbulent year that did not live up to expectations in terms of activity. With geopolitical unrest, high inflation and rising interest rates as the backdrop, financial markets were volatile and funding costs increased substantially ...
Recently, the China Banking and Insurance Regulatory Commission ("CBIRC") issued the Measures for Regulatory Assessment of Corporate Governance of Banking and Insurance Institutions (the "2022 Measures"), which replace the Measures for Regulatory Assessment on Corporate Governance of Banking and Insurance Institutions (for Trial Implementation) (the "2019 Measures") issued by CBIRC on 25 November 2019 ...
On 23 September the Government announced its ‘Growth Plan 2022’ (Growth Plan). It was intended, the Government said, to tackle rising energy costs, bring down inflation and help businesses and households alike. Instead, it caused a sudden and significant rise in interest rates which caused havoc for defined benefit (DB) pension schemes with liability driven investment (LDI) strategies ...
What are Digital Assets? The Official Bermuda Definition The definition of "digital asset" under Bermuda's Digital Asset Business Act 2018 ("DABA") is: "anything that exists in binary format and comes with the right to use it and includes a digital representation of value that – (a) is used as a medium of exchange, unit of account, or store of value and is not legal tender… &nbs
Financial Services Principles-based sustainable and responsible investment (“SRI”) taxonomy for Malaysian capital market 9th Meeting of Joint Committee on Climate Change (“JC3”) Meeting Revision to Guidelines on the Registration of Venture Capital and Private Equity Corporations and Management Corporations Bank Negara Malaysia issues exposure draft on Capital Adequacy Framework (Basel III — Risk Weighted Assets) — Operationa
The SEC, in a unanimous vote, adopted final rules on December 14, 2022 amending Rule 10b5-1 under the Securities Exchange Act of 1934. Additionally, it includes related amendments concerning disclosures about insider trading policies, disclosures about equity awards made close in time to the disclosure of material nonpublic information and the reporting of gifts by insiders ...
On December 19, 2022, the U.S. Small Business Administration (SBA) issued a proposed rule that, if enacted, will permit prime contractors to receive small-business subcontracting credit for subcontracts at any tier. The deadline for comments on this proposed rule is February 17, 2023. 13 Code of Federal Regulations (C.F.R.) § 125 ...
On 14 December 2022, the People's Bank of China ("PBOC") issued for public comments the Measures for Administration and Supervision of Financial Market Infrastructures (the "FMI Measures"). The public comment period is open until 14 January 2023 ...
Financial Services Exposure draft on licensing framework for digital insurers and takaful operators Amendment to the Guidelines on Recognised Markets Guidelines on Islamic Capital Market Products and Services
The season of goodwill is upon us, with retailers and the press announcing Christmas charity partnerships to raise funds for good causes, but the cost-of-living crisis will still be with us in 2023. Charities are increasingly feeling a greater level of pressure to be the first line of defence as gaps in public services open up and they face a “triple threat” of increasing running costs (in particular, energy bills), rising service demand, and falling incomes ...
In this case the debtor argued the underlying debt was disputed. The Royal Court agreed with Carey Olsen that a claim is not disputed for the purposes of a creditors’ winding up application unless it is the subject of a “substantial dispute”. New regime On 1 March 2022 a new creditor instigated insolvent company winding-up regime came into force in Jersey. Carey Olsen discussed it in detail here ...
One of the common complaints that commercial entities have about international arbitration in Thailand is the costs. Whilst in the past, international arbitration has been promoted as being cheaper than court litigation, in practice this has not always been the case, particularly in the case of complex commercial disputes or investor state arbitration. Third party funding can dramatically change this landscape ...
Jeremy Hunt’s speech on 9th December heralds the (delayed) arrival of the anticipated reform of consumer credit in the UK…and much more. But will the fanfare live up to the industry’s expectations? The financial services sector have faced unprecedented challenges over the last few years, particularly those involved in the provision of consumer credit ...
Just weeks after the “implosion” of cryptocurrency exchange FTX, credit services provider BlockFi filed for Chapter 11 protection with the United States Bankruptcy Court for the District of New Jersey, indicating that it is burdened with billions of dollars of estimated liabilities and more than 100,000 creditors ...
Since the introduction of the second Payment Services Directive, Open Banking has continued to grow in the UK. Estimates put the number of users at 5 million[1] and, more so than ever, there is confidence that Open Banking initiatives are finally making inroads into becoming embedded within the way in which UK consumers use financial services in the UK ...
In the guide, Chambers notes: «I choose to work with them because they are the most active in the scale-up and startup community; they have compassion for new market entrants; and are passionate and know all the domain experts for money and payment institutions.»» says an interviewee. Another interviewee adds: «They are able to quickly understand the technological, economical, and legal aspects ...
Initially published by Thomson Reuters [23 November 2022], Shoosmiths partner Sam Tyfield comments on the implications of the recent call for regulation by cryptocurrency firms. Cryptocurrency firms and lobbyists have reacted to the collapse and bankruptcy of FTX by calling for regulation. When unpacked, however, their pleas to be regulated reveal an industry wanting regulation on its own terms while unwilling to face home truths about its faults and efficacy ...
The Malta Business Registry has published a notice informing the public of a key change to its online website company register portal. Access by the general public to the beneficial ownership details of companies registered with the Malta Business Registry has been removed following a judgement of the Court of Justice of the European Union ...
“In view of the associated risks, it has been decided that, with immediate effect, entities regulated by the Reserve Bank shall not deal in VCs or provide services for facilitating any person or entity in dealing with or settling VCs ...
On 5 October 2022, Bank Negara Malaysia (BNM) and the Securities Commission Malaysia (SC) announced the establishment of the Malaysia International Islamic Financial Centre (MIFC) Leadership Council. The Council serves as a platform to provide industry stewardship in enhancing Malaysia's proposition as a global marketplace and an international gateway for Islamic finance ...
The Firm acted for a corporate licensed Moneylender in an appeal against the High Court decision in Summerhay Development Sdn Bhd v Ivory Ascent Sdn Bhd (2020 1 LNS 1491 and 2020 MLJU 1549) and was successful in overturning the High Court decision in J-02(NCvC)(A)-1095-08/2020. The Court of Appeal’s decision was subsequently affirmed by the Federal Court and the borrower’s motion for leave to appeal was dismissed by the Federal Court (08(f)-415-09/2021(J)) ...
Dear valued clients, colleagues and friends, We are pleased to bring you the latest legal update for October 2022 ...
