On August 5, 2022, in compliance with the mandate set forth in the new article 19 ter of the law 18,010, on money lending operations, the Financial Market Commission (“FMC”) published, , the General Rule No. 484, with the purpose of regulating the requirements, rules and conditions that the money lending operations granted by entities subject to its supervision or oversight must fulfil (the “GR 484”) ...
With the lifting of the restrictions on the presentation of winding up petitions, and the likely cash flow pressures caused by price inflation, it is widely anticipated that we will see an increase in the number of companies subject to winding up proceedings ...
This article explores the importance of protecting your cryptocurrency investment by having access to the ‘private key’. Without it, you are not really in control of that cryptocurrency and can’t prove you are the true ‘owner’ of it. Crypto, cryptocurrencies, NFTs, blockchain – exciting, enticing, and quickly becoming a favoured source of investment ...
Dear valued clients, colleagues and friends, We are pleased to bring you the latest legal updates for July 2022. Financial Services Bank Negara Malaysia issues new policy documents for Money Services Business Tax & Revenue Income Tax (Exemption) (No. 5) Order 2022 Income Tax (Exemption) (No. 6) Order 2022 Time Limit for Unabsorbed Adjusted Business Losses Carried Forward (Public Ruling No ...
In order to provide clarity regarding the tax obligations of financial technology providers and users in Indonesia, Indonesia’s Minister of Finance (“MOF”) issued MOF Regulation No. 69/PMK.03/2022 on the Income Tax and Value Added Tax on the Organization of Financial Technology (“MOF Reg 69/2022”) on 30 March 2022, which came into force on 1 May 2022 ...
Background The Malta Financial Services Authority has informed investment firms of the amendments carried out to Part BI of the investment services rules for Investment Services Providers. These amendments seek to implement the provisions of the Commission Delegated Regulation (EU) 2021/1253 ...
We publish the new edition of the newsletter on Banking and Finance, Capital Markets and Insurance Law in Angola for the 2nd quarter of 2022 brings together the most significant new developments in these areas. In this newsletter, you can find legislative news regarding the National Bank of Angola, President of the Republic, Government/Parliament and CMC ...
Commission Delegated Regulation (EU) 2022/1288 On 25 July, Commission Delegated Regulation (EU) 2022/1288 of 6 April 2022 supplementing Regulation (EU) 2019/2088 of the European Parliament and of the Council (“Delegated Regulation”) was published at the Official Journal of the European Union. The Delegated Regulation adopts Level 2 regulation on the sustainability-related disclosures in the financial services regulation, or SFDR, which enters into force on 1 January 2023 ...
Background The Malta Financial Services Authority has recently introduced changes to the investment services rulebooks for Undertakings for Collective Investment in Transferable Securities (UCITS) management companies (ManCos) and Alternative Investment Fund Managers (AIFMs) to: (i) transpose the Commission Delegated Directive (EU) 2021/1270 amending Directive 2010/43/EU (1) as regards the sustainability risks and sustainability factors to be taken into account fo
Peerasanti Somritutai, partner and head of the real estate practice of Kudun and Partners, represented the firm as a panelist in a webinar organized by the Legal & Tourism Hospitality Committees of the American Chamber of Commerce in Thailand (AMCHAM), to share his commercial and legal insights in relation to the topic “Financing the Return of Thailand’s Hospitality Sector” ...
Dear valued clients, colleagues and friends, We are pleased to bring you the latest issue our quarterly Newsletter, we hope that you will continue to find its contents of value to you ...
Houst’s Restructuring Plan was sanctioned last week. It was notable because of its size, that is, the company is very small compared with the financial giants which have used the process so far - and because it used the cram-down facility to overrule HMRC in its status as a secondary preferential creditor ...
Dear valued clients, colleagues and friends, We are pleased to bring you the latest legal updates for July 2022. Financial Services On 30 June 2022, Bank Negara Malaysia issued a policy document on Bancassurance/Bancatakaful. The policy document shall come into effect on 1 January 2023 (except paragraphs 9.12 to 9.14 which have come into effect from 30 June 2022) ...
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Prior to the Amendment Prior to the Amendment coming into effect, a person carrying out investment business in or from Bermuda was required to be licensed under the IBA unless they were excluded in accordance with the provisions the IBA or exempt pursuant to the Investment Business (Exemptions) Order 2004 (2004 Order). Investment business was defined in the IBA as the undertaking of a relevant activity (i.e. dealing or advising on) in respect of an investment (i.e ...
The Royal Decree No. 750 (B.E. 2565) issued under the Revenue Code regarding income tax exemption on investment in Thai startups (the “Royal Decree”) was recently published in the Government Gazette, in cases where the funding for the startups is provided directly or indirectly through Venture Capital (VC), Corporate Venture Capital (CVC), or private equity trust (PE Trust). This Royal Decree aims to unlock capital gains tax on investment in startups under the Royal Decree No ...
Ohio Record-Retention Rules: How can banks defend themselves after purging account records that are essential to a future lawsuit? An Ohio customer walks into her local branch and demands access to the contents of her safe deposit box. She presents a key and a one-year lease, capable of annual renewal, from 2005. But the key not only fails to open the box – it does not even fit in the lock. And when you search for records of the lease, you find nothing ...
Further in their specialist series Chambers and Partners have launched this year’s guide for professional advisers to wealthy individuals and organisations, providing objective guidance on an international scale. The in-depth analysis covers trends within the private client market and has ranked the leading lawyers and law firms for international private wealth ...
Simonsen Vogt Wiig has lately experienced an exceptional increase in new transactions within the offshore supply market. The traditional corporate lending, real estate and shipping markets have also stayed strong with a high volume of transactions with both banks and an increasing number of alternative project-based funding sources ...
The Moveable Transactions (Scotland) Bill was recently introduced to the Scottish Parliament. The reforms in the Bill relate to assignation outright or for security purposes of broadly defined “claims” and to fixed security over corporeal (tangible) moveables and intellectual property - and the new fixed security regime is likely to be extended to shares and other incorporeal (intangible) moveables ...
Background Overseas investors’ participation in the China Inter-bank Bond Market (CIBM) has been steadily increasing in recent years due to the implementation of various opening-up regimes that allow access to the CIBM, such as the CIBM Direct, Bond Connect and QFI regimes, and the inclusion of China bonds in major international indices. At the end of 2021, overseas investors held RMB bonds of RMB 4 trillion, accounting for about 3.5% of the total market size of the CIBM ...
The essence of a service charge is that the landlord provides certain services and facilities for the benefit of the occupiers of a multi-let building and the occupiers collectively reimburse the landlord for those costs by paying a fair proportion of the costs of those services ...
