Since President Joe Biden’s July 9, 2021, executive order, “Promoting Competition in the American Economy,” there has been a renewed focus and speculation surrounding the Consumer Financial Protection Bureau’s (CFPB) forthcoming rulemaking under Dodd-Frank Act, Section 1033. Many industry leaders are optimistic President Biden’s order and the CFPB’s previous request for comments are a sign the U.S. is moving closer to open banking ...
A few days ago, Law 21,366 was published in the Official Gazette amending Law 20,659 (of May 2013), which created a complete digital system (and parallel to the traditional system of public deed and extract registered in the Registry of Commerce and published in the Official Gazette), to incorporate, modify and dissolve commercial companies. This system, administered by the Registry of Companies and Corporations or "RES" ( www.registrodeempresasysociedades ...
‘Navigating the Fintech Revolution in Thailand’ is the indispensable must-read guide for fintech experts who want to stay up-to-date on all current and future fintech developments and successfully navigate the sector’s many challenges and pitfalls! In this edition, DFDL reports on the current state of fintech in Thailand from a legislative and policy perspective with an overview of the current and future fintech landscape ...
On July 21, 2021, the SEC’s Division of Examinations (the Division) issued a Risk Alert detailing examinations of investment advisers participating in wrap fee programs. The Division conducted over 100 examinations of advisers associated with wrap fee programs generally from two perspectives: (i) advisers serving as portfolio managers in, or sponsors of, wrap fee programs; and (ii) advising client accounts through unaffiliated/third-party wrap fee programs ...
On July 21, 2021, the SEC’s Division of Examinations (the Division) issued a Risk Alert detailing more than 20 examinations of investment advisers who engaged in cross trades, principal trades, or both, involving fixed-income securities as part of the Division’s FIX Initiative. The July 21, 2021, Risk Alert is a follow-up to the Sept ...
Despite the cannabis industry’s explosive growth, many financial institutions have been hesitant to transact with cannabis-related businesses given the ambiguity created by divergent state and federal cannabis laws. The SAFE Banking Act seeks to remove these ambiguities at the federal level and pave the way for more financial institutions to serve the cannabis industry ...
The Green and Sustainable Finance Cross-Agency Steering Group co-chaired by the HKMA and the SFC (Steering Group) announced on 15 July 2021 the next steps to advance its strategy to bolster Hong Kong’s position as a leader in green and sustainable finance and help transition the financial ecosystem towards carbon neutrality ...
On 20 July 2021, the Hong Kong Monetary Authority (HKMA) issued a draft guideline on climate risk management for consultation with the banking industry with comments due by 20 August 2021. The guideline includes expectations on governance, strategy, risk management and disclosure ...
In the recent US case of In Re Citibank August 11, 2020 Wire Transfers (Revlon), the New York federal court held that lenders in a syndicated loan were not obliged to return an erroneous payment made by the syndicated facility agent due to the ‘discharge for value’ principle, which operated as a successful defence to unjust enrichment (click here for the full decision) ...
The freeze partnership is an often overlooked estate tax planning tool. Unlike more common estate tax planning vehicles, the freeze partnership is not a trust and, as the name implies, is a closely-held partnership, limited partnership or LLC (in this article, the term partnership will be used to refer to partnerships, limited partnerships and LLCs) ...
On August 20, 2021, the Personal Information Protection Law of the People’s Republic of China (the “PIPL”) was officially promulgated, which will come into effect on November 1, 2021. The PIPL will become the first systematic and comprehensive law in China that focuses on the protection of personal information ...
Arbitration Rules 2021The Asian International Arbitration Centre (“AIAC”) launched its latest edition of the AIAC Arbitration Rules (“AIAC Rules”) on 1 August 2021. The AIAC Arbitration Rules 2021 (“2021 Rules”) streamline proceedings and embrace the needs of a fast evolving disputes climate ...
In an article published earlier this year, we discussed how the Prevention and Suppression of Money Laundering and Terrorist Financing Law, L.188(I)/2007 (the “AML Law”) was amended in order to harmonise domestic legislation with the 4th and 5th AML Directives (Directives (EU) 2015/849 and 2018/843 and how it introduced, for the first time, provision for the registration of Crypto-Asset Service Providers (“CASPS”) ...
Private equity investors in nursing homes should brace and prepare for an active near-term enforcement environment. Congressional skepticism of private equity involvement in healthcare, developments in False Claims Act cases and Department of Justice priorities all point towards increasing scrutiny of private equity investment in skilled nursing facilities ...
In the wake of the pandemic and social justice movement in 2020, the call for diversifying corporate boards has intensified. On Aug. 6, 2021, the Securities and Exchange Commission (SEC) approved the Nasdaq Stock Market’s (Nasdaq) proposal to amend its listing standards to promote greater board diversity and to require board diversity disclosures for Nasdaq-listed companies ...
On 10 August 2021, Hong Kong’s Securities and Futures Commission (SFC) published consultation conclusions on its proposals to (1) implement an investor identification regime at the trading level for the securities market in Hong Kong and (2) introduce an over-the-counter securities transactions reporting regime for shares listed on the Stock Exchange of Hong Kong (Conclusions). The original consultation paper is available here and the Conclusions are available here ...
On 5 July 2021, the Hong Kong Securities and Futures Commission (SFC) issued a press release which announced that it has reprimanded and fined Mr Raymond Leung Tak Shing (Leung) HK$400,000 for failing to discharge his duties in relation to AML requirements as a member of a licensed firm’s senior management team ...
In a decision that will no doubt come as a great relief to the funds, banking, and asset management industries, the Court of Appeal ruled in Nomura Funds Plc v Collector of Stamp Revenue [2021] HKCA 1040 that a merger effected by way of the universal succession of the merged company (i.e., the surviving company) to the assets and liabilities of the merging company (i.e ...
Home Quarantine Now Possible for Ex-Patriates Imagine having the permission to work in a foreign country and yet being unable to do so as you are prohibited from entry. That has been the dilemma faced by many ex patriates who hold Employment Passes but have been unable to enter Malaysia due to the current restrictions in place ...
In our previous article (Cryptocurrency – The Future of Money), we provided an overview of the key ideas behind cryptocurrency. In this article, we look at how cryptocurrency and digital currency might impact the corporate banking and finance market ...
In our first part of this series, we provided a brief primer on patents. For the second part of our Intellectual Property series, we take a look at trademarks. Trademarks are not generally considered "technology", but the U.S. Patent and Trademark Office ("PTO") is charged with administering them along with patents. Certainly, technology startups must be aware of both of these types of Intellectual Property. The PTO provides a webpage with general information for the public ...
Banking & Finance The Central Bank of Malta Issues Directive 19 on the Use of Cheques and Bank Drafts Directive No 19 ‘on the Use of Cheques and Bank Drafts’ was issued by the Central Bank of Malta on 7th July 2021 with the aim of promoting safe and effective use of cheques and bank drafts drawn on Maltese banks and financial institutions ...
Under the GDPR, transfers of personal data are permitted without restriction to countries that the European Commission (the "EC") has assessed as providing an "adequate" standard of protection for personal data. The current list of countries considered "adequate" is Andorra, Argentina, Canada (for commercial organisations), Faroe Islands, Guernsey, Israel, Isle of Man, Japan, Jersey, New Zealand, Switzerland and Uruguay and the United Kingdom ...
Petunia Products, Inc. owns the BROW BOOST ® trademark, under which it sells a “Billion Dollar Brows” eyebrow primer and conditioner. Petunia recently asserted trademark infringement claims against a skin care products company, which Petunia alleges infringed on its BROW BOOST mark in connection with the name of its product that competes with Petunia’s product, and by using the hashtag #BROWBOOST on social media to promote its product ...
