The European Union continues to push out new rules aimed at offshore financial centers. Specifically, the Code of Conduct Group (CCG) within the EU’s Economic and Financial Affairs (ECOFIN) Council has determined that jurisdictions that fail to satisfy the CCG’s requirement to end “preferential treatment” for non-resident companies are to be deemed ‘non-cooperative’ and effectively blacklisted ...
The Bahamas has passed legislation requiring that certain legal entities carrying on relevant activities have to demonstrate adequate economic substance in said jurisdiction. The beneficial owners of any company or limited partnership incorporated, registered or continued in The Bahamas should be aware of this legislation and consider how they may be affected. The Commercial Entities (Substance Requirements) Act, 2018 (“CESRA”) came into force on December 31st, 2018 ...
TheScottish Land Commission recently published their reportinto what it describes as the issues associated with largescale and concentrated land ownership in Scotland. The report draws a number of conclusions and makes recommendations to the Scottish Government about potential future legislative change that might have far-reaching consequences for rural land ownership ...
1525, the year in which the city of San Salvador was founded under the orders of Pedro de Alvarado, in Las Bermudas Valley, a place located between the city of Suchitoto and the city of San Pedro Perulapan. At this moment, you may probably be thinking “Las Bermudas Valley? That place does not ring a bell to me, I thought that San Salvador was founded where our current historical city center is located.” The answer is both yes and no at the same time ...
This is to inform you that, on March 18 2019, the Federal Law of the Russian Federation on “Introduction of amendments to the first, second part and Article 1124 of the third part of the Civil Code of the Russian Federation” (the “Law”) was adopted ...
This is to inform you that, on March 18 2019, the Federal Law of the Russian Federation on “Introduction of amendments to the first, second part and Article 1124 of the third part of the Civil Code of the Russian Federation” (the “Law”) was adopted ...
This is to inform you that, on March 18 2019, the Federal Law of the Russian Federation on “Introduction of amendments to the first, second part and Article 1124 of the third part of the Civil Code of the Russian Federation” (the “Law”) was adopted ...
The Internal Revenue Service recently eliminated an inconsistency between the definition of “general public use” for purposes of the low-income housing tax credit (LIHTC) under §42 of the Internal Revenue Code of 1986 (the “Code”) and the definition of “general public use” for purposes of tax-exempt multifamily housing bonds under Code §142(d) ...
The British Virgin Islands (BVI) has passed legislation requiring certain legal entities carrying on relevant activities to demonstrate adequate economic substance in the BVI. The owners of any company or limited partnership registered or incorporated in the BVI should be aware of this legislation and consider how they may be affected. The Economic Substance (Companies and Limited Partnerships) Act, 2018 (the Act) came into force on January 1st, 2019 ...
California Business and Professions Code Section 10083.2 requires the California Department of Real Estate (DRE) to provide information regarding the status of every DRE licensee on its website, including information regarding any disciplinary actions taken by the DRE against a licensee. The purpose of these disclosures is to ensure full transparency concerning information the DRE deems to present a "credible risk" to members of the public. The issue with Section 10083 ...
The IRS recently modernized the public approval process (“TEFRA approval”) for private activity bonds (“bonds”) for TEFRA approvals given on or after April 1, 2019. States and political subdivisions issuing bonds, or on whose behalf bonds are issued (“issuers”), and states and political subdivisions whose geographic jurisdiction contain the site of a project (“hosts”) may take advantage of these new rules ...
On March 13, the Ninth Circuit issued its highly anticipated opinion in HomeAway.com v. City of Santa Monica, upholding the City's ordinance restricting short-term home rentals on popular websites like Airbnb.com. Background In light of the severe housing crisis currently afflicting California, concerns have arisen over the impact of short-term home rentals on the supply of long-term housing ...
No-one enters into a lease of commercial property looking for a fight, but experience has shown it is prudent for the parties to provide for what will happen if a dispute arises. It is common for commercial leases to contain provisions for alternative dispute resolution, by referring any matter to an arbitrator or expert for determination. Such clauses invariably provide that the decision of such arbitrator or expert will be "final and binding on the parties" ...
Many communities in Scotland are all too aware of the problems associated with living next to land or buildings that are lying vacant or derelict, particularlyin urban areaswhere neglected places are often a magnet for anti-social or criminal behaviour,becomingdumping grounds for rubbish,attracting vermin and generally posing a threat to the safety or health of those living or working in the vicinity ...
As seen in Bank Director A bank’s board of directors must answer to a variety of constituencies, including shareholders, regulatory agencies, customers and employees. At times those constituencies may have competing interests or priorities. Other times, what may appear to be competing interests are actually variations of aligned interests ...
We would like to kindly remind you that from 7 January 2019 to 28 March 2019, the Financial Conduct Authority ("FCA") online system ‘Connect’ is open for EEA-based firms and fund managers of EEA-domiciled investment funds (UCITS and AIF) currently passported into the UK to notify the FCA about their intention to participate in the temporary permissions regime (“TPR”) ...
Bank Indonesia (“BI”) recently issued Regulation No. 21/2/PBI/2019 on theReporting of Foreign Exchange Flow Activities (Kegiatan Lalu Lintas Devisa)(“Reg. 21/2”) on 7 January 2019, which came into effect on 1 March 2019. Reg. 21/2 partially revokes BI Regulation No ...
San Francisco Supervisors Aaron Peskin and Rafael Mandelman introduced the "Housing Preservation and Expansion Reform Act" in December 2018, a proposed law which hopes to limit major renovations and demolitions plus limit the size of newly built or newly altered residential structures. The two sponsors believe the current process results in too many larger units and demolitions, and that there is a connection between the two ...
As of January 20th, 2019, San Francisco no longer requires a minimum number of parking spaces in new structures or new uses. This new law applies Citywide to all zoning districts. Previously, the City eliminated the parking requirement in many zoning districts in order to reduce traffic congestion, encourage alternative forms of transportation, and lower the cost to build housing ...
For a long time in Polish business practice it has been unclear whether clauses in construction work contracts that require one party to notify the other of circumstances being grounds for seeking additional remuneration are effective. Clauses of this kind can be found in contracts concluded according to FIDIC standard forms of contracts produced by the Fédération Internationale des Ingénieurs-Conseils ...
This two-part webinar series explores the top construction court cases from 2018, to provide an understanding of the key developments in construction law and adjudication practiceand how these might affect your construction projects and disputes in 2019. 1. S&T (UK) Limited v Grove Developments [2018] EWCA Civ 2448 Grove employed S&T to design and build a new hotel at Heathrow Airport under a JCT Design and Build Contract ...
Issuers and borrowers who enter into continuing disclosure undertakings on or after February 27, 2019 in connection with the offering of municipal securities will be required to report two new material events. The Securities and Exchange Commission (SEC) is implementing the amendment to Rule 15c2-12 of the Securities Exchange Act of 1934 (Rule 15c2-12) by virtue of Release No ...
On 10 January 2019, the Indonesian Government enacted GovernmentRegulation No. 1 of 2019 on Export Proceeds from the Exploitation,Management, and/or Processing of Natural Resources (“GR 1/2019”) ...
On 1 February 2019, the South African Minister of Finance published the Financial Matters Amendment Bill (the “Bill”) containing a long-awaited amendment to section 83 of the Insolvency Act, 1936. Wepreviously discussedthe purpose of the amendment to the Insolvency Act, as well as a number of issues associated with the first draft of the Bill (the “Draft Bill”), which was published on 24 August 2018 ...
When a scion of the investment banking world gets into crypto it is probably worth taking notice. JP Morgan Chase, America's largest bank, has just grabbed everyone's attention with the launch of its very own cryptocurrency, the JPM Coin. JP Morgan intends the internally developed crypto asset to be used in its wholesale payment system, which currently sees daily volumes in the region of $6 trillion ...
