CANADIAN INVESTMENTS IN CUBATheHelms-Burton Actand its risks for Canadian investors in CubaRecommandations for investorsProspects in the face of the thaw in U.S ...
Federal appeals court gives effect to mortgage servicer’s disclaimers in monthly statements and letters and holds that homeowner is charged with carefully reading them and a basic level of understanding in what they say ...
In several recent years, Hong Kong’s equity capital market has raised the most new funds from IPOs, in some of those years raising more than London and New York combined. A global finance centre There were a number of massive listings in the market before the financial crisis, notably of state owned Chinese banks. These gave a strong impetus to the emergence of Hong Kong as a key financial centre ...
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 Hong Kong Money Authority (HKMA) published a White Paper on 30 June 2020 to set out its recommendations and supervisory expectations on green and sustainable banking around four areas: governance, strategy, risk management and disclosure. The HKMA advised AIs which are subsidiaries of international banks to assess relevance of any parent bank’s climate policy in the context of its Hong Kong operations and ensure that local specialties are addressed ...
It’s crazy. It’s real. It’s awry. A secretly, stupendously rich man falls in love with a poor girl. His mother declares her a gold-digger. Much gnashing of teeth ensues. Beyond its simple rom-com plot, however, the film Crazy Rich Asians has a less palatable aspect to its story: inequality and our apparent acceptance of it ...
As from 1 January 2021 EU law will no longer apply in the UK. In response to questions from our cross-border commercial real estate investor and financier client base, this blog briefly summarises main relevant changes to be taken into account for a Dutch CREF loan agreement, whereby the lender is located in the UK or the loan could be sold or syndicated to lenders located in the UK ...
Economic sanctions The sanctions imposed by the UK, European Union and US following the recent invasion of Ukraine by Russia target the Russian economy. Whilst Russia is the largest country in the world, in terms of the global economy it only made up 3.11% of Global GDP in 2020. The sanctions imposed however will still have wide ranging impacts on all areas of the global market, and can already be seen in dramatically rising energy prices ...
While the SEC’s amendments described in our prior blog post (locatedhere) provide relief to companies in a number of industries – including oil and gas, foreign private issuers, business development companies, and investment funds – we’re taking a closer look at the impact the amendments will have REITs and other real estate companies ...
The recent case of Cooper v Bank of Scotland plc has once again highlighted the problems arising where a lender takes security over a matrimonial home to support the business debts of one of the spouses. In this case, Mrs Cooper argued that she signed the security as a result of misrepresentation by her husband. The Court agreed with this and ordered that the standard security granted by Mrs Cooper over her one half share in the Property was not enforceable ...
In 2013, Virginia Ginni Rometty - CEO of IBM, said “I would like you to think of big data as the next natural resource that can be to our era what steam, electricity and oil were for the Industrial Age." Probably, you have read or heard: Data is the new oil! Data is the new bacon! Data is the new currency! These analogies have become very popular because data is now considered one of the most important commodities ...
Preparing and maintaining statutory company registers can use up valuable resources of the finance department or directors of the company, however if a company is sold it is one of the first documents that the buyers’ solicitors will request. It can be costly, and time consuming to re-create registers and it can hold up any sale ...
In a typical bankruptcy filing, a debtor seeks the benefit of two concepts. First, the debtor seeks the breathing room afforded that debtor by the automatic stay. Second, the debtor seeks to discharge all debt obligations adjudicated in the bankruptcy case. Absent these protections, a bankruptcy filing serves little purpose. As a result, a creditor or trustee who can attack the debtor's entitlement to a discharge threatens the heart of any filing ...
In a judgment rendered in the case of9210-6905 Québec Inc. (proposal of),1the Superior Court of Québec held that an interim receiver is not required to obtain a clearance certificate from the tax authorities before proceeding with the distribution of a debtor's property, and is not subject to personal liability for this reason ...
I. Legal Framework The banking business in the Republic of Panama is regulated by Decree-Law No. 9 of February 26, 1998 and its amendments (the “Banking Law”). The Banking Law created the Superintendency of Banks (the “Superintendency”), which is the government agency in charge of supervising and overseeing banking operations and the exercise of the banking business in the Republic of Panama ...
The sixth edition of The International Capital Markets Review is already available. The Philippine chapter outlines governing laws, legislative bodies, and recent jurisprudence, and also contains information on recent developments in relevant laws and regulations, especially those affecting debt and equity offerings and those affecting derivatives, securitizations and other structured products. The chapter was contributed by SyCipLaw partner Maria Teresa D ...
a recent Superior Court decision rendered in the Province of Quebec is of interest. This decision rendered by Judge Jean-François Emond, sitt ing in Bankruptcy division for the Superior Court in the District of Quebec City, deals with a Progress Payment Agreement and a Mast er Lease Agreement between a financing company, Maxium Financial Services Inc. (hereinafter: “Maxium”) and a golf cart rental company, Desrosiers Golf Inc. (hereinafter: “Desrosiers”) ...
Bankruptcy courts are granted, under Section 105(a) of the Bankruptcy Code, the equitable power to “issue any order, process, or judgment that is necessary or appropriate to carry out the provisions of this title.” The reality of chapter 11 is that complex issues inevitably arise, and these issues will occasionally challenge the traditional methods and tools utilized by debtor’s counsel to craft an appropriate solution ...
On the 12th of July 2022, the Malta Financial Services Authority (the “MFSA”) issued a Consultation Document on the reporting of major ICT-related incidents with a consultation period expiring on the 5th of August 2022. The MFSA worked on introducing an updated major ICT-related incident reporting process that replaces the previous process that was communicated on the 25th of September 2019 entitled ‘Cybersecurity – Threat Mitigation’ ...
Introduction Patented inventions are a large source of revenue in the pharmaceutical industry. Ireland's tax exemption in respect of certain patent royalties, has been one of the driving factors behind investment by pharmaceutical multinationals, principally from the US, in the Irish economy. Irish tax legislation provides an exemption from tax for income derived from "qualifying patents" when received by a person resident in Ireland and not resident in any other country ...
This summer, the IRS significantly increased its efforts to police the taxation of Bitcoin, Ethereum, and other similar cryptocurrencies. On July 26, 2019, the IRS announced that it had begun sending letters to taxpayers who potentially failed to pay cryptocurrency taxes associated with digital currency transactions or failed to properly report those transactions. By the end of August, the IRS anticipates that it will have sent over 10,000 letters to taxpayers ...
The U. S. House of Representatives overwhelmingly passed the JOBS (Jumpstart Our Business Startups) Act Tuesday, March 27, after receiving it from the Senate. The President signed the bill April 5, 2012. The JOBS Act is best known for its crowdfunding provisions, which I will address shortly, but it also is a boon to many community banks. Community banks often are formed with many investors ...
Over the past few years, the Ukrainian agromarket has been rapidly developing. The vast potential of our nation's agricultural sector together with the intensifying situation in the global foodstuffs market has furthered this process. Both international and domestic players have played an active role ...
Crypto assets are assets that exist on a blockchain and are represented through a token, where the keys to the token are held in a crypto wallet. The characteristics of different crypto assets vary, depending on the code of the blockchain they operate on ...
A recent decision by the English High Court emphasises the limited scope of the duties on facility agents arising from standard facility terms. The role of facility agents in these circumstances has been found to be “solely mechanical and administrative” in nature. A link to the full text of the decision can be accessed here ...
