Following the entry into force of the Company Service Providers (Amendment) Act 2020 (the "Amendments") on 16 March, 2021 a number of significant amendments have been introduced to the local regulatory framework governing the provision of company services. The most notable amendments consist of the removal of previous exemptions available to warranted professionals and the end of the de minimis rule ...
On January 6, 2021, the Small Business Administration (the “SBA”) and the Department of Treasury released an Interim Final Rule called “Business Loan Program Temporary Changes; Paycheck Protection Second Draw Loans” (“Second Draw Rules”). These rules announced the implementation of section 311 of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the “Economic Aid Act”) ...
The pandemic has, if nothing else, demonstrated how much more needs to be done in the battle against climate change. Despite the worldwide economic slowdown and travel ban resulting from coronavirus, global carbon dioxide emissions reduced by just 6% (approximately 2.3bn tonnes) in 2020. But both governments and industry are responding to the challenge, however, with a renewed sense of urgency and collaborative spirit ...
In this second instalment of our series 'Navigating the new regulatory landscape for Company Service Providers', we take a closer look at the application process for CSPs seeking regulatory authorisation, the appointment of key office holders and applicable exemptions to the new regime. Part 1 of this series can be accessed here ...
General about enterprise penalty In relation to the previous section on enterprise penalty as enshrined in section 48a of the 1902 Penal Code, discussion were had as to whether there was a requirement of Fault-based liability in the provision. In the preparatory work on section 27 of the new Penal Code, this was discussed in depth, after which it in Ot.prp. no. 27, 90 (2003-2004) s. 242 was clearly stated that the new provision should not have such a requirement ...
Those of us who grew up in the 70’s or 80’s may recall the excitement of Marty McFly wandering around in the then distant future of October 2015. Yes, 2015. Just over 5 years ago. ‘Where are the flying cars?!?’, you might be forgiven for asking. ‘And why don’t our Hover Boards, you know, hover?’ It's a common theme. George Orwell’s 1984 never happened as predicted and there’s no Big Brother watching us from a screen on the wall ...
Open banking is an emerging financial services model that focuses on the portability and open availability of customer data held by financial institutions. It involves opening up banking systems, particularly customer data, to third parties to allow them provide services directly to customers ...
On 30 April 2021, the State-owned Assets Supervision and Administration Commission of the State Council (“SASAC”) issued the Circular on Matters Related to Further Strengthening the Administration of Financial Derivatives Businesses (《关于进一步加强金融衍生业务管理有关事项的通知》), which follows SASAC's earlier issuance of a circular on the same topic on 13 January 2020 (namely, the Circular on Matters Related to Effectively Strengthening the Administration of Financial Derivatives Businesses (《关于切实加强金融衍生
Below, you will find the issue of our Banking and Finance and Capital Markets newsletter for the 1st quarter of 2021, which compiles the most significant news in this area. BANKING AND FINANCE I. Banco de Portugal Banco de Portugal press release on the countercyclical capital buffer for the 2nd quarter of 2021. The countercyclical capital buffer percentage in force from 1 April 2021 will remain at 0% of the total amount of exposures (link) ...
The Federal Supreme Court of Brazil concluded the judgment of the lawsuit claiming the unconstitutionality of the sole paragraph of article 40, of the Industrial Property Law, referring to the minimum term of validity of patents in Brazil ...
Living in Uncertain Times More than a year has passed since our lives were turned upside by the outbreak of COVID-19. Across the globe, millions of people have succumbed to the virus and countless businesses have collapsed. In Thailand, although the loss of life has been relatively low, the pandemic has devastated the country’s economy ...
On May 12, Schwabe collaborated with Moss Adams to host a virtual roundtable that explored legal realities around owning and operating a hemp business in Oregon. Schwabe attorneys Lisa Schaures and Joe Hobson were joined by Jacob Crabtree of Columbia Hemp Trading Company, Sunny Summers of the Oregon Department of Agriculture, and Ryan Kuenzi of Moss Adams. Our panelists discussed the evolving nature of the hemp industry at the state and federal level in Oregon ...
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Recently, several African startups have been making positive impact in their communities leading to a number ofcountriesenactingor planning to establish a Startup Act. In this article, our Oluwapelumi Omoniyi examines the benefits of a Startup legislation and considers if Nigeria’s nascent startup ecosystem needs a startup Act ...
Preface On 26 April 2021, the Futures Law of the People’s Republic of China (Draft for Consultation) (“Futures Law (Draft)”) was deliberated at the 28th Meeting of the 13th Standing Committee of the National People’s Congress, and was later issued for public consultation on 29 April 2021, receiving keen, widespread interest of the domestic futures industry and the over-the-counter (“OTC”) derivatives market ...
The internet may be global, but enforcement is always local—and there are plenty of (expensive) ways to find out the wrong way that you should have been doing something where you might not expect it. A typical example is the legal requirement to appoint an EU data protection representative if you’re not based in the EU, or a UK representative if you’re not based in the UK ...
Private open-ended fund companies (OFCs) in Hong Kong are subject to regulation by the Securities and Futures Commission (SFC). The SFC has taken a streamlined approach to regulating private OFCs. (I) High degree of flexibility No investment restrictions: Pursuant to the SFC’s revised Code on Open-Ended Fund Companies (OFC Code) all investment restrictions for private OFCs have been removed ...
Robo-Advisors (sometimes spelt as Robo-Advisers) are digital investment advisory platforms that provide automated, algorithm-driven financial planning services with little to no human supervision. In this article our Oluwapelumi Omoniyi takes a cursory look at the Securities and Exchange Commission’s new rules on Robo-Advisors and highlights the rationale behind the move to regulate Robo-Advisors ...
Since the UK left the EU there have been monumental changes to immigration law that employers should consider while planning future recruitment and team structures. The free movement of people has ended and with it comes the need for EU workers to register under the European Settlement Scheme by 30 June 2021, the Skilled Worker visa and changes to other existing routes under the points-based system and even new routes ...
Florida has joined a growing wave of states offering individuals, businesses and other organizations significant protections against Covid-19-related legal claims. But how does Florida’s new law — “Civil Liability for Damages Relating to Covid-19” (codified at section 768.38, Florida Statutes) — work? And what do businesses need to know — and do — now? The law’s practical effect Begin with the law’s practical effect ...
In early April as the statewide vaccination rate began to rise and major population centers across California began to see significant decreases in positive COVID cases and hospitalization rates, Governor Gavin Newsom announced that the State plans to reopen in full on June 15, 2021. As of the date of this Alert, California has one of the lowest number of COVID cases per 100,000 people and the fourth lowest number of COVID hospitalizations in the United States ...
