Back in November 2020, we reported the CA Department of Financial Protection and Innovation (“CA DFPI”) as administrator of the California Financing Law (CFL) License had published a third round of proposed rules to transition the CFL License administration to the Nationwide Multistate Licensing System (NMLS) electronic portal. The target date for completing this transition would be July 1, 2021 ...
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 ...
The recently enacted Securities and Investment Business Act, 2010 (“SIBA”) of the British Virgin Islands (“BVI”) will come into effect on 17 May 2010 ...
In two recent decisions from the BVI, the Eastern Caribbean Court of Appeal has provided useful clarity on the application and scope of the Duomatic principle. In particular, the Court addressed the evidentiary standard for establishing Duomatic assent, as well as whether the Duomatic principle gave a sole beneficial owner a "power" over which receivers could be appointed ...
British Virgin Islands (BVI) companies are commonly used in the UAE by investors to hold real estate properties and/or shares in UAE companies. Investors need to be aware of a recently enacted BVI law, the Economic Substance (Companies and Limited Partnerships) Act, 2018 (the Law), which introduces economic substance requirements in the BVI ...
Contents Legal and Enforcement Frameworks Blockchain Market Cryptocurrencies Smart Contracts Data and Privacy Cybersecurity Intellectual Property Trends and Predictions Tips and Traps Legal and Enforcement Framework What general regulatory regimes and issues should blockchain developers consider when building the governance framework for the operation of blockchain/distributed ledger technology protocols? Fintech legislation and guidance notes: The British Virgin Island
If you a trader, financial analyst or other financial technocrat and are thinking of setting up a fund, then the British Virgins Islands is probably your best bet. In today’s financial environment, investor capital for a start up fund can be hard to come by ...
BVI annual returns - frequently asked questions 1. What information needs to be included in the annual return? The annual return needs to provide a basic balance sheet and income (profit and loss) statement. The form of annual return is prescribed by statute, a copy of which can be found here. 2. When does the first annual return need to be filed? A Company must file its first annual return within 9 months of its fiscal year end ...
As the financial services sector has developed and adopted technology, there has been a significant growth in Deferred Payment Credit, more commonly referred to as ‘Buy Now, Pay Later’ (“BNPL”) by consumers. Demonstrating the scale of growth, news outlets have recently reported that over £10 billion has been lent to consumers by BNPL companies in the last three years ...
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law March 27, 2020, provides $2 trillion in relief funds for individuals and businesses, including $500 billion in direct aid for large companies and more than $300 billion for small companies. Businesses applying for and receiving funds under the CARES Act should be mindful of risks associated with stringent government oversight and inevitable investigations targeting waste, fraud, and abuse ...
In May 2021, the total value of cryptocurrency globally surpassed USD $2.5 trillion, and continues its emergence as a new asset class.[1] Governments in Canada and around the world are updating regulatory requirements in response to the new innovations in financial technologies. Historically, there has been regulatory uncertainty surrounding cryptocurrencies in Canada ...
The landmark CARES Act provides many Alabama employers with several options to increase liquidity and cash flow during the time of the COVID-19 pandemic. And only nine days before that legislation was enacted, the Families First Coronavirus Response Act (FFCRA) also created two other payroll tax-related incentives for certain employers, and self-employed individuals ...
The movement of information across national borders drives today’s global economy. Cross-border data transfers allow businesses and consumers access to the best available technology and services, wherever those resources may be located around the world. The free-flow of data across borders benefits all industry sectors, from manufacturing to financial services, education, health care and beyond ...
The government has started the announce the dismantling of certain Covid19 measures and from Monday, April 27, 2020, itnow allows business trips for foreigners to the Czech Republic, in respect of which entrepreneurs have been repeatedly demanding. However, it set a number of conditions and rules ...
Almost exactly a decade ago, on August 5, 2004, the United States signed the Dominican Republic-Central America-United States Free Trade Agreement ("DR-CAFTA") with the Dominican Republic and five Central American counties (Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua)> The DR-CAFTA, which was the very first free trade agreement between the United States and a group of smaller developing economies, entered into force for the United State, El Salvador, Guatemala, Honduras,
There is a growing consensus among business stakeholders and society at large that mere compliance with legal rules is not enough tolive up to the requirements of business integrity. Moreover, legal rules often use vague concepts and ethics are also useful to give concrete expression to the required practices ...
Business in Bulgaria is experiencing a challenging legal environment in the context of rapidly changing emergency measures dealing with the COVID-19 pandemic. We have prepared a summary of the key legal measures affecting business in the BULGARIA COVID-19 TRACKER. It will be updated daily, as necessary. Please check regularly for updates. If you have questions, please contact a member of our C19 Task Force ...
The Charity Commission focuses on charities meeting “public expectation”, but they also need to remain true to their stated purpose, even when doing so may prove controversial. A report on our colonial past The National Trust has acted in accordance with its charitable objects. This shouldn’t be headline news, but it has been for the last six months ...
The Finance Bill 2013 makes changes to the rules applying entrepreneurs' relief (ER) to the disposal by an employee or officer of a company, on or after 6 April 2013, of shares meeting the requirements of the enterprise management incentive (EMI) scheme. Details ER enables shareholders of companies to sell their shares at a capital gains tax rate of only 10% for lifetime gains of up to £10m ...
The Government of Malta reaffirmed its commitment to establishing Malta as a go-to jurisdiction for start-ups in its Budget for 2023. During the budget speech that was delivered on 24th October 2022, the Minister for Finance and Employment, Hon. Clyde Caruana announced that a one-stop shop for start-ups is set to be launched within the “Start in Malta” programme currently run by the Malta Enterprise ...
The Government has announced radical changes which are likely to significantly affect the way in which people access and use their pension savings in the UK ...
On May 22, Treasury issued a new Interim Final Rule (“IFR”) regarding Small Business Administration (“SBA”) Payroll Protection Program (”PPP”) loan forgiveness. Much of the IFR repeats information previously published by Treasury and SBA in the loan forgiveness form application and accompanying instructions. See March 19, 2020 Buchalter Client Alert COVID-19: Treasury Issues Application for SBA PPP Loan Forgiveness ...
On November 17, 2020, the San Francisco Board of Supervisors unanimously approved an extension to the commercial eviction moratorium that had been previously enacted and extended on a month-to-month basis by mayoral declaration. The new commercial eviction ordinance (the “Ordinance”) keeps the majority of the terms of the current moratorium in effect, while providing a new four-tiered system for qualified tenants for repayment of deferred rent ...
