Blockchain, a type of distributed ledger technology, has garnered heightened interest as a secure method to conduct transactions. In this article, we provide an introduction to blockchain and its uses. In later articles, we will explore how this technology is being implemented to transform the financial services industry ...
Overview On 1 April 2020, the Investment Coordinating Board (Badan Koordinasi Penanaman Modal – “BKPM”) issued BKPM Regulation No. 1 of 2020 on Guidelines on the Provision of Integrated Electronic Business Licensing Services (“BKPM Reg. 1/2020”).This regulation was issued to improve and streamline the licensing services provided through the Online Single Submission (“OSS”) System, to implement Article 94 (1) of Government Regulation No ...
The Investment Coordinating Board (Badan Koordinasi Penanaman Modal – “BKPM”) recently issued Regulation No. 5 of 2019 (“Reg No. 5/2019”) which came into effect on 29 July 2019. Reg No. 5/2019 amends BKPM Regulation No. 6 of 2018 on the Guidelines and Procedures for Licenses and Investment Facilities (“Reg No ...
To boost the economy post-Brexit the government is committed to establishing up to 10 freeports across the UK. In our latest freeport bitesize article, we look at some of the planning implications of which bidders and bid participants should be aware. Back in August 2019 the UK Government announced plans to create ten new freeports that would be free of “unnecessary checks and paperwork, and include customs and tax benefits” ...
The government has confirmed its intention to establish eight new Freeports in Solent, East Midlands Airport, Felixstowe & Harwich, Humber, Liverpool City Region, Plymouth & South Devon, Teesside and Thames. In our latest Freeport bitesize briefing, we look at some of the potential commercial contracts and supply chain opportunities for businesses looking to operate in these Freeports. There are generous customs and taxation benefits within Freeport sites ...
Following the recently reported hack of the US Securities and Exchange Commission (SEC)’s social media account yesterday (10 January 2024), the SEC formally announced that it had approved the launch of 11 Bitcoin ETFs in the US. As the announcement states, these approvals are not an endorsement of cryptocurrency as an “investment” or of any of the issuers of the ETFs themselves ...
In an earlier post, we started discussing the IRS’ “John Doe” summons to Coinbase, a virtual currency exchange, to obtain information about every Coinbase user, who, at any time during the period of January 1, 2013 through December 31, 2015, conducted transactions in a convertible virtual currency as defined in IRS Notice 2014-21. One such user filed a motion to intervene in the proceeding and to quash the IRS’ summons ...
Dispute is heating up over IRS’s attempts to get personal information about users of Bitcoin and other virtual currencies. Last November, the Internal Revenue Service (“IRS”) filed a petition in the United States District Court for the Northern District of California. It sought the court’s permission to serve a “John Doe” summons on Coinbase, Inc., a virtual currency exchanger in San Francisco ...
Dispute is heating up over IRS’s attempts to get personal information about users of Bitcoin and other virtual currencies. Last November, the Internal Revenue Service (“IRS”) filed a petition in the United States District Court for the Northern District of California. It sought the court’s permission to serve a “John Doe” summons on Coinbase, Inc., a virtual currency exchanger in San Francisco ...
The era of cryptocurrencies has come: whilst they were initially used as a specific means of payment and as a source of investments other functions are now being explored, such as the possibility of cryptocurrencies being directly contributed to a company in the context of its incorporation ...
On Nov. 19, 2018, the Bureau of Industry and Security (BIS) of the U.S. Department of Commerce issued an Advance Notice of Proposed Rulemaking[1] requesting public comment on criteria for identifying emerging technologies essential to U.S. national security that would be subject to increased export controls ...
On December 24, 2020, the Brazilian President sanctioned, with some vetoes, an amendment to Law 11,101/2005, which governs judicial reorganizations, pre-packaged reorganizations and bankruptcy liquidations of businessmen and companies. The vetoes can still be overthrown by the Brazilian Congress ...
The new biodiversity net gain (BNG) requirements are set to come into force from November 2023. This will legally mandate securing a minimum 10 per cent biodiversity net gain from new commercial and residential developments in England, with a few exceptions. While the requirements - part of the Environment Act 2021 – will have financial and operational implications, the real estate industry has had several years to prepare for BNG ...
As part of the preventive constitutionality control, the Constitutional Court ("TC") resolved that the provisions of the Bill that systematizes Economic Crimes and Attempts against the Environment (the "Bill"), that have the character of constitutional organic law, conform to the Constitution. Thus, for the Bill to become law, it only remains for the President of the Republic to promulgate it, and then proceed with its publication in the Official Gazette ...
The Digital Commodity Exchange Act of 2022(DCEA), introduced by Republican representatives Glenn Thompson of Pennsylvania and Tom Emmer of Minnesota, along with Democratic representatives Darren Soto of Florida and Ro Khanna of California, would create a definition for “digital commodity” and allow the Commodity Futures Trading Commission (CFTC) to oversee companies issuing or letting people trade certain tokens, while having the Securities and Exchange Commission (SEC
As we have written in a number of previous articles1, National Treasury, together with the Prudential Authority and the Financial Sector Conduct Authority, has recently rolled out various pieces of legislation to bring South Africa closer to compliance with its G20 commitment to regulate over-the-counter (“OTC”) derivatives in South Africa. Detailed requirements are now being harmonised, including through proposed amendments to existing legislation ...
On May 4, 2011, an important Bill was presented by the Minister for Finance, Mr. Alain Paquet. The effect of Bill 7, entitled An Act to amend various legislative provisions concerning the financial sector, is, among other things, to amend section 115 of the Act respecting the distribution of financial products and services (“ARDFPS”) and to add sections 115.1 to 115.9 ARDFPS ...
The Law on Financial Operations On the 30th of December 2016, the application of the Law on Financial Operations (Law) will commence in the Federation of Bosnia and Herzegovina. The Law is intended to ensure the proper functioning of the internal market by introducing adequate and systematic risk management measures and solvency measures, as well as to promote the competitiveness of local commercial enterprises by legislating a culture of prompt payment ...
Are bidders required to partner with a Taiwan company to participate in the bidding process? Foreign companies may participate in the bidding process on their own, so long as they meet the bidding qualifications. Most public engineering projects permit either bidding by a single company or by a joint bid. So long as a company is able to meet the qualifications for the procurement project, it may submit a bid on its own ...
Bradley attorneys Aron Beezley and Nathaniel Greeson highlight the administrative bid protest landscape in New York given the state's abundant acquisition economy. New York state's budget is the second largest in the country, and with it, New York has some of the most developed state acquisition laws and procedures in the country. Accordingly, New York provides comparatively robust bid protest rights when it comes to state-level bid protests ...
with the assistance of Robert La Rosa, student-at-lawOn October 28, 2010, Justice Yves Poirier of the Quebec Superior Court rendered a decision, which enforced the application of new section 54.1 of the Bankruptcy and Insolvency Act (hereinafter the “BIA”). The case, Aliments Möpure inc. (Avis d’intention et de proposition de) (“Möpure”), addressed the question of whether a creditor advancing an equity claim has the right to vote at creditors’ meetings ...
The global financial crisis which began in 2008 elevated the prosecution of crimes affecting federally insured financial institutions to near the top of the Justice Department’s priority list. Directors and officers of those institutions, already under scrutiny from the regulators and law enforcement agencies traditionally charged with examining their actions (e.g ...
Proposition 19, which was marketed as a provision to benefit homeowners who are over 55, the disabled, and wildfire/disaster victims, actually contained major property tax increases. The increased property taxes will be paid by children and grandchildren that receive California real estate (primary residences and all other properties) from their parents and grandparents ...
The following is a list of best practices applicable to the share class review process. This guide aims to provide helpful tips regarding the process of replacing an advisory client’s existing mutual fund share class with a lower-cost alternative, where it is identified that a replacement option exists and may be available for placement in the client’s account at the custodian. Review of share classes on a periodic basis ...
Bermudian lawyer Yan-Xia Rogers returns home to join Carey Olsen Yan-Xia will specialise in corporate and commercial law, advising clients on a range of cross-border transactions, mergers and acquisitions, and corporate governance matters. Having moved to London in 2020, Yan-Xia worked for a year as a paralegal at Broadgate Legal before training as a solicitor at Kennedys Law LLP in London, with a focus on regulatory, corporate, product liability law and insurance litigation ...
