On 5 February 2021, financial authorities in Mainland China, Hong Kong and Macau, including the People’s Bank of China (PBOC), the China Banking and Insurance Regulatory Commission (CBIRC), the China Securities Regulatory Commission (CSRC), China’s State Administration of Foreign Exchange (SAFE), Hong Kong’s Securities and Futures Commission (SFC), the Hong Kong Monetary Authority (HKMA) and the Monetary Authority of Macau (AMCM), jointly signed a memorandum of understa
Social bonds, which raise funds for new or existing projects seeking to address social issues, continue to soar in popularity among investors – but how is “social bond” designation achieved? The primary criteria for social bond designation is established by the United Nations Sustainable Development Goals (UNSDG) ...
Following last week’s FHFA announcement extending the Fannie Mae and Freddie Mac foreclosure and eviction moratoria and their deadlines for applying for COVID-related forbearance, the White House announced on February 16 that FHA, VA, and USDA will extend their single-family residential foreclosure and eviction moratoria, and their deadlines for applying for COVID-related forbearance, to June 30, 2021 ...
On February 9, the Commission for the Financial Market ("CMF") published a proposal for the bill known as “Fintech Law”, the new regulation that intends to establish a legal framework applicable to Fintech companies in Chile, which until now have been characterized by operating without a specific regulation. The CMF’s proposal establishes a regulatory perimeter for certain types of Fintech companies and, also, in turn places them under the CMF's oversight ...
The Pension Schemes Bill received Royal Assent on 11 February 2021, becoming the Pension Schemes Act 2021. Originally introduced into Parliament in Autumn 2019, the Act covers a mix of pensions-related matters which we outline in this article. Parts One and Two set out the legislative framework for establishing a collective money purchase scheme, commonly known as a collective defined contribution scheme (Part Two extends this to Northern Ireland) ...
The Philippine Stock Exchange (PSE) issued Memorandum CN-No. 2020-0104, 1 dated December 21, 2020, on the amendments to its Voluntary Delisting Rules. These amendments tighten the approval requirements for delisting and seek to ensure the fairness of the tender offer price ...
Following the differences that came to light with AstraZeneca at the end of last week, the European Commission approved Implementing Regulation (EU) 2021/111 of 29 January 2021, which came into force on Saturday, 30 January. The Regulation prohibits the unauthorised exportation of vaccines against SARS-CoV-2 outside the European Union ...
On February 9, the Federal Home Finance Agency announced extensions of time until March 31, 2021 for the Freddie Mac and Fannie Mae COVID-related foreclosure and eviction moratoria, and allowed an additional three months of forbearance for borrowers in a forbearance plan as of February 28. Other federal agencies and various states have also extended such deadlines for foreclosure and eviction moratoria, and for borrowers to apply for forbearance ...
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Historically, New York State has not required the registration of investment adviser representatives (IARs). New York has adopted regulations providing registration and examination requirements for IARS. This article focuses upon the examination and registration requirements applicable to IARs of federally covered investment advisers. The newly adopted regulations became effective Feb. 1, 2021 ...
Over the next decade, challenges around public funding and a shift in live/work priorities will create an increasing need for public-private collaboration as we seek to rebuild and regenerate our towns and cities in a post-Covid and post-Brexit climate ...
February marks the start of the second month after Brexit materializing. The Member States have finally understood that the United Kingdom (UK) is no longer in the Europen Union (EU) so that the fairy-tale of the Single Market that has lasted for decades is now over. Although many businesses resolved various legal or regulatory issues before 1st January, new challenges inevitably keep arising now, when Brexit is a reality ...
As a developing country, Indonesia is still considered to have limited Government fiscal capacity and limited state-owned enterprise (Badan Usaha Milik Negara – “BUMN”) and financial sector funding capacity indicating that domestic capacity is not sufficient to meet what is needed to finance development and support economic growth and opportunities ...
In recent years, with the continuous improvement of science and technology standards in China, the country’s cryptography technical capabilities have also begun to enter the global forefront. In turn, China has promulgated various policies and measures to fulfill its non-proliferation obligations, which have promoted the gradual implementation of control measures for the export of cryptographic technologies ...
The Minister of Communication and Informatics (“MOCI”) has finally issued MOCI Regulation No. 5 of 2020 on Electronic System Organizers (“ESO”) in the Private Sector (“MOCI Regulation 5/2020”) that serves as the new implementing regulation of Government Regulation No ...
On 30 December 2020, Bank Indonesia issued Bank Indonesia Regulation No. 22/23/PBI/2020 of 2020 on Payment Systems (“Payment Systems Regulation”). The Payment Systems Regulation is intended to serve as an “umbrella” regulation that provides a regulatory framework for the Indonesian payment systems industry. This regulation will come into force on 1 July 2021 ...
On 4 January 2021, the President of Republic of Indonesia issued Regulation No. 2 of 2021 on the Ratification of the Convention Abolishing the Requirement to Legalize Foreign Public Documents (“PR 2/2021”) (the convention is hereinafter referred to as the “Apostille Convention”). The Apostille Convention was concluded on 5 October 1961 and is intended to simplify a series of formalities for documents signed overseas for the contracting states ...
Traditionally, Dutch mortgage lenders have always found themselves in quite a good position in the event of their borrower and mortgagor becoming insolvent. As a firm general rule, it is fair to say that the position of a secured creditor is quite secure under Dutch law. Recent insolvency and COVID related regulations have, however, made some inroads into the Dutch secured lender’s stronghold ...
On January 25, 2021, the German federal Cabinet introduced the draft for the new Cyber Security Act (“IT Security Act 2.0”) into the legislative process ( Draft of a Second Act to Increase the Security of Information Technology Systems, printed matter 19/26106 [draft of a second law to increase the security of information technology systems, document 19/26106] ). The new German Cyber Security Act is intended to replace the old German Cyber Security Act of July 2015 ...
Dr Michael Psaila, Managing Partner of Mamo TCV Advocates, underlined the firm’s commitment to the visually impaired and the Malta Guide Dogs Foundation (MGDF) in particular when he not only presented a donation but committed the firm to assisting the foundation in its legal affairs in the coming years. It was the wish of the firm, which has a staff complement of over 70 people, to select the MGDF as one of the beneficiaries of their annual charity donation ...
The Pension Protection Fund (PPF) has published its determination for the levy year 2021 to 2022, following its autumn consultation. Ordinarily, the PPF considers matters across the levy triennium with a view to keeping the rules relatively stable on a triennial basis. However, in considering the impact of COVID-19 on schemes, the PPF wishes to take a more flexible approach with the aim of switching back to a multi-year approach in 2023/24 ...
