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) ...
The Algarve has been seriously affected by the social and economic impacts of the COVID-19 pandemic. In this context, on 29 July 2020, the Portuguese Parliament published Resolution no. 51/2020 in which it recommend the adoption of a social and economic emergency plan for the Algarve (“Plano de emergência social e económico para o Algarve”) by the Portuguese Government. The recommended measures set out in Resolution no ...
This is a question we often find clients asking. For many business founders and entrepreneurs the step of recruiting a senior non customer facing individual represents a huge move. Our advice is almost always to get on; take the plunge and make that investment. Looking at the key objections that are often raised: Why do I need a score keeper? Any finance function has a role to play in reporting the past and in identifying areas for improvement ...
How is taxable income determined in your state? To what extent is the state income tax base aligned with the federal income tax base? Alabama levies a corporate income tax on business entities classified as taxable or “C” corporations that have nexus with the state and are not classified as “financial institutions” or insurance companies subject to a separate premium license tax; and it levies a FIET on business entities classified as financial institutions havin
On May 19, 2021, Superintendent Resolution Nº 045-2021-SMV/02 was published, apdopting the Regulation of the Financial Participative Financing Activity and its Management Companies (the “Regulation“), which clarifies the provisions of Emergency Decree Nº 013-2020 – Emergency Decree that Promotes the Financing of MSMEs, Entrepreneurships and Startups ...
The Protection of Personal Information Act, 2013 (“POPIA”), South Africa’s privacy or data protection legislation, applies to the processing (which includes collection, use, receipt and destruction) of personal information, such as names and contact details, of individuals and juristic persons, in South Africa ...
Slump Sale - Effect of Amendments by Finance Act 2021 AUTHOR: Shahid Khan Senior Partner and Head Direct Taxation Kochhar & Co. Email: [email protected] Finance Act 2021 has made certain important amendments to Income Tax Act (the Act) in respect of provisions relating to taxation of capital gains arising on Slump Sale ...
Last week's news reports from Slovenia are letting us know that the Slovenian state holding company (SDH) decided to privatise Nova Ljubljanska Banka (NLB), the country's biggest bank, through initial public offering (IPO) ...
The DIFC has provided slightly more clarity as to how UAE Cabinet Decision 31 of 2019 (the Economic Substance Regulations, or ESR) will apply within Dubai’s financial free zone. Helpful as the guidance is, significant questions remain. The DIFC held a presentation on 17 December to discuss the Economic Substance Regulations. The first point of note was that all businesses in the DIFC must file an ESR notification by 31 March 2020 ...
The South African Revenue Service (“SARS”) introduced a new streamlined process primarily geared towards the single registration of a taxpayer across applicable tax types. This system was implemented on 12 May 2014. Prior to this system, processes at SARS required that a taxpayer be registered at a SARS branch on several interfaces relating to each tax type ...
At its Singapore 2006 AGM, ISDA announced the publication of a new set of definitions – the ISDA 2006 Fund Derivative Definitions (Fund Definitions). The Fund Definitions are intended to provide basis terminology for use in confirmations of derivatives transactions linked to interests in various types of pooled investment vehicles, such as hedge funds and mutual funds, for which a liquid secondary market may not exist ...
How does Singapore's business environment make it an attractive location for foreign law firms? Anthony McKenzie: Singapore is considered a favourable destination for doing business due to its political stability, strong legal framework, well-regulated financial sector, competitive tax rates, excellent infrastructure and pro-business policies that attract foreign investment. It has a highly skilled and educated workforce with a strong emphasis on innovation and technological advancements ...
In Roshcon (Pty) Ltd v Anchor Auto Body Builders CC (“Roshcon”) the Supreme Court of Appeal (“SCA”), in a unanimous judgment drafted by Wallis JA, has clarified the issues caused by its previous decision in SARS v NWK Limited (“NWK”). Roshcon was not a tax case; it concerned supplier and floorplan agreements relating to the sale of trucks, with a reservation of ownership to a finance house as security until the trucks were fully paid for by the purchaser ...
The Ministry of Finance published Decree 535 of 2020, which establishes a simplified procedure for the reimbursement or compensation of balances in favor of Income Tax and Value added Tax ("VAT") amid the COVID-19 outbreak. According to the Decree, the simplified procedure implies that requests for the reimbursement or compensation that are duly filed within the health emergency, will be decided by the Tax Office within 15 working days after their submission ...
Frank C. Aase has more than 16 years of experience assisting companies facing financial challenges, providing support to banking and company clients. He is regularly appointed as a trustee in bankruptcy and serves as the leader of the Norwegian Bar Association’s legal committee for bankruptcy, composition, security rights, enforcement, and debt collection. Frank comes from Brækhus Advokatfirma, where he previously served as managing partner ...
In the guide, Chambers notes that Simonsen Vogt Wiig is a highly respected firm in Norway with significant expertise in payments law. The firm acts for large banks and start-ups on corporate matters, regulatory compliance, data privacy and cryptocurrency issues. It has further capability in intellectual property and crowdfunding ...
In the guide, Chambers notes: «It’s the leading tech law firm and has now become the leading FinTech law firm,» says an interviewee, who adds: «It’s the only law firm to enhance their FinTech offering consistently.» Our partners Espen Tøndel and Morten Winther defend their individual Band 1 rankings ...
In the guide, Chambers notes: «I choose to work with them because they are the most active in the scale-up and startup community; they have compassion for new market entrants; and are passionate and know all the domain experts for money and payment institutions.»» says an interviewee. Another interviewee adds: «They are able to quickly understand the technological, economical, and legal aspects ...
The Chambers Global Guide ranks law firms and lawyers in more than 200 jurisdictions in selected disciplines. All subject areas are part of Chambers Europe, published in March. SVW is ranked within Banking and Finance, Corporate M&A, Oil and Gas, Dispute Resolution, and International & Cross Border Capabilities. SVW has two new lawyers entering the rankings, Sunniva Kinsella and Mathias Teir, as up and coming, as well as defending last year’s placements ...
The immediate crisis caused by the collapse of Silicon Valley Bank (‘SVB’) in the US has been averted with US regulators stepping in to help customers there, and HSBC buying SVB’s UK subsidiary (‘SVB UK’). But the collapse of Silvergate Capital, SVB and Signature Bank in quick succession has somewhat sharpened focus on the potential risks in the finance industry (notwithstanding the increase in regulation, particularly over recent years) ...
Slovak Investment Holding, a.s. (“SIH”) has launched the SIH Anti-Corona Guarantee as a new financial instrument employing European Structural and Investment Funds to help small and medium-sized enterprises (the “SMEs“) in Slovakia to overcome the financial difficulties and liquidity problems caused by the COVID-19 crisis and to help preserve employment and retain jobs ...
A recent Securities and Futures Commission (SFC) disciplinary action is a reminder of the need for managers to ensure there are systems and procedures in place to meet the short position reporting obligations of the funds that they manage. The SFC reprimanded and fined an asset manager HK$3 ...
We are pleased to advise that, with effect from 15 May 2013, some important changes were made to the Virgin Islands Special Trusts Act (VISTA), the Trustee Act and various other British Virgin Islands statutes relating to the trusts and estates. The main changes include the following: 1 Amendments to VISTA 1 ...
Back in 1999, a law was adopted renovating an autonomous regulator and putting in place a modern regime to govern securities and capital markets in Panama, placing the local regulatory environment very much in line with legislation in force in more developed markets such as the United States (including, for example, the creation of the indirect holding system) ...
