POLITICAL AGREEMENT WITH THE EUROPEAN PARLIAMENT ON THE PROPOSED DIRECTIVE ON THE DISCLOSURE OF INCOME TAX INFORMATION BY CERTAIN UNDERTAKINGS AND BRANCHES _____________________________________ On 1 June 2021, the Council of the European Union (the “Council”) reached a political agreement with the European Parliament on the proposed directive on the disclosure of income tax information by certain undertakings and branches, commonly referred to as the public country-by-count
2021 has continued to see steady activity with respect to acquisitions and re-structuring of businesses in the Cambodian market. There are a number of factors at the forefront of this activity, not least the pending capital gains tax implementation date of 1 January 2022, bargain hunting of distressed assets, and internal re-structuring of multi-national organizations, to name a few ...
According to the Russian Government Order, dated 18th May 2021, the list of foreign citizens, who may enter Russia, has been expanded (the 'Order'). The text of the Order is available in Russian here. From 19th May 2021, the following persons are allowed to enter Russia: owners or heads of companies operating in Russia; foreign citizens entering to participate in negotiations on investment projects’ implementation ...
The Ministry of Security, through theExecutive Decree No. 199 of May 7th, 2021(hereinafter the “Decree”), adjusts the requirements for obtaining atemporary residence permitand apermanent residence permitas a Forest Investor, as follows: The forest investor residence permit may be requested in the following modalities: (i) temporary residence permit, (ii) permanent residence permit in 2 stages, and (iii) permanent residence permit in 1 stage ...
New measures for state contracting for economic reactivation. Through Decree 579 of 2021, issued on May 31 by the National Planning Department, certain transitory paragraphs enshrined in Decree 1082 of 2015 or the sole Regulatory Decree of the Administrative Planning Sector, were replaced in matters of state contracting ...
In the first part of the series, “Grey Divorce – hidden battles for protection and succession of family assets”, we looked at the recent trend of an increasing divorce rate for older couples and, in particular, the case of CSH vs LS or LS formerly known as CYY (FCMC 12435/2016; [2020] HKFC 143) (the CSH case) ...
In the recent case of A1 & ANOR V R2 & ORS [2021] HKCFI 650, the Applicants are pursuing proceedings in the Cayman Islands and other jurisdictions in relation to an alleged fraud committed against a Cayman Islands exempted limited partnership, involving alleged misappropriation of over US$100 million ...
Financial ServicesBank Negara Malaysia seeks feedback on Alternative Reference Rate and Strategic Direction on KLIBOR and KLIRROn 19 May 2021, Bank Negara Malaysia invited written feedback by 18 June 2021 on its Alternative Reference Rate and Strategic Direction on the Kuala Lumpur Interbank Offered Rate (“KLIBOR”) and the Kuala Lumpur Islamic Reference Rate (“KLIRR”) for the Malaysian Financial Markets discussion paper ...
The Centers for Medicare & Medicaid Services (CMS) recently issued a new rule modernizing the “Stark Law” regulations. The rule aims to advance value-based care and ease the regulatory burden on physicians. Most of the reforms are effective January 2021; however, the rule includes important changes to how physician group practices may share profits that take effect next year ...
The Ministry of Public Security modifies the requirements to request the residence permit for foreigners from specific countries who maintain friendly professional, economic and investment relationship with the Republic of Panama. Panama, May 24, 2021. The Ministry of Public Security through Executive Decree No ...
On May 12, the Cyberspace Administration of China (“CAC”) issued for public comments the Several Provisions on Administration of Automobile Data Security (Draft for Comment) (“Draft Provisions”). The Draft Provisions would be the first departmental rules dedicated to addressing data compliance requirements in the automobile industry. Unlike previous draft standards[1] proposed for connected vehicles, the Draft Provisions would apply to vehicles of all types ...
The Bank for International Settlements (BIS) recently discussed possible approaches to establishing an interoperating central bank digital currencies (CBDC) arrangement as the future of cross-border payments. Although not an “official” definition, CBDC generally refers to a new form of digital currency issued by a central bank, denominated in an existing unit of account operating as a store of value and a medium of exchange ...
The challenges of addressing COVID-19, government closure orders, the Paycheck Protection Program, Main Street Lending Facilities and digital banking made this past audit season more challenging than most. Not surprisingly, it has given rise to quite a number of potential significant deficiencies.1 Significant deficiencies that are not addressed will no doubt become “material weaknesses ...
While overdraft litigation risks have threatened the financial services industry for some time, recent class action lawsuits have trickled down to community banks. One place in particular where exposure has expanded is the increased willingness of plaintiff’s counsel to challenge the use of form account agreements and disclosures, including reliance on Regulation E’s model consent form ...
For parents, the child maintenance system can seem a vast and complicated system of ropes and pulleys for something they expect should be straightforward. But remember, the Child Maintenance Service (“CMS”), formerly known as the Child Support Agency, is a huge machine with a vast caseload. This unfortunately means that the system does not always work as it should. To help parents, we have set out our top tips for dealing with child maintenance below. 1 ...
The following enhancements have been made to the Money Lenders Licence Licensing Conditions with effect from 16 March 2021: Revision of Condition 9 (content of advertisements by money lenders) to provide that advertisements published by money lenders should be fair and reasonable and not contain misleading information ...
When corporate executives are charged with crimes, their companies often foot the bill for their defenses. Sometimes those bills can be hefty. And while companies sometimes seek to recoup the expenses when the executives are convicted, a recent decision from the influential Judge Jed Rakoff of the Southern District of New York makes clear that the criminal restitution process may not be their best approach ...
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 ...
Following the latest creditors’ meetings on May 12 and May 19, 2021, Kudun and Partners is pleased to announce that Thai Airways Public Company Limited (THAI)’s business rehabilitation plan and its amendment proposal has been widely accepted by the majority of THAI’s creditors ...
Legal due diligence processes are widely known in the context ofmergers and acquisitions (M&A) and corporate reorganisation projects. Their aim is to analyse the operations and organisation ofcompanies to identify their degree of compliance with applicable legal and contractual regulations, the level of risk of non-compliance, and the potential sources of legal and contractual liability ...
Decree-Law 36/2021, which amends Decree-Law 176/2006 of 30 August ("Medicines Statute"), was published on 19 May. The new Decree-Law introduces a ban on the advertising of discounts on the price of medicines subject to medical prescription that are reimbursed by the National Health Service ("NHS") or that contain narcotic or psychotropic substances ...
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 ...
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 ...
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 ...
