On 5 July 2021, the Hong Kong Securities and Futures Commission (SFC) issued a press release which announced that it has reprimanded and fined Mr Raymond Leung Tak Shing (Leung) HK$400,000 for failing to discharge his duties in relation to AML requirements as a member of a licensed firm’s senior management team ...
In a decision that will no doubt come as a great relief to the funds, banking, and asset management industries, the Court of Appeal ruled in Nomura Funds Plc v Collector of Stamp Revenue [2021] HKCA 1040 that a merger effected by way of the universal succession of the merged company (i.e., the surviving company) to the assets and liabilities of the merging company (i.e ...
Home Quarantine Now Possible for Ex-Patriates Imagine having the permission to work in a foreign country and yet being unable to do so as you are prohibited from entry. That has been the dilemma faced by many ex patriates who hold Employment Passes but have been unable to enter Malaysia due to the current restrictions in place ...
In our previous article (Cryptocurrency – The Future of Money), we provided an overview of the key ideas behind cryptocurrency. In this article, we look at how cryptocurrency and digital currency might impact the corporate banking and finance market ...
In our first part of this series, we provided a brief primer on patents. For the second part of our Intellectual Property series, we take a look at trademarks. Trademarks are not generally considered "technology", but the U.S. Patent and Trademark Office ("PTO") is charged with administering them along with patents. Certainly, technology startups must be aware of both of these types of Intellectual Property. The PTO provides a webpage with general information for the public ...
Banking & Finance The Central Bank of Malta Issues Directive 19 on the Use of Cheques and Bank Drafts Directive No 19 ‘on the Use of Cheques and Bank Drafts’ was issued by the Central Bank of Malta on 7th July 2021 with the aim of promoting safe and effective use of cheques and bank drafts drawn on Maltese banks and financial institutions ...
Key PointsThe Infrastructure Investment and Jobs Act (H.R. 3684) passed the Senate with a broad definition of "broker" to target cryptocurrency information reporting to the IRS.Absent amendment, the bill imposes obligations similar to IRS Form 1099-B on various technology providers in the crypto industry, even if they do not broker digital asset transactions and lack the necessary information to comply ...
Petunia Products, Inc. owns the BROW BOOST ® trademark, under which it sells a “Billion Dollar Brows” eyebrow primer and conditioner. Petunia recently asserted trademark infringement claims against a skin care products company, which Petunia alleges infringed on its BROW BOOST mark in connection with the name of its product that competes with Petunia’s product, and by using the hashtag #BROWBOOST on social media to promote its product ...
Under the GDPR, transfers of personal data are permitted without restriction to countries that the European Commission (the "EC") has assessed as providing an "adequate" standard of protection for personal data. The current list of countries considered "adequate" is Andorra, Argentina, Canada (for commercial organisations), Faroe Islands, Guernsey, Israel, Isle of Man, Japan, Jersey, New Zealand, Switzerland and Uruguay and the United Kingdom ...
When I was a young lawyer working for the Norwegian Competition Authority, a complaint was received that gave rise to some amusement among the staff at the authority. The complainant argued that the Norwegian football club Viking FK’s signing of the half-decent footballer Ragnvald Soma from rivalling club SK Brann constituted an infringement of Norwegian competition law. Nowadays, competition law in football is no longer a laughing matter ...
Financial ServicesBank Negara Malaysia issues Policy Document on Reference Rate FrameworkThe policy document on Reference Rate Framework (“RRF PD”) was issued by Bank Negara Malaysia (“BNM”) on 11 August 2021 and will come into effect on 1 August 2022 ...
In the 1940s writer and futurologist Isaac Asimov laid down his Three Laws of Robotics. We say it’s time for lawyers to do the same. A flourishing future is ours for the taking, provided we know how to grasp it. At Shoosmiths, we’ve been working on future-facing projects for a good few years now ...
“We are both created and create. Why cannot our own creations also create?” What a week First we heard that a South African patent for an invention that lists artificial intelligence (“AI”) as its inventor had been issued, a world first. Then we heard that an Australian court had handed down a judgment allowing AI to be listed as the inventor of a corresponding patent in Australia ...
The Thai government has made significant changes to interest and default interest rates to modernize Thai law and also reflect the country’s current economic situation. Due to the difficulties caused by the COVID-19 pandemic, many debtors are struggling to meet the timelines for their loan payment obligations. The Emergency Decree amending the Civil and Commercial Code B.E ...
Cryptocurrency, for most of us at least, has been hidden behind a veil of incomprehensible idiom for most of its lifespan. However, it has the potential to revolutionise the way we pay, borrow and lend, maybe sooner rather than later. Like quantum computing and artificial intelligence, we are told they’re set to change the world but few of us understand how that might actually work or what their impact might be ...
Superintendence Resolution Nº 000170-2021-MIGRACIONES, published last August 6, provides for the repeal of Superintendence Resolution Nº 000104-2020-MIGRACIONES (hereinafter, Resolution 104) and provides the following measures: Extension of term.-The term of temporary or resident migratory statuses granted from March 16, 2020, which expired during the validity of Resolution 104, is extended until the entry into force of this resolution ...
Background In its ruling of June 15, 2021 (Case No. VI ZR 576/19), the German Federal Court of Justice (BGH) for the first time took a comprehensive position on the scope of the right to access pursuant to Article 15(1) GDPR. Article 15 GDPR standardizes the right of access of a data subject vis-à-vis a controller ...
Shortly after the passage of the CARES Act, the SBA announced that it would be auditing every borrower with a PPP loan in excess of $2 million. What is meant by 'audit’ remains to be seen ...
