Tech Start-Up Companies Toolkits - ǼLEX Legal .avada-select-parent .select-arrow{background-color:#ffffff}.select-arrow{background-color:#ffffff} Are you running a start-up or contemplating starting that business and you are uncertain on how to proceed? Do not fret as AELEX Fintech centre has compiled this start-up tool kit to guide you on setting up your business ...
On April 6, 2021, the Court of Appeal, per Justice Mark Schrager, rendered an interesting decision in Bank of Nova Scotia c. Davidovit (2021 QCCA 551). The Bank of Nova Scotia (the “Bank”) had granted a commercial loan to a company, of which Aaron Davidovit (“Davidovit” or the “Surety”) was the principal, for the operation of a gym ...
The Small Business Administration (“SBA”) has made an adjustment to its guidance to provide that entities which have concluded a bankruptcy proceeding are not, for purposes of PPP eligibility, considered in bankruptcy. Entities which are presently in bankruptcy are not eligible for a PPP loan. The SBA’s latest Frequently Asked Questions (found at https://www.sba.gov/sites/default/files/2021-04/PPP%20FAQs%204.6.21%20FINAL-508.pdf) contain a new FAQ Number 67 ...
As a follow up to my article on December 4, 2020, reporting that California enacted SB 908 – the Debt Collection Licensing Act, Financial Code Division 25, Sections 100000, et seq., the administering agency Department of Financial Protection and Innovation issued its Notice of Proposed Rulemaking on Friday, April 23rd. The proposed regulations for Debt Collection Licensing Act will be installed in Title 10, California Code of Regulations, Subchapter 11 ...
Background Companies operating in EU may already be aware that on December 2019 the Whistleblowers Directive[1] came into force. The Whistleblowers Directive aims at establishing a framework with common minimum standards for ensuring whistleblowers’ protection across all EU Member States. The transposition deadline almost knocks on the door since it expires in December 2021 ...
With an ageing population, it is increasingly important to raise awareness that thought needs to be given to how and who you would want to manage your affairs in the future to ensure your wishes are considered should you lose capacity to do so yourself. I regularly receive calls from individuals explaining that their loved one has been suffering from memory loss for several years, and a Dr has now told them that they lack capacity to manage their property and affairs ...
After spending over 10 years in court, the Google vs. Oracle copyright saga has finally come to an end. The U.S. Supreme Court, ruling 6-2 in Google’s favor, found that when Google used pieces of Java software developed by Oracle to build the Android operating system, it was within the parameters of the fair use doctrine that permits the unlicensed use of copyright-protected works in certain circumstances ...
One consistent struggle faced by the mortgage servicing industry is the prevalence of conflicting state laws that address payoff statements. One state may permit a servicer to charge a fee for providing a payoff statement while another prohibits such a fee. One state may have specific content requirements that must be included in a payoff statement while another provides the servicer with discretion about the content of the payoff statement ...
Artificial intelligence (AI) will shape our digital future. Self-driving cars, smart cities, digital factories, and more precise medical diagnoses - the opportunities of AI are endless. However, its use also triggers significant risks. Algorithms or deep learning tools which are not accurate might severely affect people. In specific cases, it might even raise complex ethical questions, for example when it comes to decisions about life or death ...
On 24 February 2021, Hong Kong’s Finance Secretary Paul Chan delivered the 2021-22 Budget which highlighted upcoming government initiatives to promote the establishment of and re-domiciliation of offshore funds to Hong Kong using the Hong Kong open-ended fund company structure (OFC) ...
An open-ended fund company (OFC) must at all times have an investment manager (Fund Manager) who is responsible for managing the scheme property. To bring in expertise in respect of a specific market or strategy or for other various reasons, Fund Managers may engage sub-managers, advisors or delegates. The delegation of the investment management function by a Fund Manager is permissible under the OFC regime ...
The SFC’s recent public reprimand and fine of HK$6.3 million against a licensed corporation (the Company) brings various provisions of the Code of Conduct and Internal Control Guidelines to the forefront. It also highlights the need for licensed corporations to fully comply with any licensing conditions. Outlined in this article are the key facts of this case and a summary of what licensed intermediaries can learn from this disciplinary action ...
An open-ended fund company (OFC) must at all times have an investment manager (Fund Manager) who is responsible for managing the scheme property. To bring in expertise in respect of a specific market or strategy or for other various reasons, Fund Managers may engage sub-managers, advisors or delegates. The delegation of the investment management function by a Fund Manager is permissible under the OFC regime ...
The 95% home loan is back and this time it is government backed. The commitment by the Chancellor to propping up the housing market was cemented in the March 2021 budget by the announcement of an extension and tapering off of the Stamp Duty Land Tax (SDLT) holiday and the new 95% mortgage guarantee scheme. This allows banks and building societies to offer loans to borrowers who only have a 5% deposit ...
On April 13, 2021, Law No. 21,314 was published in the Official Gazette, which, among other matters, set new transparency requirements and reinforce the responsibilities of market agents (the " Law "). Relevant modifications to the current pensions' regulation: Amendments to Decree No. 3,500 (“Pension Funds Act”) ...
On Tuesday, April 13 th of 2021, the above referred law that establishes new requirements for transparency and strengthens the responsibilities of market agents, regulates the social security advice and other matters indicated therein, was published in the Official Gazette (hereinafter, the “ New Law ”). Article 9 ° of the New Law modified Law No ...
The Anti-Money Laundering Act (AMLA) has been further amended by Republic Act No. 11521,1 which took effect on February 8, 2021 (or immediately after its publication in the Official Gazette). (The new provisions introduced by R.A. 11521 to the AMLA are underlined below for ease of reference.) A. Spotlight on New Provisions B. Covered Persons and Covered Transactions C. Targeted Financial Sanctions D. Other Relevant Provisions A. Spotlight on New Provisions R.A ...
On Tuesday, April 13 th of 2021, the above referred law that establishes new requirements for transparency and strengthens the responsibilities of market agents, regulates the social security advice and other matters indicated therein, was published in the Official Gazette (hereinafter, the “ New Law ”) ...
As an employer, are you obliged to search personal devices, personal email accounts and/or personal social media accounts belonging to employees or others such as trustees or non-executive directors when responding to a data subject access request (DSAR)? Many employers will now be familiar with undertaking a ‘reasonable and proportionate’ search when responding to an employee’s DSAR under Article 15 of the UK GDPR ...
The financial services sector had a busy 2020 for many reasons, and the UK’s 2021/22 financial year promises to bring further developments. In this article, we take a look at the changes expected in banking, finance and asset management. 1. Brexit The loss of passporting rights was a key consequence of the Brexit deal from a financial services perspective ...
On 16 April 2021, the People’s Bank of China (“PBoC”) issued the Measures for Supervision and Administration of Anti-Money Laundering and Counter-Terrorist Financing in Financial Institutions (《金融机构反洗钱和反恐怖融资监督管理办法》) (the “2021 AML Measures”), following PBoC’s issuance of a consultation draft of the same on 30 December 2020 (the “Consultation Draft”) ...
Romanian authorities have recently initiated the transposition process for Directive (EU) 2019/1937 of the European Parliament and of the Council on the protection of persons who report breaches of Union law (the “Whistleblowers’ Directive”). A limited period for public review of the first draft of transposition bill has just closed. The projection is that it will become law by December 2021 to meet the transposition deadline ...
On April 13, 2021, Law No. 21,314 (“New Law”) was published in the Official Gazette, which sets forth new transparency requirements and reinforces the responsibilities of market agents, regulates pension counseling and other matters indicated therein. Article 1 of the New Law modifies Law No ...
Read and download the Dutch chapter of the latest Vertical Agreements guide of Lexology GTDT, as updated by Sarah Beeston, Pim Jansen and Nina Korstenbroek. You can access the chapter by clicking on the link below. This comprehensive chapter explains how the Dutch competition rules are applied to agreements for the sale and purchase of goods or services between parties operating at different levels of the supply chain (so-called "vertical agreements") ...
