On 10 December 2020, the Securities and Futures Commission (SFC) issued Frequently Asked Questions (FAQs) providing guidance to licensed corporations(LCs) on how to meet the obligations in its 31 October 2019 circular on use of external electronic data storage providers (EDSP). The SFC also made consequential amendments to its Frequently Asked Questions on the premises for business and record keeping ...
In a recent enforcement action, the Securities and Futures Commission (SFC) issued a public reprimand and a HK$19.6 million fine to a licensed corporation (LC) for a range of breaches and internal control shortcomings, including failures relating to: 1. AML 2. Authorisation for transactions 3. Record keeping 4. Handling of client complaints 5. Telephone recording 6. Margin lending 7 ...
The Sexism in the City inquiry was set up to establish what progress has been made in tackling sexism in the financial services sector. We discuss the findings and offer advice for those in the sector trying to navigate the current regulatory landscape. The financial services industry is crucial to the UK economy. It employs more than 2 ...
If you spend any time reading about the virtual currency space, you’ve picked up that blockchain technology is creeping into hundreds of industries and countries worldwide as more and more people create ways to use the public electronic ledger to better our lives in the not-too-distant future. Money transfers, trade settlements, property and health records, and just about any other part of the human endeavor are being tweaked, changed, and disrupted by this new technology ...
The Seventh Circuit recently reversed a $2.7 million damages award against a mortgage company accused of lying in applications for federal loan guarantees. See United States v. Anchor Mortg. Corp., 2013 WL 1150213 (7th Cir. Mar. 21, 2013) ...
An issue concerning businesses at present is the problem of settlements between them resulting from non-culpable inability to perform contracts. This is an area that may require the Parliament’s intervention if current regulations prove insufficient. Due to the closure of anumber of facilities (restaurants, cinemas, some retail outlets), businesses are incurring huge losses ...
Today, it is easy to find examples where individuals’ assets are threatened due to their professional activities or personal situation. Our governments have also given themselves effective means of tapping into the personal assets of individuals, mainly through the imposition of various directors’ liabilities. Personal liability is also a major concern for anyone who practises a profession where such liability cannot be limited ...
Complementary Law No. 175/2020, enacted in September 23, 2020, determined that the Service Tax (ISS) must be shared between the municipalities where the service providers and the clients are located. Complementary Law No. 175/2020, enacted in September 23, 2020, determined that the Service Tax (ISS) must be shared between the municipalities where the service providers and the clients are located ...
Federal Court Practice 2002 - State Bar of Texas Introduction This article provides an overview of the most commonly used rules under the Federal Rules of Civil Procedure relating to service of process, federal pleading practice and extraordinary remedies. Because it is an overview, this article is not a good substitute for studying the Federal Rules and the various Local Rules issued by the district courts ...
On July 26, 2023, SERNAC published a new interpretative circular that refers to the protection of the real estate consumer in the sale of real estate and its preparatory acts. Although this circular establishes mandatory guidelines for SERNAC officials, it also constitutes a guide to be taken into consideration by real estate providers when complying with their legal obligations ...
On March 11th, 2021, the National Consumer Service (hereinafter “ SERNAC ”) published a new interpretative circular which sets rules for the notification of breaches regarding financial portability and other monitoring data (the “ Circular ”). The Circular revokes SERNAC's Exempt Resolution No ...
The National Consumer Service ("SERNAC") initiated a citizen consultation aimed at consumers to learn about their opinions on how protected they feel in consumer matters and how they perceive the current role and powers of the Service. In order to gather the opinion’s of the citizens, a form with 12 questions will be available on its website until July 23 ...
At the end of 2016 the Serbian Parliament adopted changes to Serbian tax laws, introducing a number of important changes in the area of VAT, excise duties and general tax procedures. Amendments to the laws governing these areas were adopted at the very end of 2016 – on the 28th of December 2016 ...
As we are slowly nearing the mid-point of 2016, it is a good time to look back on the export values of companies in Serbia during the previous year, as it is made possible by a set of Serbian Ministry of Finance's recently published data in this regard. According to the Ministry, the total value of the top 15 exporters in the first seven months of 2015 had totalled at approximately EUR 2.2 billion, asFiat Chrysler Automobiles (FCA) led the way with an export value of EUR 814 million ...
As of 31 December 2018, the Central Registry of Ultimate Beneficial Owners was established within the Serbian Business Registers Agency (the “Registry”), in line with the Law on Ultimate Beneficial Owners (“Official Gazette of the RoS no. 41/2018). In addition, the Ministry of Economy issued guidelines which provide more information on the implementation of certain aspects of this Law (the “Guidelines”) ...
To the untrained eye, technology and the judiciary sector may seem rather far apart. IT is ever changing and dynamic, while courts are by design deliberate and slow. However, even the most resistant institutions are not immune to change; Serbian courts now appear to be further steps towards incorporating new technology for the ultimate goal of greater efficiency ...
According to recent media reports, Minister of Trade, Tourism and Telecommunications in Serbia's newly formed government, Rasim Ljajic, stated that a free trade agreement between Serbia and the countries of the Eurasian Economic Union (EEU) should be signed come November, while outlining that at this stage, the matter is out of Serbia's hands and fully dependent on the EEU ...
The Serbian Parliament adopted amendments to the Law on Personal Income Tax and the Law on Mandatory Social Security Contributions on 30 May 2014. The amendments primarily prescribe tax relief for the employment of new employees. The incentives will become applicable on 1 July 2014 and will also introduce new contribution rates for pensions, disability insurance and health insurance, but the overall rate for social security contributions will remain unchanged, i.e. 37.8% ...
In light of the new EU data protection scheme, shaped by the GDPR, Serbia has enacted a new Data Protection Law earlier this year, with its' applicability postponed for 21 August 2019. The new law was long-awaited: it has been 10 years since the existing law was passed, which was even at that moment already outdated (e.g. it recognized only consent in the written form and almost completely restricted data transfers to non-European countries) ...
Following onrecent newsregarding the mutual desire of both sides to improve the commercial relations between Slovenia and Serbia, there are now additional reports to substantiate these claims ...
The Serbian Parliament adopted amendments to the Serbian Company Law (Law), and they were published in the official journal on the same date. This is the first overhaul of the Serbian Company Law since it was enacted back in 2011. Most of the amendments relate to the introduction of the concepts required for Serbia's accession to the EU (such as cross-border merger and European company forms) ...
The Government of Serbia adoptedthe Regulation on Fiscal Benefits and Direct Aid to Private Sector Entities and Financial Aid to Citizens to Mitigate the Economic Impact ofCOVID-19 (“Regulation”) on 10 April 2020, ten days after the announcement of the proposalof the Program of economic measures aimedat reducing the negative effects caused by the COVID-19 pandemic. The Regulation provides tax benefits and direct payments to private sector companies ...
The Parliament of the Republic of Serbia has adopted a Law on the Protection of Whistleblowers (the “Law”). The Law, which was adopted on 25 November 2014, will become applicable on June 5, 2015. This is the first time that Serbia has a law which should systematically and comprehensively provide effective protection to individuals who report suspicions of corruption ...
Work with the People to Solve the Problem When approaching mediation, parties need to work together to tackle the problem, not each other. The goal is to be soft on the people and hard on the problem. Failing to interact with the other party sensitively, can be catastrophic to building or maintaining a working relationship. Knowing the other side personally helps to build cordiality. Find ways to meet them informally before the negotiation, arrive early to chat or linger afterwards ...
The Securities and Exchanges Commission (SEC) has announced a settled Administrative Proceeding with Senvest Management LLC (“Senvest”). Pursuant to the SEC issued Order, Senvest failed to maintain and preserve certain electronic communications and failed to enforce its code of ethics ...
