The UAE has issued substantive law on Value Added Tax (VAT) and Excise Tax. Federal decree law No.8 of 2017 deals with VAT. The imposition of VAT will commence in the UAE from 1 January 2018 at a rate of 5%. The VAT law provides a framework for implementation of VAT in the UAE ...
Under RERA, the promoter of a real estate project is obliged to obtain the requisite insurance policies required to secure the development of project and insurances as may be notified by the government. The lack of transparency and uniformity in the Indian real estate market has done little to entice insurance companies from tapping into lucrative land deals and developing insurance products for the real estate sector ...
The final Default Regulations, issued in terms of section 36 of the Pension Funds Act, were recently issued by the South African Minister of Finance. They aim to provide retirement funds with greater discretion and flexibility in relation to their default investment portfolios and annuity strategies. To comply with the regulations, many funds will need to amend their rules and investment policy statement ...
The Health Insurance Portability and Accountability Act (“HIPAA”) contains minimum security standards that Covered Entities and Business Associates must employ to safeguard protected health information (“PHI”). As part of HIPAA’s security standards, Business Associates are obligated to report all security incidents to the Covered Entity ...
The Insurance Act, 2017 (the “Act”) has recently been enacted to reform the law governing insurance in Uganda. The purpose of the Act is to bring Uganda’s insurance law in line with the Insurance Core Principles (“ICPs”) developed by the International Association of Insurance Supervisors and the Financial Action Task Force recommendations on combating money laundering and countering the financing of terrorism ...
The July 2017 issue of the Asian Legal Business (ALB) includes a Philippine regional update by SyCipLaw partner Hiyasmin H. Lapitan and associate Jo Margarette W. Remollo entitled, “Guidelines on Related Party Transactions for Insurers in the Philippines”. The article summarizes the Insurance Commission’s compliance guidelines on related party transactions, as set out in Insurance Circular Letter No. 2017-29 ...
In the days following Hurricane Harvey, tremendous attention has been appropriately placed on individual safety and rescue for the millions affected by the storm’s devastating winds and catastrophic flooding. Now the immediate emphasis for many corporate policyholders has turned to the practical challenge of repairing damaged property and restoring business operations suspended by the storm ...
As Hurricane Harvey continues to cause far-reaching disruptions, it is important to understand how to effectively assert or respond to assertions of force majeure. This summary outlines the steps to take to assert force majeure, and initial considerations for those who have received several notices of force majeure from counterparties ...
Types of Weather-Related Losses for Which Insurance May Be Available Different businesses are affected differently by the same storm, and even the same physical damage. For instance, a physical loss to a part supplier caused by flooding or a lost roof might impact that business as a physical property loss and as a consequential loss of business income. That same event might also indirectly impact a product manufacturer that relies on the part supplier for components to its product ...
The financial exploitation of elders is a hot topic in state legislatures, with the federal government, and in the media. In the first few months of 2017 alone, media reports from Gadsden, Fairhope and Dothan chronicle four cases of financial exploitation, with losses in each case ranging from $20,000 to $100,000 over short periods of time. The perpetrator in each case was a family member of the victim ...
As Hurricane Harvey continues to sweep the Texas coastline and destroy property in its path, insureds should take action before September 1st to protect their statutory rights and avoid the changes made under House Bill 1774, also referred to as the “Hail Bill,” which take effect September 1, 2017. The Hail Bill adds “Chapter 542A - Certain Consumer Actions Related to Claims for Property Damage” to the Texas Insurance Code ...
The Insurance (Bancassurance) Regulations, 2017 were recently gazetted, giving effect to bancassurance under the Insurance Act, 2017 (which is yet to commence) and the Financial Institutions Act, 2004.The introduction of Bancassurance in UgandaBancassurance refers to an arrangement where an insurance company uses a bank’s sales channels to sell insurance products ...
While the Ukrainian Parliament continues heated debates over the open market for agricultural land, one thing remains clear - the lifting of the moratorium on sale of agricultural land is an inevitable process, which is largely driven by globalization and the expansion of influence of major world corporate groups in Ukraine. However, for the land market and agribusiness to become transparent and efficient, the relevant risk management systems have to be implemented ...
Traditionally, investment decisions have focused primarily on increasing economic value. Over the past few decades, however, an investment philosophy focused on creating non-economic value by advancing social or charitable causes has become increasingly commonplace. This investment philosophy, traditionally referred to as socially responsible investing, has historically been assumed to involve the sacrifice of economic gains in furtherance of non-economic objectives ...
Recent proposed amendments to the rules of Strate, South Africa’s central securities depository (the “Strate Rules”) will effect a significant change to how uncertificated securities are pledged, but will not solve all of the problems that market participants hoped would be addressed ...
On 30 June 2017, after an initial round of public commentary undertaken by the JSE Limited (“JSE”) on the proposed amendments to the JSE Debt Listings Requirements (“DLRs”), the South African Registrar of Securities Services announced that “Part 2” of the 2016 amendments are available on the Financial Services Board’s website for further public comment. The deadline to review and comment on the proposals is 14 July 2017 ...
Following South Africa’s sovereign credit rating downgrade by ratings agencies Standard & Poor’s, Fitch and, on 9 June 2017, Moody’s, as well as developments in political circles around allegations of “state capture”, relations between private business and the country’s public entities have become a hot topic ...
The May 2017 issue of theInternational Financial Law Review (IFLR) includes an international briefing article by SyCipLaw partner Melyjane G. Bertillo-Ancheta entitled "Philippines: Amendments to the FX Regulations". The article discusses the circulars, issued by the Bangko Sentral ng Pilipinas (the central monetary authority of the Philippines), amending the country's foreign exchange regulations ...
On, May 27th, Governor Greg Abbott signed into law what has become known as the Texas “Hailstorm Bill ...
I OVERVIEW The private equity industry has continued to develop in Chile but at rates lower than in previous years. Growth rates of 2.1 per cent for the year ended 31 December 2015 and an expected rate of 1.6 per cent for the year ended 31 December 2016 have certainly affected the investment activity generally. Chile continues to offer, however, an attractive business environment and a stable legal framework ...
The French market has been known to be restrictive due to the banking monopoly, which classically restricted the origination of loans and the acquisition of unmatured receivables to credit institutions and financing companies, with small exceptions. Due to the overregulation of credit institutions and financing companies, many transactions were structured abroad ...
This article discusses new regulation introducing some novelties which in essence incorporate many comments coming from the industry. Some modifications to the legal framework provided for the previous regulation address the following: D&O Insurance; Side B. Coverage; Defense Costs; Individuals as Policyholders; Nominated Risks; Penalties; Environmental Risks.: and Side C. The Official Gazette published a new regulation enacted by SUSEP governing D&O insurance. Circular No ...
Blockchain, a type of distributed ledger technology, has garnered heightened interest as a secure method to conduct transactions. In this article, we provide an introduction to blockchain and its uses. In later articles, we will explore how this technology is being implemented to transform the financial services industry ...
The Financial Oversight and Management Board for Puerto Rico recently filed a voluntary petition for relief on behalf of Puerto Rico in federal court there. The filing required the Chief Justice of the United States to designate a district court judge to conduct the case. In recent months Chief Justice Roberts appointed District Judge Laura Taylor Swain of the Southern District of New York ...
