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The Pension Schemes Act 2021: what’s in force and what you need to know about it
Shoosmiths LLP, October 2021

The Pension Schemes Act 2021 (the 'Act') amends the Pensions Act 2004 (the '2004 Act') in order to provide the Pensions Regulator ('TPR') with a wealth of new powers. Now that the day we have all been waiting for, 1 October 2021 (when the majority of the Act’s provisions were due to come into force) has come and gone, we’re taking a look the material provisions which came into force on that date - and what those changes mean...

Enhanced secured creditors in France after cornerstone reform of security Law and collective proceedings of September 15, 2021.
Jeantet, October 2021

October 2021 Ordinances n°2021-1192 and 2021-1193 of September 15, 2021, respectively reforming security law and amending Book VI of the French Commercial Code, implement mandates of the PACTE Law of May 22, 2019[1] to: modernize security law[2], improve the articulation of security law with collective proceedings law[3] and transpose the (EU) Directive 2019/1023 of June 20, 2019[4], known as the "Restructuring and Insolvency Directive"[5]...

El Salvador ´s Crypto Ecosystem and next steps to implement
Consortium Legal - El Salvador, October 2021

“The journey of a thousand miles begins with one step.” Lao Tzu.   On Wednesday, June 9, El Salvador published in its Official Gazette a historic event worldwide, the first law in the world that provided a digital asset, specifically the bitcoin with unrestricted and unlimited clearance power in any transactions that natural persons, public or private legal entities carry out in any capacity, therefore, bitcoin became a legal tender in El Salvador...

El Salvador: Bitcoin Law
Consortium Legal - El Salvador, October 2021

Preliminary concepts:   Prior to conducting an analysis of the Bitcoin Law (hereinafter “BTC Law”), it is important to clarify two fundamental concepts regarding this type of digital assets:   – What is bitcoin?   A bitcoin is a decentralized digital asset created in 2009 by one or more people under the pseudonym of Satoshi Nakamoto, with the mission of being a virtual currency or an instrument of electronic exchange to acquire products and services

El Salvador: Advance payment of the Income Tax
Consortium Legal - El Salvador, October 2021

Advance payment can be understood as: “… the payment made before the occurrence of the generating event that constitutes the future and uncertain event on which the legal force of the obligation depends” (Giulani Fonrouge and Susana Navarrine in “Procedimiento Tributario”, Editorial de Palma, page 159)...

AML/CFT Act statutory review – Ministry of Justice calls for submissions
MinterEllisonRuddWatts, October 2021

Today, the Ministry of Justice (Ministry) released the consultation document for its statutory review of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act). The Ministry has asked for submissions, or feedback through an online questionnaire, by 5pm on 3 December 2021. This consultation is a keystone component of that statutory review, which commenced on 1 July this year as required under s 156A(1) of the AML/CFT Act...

Enactment of SB 164 and Changes to Oregon's Corporate Activity Tax
Schwabe, Williamson & Wyatt, October 2021

Although Oregon’s 2021 legislative session turned out to be relatively quiet from a tax perspective, we did experience some changes to Oregon’s Corporate Activity Tax (“CAT”). Those changes were primarily in the form of SB 164. The enactment of SB 164 ushers in the following CAT changes. Fiscal Year Filings...

Tirohanga: Financial Services Quarterly Outlook – October 2021
MinterEllisonRuddWatts, October 2021

Welcome to our first issue of Tirohanga: Financial Services Quarterly Outlook.In this quarterly publication, we highlight what’s coming up in the financial services sector over the next quarter, recap some recent events and those to look out for, take a look at some of the interesting things we’ve been working on over the past three months, and take a look at what some of our alumni have been up to...

Reserve Bank consults on the future of money
MinterEllisonRuddWatts, September 2021

Today, the Reserve Bank of New Zealand (RBNZ) has published a consultation on the ‘Future of Money’. The consultation is aimed at gaining the public’s input on how: the RBNZ performs its role as steward of money and cash; and how it should assess whether to offer central bank money in a digital form alongside cash...

FMA announces escalation in AML/CFT enforcement approach
MinterEllisonRuddWatts, September 2021

The Financial Markets Authority (FMA) today announced an escalation in its approach to enforcement for noncompliance with the New Zealand anti-money laundering and countering financing of terrorism (AML/CFT) regime. In doing so, the FMA referred to its latest AML/CFT monitoring insights report, for the period of July 2018 to June 2021 (Monitoring Report). The FMA’smedia releaseand theMonitoring Reportcan be found on the FMA’s website...

Transitioning to Net Zero for Finance
Shoosmiths LLP, September 2021

We are very excited to be supporting the UN Global Compact Network UK’s ‘Transitioning to a Net Zero’ webinar series...

House Democrats Propose Estate and Gift Tax Law Changes: Important Estate Planning Implications
Verrill, September 2021

Please note: this alert was updated on September 30, 2021. What you need to know: On September 13, 2021, the House Ways and Means Committee released its proposed tax plan to fund President Biden’s $3.5 trillion “Build Back Better” social and economic spending package...

Cambodia: New Prakas on VAT for E-Commerce
DFDL, September 2021

Key points From 8 September 2021 non-resident entities who provide digital goods/services or e-commerce activities to Cambodian consumers and who expect to have sales of USD15k or more before the end of the year, over three consecutive months, have 30 days to register for VAT with the General Department of Taxation (GDT) in Cambodia. From 2022 onward the same non-resident entities, as described above, that expect to have sales of USD62...

Five key takeaways from the HK SFC’s consultation conclusions on revisions to its AML guidelines
Deacons, September 2021

On 15 September 2021, the SFC issued a press release relating to the Consultation Conclusions (Conclusions) on proposals to amend its anti-money laundering and counter-financing of terrorism (AML/CFT) guidelines, approximately one year after the SFC issued the consultation paper (Consultation) on 18 September last year...

Mainland China briefing: Southbound trading of the Bond Connect scheme launched
Deacons, September 2021

On 15 September 2021, the People’s Bank of China (PBOC) and the Hong Kong Monetary Authority (HKMA) jointly announced that southbound trading of the Bond Connect scheme (Southbound Bond Connect) would be officially launched on 24 September 2021 (the joint announcement is available here)...

Some Estate Planning and Business Transition Issues Not to Overlook Before 2021 Year-End
Schwabe, Williamson & Wyatt, September 2021

As we enter the final quarter of 2021, there are many things still to do and plan for before the end of the year. There are also some timing considerations given proposed legislative changes and the lead time needed to accomplish some of these items. You should be reviewing your year-end estate planning or business transition concerns NOW...

Selecting a Master Tenant: To Be or Not to Be a Single-Asset Entity?
Dinsmore & Shohl LLP, September 2021

Commercial real estate professionals live in a world where single-asset entities (SAEs) are ubiquitous. In this respect, the niche market of HUD-affiliated health care facilities follows suit. Skilled nursing or assisted living facility owners seeking HUD-insured financing and the operators overseeing day-to-day functions at those facilities generally need to be SAEs to participate in the HUD programs...

Cambodia: Two New Prakas Now in Force – Tax on Salary and VAT on E-Commerce
DFDL, September 2021

On 8 September 2021 the Ministry of the Economy and Finance (“MEF”) issued Prakas 543 on Tax on Salary (“Prakas 543”) and Prakas 542 on the Rules and Procedures concerning the Implementation of Value Added Tax on E-Commerce Activities (“Prakas 542”)...

[Infographic] Peer-to-Peer Lending in Thailand – Quick Guide
DFDL, September 2021

COVID-19 has thrust the world into recession and its rippling effects have given rise to rapid and accelerating changes. Many businesses have moved or expanded into online channels as we collectively begin to embrace and advance headlong into an increasingly digitalized society...

Guest Column: For Alabama Companies Doing Business in Afghanistan, Some Legal Thoughts
Bradley Arant Boult Cummings LLP, September 2021

[!<CDATA[ The unprecedented speed of the collapse of the former Afghan central government is a humanitarian tragedy. The magnitude of which is rightfully distracting from the immediate near-term and long-term legal issues that those who supported the coalition efforts in Afghanistan are compelled to address as the immediate human concerns fade from the spotlight. In particular, U.S...

Regulation of the retail payments system: Proposed policy approvals
MinterEllisonRuddWatts, September 2021

The Ministry of Business, Innovation and Employment (MBIE) has published details of additional policy proposals for the regulation of the retail payments system. A link to the cabinet paper is availableonline. This follows the Minister of Commerce and Consumer Affairs, Hon Dr David Clark’s,announcementin May to introduce a Retail Payments Systems Bill (the Bill) with the aim of reducing merchant service fees...

[Infographic] Debt Restructuring Quick Guide – Thailand
DFDL, September 2021

Another wave of COVID-19 has spread all over Thailand and is raising understandable concerns and generating uncertainty among the business community. With this series of infographics, we take this opportunity to guide you on the key measures and best practices to help you mitigate the effects of the COVID-19 pandemic on your business. Today, we guide you through the debt restructuring options available in Thailand for local or foreign investors...

[Infographic] Key Considerations Before Undergoing Debt Structuring – Thailand
DFDL, September 2021

Another wave of COVID-19 has spread all over Thailand and is raising understandable concerns and generating uncertainty among the business community. With this series of infographics, we take this opportunity to guide you on the key measures and best practices to help you mitigate the effects of the COVID-19 pandemic on your business...

Cambodia: Use of Khmer Language and Currency in Financials and Onsite Inspections
DFDL, September 2021

September 2021 has seen the issuance of Circular 009 on the Usage of Khmer Language and Currency in Accounting Records and Financial Statements (“Circular 009”) and Notification No. 355 on Inspection Visits and Implementation of Interim Fines for Violations of Law on Accounting and Audit (“Notification 355”). We set out the salient points in Circular 009 and Notification 355 below for your reference...

CCCFA Amendments Delayed
MinterEllisonRuddWatts, September 2021

On Thursday 9 September 2021, the Ministry of Business, Innovation and Employment (MBIE) announced a number of changes to legislation due to the shift in COVID-19 alert levels...



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