In the second instalment of The Fintech Times' ‘Where to Relocate’ series, we turn the spotlight to the Cayman Islands as a VASP-friendly jurisdiction. Situated in the Caribbean, the Cayman Islands offer a unique blend of regulatory excellence, technological innovation, and a commitment to fostering the growth of digital assets ...
Americans have increasingly accepted meat and dairy alternatives as staples in their daily diets. For example, recent market research shows that two out of every five U.S. consumers plan to purchase plant-based meat products in 2023. The prevalence of these forms of alternative protein has set the stage for a semantic — and potentially paradigm-shifting — dispute over the very meaning of the terms "meat," "milk" and "dairy ...
The recent soap opera surrounding Kevin Pietersen and his off-on-off relationship with the England cricket team has dominated the sports media over recent months.There is no doubting that Pietersen is the most talented batsman available to England but, that said, for many well-rehearsed reasons (and various misdemeanours) he will not be selected ...
Key Points The FDA will exercise enforcement discretion when Nutrition and Supplement Facts Labels (a) exclude allulose from Total Sugars and Added Sugars declarations, and (b) use as low as 0.4 kcal/g for allulose calorie count; but allulose must be included as a Total Carbohydrate. Allulose is a basic form of carbohydrate that is naturally occurring in a variety of sweet foods, such as raisins, maple syrup, and brown sugar ...
When a bankruptcy occurs, the creditors play a central role in the administrative control of the bankrupt's estate. In this regard, the Bankruptcy and Insolvency Act 1 (The "BIA") provides that, at the first meeting of creditors, the creditors must, among other things, affirm the appointment of the trustee and give such directions to the trustee as they see fit with reference to the administration of the estate ...
In March 2011, the Fourth Circuit issued a decision that has potentially substantial impact on the banking community at large, especially as it relates to decisions on whether to extend credit to a debtor after he or she receives a discharge in bankruptcy. In Maryland v. Ciotti (In re Ciotti), 2011 U.S. App. LEXIS 4492 (4th Cir. Mar ...
How Wirecard skirted regulatory scrutiny by jurisdiction-shopping and canny intra-group structuring. It would have been the quintessential business success story. Founded in Munich in 1999, this small payment processor for online gambling and pornography sites grew so massive that, by 2018, it had displaced Commerzbank from Germany’s prestigious Dax 30 index. At its peak, the juggernaut was valued at more than €24 billion (S$38.6 billion) ...
A child arrangements order is a court order which states where a child will live, how they will be cared for and how they will spend their time with one or both of their parents. A question which often goes unasked, however, is how long will the order last? The contact arrangements set out within a child arrangements order, i.e ...
When parents separate one question that is often asked is how long will I or my ex have to pay child maintenance for. Child maintenance Child maintenance is a regular, usually monthly payment, made by the parent with whom the children do not live (commonly known as the non-resident parent (NRP)) to the other parent (commonly known as parent with care (PWC)) ...
The March 2020 Coronavirus Aid, Relief, and Economic Security Act (CARES Act) contains a number of provisions that help borrowers with federally backed mortgage loans. Among these are forbearance protections for borrowers with single-family loans and multifamily loans. However, only one of the forbearance provisions has a clearly defined period when the rights are available ...
The South African Supreme Court of Appeal (“SCA”) recently delivered judgment in the matter of FirstRand Bank Limited v The Spar Group Limited. The SCA held that: A customer with no entitlement to money deposited into its account and who knows that it enjoys no such entitlement, may not pay out money against the credit to the account. Doing so amounts to theft ...
Insolvency that stems from the obligations assumed by a joint venture may concern any of the associates. Such proceeding, especially when it has an international dimension, requires a broader perspective on some of the requirements set forth by law with respect to the initiation and application of the proceeding. Through its effects on the debtor, creditors and on the socioeconomic environment in general, insolvency is more than a mere legal procedure ...
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 ...
Sustained biodiversity loss since the industrial revolution has resulted in Britain being one of the most nature-depleted countries in the world. One response to this enduring problem are proposals to use the planning system to mandate biodiversity net gain (BNG) through the development management process. The aim of the requirements is to secure a minimum 10 per cent biodiversity net gain from new developments, with effect from November 2023 ...
The COVID-19 pandemic has hit small businesses particularly hard. And, the Small Business Administration’s disaster loan program can offer many of those small businesses a lifeline. But, it can be daunting to know what relief is available (and for what purpose), who qualifies, and how to apply. This is what you need to know. The SBA has two types of disaster loan programs—one through banks and one directly from the SBA via the U.S. Treasury ...
The COVID-19 pandemic has hit small businesses particularly hard. And, the Small Business Administration’s disaster loan program can offer many of those small businesses a lifeline. But, it can be daunting to know what relief is available (and for what purpose), who qualifies, and how to apply. This is what you need to know. The SBA has two types of disaster loan programs—one through banks and one directly from the SBA via the U.S. Treasury ...
Following Prime Minister Boris Johnson’s recent announcement in Parliament, it is now certain that there will be a Public Inquiry into the handling of the pandemic. What is the planned Inquiry likely to consider, and who might be involved? For over a year now, the government’s focus has been on the here and now - managing and responding to the rollercoaster that is the COVID-19 crisis ...
Margin ratchets are a concept that the banking and finance world are familiar with. Increasingly these are linked to ESG loans with both lender and borrower engagement. How do they work in practice, what are the benefits and what are the potential risks? Typically margin ratchets are linked to financial covenants – more often than not leverage – they incentivise borrowers to improve their financial health over the life of a loan ...
The European Commission consistently emphasises the citizens’ rights and status in its hard Brexit preparations and contingency works. It appealed to EU Member Stats to take a generous approach towards the rights of UK citizens in the EU, given that the UK reciprocates such an approach ...
Unpacking the Economic Aid Act and American Rescue Plan Act: Consolidated First Draw PPP Interim Final Rule, New First Draw PPP Loans, and Increases to First Draw PPP Loans On January 6, 2021, the Small Business Administration (the “SBA”) and the Department of Treasury released an Interim Final Rule called “Business Loan Program Temporary Changes; Paycheck Protection Program as Amended by Economic Aid Act” (sometimes referred to as the “Consolidated First D
Update: On September 16, 2021, the Final Rule on Borrower Appeals of Final SBA Loan Review Decisions was posted and became effective on September 14, 2021 (the “Final Rule”). The Final Rule applies to all appealable final SBA loan review decisions under the PPP and applies to all appeals filed after the effective date and to those appeals filed before the effective date for which a notice and order has not been made ...
Knowing what to expect when going into the sale process and teaming up with experienced advisors is critical to making the sale of your business the crowning achievement of all of your hard work. This article discusses several steps in certain business sales, using a hypothetical company named ABC Manufacturing, and provides tips for success at each stage ...
