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The Securities and Futures Commission recently released the Consultation Conclusions on the Proposed Regulatory Regime for Depositaries of SFC-authorised Collective Investment Schemes and the Further Consultation on Proposed Amendments to Subsidiary Legislation and SFC Codes and Guidelines to Implement the Regulatory Regime for Depositaries of SFC-authorised Collective Investment Schemes. Whilst many of the proposals from the 2019 original consultation will be adopted without change, the SFC has refined its approach in several key areas to provide greater clarity to the industry. We summarise the key requirements that will be applicable to RA 13 licensees, the Consultation Conclusions and the new proposals for consultation in the Further Consultation.

The Federal Tax Authority (FTA) has established an Integrated System for Monitoring Foreign Payments of Services (SIMPES) through which the FTA will analyze compliance with tax obligations and the financial-economic capacity of the taxpayers who intend to make foreign payments for contracted services. The SIMPES is established to complement the current control system integrated by the System of Financial Economic Capacity (“System CEF”) and the Integrated System for Monitoring Imports (SIMI).

On 24 September 2021, the Commerce Department’s Bureau of Industry published a “Notice of Request for Public Comments on Risks in the Semiconductor Supply Chain.” The Notice seeks responses from various parties in the semiconductor supply chain about current shortages and related issues. Comments in response to the Notice are due by 8 November 2021.

Shelter-in-place or stay-at-home orders have been prevalent throughout the United States since March 2020 as state and local governments have sought to protect their citizens from the spread of the COVID-19 virus while at the same time reopen their economies in accordance with phased reopening plans. Keeping abreast of the evolving nature of these orders and plans as the spread of the virus continues to evolve is critical to the functioning of all businesses throughout the country.