The Securities and Futures Commission recently released its Consultation Conclusions on Proposed Enhancements to the Competency Framework for Intermediaries and Individual Practitioners. Changes to the existing Guidelines on Competence and Guidelines on Continuous Professional Training will take effect in January 2022. These changes impact the competence and ongoing training requirements for new and existing Responsible Officers and Licensed Representatives of Licensed Corporations, as well as Executive Officers and Relevant Individuals of Registered Institutions.
On 1 July 2021, Russia adopted a paradigm-shifting law that establishes, among other things, new physical presence requirements for major foreign technology companies doing business in the Russian Internet space. Affected technology companies are required to open either a representative office, a branch, or a subsidiary in Russia. This article provides a brief overview of this radical regulatory development and its Russian tax implications, reviews the compliance alternatives, and suggests means to mitigate the associated tax risks.
The Supervisors Law of the People’s Republic of China was recently promulgated by the Standing Committee of the National People’s Congress on 20 August 2021. Together with other legislation and enforcement activities, the Supervisors Law aims to strengthen President Xi’s anti-corruption campaign and is scheduled to take effect on 1 January 2022.
As a part of its annual Virtual Trade Week series, US Customs and Border Protection issued a list of Frequently Asked Questions on forced labor (“the FAQs”). The FAQs consist of responses to ten questions focused on current issues and latest developments in forced labor enforcement.
Following the example of companies in other countries, a number of companies in the Netherlands recently announced the requirement for employees to be vaccinated before they can return to the workplace. The announcement led to major discussion in the Netherlands, as a vaccination obligation would be a breach of fundamental rights. In this monthly feature, we discuss the possibility of requiring employees to be vaccinated.
Singapore’s Prime Minister Lee Hsien Loong, at his recent National Day Rally speech, acknowledged the anxiety felt by middle income Singaporeans over foreign work pass holders, especially with the economic uncertainty heightened by COVID-19.
Addressing what he described as personal and emotional arguments by Singaporeans over perceived foreign competition for jobs and opportunities, the prime minister signaled that the government will introduce new anti-discrimination laws with a range of penalties extending beyond the current administrative penalties, such as restrictions on an employer from hiring foreign workers.
We are advising employers on the permissibility of vaccine mandates in particular jurisdictions, the ability to require proof of vaccination (including data privacy considerations), how to treat employees who refuse vaccines, workplace health and safety requirements, and much more.
On January 19, 2021, the US Commerce Department published an interim final rule (“Interim Rule”) to implement Executive Order 13873, “Securing the Information and Communications Technology and Services (“ICTS”) Supply Chain.” The Interim Rule was issued following the public comment period’s closure on January 10, 2021 on the proposed rules issued on November 27, 2019.
To implement Section 35(b) of the Universal Healthcare Act, the Department of Health has issued Administrative Order No. 2021-0036 entitled ‘Guidelines on Compliance with Section 35(b) of [the UHC Act]: All Drug, Medical Device, Biological and Medical Supplies Manufacturers to Submit Reports on Disclosure of Financial Relationships with Health Care Providers and Health Care Professionals.
The Office of the National Superintendent of Securities authorized the issuance of a minimum of 20 million investment units and a maximum of 40 million with a nominal value of VEF 100 and with a minimum investment amount of VEF 100,000 of the first collective investment entity specialized in the real estate sector, called Fibra One, which is promoted by Fintech Valores Sociedad de Corretaje.