The Brazilian Institute of the Environment and Renewable Natural Resources (IBAMA) established a new way of calculating the Environmental Control and Inspection Fee (TCFA) and, as of the first quarter of 2024, the economic size to be declared by subsidiaries will be the economic size of the parent company and the subsidiary jointly, considering the annual gross income of the legal entity as a whole for the basis for calculating this fee.
The Australian Government has passed a new law requiring all Australian public companies (listed and unlisted) to disclose in their annual financial reports information about their consolidated entities, including their country of tax domicile.
Following Royal Assent, the change will apply in relation to financial years commencing from 1 July 2023.
In the latest update of the Indonesian Competition Commission (Komisi Pengawas Persaingan Usaha, “KPPU”) online filing portal, a dual (double) nexus assessment Q&A is now required to be filled in by companies that submit a merger control notification. Although the KPPU has not issued any update to their merger filing guideline, this new questionnaire confirms how the KPPU assesses the dual nexus requirement for offshore transactions.
On 4 April 2024, the Executive Regulation of the new Egyptian pre-merger control regime was officially published by Prime Minister Decree No. 1120 of 2024. The ER introduces the implementing regulations for the newly established pre-merger control regime issued by the Law number 175 of 2022 which empowers the Egyptian Competition Authority with significant powers in reviewing and approving transactions. The ER states that it will enter into force on 1 June 2024, i.e. transactions that close on or after 1 June 2024, and meet the prescribed thresholds, must obtain prior approval from the ECA.
The Minister of Domestic Trade and Cost of Living had appointed 1 April 2024 as the date of coming into force of the Companies (Amendment) Act 2024 (“CA 2024”), which was first tabled for reading before the Dewan Rakyat on 10 October 2023, and received Royal Assent on 24 January 2024. CA 2024 expands the definition of Beneficial Ownership (BO) and mandates companies to obtain and disclose BO information from 1 April 2024. Companies must maintain a BO register accessible by prescribed persons. Corporate Rescue Mechanisms allow companies to apply for restraining orders and introduce a “pre-pack” scheme mechanism and a “cross-class cramdown” system.
In a major shakeup to businesses’ obligations relating to human rights, environmental standards and climate change, the Corporate Sustainability Due Diligence Directive is set to become law.
In this article, we focus on the nature of the due diligence obligations: what is required in terms of diligence, what types of impacts are covered, etc.
Effective on 25 March 2024, the Stock Exchange of Thailand (“SET”) updated the requirements for acquisition, by a listed company or its subsidiaries, of the assets of a non-listed company (“Backdoor Listing”), and the requirements for the listing of securities of a company formed by amalgamation between a listed company and non-listed company (“Relisting”). These revisions aim to strengthen the consideration process and the required qualifications of companies proceeding with Backdoor Listing and Relisting, in order to maintain the same standards comparable to a new listing.
The Companies and Intellectual Property Commission (CIPC) has issued several notifications that are of high importance to businesses with operations in South Africa.
The notifications concern:
• A security compromise as per section 22 of the Protection of Personal Information Act (2013)
• Processes regarding the proof of physical address of companies and close corporations in South Africa
• More information concerning the Annual Return Deregistration Process of Companies and Close Corporations
• Details of the delays expected in processing company and close corporation re-instatement applications and responding to enquiries
• Information concerning the Beneficial Ownership Reviewer System
• Details regarding integration of the Foreigner Assurance Process with Beneficial Ownership.
All those persons registered in the Sole Registry of Bidders (Registro Único de Proponentes) (RUP for its acronym in Spanish) must update their registration no later than 5 April 2024, otherwise, the effects of the registration will cease and they will have to register again, providing all the necessary documentation, as if it were the first registration.
Our popular Annual Compliance Conference, which attracts over 4,000 in-house senior legal and compliance professionals every year from across the world, will be taking place from 30 April – 6 June. We will be delivering our cutting-edge insights and guidance virtually on key global compliance, investigations and ethics trends.