On 12 August 2021, the Spanish Agency of Medicinal Products and Medical Devices published a briefing note on the new regulatory framework applicable to antiseptics intended for the disinfection of the surgical site prior to surgery or to the injection point. Said products had been regarded by the Spanish regulator as biocidal products until the publication of a Resolution dated 2 June 2021 which reclassified them as medicinal products.
On 10 August 2021, the U.S. Senate passed the USD 1 trillion infrastructure bill, known formally as the Infrastructure Investment and Jobs Act (Infrastructure Bill). The Infrastructure Bill includes provisions for approximately USD 550 billion in new federal spending over 10 years on various transportation, broadband, utilities, and other infrastructure projects. The Infrastructure Bill contemplates that USD 28 billion in income tax attributable to the disposition of digital assets will be collected over 10 years.
In the latest episode of the Global Financial Industry Podcast, Baker McKenzie associates discuss: Sovereigns series – key principles of investment treaty protection. The episode covers recent examples of sovereign wealth fundsSWFs bringing investment treaty claims and how others can obtain access to these protections. The episode also analyzes why investors should consider investment treaties as part of their decision-making process.
Baker McKenzie has a team in place that has been advising clients in real-time on critical issues surrounding the COVID-19 pandemic since the first shelter-in-place/stay-at-home orders were enacted. The latest update on 27 August 2021 reflects these developments:
• The following jurisdictions extended their state-wide orders and/or the duration of the current phase of their reopening plans: Delaware, Illinois, Iowa, and New Mexico.
• The following jurisdictions imposed new face-covering requirements: Illinois, Nevada, Oregon, Washington, and West Virginia.
The Singapore High Court refused a consumer’s attempt to re-file a failed claim after the lower court issued a final and unappealable decision. The consumer first brought a claim against e-commerce platform Lazada at the Small Claims Tribunal. After a decision was made, the consumer applied to the District Court for leave to appeal against the decision. The District Court refused to grant leave to appeal, which, under law, is considered as final. However, the consumer still brought a claim before the High Court, arguing that she was filing a fresh claim in respect of the damages that were not granted. The claim was refused.
Partners Michael Fieweger and Derek Liu were featured in Private Equity International’s Keynote Interview, entitled “Public deals for private equity”.
In this interview Michael and Derek discuss reasons why SPACs present an attractive opportunity for Private Equity investors, but they consider the potential challenges for mid-market PE funds and potential conflicts they can create for private equity firms. They also give their opinion on the reasons for the decline in PIPEs and provide forecasts for how the SPAC market will evolve into 2022.
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.
The US Securities and Exchange Commission (SEC) recently published a request for information and comment on how broker-dealers and investment advisers use digital engagement practices (DEPs) — behavioral prompts, differential marketing, “gamification,” and other design elements and features that firms use to engage with retail investors through digital platforms and mobile applications.
Earlier this month (7 August), the MIC released and called for public consultation on the draft decree amending and supplementing several provisions of Decree No. 25/2011/ND-CP guiding the implementation of the Law on Telecommunications (“Draft Decree”). The deadline for contribution to this consultation is 7 October 2021.
The Central Bank of Venezuela issued Resolution No. 21-08-01 of 6 August 2021, containing the Regulations Governing the New Monetary Expression. The Resolution entered into force on 16 August 2021. However, the new monetary expression will apply as of 1 October 2021.