The Cape Town Convention is designed to protect rights of owners and financiers in movable property, including aircraft and aircraft engines. As a result, lenders, banks, leasing companies and investors would be able to benefit from internationally recognized legal framework and standards for cross-border aircraft leasing and financing transactions. Borrowers and lessees (airlines) potentially should be able to better manage transaction risks, thus reducing costs in respect of Kyrgyz-registered aircraft or aircraft mortgaged by or leased to Kyrgyz entities.
Developing new ESG and climate disclosure requirements (including those relating to supply chain impacts) is one of the SEC’s key priorities, and there have been indications that proposed rule-making on the issue may be imminent. The topic was once again raised by SEC Commissioner Allison Herren Lee this week at the 2021 ESG Disclosure Priorities Event.
The US Customs and Border Protection has issued a Withhold Release Order against a Chinese fishing fleet for suspected use of forced labor in its fishing operations. The WRO instructs CBP personnel at all US ports of entry to detain tuna, swordfish, and other seafood that has been harvested by a fleet of 32 vessels owned and operated by Dalian Ocean Fishing Co., Ltd.
On 28 May 2021, US Customs and Border Protection published in the Federal Register a notice of intent to distribute assessed antidumping or countervailing duties in connection with countervailing duty orders, antidumping duty orders, or findings under the Antidumping Act of 1921 (known collectively as the continued dumping and subsidy offset) for Fiscal Year 2021 pursuant to the Continued Dumping and Subsidy Offset Act of 2000 (CDSOA).
The scope of the two Open General Export Licences (OGEL) for security items has been further refined and amendments to the OGELs were on 26 May 2021 published by the Department for International Trade in a Notice to Exporters. The updated OGELs permit the export of low-risk information security items that rely on encryption technologies listed in Schedule 1 to each OGEL.
On 2 June 2021, United States Trade Representative (USTR) Katherine Tai announced the conclusion of the one-year Section 301 investigations of Digital Service Taxes (DSTs) adopted by Austria, India, Italy, Spain, Turkey, and the United Kingdom.
Foreign Internet sites, web-pages, information systems and programs aimed at Russian audiences may be required to open local offices in accordance with a draft law being considered by the Russian parliament
On 14 May 2021, the Health Sciences Authority Therapeutic Products Branch announced that it would be extending the Dossier Clarification Supplement to new drug applications for biologics. The extension takes effect from 1 June 2021.
Our partner, Adriana Ibarra, talks to us about Customs Compliance in this first installment of Compliance Community Connect.
The UAE Federal Tax Authority (FTA) announced that any person or group proven to have violated the provisions of tax legislation has the right to apply to the FTA to reduce or be exempted from an administrative penalty, provided that there is an excuse acceptable to the FTA, and that there is evidence available justifying the excuse and the violation related thereto, which led to the imposition of an administrative penalty.