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We have created this guide to give an overview of the key issues around secondary capital raising across almost 30 jurisdictions. As one of the world’s largest capital markets practices, with a presence across 77 offices in 46 countries, we can help clients to better understand their options and navigate the challenges that come with raising capital during uncertain times, no matter where in the world they are.

In this panel discussion with Tiffany McConnell King (Corporate Director and Division Counsel, Global Sustainment and Modernization, Northrop Grumman Corporation) and Kirk Foster (Assistant General Counsel and Director of Compliance and Privacy, HII Mission Technologies), Marilyn Batonga (Partner, Baker, McKenzie) and Maurice Bellan (Partner, Baker McKenzie), we uncover the latest trends and analyze enforcement actions related to international government procurement, focusing on risks based on conduct abroad as well as False Claims Act risks.

On 8 December 2021, Treasury issued Notice of Proposed Rulemaking to allow the public to review and comment on proposed regulations to implement the beneficial ownership information reporting provisions of the Corporate Transparency Act. Passed on 1 January 2021, the CTA imposes on so-called “Reporting Companies” the obligation to report to Financial Crimes Enforcement Network information regarding their “Beneficial Owners” and company “Applicants.”

Interested parties could, until 6 April 2022, provide their views to the EU Commission regarding the so-called Unshell proposal or ATAD 3. Many will have flagged the uncertainties about certain concepts and the need for more clarifications while others will also have indicated more substantial issues such as possible non-compatibility with EU Law. It remains to be seen whether the EU Commission will take (some of) these comments on board. Meanwhile, international groups should not rest on their laurels because it is likely that the Proposal will be adopted (as is or in an amended form) but rather start screening the European affiliates in their corporate structure, to identify possible issues under ATAD 3 and look for possible remedies.

Since finding that the Police’s use of a “No Consent Regime” (“Regime”) in freezing accounts that contain suspected proceeds of crime was unlawful and unconstitutional, the Hong Kong Court of First Instance has now handed down its decision on relief and costs in Tam Sze Leung & Ors v. Commissioner of Police [2022] HKCFI 772.
The Court declared that the Letters of No Consent (LNCs) in issue and the Regime “as operated” by the Police are: (i) ultra vires Sections 25 and 25A of the Organized and Serious Crimes Ordinance (OSCO) (Cap. 455); and (ii) incompatible with Articles 6 and 105 of the Basic Law, as the Regime as operated by the Police is not prescribed by law and is disproportionate

On 4 April 2022, the OECD released a new public consultation document with respect to the draft model rules for Amount A. This latest draft model rules cover the Scope building block which stipulates which MNE Groups will be covered by the Amount A model rules. This document is the fourth building block of Amount A to be released. On 4 February 2022, the OECD issued its first extensive publication on Amount A covering the two components Nexus and Revenue Sourcing.

The Trade Competition Commission of Thailand has published a new guideline on offenses relating to unfair trade practices under section 57 of the Trade Competition Act 2017. The New Guideline underwent a public hearing in 2021 and has become effective on 19 February 2022. It replaces the first guideline on unfair trade practices which was issued back in 2018.

The Hong Kong Judiciary continued to further expand the scope of remote hearings and issued various guidance notes and guidelines to facilitate the operation of remote hearings since its first initiative during the General Adjournment Period (GAP) in 2020. In response to the fifth wave of COVID-19 in early 2022, the Judiciary implemented the second GAP on 7 March 2022 and issued its latest guidance note dated 25 March 2022 on hearing outside court rooms , which took effect on 28 March 2022. This alert provides an update on the development of remote hearings in Hong Kong.