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Nagashima Ohno & Tsunematsu | Japan | 7 Jun 2021

Underwriters' liability for false statements made in IPO

In December 2020 the Supreme Court handed down a decision in relation to certain obligations of lead underwriters and bookrunners in an initial public offering (IPO). Although the underlying facts related to an IPO, the judgment also applies to underwriters involved in the submission of a securities registration statement and there are useful takeaways for any company faced with investigating......
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CMS Albiñana & Suárez de Lezo | Spain | 1 Jun 2021

Inclusion of regulated and unregulated activities in company object

A recent judicial decision has settled an appeal against a registrar's refusal to allow regulated credit and finance activities to be included in the object of a limited liability company. The decision is clear and states that financial activities that cannot be performed due to legal limitations should be expressly excluded from a company's object where they are included therein by reference......
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NautaDutilh | Luxembourg | 1 Jun 2021

Implementation of new EU framework relating to covered bonds

A draft bill relating to the issuance of covered bonds was recently deposited to implement EU Directive 2019/2162/EU into Luxembourg law. Covered bonds are generally considered sources of stable refinancing, even in tense market conditions. Access to this activity will enable issuing credit institutions to diversify their sources of financing and strengthen their resilience to market shocks,......
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Ogier | Jersey | 27 May 2021

Individual accountability: expectations of senior management in JFSC-regulated firms

Internationally, there has been an increasing focus by regulators on promoting individual accountability within financial services businesses, and it is reasonable to assume that the Jersey Financial Services Commission (JFSC) will take a similar approach. It is therefore important that senior management of regulated firms ensure that they understand what is expected of them and are alive to......
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Cyril Amarchand Mangaldas | India, USA | 20 May 2021

Promoter reclassification and family feuds: area of concern

The Indian business landscape is mainly composed of family-run businesses. When a family member runs a business independently, other relatives prefer not to be liable for the compliances and liabilities imposed on the promoter group. However, in case of listed companies, it is challenging for the promoter's family members to be excluded from being categorised as promoters or a promoter group......
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Ogier | Jersey | 13 May 2021

How to avoid being referred to JFSC Enforcement – and what to do if you are

With the Jersey Financial Services Commission (JFSC) taking – and wanting to be seen to be taking – an increasingly robust approach with regulated firms, it is only natural for firms to ask what they can do to avoid a referral to the JFSC's Enforcement division and, if they are referred, what steps they can take to manage the risk of formal sanction.
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AZB & Partners | India | 11 May 2021

Stepping out of the shadows: RBI's proposed scale-based approach to NBFC regulation

The Reserve Bank of India recently issued a discussion paper which proposes a significant overhaul of its approach to the regulation of non-banking financial companies (NBFCs), commonly referred to as 'shadow banks'. Recent events – in particular, defaults at certain storied NBFC groups and the effect thereof on the sector and financial markets as a whole – have brought the need to further......
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Walder Wyss Ltd | Switzerland, USA | 23 Apr 2021

Are Swiss crypto companies subject to FATCA and the automatic exchange of information?

Due to the recent increase in the use of innovative financial products, the Common Reporting Standard (CRS) will be expanded in 2021 to cover cryptoassets and virtual currencies. However, until there is formal guidance in this regard, the question remains as to whether and to what extent the US Foreign Account Tax Compliance Act and the CRS apply to cryptoassets and virtual currencies and......
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Rato, Ling, Lei & Cortés Advogados | Macau | 22 Apr 2021

Provision and distribution of financial products to professional investors

The Monetary Authority of Macao has been aligning its activity with the development of the financial markets and products in the Macau Special Administrative Region (MSAR) and recently issued a circular regarding the provision and distribution of financial products to professional investors. As professional investors are generally viewed as a catalyst or pillar of an efficient financial......
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MLL Meyerlustenberger Lachenal Froriep Ltd | Switzerland | 6 Apr 2021

New DLT law in practice: tokenisation of rights

In 2020 Parliament passed a law to incorporate crypto assets and digital ledger technologies into Swiss law. This article focuses on the practical implementation of the recent changes to the Code of Obligations which provide for the introduction of ledger-based securities. This new form of dematerialised security enables the digitalisation and tokenisation of rights and financial instruments......
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