On March 18, 2022, the Department of the Commerce’s Bureau of Industry and Security (BIS) identified nearly 100 commercial and private aircraft that have allegedly “flown into Russia in apparent violations of the Export administration Regulations (EAR).” The list identifies
International
Could Demerger Consideration be Construed as Dividend Distribution – Our views on the IT Ruling on the Grasim matter
The Indian Income Tax Department (“ITD”) has been closely scrutinising the internal business restructuring of companies to weed out any unwarranted tax incentives or benefits that may be claimed by the taxpayer. This has sometimes resulted in prolonged tax litigation,…
CFPB Expands Anti-Discrimination by Applying UDAAP to Credit and Non-credit Products
The Consumer Financial Protection Bureau has expanded its anti-discrimination oversight and enforcement of covered persons to all consumer finance products and services, regardless of whether they involve an extension of credit. This GT Alert covers examples of discriminatory conduct CFBP…
Revocation of Russia’s Most-Favored-Nation Trade Status: What Companies Need to Know
First Time Ever! China Adopts Fast-Track Examination for Trademark Applications
On January 14, 2022, the China National Intellectual Property Administration (CNIPA) issued the Measures for Fast-Track Examination of Trademark Registration Applications (for Trial Implementation), which took effect on the same day. The Measures aim at improving the trademark examination system…
ECB guide on the notification of securitisation transactions
On 18 March 2022, the European Central Bank (ECB) published a non-binding guide on the notifications of securitisation transactions. The guide sets out the notification practices that significant institutions acting as originators or sponsors of a securitisation transaction are…
BoE Statement of Commitment to the FX Global Code
On 18 March 2022, the Bank of England (BoE) renewed its commitment to adhere to the FX Global Code (Code) in a Statement of Commitment based on the revised Code dated July 2021. The Code sets out principles of good…
House of Lords publishes responses to Central bank digital currencies: a solution in search of a problem?
On 18 March 2022, the House of Lords (Economic Affairs Committee) published the Bank of England’s (BoE’s) and HM Treasury’s (HMT’s) response to the Lords’ Economic Affairs Committee report ‘Central bank digital currencies (CBDC): a solution in search of a…
Delegated Regulation on RTS on assessment methodology for IRB approach under CRR published in OJ
On 18 March 2022, there was published in the Official Journal of the EU (OJ), Commission Delegated Regulation (EU) 2022/439 of 20 October 2021 supplementing the Capital Requirements Regulation (CRR) with regard to regulatory technical standards (RTS) for the specification…
Updated HM Treasury advisory notice on ML/TF controls in high-risk third countries
On 17 March 2022, HM Treasury published an updated advisory notice regarding the risks posed by jurisdictions with unsatisfactory money laundering and terrorist financing controls. The advisory notice replaces all previous notices issued by HM Treasury on the subject.
The…