Major Amendments to the Credit Information Act Passed by National Assembly
On January 9, 2020, amendments to the Credit Information Use and Protection Act (“Credit Information Act”) were passed during a plenary session of the National Assembly. These amendments to the Credit Information Act (“Amendments”) were passed in tandem with respective amendments to the Personal Information Protection Act (“PIPA”) and the Act on Promotion of Information …
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ANGOLA FOREIGN EXCHANGE POLICY NOTICE NO. 01/2020, OF 9 JANUARY
FOREIGN EXCHANGE POLICY The Angolan Central Bank (Banco Nacional de Angola – “BNA”) recently approved Notice no. 01/2020, with a view to simplifying the administrative procedures for licensing the import of goods, and Notice no. 02/2020 with a view to making exempt from authorisation certain current invisible transactions, ordered by legal persons.
ANGOLA FOREIGN EXCHANGE POLICY NOTICE NO. 15/2019, OF 30 DECEMBER
FOREIGN EXCHANGE POLICY The Angolan Central Bank (Banco Nacional de Angola – “BNA”) recently approved Notice no. 15/2019 on the procedures for foreign investment operations carried out by entities qualified as non-residents for foreign exchange purposes.
EVALUATING COMPLIANCE PROGRAMMES – THE SERIOUS FRAUD OFFICE’S GUIDANCE
Rahman Ravelli’s Aziz Rahman details the main points in the Serious Fraud Office’s just-published guidance on assessing the compliance programmes of companies under investigation.
Court of Justice Sentence on Subcontracting
With the sentence of the 26th of September 2019, cause C-63/18, the European Court of Justice has held the Italian legislation that limits, in a general and abstract manner, the portion of a contract that the tenderer is authorised to subcontract to third parties, as non-compatible with European law in subject of public contracts.
Blockchain Technology – A Review
A blockchain, as its name suggests, is a virtual chain made of blocks, where each block contains information.
Korean Tax Law Adopts New Simplified Transfer Pricing Rules relating to Low Value-adding Intra-group Services
With the recent pre-announcement of a draft amendment to the Enforcement Decree of the International Tax Coordination Law (“EDITCL”), Korean tax law is expected to adopt simplified transfer pricing requirements relating to “low value-adding intra-group services”, as laid out in Action 10 of the OECD BEPS Report.
IFRS17 and K-ICS – A Year in Review for 2019 and Proposed Amendments to the Insurance Business Act for Co-Insurance in 2020
In the ramp-up to 1 January 2022 with the implementation of the International Financial Accounting Standards 17 (“IFRS17”) as published by the International Accounting Standards Board (“IASB”) which replaces the earlier IFRS 4 accounting standards in conjunction with the roll-out of the Korean-Insurance Capital Standards (“K-ICS”) as announced by the Financial Supervisory Service of Korea …
Breaching public procurement rules axes fast-ferry tender
September 2019