VARA issues specialised regulations for Virtual Assets
The Dubai Virtual Assets Regulatory Authority (“VARA”), the regulator in charge for supervising the virtual assets (“VA”) law, has released the most awaited Virtual Assets and Related Activities Regulations 2023 on 7th February, 2023 (“VA Regulations”). In order to accelerate the development of a fully global digital economy, VARA was established under the Law No. …
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Navigating Regulatory Landscapes for Tokenized Assets in the UAE: Best Practices and Emerging Trends
Tokenized assets, more commonly known as digital securities or security tokens, have become increasingly popular as a means of raising capital and providing investment opportunities. They are digital representations of real-world assets, such as stocks, bonds, real estate, and commodities, that are recorded on a blockchain. The tokenization process allows for the creation of fractional …
Expedited Procedure under the ICC Arbitration Rules
During the virtual launch of the Centenary of the International Court of Arbitration on January 19 2023, arbitration practitioners and users were reminded of the mission of the ICC Court’s mission “to provide access to justice and the rule of law to everyone, every day, everywhere.”
The ‘angel tax’ conundrum
The investor community, particularly those in the venture capital and private equity space, are in a bit of disbelief on account of the recent budget announcement that proposes to amend Section 56(2)(viib) of the Income-tax Act, 1961 (“the Act”). Hitherto applicable to resident investment in ‘closely-held’ companies (typically private limited companies), any share premium over …
E-Vroom! An Overview of the Electric Vehicle (EV) Sector in India
The road transportation sector accounts for a significant proportion of global emissions, making electric vehicles (“EVs”) a key focus area, including in India’s union budget announced a few days ago (the “Budget”). Meanwhile, the Indian government remains committed to its national mission on transformative mobility and battery storage (the “E-Mobility Mission”).[1] Over the last few …
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SEC ISSUES RULES TO IMPLEMENT BSP CEILINGS ON INTEREST RATES AND OTHER FEES
Last March 1, 2022, the Securities and Exchange Commission (“SEC”) issued its Memorandum Circular No. 3 to implement the ceilings previously imposed by the Bangko Sentral ng Pilipinas (the Philippine Central Bank or “BSP”) via BSP Circular No. 1133, series of 2021 on interest rates and other fees imposed by financing companies, lending companies, and …
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FAQs: RULES ON SUSTAINABLE FINANCE
BSP Circular No. 1085 defines “sustainable finance” as any form of financial product or service which integrates environmental, social and governance (“ESG”) criteria into business decisions that supports economic growth and provides lasting benefit for both clients and society while reducing pressures on the environment. This also covers green finance which is designed to facilitate …
BSP ADOPTS STANDARD LOAN APPLICATION FORMS
What is the BSP’s objective in issuing Circular No. 1156 (the Guidelines on the Adoption of the Standard Business Loan Application Form or the “Guidelines”)?
BSP AMENDS GUIDELINES ON DIGITAL BANKS
On September 14, 2022, the Bangko Sentral ng Pilipinas (the Philippine Central Bank or “BSP”) issued Circular No. 1154 (the “New Circular”) to amend the guidelines on digital banks previously set out in Circular No. 1105 dated December 2, 2020 and Monetary Board Resolution No. 1536 dated November 26, 2020. Circular 1154 took effect on …
PRE-PACKAGED INSOLVENCY: TO UPHOLD THE LEGISLATIVE INTENT OR THE LETTER OF THE LAW?
Pre-packaged insolvency resolution process (“PPIRP”) was introduced by amending the Insolvency and Bankruptcy Code (“Code”) in April 2021[1]. This currently applies to Micro Small Medium Enterprises (“MSMEs”). This was enacted to provide ‘PPIRP’ as an alternative to Corporate Insolvency Resolution Process (“CIRP”) to mitigate the financial distress caused by the Covid-19 pandemic to MSMEs.