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.
Coping with Allegations of Medical Malpractice in UAE- A Defence Lawyer’s Perspective
Over two decades ago, an American psychiatrist at the University of Illinois, School of Medicine published an article [1] (“the Article”) on how physicians react to accusations of medical malpractice and suggested a range of strategies that they can use to diminish the emotional disequilibrium that accompanies this experience. Dr Charles’ findings were based upon …
The Jewel in the Crown- The Supreme Committee of Medical Liability – Breaking the Log-jam.
Federal Decree No 4 of 2016 and Cabinet Resolution No 40 of 2019 (‘the New Law’) are key pieces of legislation which lead to a seismic shift in how medical malpractice claims are dealt with in the United Arab Emirates.
Corporate Tax in the UAE: How may this affect your business?
The UAE Ministry of Finance have recently published the Federal Law No. 47/2022 on the Taxation of Corporations and Businesses (“Corporate Tax Law.”) The Corporate Tax Law was issued on December 9, 2022, in an effort to aid the UAE in achieving its strategic objectives and accelerate the country’s development and transformation.
Badmouthing—Abuse under Turkish Competition Law?
In recent years, competition authorities around the world have been scrutinising new types of behaviour that might be deemed abusive within the context of antitrust laws. Although those relating to digital markets receive the most attention, not a day passes by without a surprising decision announced by the authorities or competent courts. The decision of …
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Where to Draw the Line of the Scope of Right to Access to Personal Data? The Constitutional Court Ruled on One’s Right to Access Their Own Personal Data
On 20.12.2022, The Turkish Constitutional Court’s (“Constitutional Court”) decision concerning the right to an effective remedy in connection to the right to request protection of the data subject’s personal data within the scope of the right to respect for private life was published in the Official Gazette[1]. In its decision, the Constitutional Court established that …