The South African Renewable Energy Independent Power Producer Procurement Programme places economic development obligations on developers. To comply with the local ownership requirement, developers may structure projects so that up to five percent of the shareholding in the project company is held by a local community.
A local community that holds in excess of
The main data protection rules under the Singapore Personal Data Protection Act 2012 (PDPA) and the Personal Data Protection Regulations took effect on 2 July 2014, with several Advisory Guidelines issued later in September 2014.
The topics covered under the Advisory Guidelines range from (1) Advisory Guidelines covering selected topics such as Analytics and Research,
A recent Hong Kong case reminded us of the importance of getting things right when executing documents in virtual closings, particularly in relation to deeds.
In the case of Penta Investment Advisers Ltd v Allied Weli Development Ltd (formerly known as Hennabun Capital Group Ltd) – [2014] HKCU 2365, the Hong Kong Court of First
The State Council of China has released amendments to the Foreign Bank Administrative Regulations of China with effect from 1 January 2015.
Some key points are as follows:
Hot on the heels of the International Organization of Securities Commission (IOSCO) Task Force on Cross-Border Regulation Consultation Report (IOSCO Report) published in October 2014, the Hong Kong Securities and Futures Commission (SFC) has released a Consultation Paper in relation to providing assistance to overseas regulators in certain situations.
The SFC’s current powers of acquiring
Both the Hong Kong Monetary Authority (MA) and the Securities and Futures Commission (SFC) have expressed concerns about data leakage and cybersecurity risks, and expect the participants they regulate to conduct a critical review of existing customer data controls and, where necessary, implement enhancement programmes. The MA expect all authorised institutions to do so by
Regulators in key financial centres have investigated or taken action in relation to the attempted manipulation of various benchmarks. Regulators in the US and UK have recently levied US$3.4 billion dollars in fines against banks alleged to have manipulated the foreign exchange market. Swiss regulator FINMA has imposed restrictions when imposing penalties in connection with
Direito do Uso e Aproveitamento da Terra (DUAT)
There is no private ownership of land in Mozambique. Land and its associated resources are the property of the State. The Land Law, however, grants private persons the right to use and benefit from the land known as Direito do Uso e Aproveitamento da Terra (DUAT). Although
As a general rule, the hiring of expatriates for petroleum and mining operations may follow one of the following regimes:
Communication (or Quota) regime
With reference to the total number of employees hired for fixed term or an indeterminate period (with reference to the previous calendar year), the following percentage of foreigners may be hired
The Economic and Financial Affairs Council has endorsed an agreement reached with the European Parliament on the proposed Fourth Money Laundering Directive and the proposed Regulation to amend and replace the Regulation on information on the payer accompanying transfer of funds.
The European Parliament is expected to vote on the texts in March or April 2015.