The Securities and Exchange Board of India’s (“SEBI”) recent circular dated April 10, 2018 (Ref No. CIR/IMD/FPIC/CIR/P/2018/64) (“2018 Circular”) has shaken up the investment industry due to its wide ranging impact on the Non-Resident Indians (“NRIs”), the Foreign Portfolio Investors (“FPIs”) and the resident Indian managers of funds. The Know Your Client (“KYC”) requirements for FPIs have been made stringent by SEBI primarily to identify and verify the Beneficial Owner (“BO”) of the FPIs to potentially curb the money-laundering and round tripping concerns.
Monthly Archives: June 2018
Due to a seemingly trivial error, a series of NAV decisions are being overturned in court: a good many of them don’t contain the proper signature. This procedural error, however, could be useful not only in ongoing lawsuits, but possibly in past, closed procedures too – hundreds of businesses could claw back the tax forints they thought were lost for good.
In commercial disputes, it is not unusual for the claimant’s losses to be caused (or contributed to) by a number of different parties. For instance, the claimant may have elected to pursue the party with the deepest pockets, or the loss may have been caused by one of the defendant’s subcontractors. In such circumstances, the defendant may be entitled to seek a contribution from these other parties under the Civil Liability (Contribution) Act 1978, either by joining them to existing proceedings or by starting a new claim.
On 1 June 2018 comes into force the federal law1 (the “Law 212-FZ”) which allows the parties to execute escrow agreements under Russian law.
Foreign financial services providers providing unlicensed financial services to wholesale clients in Australia may be required to hold a modified AFSL under ASIC’s proposals.
A slight diversion!
In Hart v FCT  FCAFC 61, the Full Federal Court unanimously dismissed an appeal against a Part IVA determination that had the effect of including part of the earnings of a law firm in the Taxpayer’s assessable income. The Taxpayer entered into two arrangements with others called the ‘New Venture Income Scheme’ (NVI Scheme). The effect of the scheme was to divert two classes of earnings away from the Taxpayer, or entities he controlled, and into the hands of a company with carried forward tax losses. Then, following a series of gifts and subscriptions for capital, the earnings were paid to the Taxpayer in the form of loans. The Commissioner assessed the earnings as taxable income in the Taxpayer’s hands.
June 4, 2018 — Three recruits joined RSS over the past few weeks:
- William Dion-Bernard became a member of our Estates, Wills and Trusts Practice Group; a notary since 2009, he offers our clients the unique services that are a trademark of notaries;
- Jean-Philippe Savoie became part of the legal department of a major Quebec financial institution soon after being called to the Bar, in 2015; he recently left that position to join our Insurance Law Practice Group in our Saguenay office;
- Wendy Sfeir was first a student at RSS before articling with us; upon being called to the Bar a few weeks ago, she became a member of our Labour and Employment, and Litigation Practice Groups.
Arbitration Agreement Enforcement, Maryland’s #MeToo Legislation, California’s National Origin Regulations
Effective June 11, 2018, all Department of Veterans Affairs (“VA”) health care providers will be able to offer the same level of care to all beneficiaries regardless of the beneficiary’s or the health care provider’s location. In its recently released final rule, the VA stated that in December 2016 Congress mandated that the agency provide veterans with a self-scheduling, online appointment system, and that the agency meet the demands for the provision of health care services to veterans, regardless of whether such care was provided in-person or using telehealth technologies. As a general rule, most telehealth practitioners are required to comply with various and state-specific licensing, registration, and certification requirements in order to render health care services via telehealth. Failure to do so can potentially jeopardize a practitioner’s professional credentials and could expose them to penalties including fines and imprisonment for the unauthorized practice of medicine or other health care services. These state-specific requirements create certain challenges for telehealth practitioners seeking to practice across state lines.
All Victorian employers need to be aware of the significant changes to long service leave (LSL) entitlements to commence by 1 November 2018.