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VAT Alert – Updated guidance on early termination and compensation payments
Posted by Richard Woolich, Rebecca Williams, Alan Cunningham, Richard Skipper and Jamie Kim on 22 September 2020Following the CJEU decisions in Vodafone Portugal (C-43/19) and MEO (C-295/17), HMRC has updated its guidance to make it clear that early termination and compensation payments are in most cases consideration for goods or services and subject to VAT (see Revenue and Customs Brief 12 (2020)).
Payment Systems Regulator (PSR) – Interim Report
Posted by Stewart Plant and Philip Williams on 22 September 2020On Tuesday 15 September 2020, the PSR presented its Interim Report with their conclusions thus far. They have requested that any comments on their findings and proposals are provided by 5pm on Tuesday 8 December 2020.
FCA publishes guidance on its approach to cannabis-related companies looking to list in the UK
Posted by Katie O'Hara, Laura Ford, Rob Salter, Rahool Sarjua, Karin Kirschner and Dylan Kennett on 18 September 2020On 18 September 2020 the FCA published guidance on the listing of cannabis-based businesses onto public stock exchanges in the UK. We consider the key issues arising from the FCA's statement and how this will impact on businesses looking to raise funds in the UK.
Identifying money laundering and terrorist financing involving virtual assets
Posted by Zoë Jensen on 15 September 2020Yesterday, the Financial Action Task Force (FATF) published a report on Virtual assets: red flag indicators of money laundering and terrorist financing.
Third-country banks authorized to operate cross-border in Spain will not be able to carry out deposit taking activities
Posted by Ricardo Plasencia on 2 September 2020The Spanish draft bill implementing Directive (EU) 2019/878 of the European Parliament and of the Council of 20 May 2019 (CRD V), published for public consultation by the Spanish Ministry of Economy in the beginning of August, includes a very relevant change in the regime for authorization of third country banks.
Proposed COVID-19 related amendments to Irish company law
Posted by Kate Curneen, Conor Houlihan, Liam Mills and Lorraine Hearne on 14 August 2020The Companies (Miscellaneous Provisions) (COVID-19) Act 2020 (the Act) was passed by the Dáil on 30 July 2020 and, once commenced, will make temporary amendments to, inter alia, the Companies Act 2014 (the Companies Act) in order to address certain operational challenges that COVID-19 has presented to Irish companies.
DLA Piper is leading on two projects accepted into cohort 6 of the FCA regulatory sandbox
Posted by Martin Bartlam on 12 August 2020We are advising on two projects accepted into cohort 6 of the FCA regulatory sandbox.
Cohort 6 of the FCA regulatory’s sandbox received 68 applications in total from firms looking to bring innovation and improvements to the financial services space. For the first time, the FCA has called out for innovation including propositions that ‘make finance work for everyone’ and ‘support the UK in the move to a greener economy’.
Taking security in Australia
Posted by Hugo Thistlewood, Shehan Canagasingham and Catherine Beahan on 11 August 2020At a time in which many businesses are struggling to adapt to often drastic and sudden losses of revenue flowing from the COVID-19 pandemic and are forced to maximise access to existing facilities and to pursue new financing opportunities, it is not surprising that many financiers have an enhanced interest in the risk mitigation that may be afforded by taking robust security interests in support of corporate loans.
This briefing is a high-level guide for off-shore entities to taking and enforcing security in Australia. Our focus is upon security over Australian assets (other than real property) in the context of a commercial transaction.
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