Earlier this year, there were reports of the inland Revenue Board of Malaysia (IRB) initiating probes and audits against a number of SVDP participants in relation to the periods for which the voluntary disclosures were made. The previous government administration had introduced the SVDP1 to encourage taxpayers to come forward to disclose their previously misreported income and deductions.
In July 2020, the Hong Kong Monetary Authority (HKMA) launched a consultation paper foreshadowing a Code of Practice for Trust Business. The code will contain general principles and practical standards to govern the conduct of authorized institutions (AIs, being principally banks) and their subsidiaries that conduct trust business in Hong Kong.
The Australian Taxation Office (ATO) has access to data from the Department of Home Affairs on passenger movements from the 2016-17 to 2022-23 financial years (being 1 July 2016 to 30 June 2023). The ATO estimates that details of approximately 670,000 individuals will be obtained each financial year.
The Court of Appeal has upheld a High Court decision that both the employer and host employer were vicariously liable for two seconded employees’ alleged dishonest assistance and knowing participation in fraudulent trading. The investment bank trader employees were so much a part of the work, business or organisation of both their employer and the host company to which they were seconded that it was just to make both employers vicariously liable.
The Court of Appeal has ruled that the lack of an interim relief remedy for discrimination dismissal claims does not breach the European Convention of Human Rights (ECHR). The Court of Appeal has confirmed that interim relief is not a remedy that is available to claimants bringing claims of discriminatory dismissals.
The Spanish Ministry of Health is working on a project for a new royal decree regulating medical devices following the adoption of a new framework at the European level through Regulation (EU) 2017/45 of the European Parliament and the Council of 5 April 2017 on medical devices.
On 15 June 2021, after an initial consensus from health ministers in Luxembourg, the European Parliament’s health committee approved an extension of the European Medicines Agency’s (EMA) mandate.
On 9 December 2020, the Supreme Court issued Administrative Matter No. 20-12-01-SC. Among others, the Videoconferencing Guidelines allow non-resident foreign nationals to participate or testify in a case before a Philippine court, through videoconferencing conducted from a Philippine embassy or consulate.
This week’s discussion will cover the following key developments: new charges in 1MDB case, FARA reform proposals, possible new Russia sanctions, cyber SEC enforcement: latest SEC disclosure controls and procedures enforcement case, and a new SEC cyber enforcement sweep.
The Office of the Superintendent of Banking Sector Institutions issued Resolution No. 001.21 of 4 January 2021 to regulate the financial technology (fintech) services. The Resolution entered into force on 17 June 2021.