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In a landmark decision rendered on 20 November 2023, the Antwerp Labour Court of Appeals ruled that no Belgian employee social security contributions are due in relation to equity-based compensation (RSUs in the case at hand) granted by a US parent company to employees of its Belgian subsidiary. In essence, the Court concluded that the RSUs under review were not granted in return for services provided by employees under their employment contract with and were neither borne by the Belgian subsidiary. Rather, the Court found that the RSUs were granted on the basis of an obligation undertaken by the US parent company towards the Belgian employee-beneficiaries with a view to binding these employees to the group on a long-term basis, with the US parent company also taking full financial and legal responsibility.

On 27 April 2023, the Italian Medicines Agency published on its website the Report on the Timelines of Pricing and Reimbursement Procedures of medicines during the period 2018-2022. The purpose of the Report is to ensure the principle of transparency of the administrative action and to inform citizens and economic operators about the timelines for access to reimbursed medicines.

In brief The assistant Treasurer and Minister for Financial Services Minister Stephen Jones addressed the annual Responsible Lending & Borrowing Summit in Sydney. His speech is available here. His speech announced that Buy Now, Pay Later (BNPL) payment arrangements will be regulated as credit and enforced by the Australian Securities and…

The Securities and Futures Commission recently released the Consultation Conclusions on the Proposed Regulatory Regime for Depositaries of SFC-authorised Collective Investment Schemes and the Further Consultation on Proposed Amendments to Subsidiary Legislation and SFC Codes and Guidelines to Implement the Regulatory Regime for Depositaries of SFC-authorised Collective Investment Schemes. Whilst many of the proposals from the 2019 original consultation will be adopted without change, the SFC has refined its approach in several key areas to provide greater clarity to the industry. We summarise the key requirements that will be applicable to RA 13 licensees, the Consultation Conclusions and the new proposals for consultation in the Further Consultation.

There has been a rise in cases in which The Stock Exchange of Hong Kong Limited suspends trading in issuers’ shares because they have failed to comply with Rule 13.24 of the Main Board Listing Rules. Rule 13.24 requires an issuer to maintain a sufficient level of operations and assets of sufficient value to support its operations to warrant the continued listing of the issuer’s securities. The Court of Appeal in China Trends Holdings Limited v The Stock Exchange of Hong Kong Limited [2021] HKCA 980 again upheld the Stock Exchange’s decision to suspend trading in an issuer’s shares pursuant to the equivalent of Rule 13.24 under the GEM Listing Rules. The Court of Appeal highlighted the court’s reluctance to interfere with the market regulators’ application of Rule 13.24 and clarified the application of this rule.