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Legal Updates - Page- 49

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26 Jan 2021

USA- The Corporate Transparency Act

USA- The Corporate Transparency Act The National Defense Authorization Act for the new fiscal year of 2021 includes the Corporate Transparency Act. The purpose of this Act is to curb illicit financing through anonymous shell companies. The Act is the first significant update to anti-money laundering laws in the US…

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24 Jan 2021

USA- New York Senate Bill on Commercial Financing Disclosure Requirements

USA- New York Senate Bill on Commercial Financing Disclosure Requirements A new law has been introduced through SB5470 which will impose disclosure requirements on providers of commercial financing. The new law that shall come into force on 21st June 2021 lays down that non-exempt provider of commercial financing must disclose…

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21 Jan 2021

Russia- New Experimental Legal Framework for AI

Russia- New Experimental Legal Framework for AI The Russian Federation has introduced the development of a new experimental legal regime for artificial intelligence projects. The draft bill was first introduced in early 2020 which was later enacted through Russia’s Federal Law Number 123-FZ. This experimental law aims at creating digital…

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19 Jan 2021

Germany- Anti- Tax Avoidance Directives

Germany- Anti- Tax Avoidance Directives Germany has introduced some significant changes in its Anti-Tax Avoidance Directives. The EU had enacted the Anti-Tax Avoidance Directives (ATAD) in 2016 intending to impose legally binding measures on all member states to combat tax avoidance by 2018- 2019. Since then, the Government has delayed…

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18 Jan 2021

Saudi Arabia- Labour Law Reforms

Saudi Arabia- Labour Law Reforms The Saudi Ministry of Human Resources and Social Development has launched a labour reform initiative through Resolution Number 51848/1442 to replace the Kafala system (Sponsorship). The kafala system affects the mobility of foreign workers who are sponsored by local employers in the country. The kafala…

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17 Jan 2021

China- Intellectual Property Law Enforcement

China- Intellectual Property Law Enforcement The State Administration for Market Regulation (SAMR) released an intellectual property law enforcement plan in early 2020, dubbed as the “iron fist”. The action plan aims to strengthen law enforcement for commodities, physical marketplaces, e-commerce, and IP application process. The plan seeks to gather information…

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