Sponsored Q&A: Morgan Lewis

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Sponsored Q&A: Morgan Lewis

1. What are the key regulatory changes that have impacted the banking and finance legal market in the UAE in the past year?

In 2023, the United Arab Emirates (UAE) banking and finance legal market has witnessed significant regulatory changes that now effectively require that banks secure loans with tangible assets (in addition to, or even rather than, personal guarantees). This has implications for existing transactions, as personal guarantees alone may no longer suffice, potentially resulting in borrowers and guarantors attempting to challenge existing deals that are not secured by other assets. Banks must now adapt their lending practices to ensure compliance with these new regulations, considering a more focused approach to selecting suitable securities that facilitate enforcement, but at the same time avoiding over-collateralisation (which, as recent court practice suggests, may also be an issue). Continue reading “Sponsored Q&A: Morgan Lewis”

Sponsored briefing: Overview of ESG law in Switzerland

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Sponsored briefing: Overview of ESG law in Switzerland

What amendments or additions to Swiss ESG laws have been introduced in the past year, and how are these expected to influence businesses in the coming year?

In January 2022, the Swiss rules on due diligence and reporting regarding non-financial matters in the Swiss Code of Obligations (Swiss CO), which were adopted as a counterproposal to the ‘Responsible Business Initiative’ that was rejected by Swiss voters in November 2020, came into force (art. 964a ff. Swiss CO). These rules have started to apply as of the current financial year 2023 and the first reports according to the rules will have to be published next year (covering the financial year 2023). In a nutshell, large, listed companies and large companies supervised by the Swiss Financial Market Supervisory Authority (FINMA) will be required to publish a report on non-financial matters covering environmental matters, in particular CO2 goals, social issues, employee-related issues, respect for human rights and combating corruption. The companies in scope will have to let their shareholders vote on the report on non-financial matters at the general meeting. Additionally, certain Swiss companies will have to publish a report on due diligence regarding child labour and/or conflict minerals and metals. Continue reading “Sponsored briefing: Overview of ESG law in Switzerland”

Sponsored briefing: Dutch dividend withholding tax exemption for share buybacks by listed companies may be abolished by 2025

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Sponsored briefing: Dutch dividend withholding tax exemption for share buybacks by listed companies may be abolished by 2025

Dutch listed companies may buyback their own shares free from Dutch dividend withholding tax (DWT), subject to certain conditions being met. Based on an adopted amendment to the Dutch Tax Plan 2024, the House of Representatives decided to abolish this exemption as of 1 January 2025. This would mean that share buybacks will be subject to 15% dividend withholding tax. However, a new government, to be formed after the 22 November 2023 elections, could still decide in 2024 not to abolish this exemption. In addition, various alternatives remain available to distribute cash to shareholders free from DWT.

For the avoidance of doubt, companies that have a listing in the Netherlands, but are not tax resident of the Netherlands are and remain outside the scope of Dutch DWT. Such companies are in any event not affected by the proposal. Continue reading “Sponsored briefing: Dutch dividend withholding tax exemption for share buybacks by listed companies may be abolished by 2025”

Sponsored Q&A: Incorporating social value into projects – Lorraine Bellinger, head of legal project delivery at international law firm, Bird & Bird

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Sponsored Q&A: Incorporating social value into projects – Lorraine Bellinger, head of legal project delivery at international law firm, Bird & Bird

Bird & Bird is an international law firm with over 30 offices in Europe, North America, the Middle East, Asia-Pacific, and Africa working across multiple sectors and supporting organisations being changed by the digital world or those leading that change.

Lorraine Bellinger joined the firm in 2020 to build Bird & Bird’s legal project delivery function, drawing on her private practice and in-house experience. She started her law firm journey as a PA and made a career move into legal project management 15 years ago when her then employer identified a need for a different kind of business support. Continue reading “Sponsored Q&A: Incorporating social value into projects – Lorraine Bellinger, head of legal project delivery at international law firm, Bird & Bird”

Sponsored Q&A: Dimitrijevic & Partners

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Sponsored Q&A: Dimitrijevic & Partners

1. What are the key regulatory bodies and authorities overseeing the banking and finance sector in Bosnia and Herzegovina, and what are their primary responsibilities?

It should be noted that regulatory bodies and authorities overseeing the banking and finance sector in Bosnia and Herzegovina (BH)1 are established on the state level, ie BH level and on the level of BH sub-jurisdictions, namely Republic of Srpska (‘RS’) and Federation of Bosnian and Herzegovina (‘FBH’). Continue reading “Sponsored Q&A: Dimitrijevic & Partners”

Sponsored Q&A: CTSU, a Deloitte Legal practice

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Sponsored Q&A: CTSU, a Deloitte Legal practice

1. What is your experience in banking and finance law in Portugal, and can you provide examples of cases or transactions you’ve handled?

The banking and finance team of CTSU, a Deloitte Legal Practice in Portugal, has extensive experience in supporting clients with transactions and to advise on governance and regulatory changes to their activity and internal organisation. Continue reading “Sponsored Q&A: CTSU, a Deloitte Legal practice”

Sponsored Q&A: Rutgers & Posch

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Sponsored Q&A: Rutgers & Posch

1. Could you explain the key differences between secured and unsecured loans in the context of Dutch banking and finance transactions?

In a secured loan the payment obligations of the borrower are secured by security rights over assets of the borrower or a third party. In a bankruptcy scenario, a secured creditor can enforce these security rights as if there were no bankruptcy and in principle ranks ahead of all unsecured creditors subject to exceptions. Unsecured creditors rank pari passu in terms of payment with the claims of the borrower’s other unsecured creditors, have to submit their claims for verification with the bankruptcy trustee and cannot unilaterally enforce their claims as if there were no bankruptcy.
Continue reading “Sponsored Q&A: Rutgers & Posch”

Sponsored Q&A: Walder Wyss Ltd.

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Sponsored Q&A: Walder Wyss Ltd.

1. What are the key regulatory requirements and compliance considerations for financial institutions operating in Switzerland?

Any entity active in or from Switzerland in the financial sector, depending upon the type of activity, may become subject to regulatory approval requirements. A large range of legal, prudential and self-regulatory provisions aim at securing appropriate client protection, as well as the stability and integrity of the Swiss financial market. The main regulatory requirements in this regard would be the license or authorisation requirements for: Continue reading “Sponsored Q&A: Walder Wyss Ltd.”

Sponsored Q&A: G. Elias

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Sponsored Q&A: G. Elias

1. What are the key regulatory bodies overseeing the banking and finance industry in Nigeria, and what is their role in ensuring legal compliance?

In Nigeria, the primary regulatory and supervisory body for the banking and finance industry is the Central Bank of Nigeria (CBN). The CBN authorises, regulates, and supervises banks and other financial institutions (finance houses, merchant banks, financial technology companies, etc). Continue reading “Sponsored Q&A: G. Elias”