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New Zealand: Trusts Bill Passed

(Aug. 15, 2019) On July 24, 2019, the Trusts Bill was passed by the New Zealand Parliament. The Bill, which was introduced in August 2017, replaces the Trustee Act 1956 and Perpetuities Act 1964 and seeks to provide a “clear, modern statement of the law relating to trusts.” The Minister of Justice, Andrew Little, stated that […]

Egypt: Parliament Approves Draft Law Allowing Foreign Investors to Acquire Egyptian Citizenship

(July 31, 2019) On June 10, 2019, the National Defense and Security Committee of the Egyptian Parliament approved a draft law amending the Citizenship Law—Law No. 26 of 1975. The new amendment aims at attracting foreign investors to reside in Egypt. The bill will now be debated among members of Parliament and put to a […]

Qatar: Draft Law to Enhance Real Estate Sector Approved

(June 12, 2019) On May 30, 2019, the cabinet of the State of Qatar approved a draft law on real estate development to strengthen the real estate market. (Cabinet Approves Draft Law on Regulating Real Estate Development, THE PENINSULA (May 30, 2019).) The draft law amends Law No. 6 of 2014, which regulates the granting […]

Italy: Legislation in the Event of Brexit Takes Effect

(May 21, 2019) On March 23, 2019, new legislation addressing the potential effects of Brexit entered into force in Italy. (Decree-Law No. 22 of March 25, 2019, Urgent Measures to Ensure Safety, Financial Stability and the Integrity of Markets as well as the Protection of the Health and Freedom of Residence of Italian Citizens and […]

UAE: Law Allows Foreigners to Own Real Estate Properties in Abu Dhabi’s Investment Zones

(May 1, 2019) On April 17, 2019, Sheikh Khalifa bin Zayed Al-Nahyan, the governor of Abu Dhabi and the president of the United Arab Emirates (UAE) issued a new, unnumbered law that amends Law No. 19 of 2005 regulating the ownership of real-estate properties. The new amendment allows foreign individuals and foreign legal entities to […]

European Union: New Rules for Money Market Funds

(Aug. 31, 2018) On July 21, 2018, new rules to make money market funds (MMFs) more resilient against financial market difficulties, reduce the risk of runs, and limit cross-border contagion began applying to newly issued MMFs in the European Union (EU). Existing MMFs must show compliance by January 21, 2019. MMFs are mutual funds that […]

New Zealand: Agreements with Five Countries Exclude Compulsory Investor-State Dispute Settlement Processes

(Mar. 26, 2018) On March 9, 2018, the New Zealand Minister for Trade and Export Growth, David Parker, announced that the government has signed “side letters” with five other countries that are also party to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP, also referred to as TPP11) that exclude compulsory investor-state dispute settlement (ISDS) […]

Belarus: Decree Introduces Common-Law Principles and Tax Exempts Mining of Cryptocurrencies

(Jan. 3, 2018) On December 21, 2017, the President of Belarus signed the Decree on Developing the Digital Economy, which is aimed at “creating conditions, under which world-class IT companies would come to Belarus to work on developing new products and technologies that would be in demand worldwide.”  (Decree No. 8 of Dec. 21, 2017, […]

China: New Rules on Overseas Investment Released

(Sept. 7, 2017) On August 18, 2017, China’s State Council released a set of new rules directing Chinese companies’ overseas investment. According to the Opinions on Further Guiding and Regulating the Direction of Overseas Investment (Guiding Opinions), investments in the real estate, hotel, cinema, entertainment industry, and sports club sectors will be subject to government […]

Sri Lanka: Supreme Court Rules Against New Tax Law

(Aug. 28, 2017) On August 4, 2017, the Speaker of the Sri Lankan Parliament, Karu Jayasuriya, announced that he had been informed that the Supreme Court would not approve the proposed new Inland Revenue Act. (Sri Lanka’s Supreme Court Shoots Down Tax Reforms, DAILY STAR (Aug. 6, 2017).)  Under the Constitution of Sri Lanka, the […]