The Consolidated Appropriations Act, which was enacted on 27 December 2020, requires drug manufacturers and licence holders to market biologic drugs and disclose all patents that cover their products to the Food and Drug Administration. By increasing transparency, the act aims to force manufacturers to conform to rules which have proven successful in promoting the development and use of small-molecule generic drugs.
The Standing Committee of the National People's Congress recently adopted the third amendment to the Copyright Law, which is the result of decade-long legislative efforts of the Legislation Office of the State Council and the National Copyright Administration. The amendment will enter into force on 1 June 2021. This article provides an overview of the key highlights of the new law.
Introduction
On 6 January 2021 the Financial Services (Disclosure and Provision of Information) (Jersey) Law 2020 (the DPI Law) came into effect, together with the Financial Services (Disclosure and Provision of Information) (Jersey) Order (the DPI Order) and the Financial Services (Disclosure and Provision of Information) (Jersey) Regulations (the DPI Regulations).
The DPI Law affects Jersey companies, foundations, incorporated limited partnerships, limited liability companies, limited liability partnerships and separate limited partnerships (both existing and new). The DPI Law introduces a revised statutory framework for reporting information on beneficial owners and controllers to the Jersey Financial Services Commission (JFSC). The most important change is the introduction of the concept of significant persons for these entities, with certain reportable information being made publicly available for the first time.
Many companies are subject to a statutory activity and reporting obligation relating to equality and non-discrimination. The obligation is regulated in the Gender Equality and Discrimination Act, which imposes a mandatory working method on employers that includes documenting and managing risks of discrimination and obstacles to gender equality within companies. Many companies will have to spend time and resources on implementing sufficient systems and routines to comply with the new rules.
Introduction
For many Guernsey tax-resident companies, the onset of the COVID-19 pandemic created difficulties in complying with economic substance requirements.
Guernsey tax-resident companies carrying out certain relevant activities must comply with the substance requirements set out in the Income Tax (Substance Requirements) Implementation Regulations 2018 (as amended) (the regulations). In particular, these include requirements that a company s activities be directed and managed from Guernsey, and that certain core income-generating activities (CIGAs) be carried out in Guernsey.
Difficulties which such companies have encountered over the past year have included the fact that:
directors and other decision makers who might normally travel to Guernsey to attend board or other meetings in person could not do so because of travel restrictions; and