The New Commercial Yacht Code 2020
Effective as at 1st January 2021, the Merchant Shipping
Directorate published the new
Commercial Yacht Code 2020 (the “CYC 2020”)
revising and improving on the provisions of the previous Commercial
Yacht Code 2015 (the “CYC 2015”). Following the
publication of the CYC 2015, which proved to be an industry
favourite due to its vast contribution towards the proliferation of
a cleaner and safer
Malta registered commercial yacht fleet, the Directorate almost
immediately began receiving constructive feedback from interested
parties and held several discussions with both customers and
regulators which led to the CYC 2020 being introduced.
The CYC 2020 is the fourth edition drawn up by the Directorate
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Austrian tax law provides various reorganisation tools
for companies in an economic crisis. Among others, these include
shareholder contribution (in the broad sense), debt/equity swap,
debt waiver, assumption of debt, letter of comfort, participation
right, capital decrease, surety/guarantee, assumption of
performance, silent partnership, debt mezzanine swap and
restructuring trust.
Particularly in these challenging times due to the global
COVID-19 pandemic, companies should be aware of all available
reorganisation tools. The following article provides an overview of
some of them.
Shareholder contribution (in the broad
The SFC and Its Scope of Power
The Securities and Futures Commission (SFC) is an independent
non-governmental statutory body whose authority is to regulate Hong
Kong s financial markets. The Securities and Futures Ordinance
(SFO) came into operation in April 2003 and it contains civil and
criminal provisions for dealing with financial
misconduct.
Commencement of SFC Enforcement Action
Pursuant to section 182 of the SFO, the SFC may conduct
investigations into any matter relating to:
any offences under the SFO;
defalcation, fraud or misconduct in
connection with dealing in or managing an investment in securities,
futures contract or leveraged foreign exchange contract;
market misconduct;
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