24 October

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The End of LIBOR and the Emergence of SOFR: A Critical Financial Transition

Posted by SSA

in Banking & Finance, Blog, Capital Markets & Securities, Financial Regulatory, Foreign Investment

It has nearly a 50-year long history. Each day, 18 international banks submit their ideas of the rates they think they would pay if they had to borrow money from another bank on the interbank lending market in London. It was the average interest rate on transactions that a selection of banks carried out with one another on a daily basis, for each currency and maturity term, and it was regulated by the Financial Conduct Authority (FCA). It was kind of like a benchmark for interest rates. LIBOR reached its final retirement on June 30, 2023....

25 August

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PCA Framework: Navigating New Bank Merger Guidelines 4 Key Steps

Posted by SSA

in Article, Banking & Finance, Capital Markets & Securities, Corporate Governance, Financial Regulatory, Mergers & Acquisitions, Private Client

The current bank merger is one of the protective measures as well as a discretionary measure for the non-performing banks under the purview of the prompt corrective action framework or PCA framework introduced by the Bangladesh Bank via BRPD Circular No - 17 dated 05.12.2023. Accordingly, on 04.04.2024, the Bangladesh Bank issued the first ever bank merger policy i.e. Guidelines for Merger/Amalgamation of Banks/Financial Institutions (the “Guideline”), outlining both voluntary or agreed mergers and forced mergers....

28 July

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A Complete Guide to Trademarks in Bangladesh: Registration, Protection & Enforcement

Posted by SSA

in Article, Intellectual Property Law

A trademarks in Bangladesh identifies the product of its origin and guarantees its unchanged quality. A trademark advertises the product and distinguishes it from others and is governed by The Trademarks Act, 2009. According to section 2(8) of the Act, a trademark can be any symbol, word, number, phrase, design, or any combination thereof which is used to identify the source of goods or services. There are mainly three kinds of trademarks namely, registered trademarks, mark, and certified trademarks. A registered trademark, or mark, refers to the exclusive right granted to an individual to use that mark in commercial transactions...

09 June

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Online Gambling Epidemic: 1xBet & Tackling Online Gambling in Bangladesh

Posted by SSA

in Article, Information Technology, Tech Law

Online gambling refers to the act of participating in games of chance or betting activities over the internet. These activities include casino games, sports betting, poker, and various other forms of wagering. In our country, online gambling has escalated significantly, facilitated by the widespread availability of smartphones, leading to addiction fueled by the desire for easy money. Particularly, sports betting has surged in popularity, with many youths initially engaging out of curiosity but later succumbing to addiction. Despite getting profits initially, individuals often end up losing substantial sums of money later on. Furthermore, the current legal framework fails to address...

12 May

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Navigating Child Custody in Bangladesh: 3 Legal Considerations

Posted by SSA

in All forms of ADR, Article, Family and Personal Law

In Bangladesh, the rate of divorce has become very high as a result of which the custody of the child/children have become a vital factor for the parents of the child/children who are getting divorced. Custody of the child is influenced by religious beliefs, cultural norms, and evolving legal frameworks. Navigating this landscape involves understanding the interaction between Islamic law, national legislation and societal expectations. The laws governing child custody in Bangladesh are crucial legal matters which parents must consider and it is also essential for parents to understand what a child will suffer if the parents will lack to...

17 March

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AI Transformation in Bangladesh: Deepfake Tech and Artificial Intelligence Policy 2024

Posted by SSA

in Article, Information Technology, Tech Law

The recent surge in AI's popularity has made household names out of tools like ChatGPT, Midjourney, and Quillbot. These AI marvels can do almost anything, from making Cristiano Ronaldo sing Hindi songs to merging faces of MKBHD and Shakib Al Hasan seamlessly. With AI at our fingertips, even the most fantastical scenarios come to life. Picture Cyberpunk-themed Dhaka cityscapes conjured by Midjourney, existing solely in our imaginations but made real through AI. As AI continues to evolve, it constantly challenges the limits of creativity and innovation. In this new era, the only boundary is our imagination....

03 March

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A Complete Guideline for the Formation of a Private Limited Company in Bangladesh

Posted by SSA

in Article, Corporate Governance, Financial Regulatory, Private Client, Startup Advising and Formation

Most Bangladeshi companies are registered as private limited liability companies, commonly known as private limited companies. A private limited company in Bangladesh is a separate legal entity and shareholders are not liable for the company’s debts beyond the amount of share capital they have contributed. According to the Companies Act 1994, any person (foreign or local) above the age of 18 can register a company in Bangladesh. As per section 2(k) of Companies Act 1994, A Private Company means a company which by its articles restricts the right of transfer of the share, prohibits invitation to the public to subscribe...

04 February

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A Comprehensive Guide to Data Privacy Bangladesh’s 2023 Act

Posted by SSA

in Article, Information Technology, Tech Law

The Data Privacy Bangladesh Act of 2023 (Draft) represents a pivotal milestone in the legal landscape governing the handling of personal data. Enacted to address the evolving challenges posed by rapid technological advancements and increasing digitalization, this legislation aims to safeguard the privacy and rights of individuals in an era marked by data-driven innovation. By imposing stringent regulations on the collection, storage, processing, and sharing of personal information, the Data Protection Act establishes a comprehensive framework for organizations to adhere to ethical standards and ensure transparency, accountability, and responsible data management practices. This overview delves into the key provisions and...

28 January

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A Closer Look at the Income Tax Act 2023: Tax Reform in Bangladesh

Posted by SSA

in Taxation, Article

“Nothing can be said to be certain, except death and taxes” – a famous quote by the American Statesmen Benjamin franklin connects directly to the prevailing scenario of Bangladesh. For almost all the major services today, a citizen is asked to provide documents related to his/her income tax. Doing so, the government makes sure that the majority of the eligible population is under the radar of taxation. Why wouldn’t it do so? After all, about 80% of public revenues are derived from tax sources. For the fiscal year 2022-2023, revenue receipt from NBR (National Board of Revenue) sources was 370000...

Author: SSA