This edition of the Update covers: Recent legal and regulatory developments, including guidance to APRA-regulated entities following the cyber attacks on Medibank and.
Most Americans are painfully aware of the amount of taxes they pay, but explicit taxes and spending are only part of the total burden that government places on Americans. The rest comes in the form of hidden taxes imposed by government regulations. These “regulatory taxes” appear on no budget or balance sheet but are very real: They cost Americans an estimated $1 trillion or more each year, and these costs are increasing. In fiscal year 2009, new regulations costing more than $13 billion per year were adopted by the Bush and Obama Administrations, the highest annual total since 1992. Much more is in the works. Anyone who uses electricity, drives a car, has a job, visits a doctor, owns stocks, or patronizes a bank will be affected by the additional regulation being advanced by the Obama Administration. The effects of such a regulatory tsunami could be disastrous destroying jobs, threatening enterprises, and deterring new investment.
<p>🕑<i> 5 minutes </i></p><p>Until recently, foreign financial institutions who engaged in credit extension to Israeli residents, as well as some other types of entities, could rely on various exemptions that were available under temporary regulations. Now, the New Exemption Regulations have replaced the former exemption regulations and have been enacted as permanent regulations, with no expiry date, therefore providing much greater certainty to the market players engaging in this field of business.</p>