pirola pennuto zei & associati doing business abroad via ......•violation of fdi regulations...

Doing Business Abroad – India

Pirola Pennuto Zei & Associati

Via Vittor Pisani, 16 - Milano

26 Maggio 2016 - Ore 14.30 – 18.00 Doing Business Abroad India: the keys to success

Padova – 26 Maggio 2016

www.foxmanda

l.in

Milan, May 25, 2016

Doing Business in India: The Keys

to Success

http://www.foxmandal.in/


3

Italy is the 14th largest investor in India (US$1.2 Billion via FIPB/SIA approvals between April 2000-August 2012)- less than 0.65% of total FDI but multiple familiar brands across sectors.

• Why India?

• Government Policies & Programs driving India’s growth

• Modes of Investment & Options of Entry

• Capital and Funding

• Operations I (FEMA, MCA, LABOUR, COMPETITION/ANTIRUST)

• Operations II (IPR, TAX)

• Due Diligence

• Exit / Judicial & ADR

OUTLINE

WHY INDIA? • #1 destination for foreign investment by capital in

2015

• Government focus on “ease of doing business”

• Skilled, English-speaking, cost-competitive, young labor and managerial human resources

Liberal FDI rules

Double Taxation

Avoidance Agreement

(DTAA, 1996) Bilateral

Investment Treaty (BIT,

1995)

Stable democracy, rule of law

PROGRAMS SPEEDING INDIA’S GROWTH • Make in India

• ‘Smart Cities‘

• Sector specific benefits

• Policy reforms, single window clearances

• National Industrial Corridor Development Authority

• National Investment and Infrastructure Fund (NIIF)

• Budget 2016-17

• Real Estate (Regulation and Development) Act, 2016

• The Insolvency and Bankruptcy Code, 2015

ENTRY OPTIONS • FDI : Permitted / Partly permitted / Prohibited

Automatic route w/o approval in policy specified sectors

Government route with approval from FIPB, DEA, MoF, RBI/Sector

regulator as reqd.

Instruments : Equity or Convertible to equity/ ECBs (pricing guidelines

in case of optionality clauses)

• Reporting procedures

• Downstream investment in 2nd level Indian cos. : notify SIA, DIPP

+ issue/transfer/pricing guidelines according to SEBI/RBI

Unincorporated entities

Liaison/Rep Office

Branch office

Project Office

Incorporated Entities

JV

WOS

Partnerships

Unlimited Partnerships

LLP

FOREIGN INVESTORS

CHOICE OF LEGAL ENTITY IN INDIA

Entity What it can/cannot do

Regulatory / ease of

incorporation

Taxation Primary benefit

Liaison Office

No commercial activities

Place of operations + 1 authorized rep

No-income/no-tax, annual compliance

Useful for testing the market & routing

goods from India, only TDS returns

Branch Office

No manufacture/ certain commercial

activities


As a foreign company for profits

earned

No DDT/ entire surplus repatriated to head

office

Project Office

Only for a particular project/purpose


As a foreign company for profits

earned

Focused on objective of project

JV Wide scope as an Indian company

Can be incorporated in compliance with

existing laws

Unincorporated entities taxed as

AoP

With a good partner, most suitable to enter the Indian market with

a lower investment/ Ring fences liability if incorporated entity

WOS Fully functional as Indian company in sectors permitted

for FDI

Regd office+ 2 members +2 directors

(1 resident) + min capital requirement of app 1 lakh + FDI & ECB

permitted

Same as Indian company

Treated like an Indian company, therefore no

restrictions on activities to be

undertaken

LLP In sectors under automatic

investment approval route

2 Partners , agreement reqd for

setup, no ECBs, direct investment subject to

minor conditions

Same as Indian co. No DDT/ no buyback tax

• Allowed in Indian cos., partnership, proprietary concern, VCF, LLP – not in Trusts • Equity shares/ fully, compulsorily, mandatorily convertible

preference shares or debentures (upfront pricing, valuation as per FEMA)

• Debt (incl non-convertible/ optionally/ partially convertible preference shares or debentures/ bank loans, buyers’ credit, suppliers’ credit, securitised instruments) conform to ECB Guidelines relating to eligible borrowers, recognized lenders, amount, maturity, end-use restrictions

• Fund flows through Singapore/ Mauritius normally exempted from CG tax due to treaty (amended wef 1 April 2017)

CAPITAL/ FUNDING

• Reporting requirements

• FDI inflow, Details of amount of consideration, FIRC, receipt of remittance, KYC, FC-GPR, CS Certificate

• Transfer of shares through FC-TRS

• Sale proceeds freely remitted if security on repatriation basis, NOC from IT

• Remittance on Winding up/liquidation subject to NOCs

• Violation of FDI regulations are covered under penal provisions of FEMA, enforced by the Directorate of Enforcement under the Ministry of Finance. RBI is primary regulator for FEMA

• 3x contravention amount or 0.2 million USD + penalty for continuing offence

• Dividends freely repatriable without restrictions (net after applicable taxes)

• Winding up proceeds remittable subject to tax clearance/ auditor certificate

FOREIGN EXCHANGE MANAGEMENT ACT

OPERATIONS I

• 36 major labour laws out of which 7 social security laws, 11 state-specific

• Consequences for non-compliances – monetary &/imprisonment

• Mandatory registration

• ESI & EPF & gratuity and contributions compulsorily payable

• Higher compliance as laws are geared in favour of employees

• Companies Act – 105 filings (periodical/event-based)

• Penalty (Special Court, fine and/or imprisonment)

Multiple regulators (MCA, RBI, MoF, DIPP, MoC&I)

OPERATIONS II: ANTITRUST CRITERIA ASSET TURNOVER

Party

Jurisdiction (India)

> INR 15000 mn > INR 45000 mn

Global > 750 mn USD + min. INR 7500 mn in India

> 2250 mn USD + min. INR 22500 mn in India

GROUP

Jurisdiction (India)

>INR 60000 mn >INR 180000 mn

Global > 3000 mn USD + min. INR 7500 mn in India

> 9000 mn USD + min. INR 22500 mn in India

• Simplification in filing Patent applications, 4-5 years for grant

• 3 filing routes: • Direct filing

• Convention route

• PCT – National phase route

• ™ Madrid Protocol, 2013, single application procedure • Improved domestic filing process / 1-2 years for registration

OPERATIONS II: INTELLECTUAL PROPERTY

RIGHTS

15

Direct

Taxes

Income Tax

CG

DDT MAT/AMT

Indirect

Taxes

Customs

Service

VAT, Octroi,

Entry Tax Excise

CST

Choice of entity & entry mode should be determined by operational needs, tax

efficiencies, regulatory compliances and funding flexibility

• Authority to levy taxes both with Centre and State.

• Financial Year in India = April 1 to March 31

• Direct Tax Rates • Domestic Companies : ~34.6%

• Foreign Companies: ~43.26%

• Indirect Tax Rates

• Service Tax: ~15%

• Excise Duty: ~12.5%

• VAT: 0-20% (State, product specific)

• Customs: ~29.44% (assumption of assessable value @ Rs. 100)

• Entry Tax/Octroi (State, product specific)

TAX STRUCTURE

• Corporate and Secretarial

• Contracts and Commitments (including Insurance)

• Licences, Authorisations, Permissions and Approvals

• Employment/ Human Resources (contracts, policies etc.)

• Factory Related Compliance

• Compliance with other Social Security and Industrial laws

• Compliance with Environmental laws

• Real Estate (Properties, Leases)

• Intellectual Property

• Pending litigation

DUE DILIGENCE: WHAT TO FOCUS ON

Closure & termination of operations

Liquidation/Winding-up (Reporting + NOCs)

Buy-Sell, M&A Or Third Party sale of securities

[ Call Options - (strategic investors, sectors with caps) Put Options (PE/VC, financial investors, securing

profits), Drag rights]

Deadlock & Dispute Resolution

EXITS

India is an attractive investment destination

The Government is making it easy for companies to do business in India

India still has a relatively complex set of laws that govern different aspects of business

A joint venture may not always

be the best entry strategy

Good research and professional advice will help you formulate smarter choices and make better decisions

IN SUMMARY….

GRAZIE! Please feel free to get in touch with me if you have any

questions.

[email protected] Mobile : (+91) 99 45 061121

This presentation is for informational purposes only and does not constitute legal advice.

www.foxmandal.in


The Indian

Judicial System

An Overview

May 2016

Introduction

The Indian Judiciary is a continuation of the

British Legal system known as the ‘Common

Law System’.

The Indian Judiciary has various levels of

powers and jurisdictions.

Supreme Court of India

High Courts of 29 States

Sessions Courts and Judicial Magistrates

District Courts and Courts of Civil Judges

Civil and Criminal Jurisdiction

Original and Appellate Jurisdiction

Extraordinary Jurisdiction of the Supreme

Court of India and the High Courts of each

State

Jurisdiction

Hierarchy of

Courts

(Civil Suits)


Highest Appellate Jurisdiction

Extraordinary Writ Jurisdiction

High Courts of each State

Original Jurisdiction

Appellate Jurisdiction

Extraordinary Writ Jurisdiction

Powers of a Company Tribunal

District Courts


Appellate Jurisdiction Court of Civil Judges


Summary Suits - prescribed under Order 37 of the

Code of Civil Procedure, 1908

Leave to Defend – 10 days’ time - Court to decide -

Defendant to show he has a possible defence

If Leave to Defend granted - Suit becomes an

ordinary civil suit

If Defence is illusory or mere moonshine - Leave to

Defend rejected

Immediate judgment if leave to defend rejected

Summary Suits/ Trial

Hierarchy of

Courts

(Criminal Cases)

Judicial Magistrates


Chief Judicial Magistrate : Sentence not exceeding

imprisonment of 7 years and /

or fine

Judicial Magistrate : Sentence not exceeding

imprisonment of 3 years and/or fine

Sessions Courts



High Courts of each State




Highest Appellate Jurisdiction

Dishonor of cheque/s – Section 138

Timeline prescribed by the statute for instituting

proceedings

MAIN INGREDIENTS

Cheque drawn and issued in discharge of existing debt

Cheque has been presented with the Bank within its

validity (3 months from date on the cheque)

Cheque is returned unpaid by the Bank

Holder of cheque demands payment of the amount within

15 days by issuing demand notice within 30 days from

dishonor

Issuer of cheque fails to make payment

Complaints under the Negotiable

Instruments Act, 1881

Criminal complaint - to be instituted within 30 days

from the date of expiry of the 15 days time provided

in the demand notice

Jurisdiction – Judicial Magistrate having territorial

jurisdiction where the Drawee Bank is situated

Offence under Section 138 – Punishable with

imprisonment or fine or both

Imprisonment – Up to 2 years

Fine –Up to twice the cheque amount

Company Law Board

• Constituted under the Indian Companies Act, 1956

• Principal Bench at New Delhi, and four Regional

Benches located at New Delhi, Mumbai, Kolkata

and Chennai.

• Quasi-judicial body, exercising equitable jurisdiction

• Appeal to the High Court against an order passed by

the Company Law Board

National Company Law

Tribunal

• Proposed by the Indian Companies Act, 2013

• Proposed to include powers of:

– Company Law Board

– Board for Industrial and Financial Reconstruction

– Relating to winding up of companies

– Restructuring , mergers and acquisitions

• Appeal from an order to lie to the National Company

Law Appellate Tribunal

Arbitration

Conciliation

Mediation

Lok Adalats

Consumer Fora

Tribunals

Section 89 of the Code of Civil Procedure, 1908

• Blends judicial and non-judicial dispute resolution

mechanism and embraces the provision for

settlement of dispute outside the court.

• Permits Indian Courts to refer matters for settlement

through Alternative Dispute Resolution (ADR)

• ADR mechanism as contemplated by Section 89 is

Arbitration or Conciliation or Judicial settlement

including settlement through Lok Adalat

or Mediation.

• Binding effect like court orders / decrees

Arbitration

• Domestic and International Arbitration

• Recognized by courts in India and reciprocity with

47 other countries as notified by India

• High Court of each State has an Institutional

Arbitration Centre

• Major Arbitral Institutions operate from India

• Maximum Judicial Support, Minimal Interference

• No interference by Indian Courts in granting interim

reliefs in International Commercial Arbitrations

outside India unless parties have agreed

• Limited scope of a party refusing to refer a dispute

to Arbitration

• Time bound proceedings / Fast Track procedure

• Recognized as decree for enforcement

• Limited grounds for appeal for ICA awards passed

outside India

Domestic Arbitration International Commercial

Arbitration

Governed by Part I of the

Arbitration and Conciliation Act

Governed by Part II of the

Arbitration and Conciliation Act

Both parties to the arbitration

agreement are nationals or

residents of India

Arising from a legal relationship

which must be considered

commercial, where either of the

parties is a foreign national or

resident or is a foreign body

corporate or is a company,

association or body of individuals

whose central management or

control is in foreign hands

The Arbitration takes place in

India.

Arbitration may take place in

India or outside India

Reciprocal countries notified by India for

recognition and enforcement of foreign awards

Europe

• Austria

• Belgium

• Bulgaria

• Czech Republic

• Denmark

• Finland

• France

• Germany

• Greece

• Hungary

• Italy

• Norway

• Poland

• Romania

• Russia

• San Marino

• Spain

• Sweden

• Switzerland

• The Netherlands

• United Kingdom

Asia & Australia

• Australia

• China (including

Hong Kong and

Macau)

• Japan

• Kuwait

• Malaysia

• Philippines

• Republic of Korea

Singapore

• Syria

• Thailand

The Americas

• Chile

• Cuba

• Ecuador

• Trinidad & Tobago

• The United States of America

Africa

• Botswana

• Central African

Republic

• Malagasy

Republic

• Morocco

• Nigeria

• Egypt

• Tunisia

• Tanzania

Reciprocating Territories as per Section 44A of

Code of Civil Procedure, 1908 for recognition of

foreign judgments

• United Kingdom

• Singapore

• Hong Kong

• UAE

• Malaysia

• Bangladesh

• Trinidad & Tobago

• New Zealand

• The Cook Islands (including Niue)and The Trust

Territories of Western Samoa

• Papua and New Guinea

• Fiji

• Aden

Mediation

• Form of Alternate Dispute Resolution viz. settlement

of disputes by way of negotiation.

• Legally recognized by Courts in India

• Effective and economical

• Settlement binding on parties as a decree upon

acceptance by Court

• End to further litigation on same dispute

Lok Adalats

‘Lok Adalat’ - Exercised by District and High

Courts

Conciliatory proceedings

Judicial approval

Binding as a decree

Consumer Disputes Redressal

Forums

Consumer Forums are established to protect the

interest of consumers against unethical and

unfair trade practices.

Consumer beneficial legislation

Summary proceedings

Principles of natural justice followed

Economical and speedy redressal

Hierarchy of Consumer Forums

District Consumer Forums

Original Jurisdiction: within pecuniary limits of INR 2 Million

All Forums have power to impose penalties in the form of imprisonment or fine or both

State Consumer Disputes Redressal Commission

Original Jurisdiction: within pecuniary limits of INR 10 Million

Appellate Jurisdiction: District Forums

National Consumer Disputes Redressal Commission

Appellate Jurisdiction: Consumer Appeals from the respective State Consumer Disputes Redressal Commissions

Original Jurisdiction: Pecuniary limit exceeding INR 10 Million

Tribunals

Tribunals are statutory fora to adjudicate on

specific areas of grievance

Questions of law or fact that affects rights of

citizens

Judicial or quasi-judicial functions

Principles of natural justice followed

Order of Tribunal can be challenged

Some examples of Tribunals in India are:

The Debts Recovery Tribunal

The National Green Tribunal

Industrial Tribunals

Income Tax Appellate Tribunal

mailto:[email protected]

mailto:[email protected]



Corso Milano, 26 - Padova

26 Maggio 2016 - Ore 14.30 – 18.00

Pirola Pennuto Zei & Associati - Padova - 26 Maggio 2016

Strumenti legali e di investimento per le aziende italiane interessate all’India

Relatore: Dott. Yuri Zugolaro

India: the keys to success

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26 Maggio 2016 - Ore 14.30 – 18.00

Come operare in India

STRUTTURA DEL BUSINESS (presenza diretta vs distributori/agenti indipendenti)

LUOGO E MODALITÀ DI TASSAZIONE DEI REDDITI PRODOTTI

(branch vs subsidiary)

EVENTUALE DOPPIA IMPOSIZIONE (rimedi – es. convenzioni)

RIPARTIZIONE DEI MARGINI

(transfer price)

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26 Maggio 2016 - Ore 14.30 – 18.00


Possibilità di operare in India:

senza presenza stabile all’estero

liaison/ufficio di rappresentanza

project office

agenti/distributori indipendenti

con presenza stabile all’estero

branch

succursale

joint venture

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26 Maggio 2016 - Ore 14.30 – 18.00


Liaison/ufficio di rappresentanza:

Attività promozionale, di pubblicità, di informazione, di ricerca di mercato

Esclusa la possibilità di intraprendere attività di carattere commerciale o industriale e pertanto di conseguire utili in India

Project office:

Possibilità per una società estera di sviluppare specifici progetti in India tramite la costituzione di un ufficio temporaneo.

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26 Maggio 2016 - Ore 14.30 – 18.00


Branch:

E’ priva di personalità giuridica. L’entità legale è la società di diritto italiano

Lo Stato estero assoggetta ad imposte il reddito prodotto dalla branch. Tale reddito è tassato anche in Italia ove è riconosciuto un credito d’imposta per le imposte pagate all’estero.

Dal 2016 possibilità di applicare il meccanismo della Branch exemption (meccanismo dell’all in / all out – diverse peculiarità da valutare).

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26 Maggio 2016 - Ore 14.30 – 18.00

Costituzione di una società in India:

E’ soggetta al diritto dello Stato estero (governance, capitale, contabilità, ecc.)

Il reddito prodotto dall’impresa estera è soggetto alla potestà impositiva esclusiva dello Stato estero (salvo deroghe speciali)

Si applicano le norme convenzionali (ritenute ridotte su royalty, dividendi, interessi, ecc.)

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26 Maggio 2016 - Ore 14.30 – 18.00

Convenzione contro le doppie imposizioni

Convenzione per evitare le doppie imposizioni tra il Governo della Repubblica Italiana ed il Governo della Repubblica

Indiana

Firmata a New Delhi il 19.02.1993

Ratificata con Legge n. 319 del 14.07.1995

In vigore dal 23.11.1995

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Dividendi – Art. 11

Se il percettore è il beneficiario effettivo dei dividendi l'imposta applicata alla fonte non può eccedere: a) il 15 per cento dell'ammontare lordo dei dividendi se il beneficiario

effettivo è una società che detiene almeno il 10 per cento delle azioni della società che corrisponde i dividendi;

b) il 25 per cento dell'ammontare lordo dei dividendi in tutti gli altri casi.

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Interessi – Art. 12

Gli interessi provenienti da uno Stato contraente e pagati ad un residente dell'altro Stato contraente sono imponibili in entrambi gli Stati contraenti.

L’imposta applicabile in uno Stato contraente sugli interessi provenienti da detto Stato e pagati ad un residente dell'altro Stato in relazione a prestiti o debiti, non può eccedere il 15 per cento dell'ammontare lordo di tali interessi.

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Canoni – Art. 13

I canoni ed i corrispettivi per servizi tecnici possono essere tassati nello Stato da cui provengono ma se il percettore é il beneficiario effettivo, l'imposta applicata non dovrà essere superiore al 20% dell'ammontare lordo.

Definizione di “canoni”: compensi per uso o concessione di diritti d’autore su opere letterarie, artistiche, ecc., brevetti, marchi, disegni o modelli, progetti, formule, ecc., uso o concessione di attrezzature industriali, commerciali o scientifiche, ecc.

Definizione di “corrispettivi per servizi tecnici“: pagamenti effettuati a chiunque, ad eccezione dei dipendenti del soggetto che li esegue, per servizi di natura organizzativa, tecnica, consulenza, e prestazioni di servizi di natura tecnica o di altro personale.

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Il problema delle “technical service fees” e del recupero delle ritenute subite da società italiane

L’India sottopone a tassazione nello Stato della fonte i corrispettivi per

servizi tecnici resi a società estere; deroga rispetto al Mod. OCSE di Convenzione contro le doppie imposizioni.

Implicazioni per la società italiana che subisce la ritenuta alla fonte:

- Problema di qualificare il reddito come “prodotto all’estero” ex art. 165, Tuir: mancanza del requisito di reciprocità?

- la questione reciprocità è «superata» dalla Circ. Min. 05/03/2015 n. 9/E «in applicazione della norma convenzionale, pertanto, il diritto al credito viene riconosciuto in riferimento a qualsiasi elemento di reddito che lo Stato della fonte ha assoggettato ad imposizione conformemente alla specifica convenzione applicabile»;

- inoltre, il comma 2 dell’art. 15 del D.Lgs. 147/2015 («internazionalizzazione») ha fornito un’interpretazione autentica

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del comma 1 dell’art. 165 TUIRR: considerando accreditabili in relazione al requisito di reciprocità, oltre alle imposte previste dalle convenzioni, anche tutte le imposte sul reddito (imposte dirette). In caso di obiettive condizioni di incertezza nel riconoscere la natura dell’imposta estera è possibile presentare istanza di interpello.

CASI SPECIFICI Accade che il contribuente si veda applicata una ritenuta più alta rispetto al 20% convenzionale (ad esempio il 26,265%) quali possano essere i motivi? a) il contribuente italiano non ha fornito il c.d. affidavit (certificato di

residenza fiscale in Italia di non presenza di S.O. in India ed un modulo specifico – Form 10F;

b) è contrastata l’applicazione di una norma interna indiana che prevede che senza permanent account number (PAN) si debba applicare la più alta aliquota del 26,265%;

c) l’art. 5 della Convenzione contro le doppie imposizioni tra Italia ed India (lett. 3) riporta che «le attività cantieristiche e/o di supervisione sono S.O. se superano i sei mesi» ed inoltre riporta che si ha stabile organizzazione anche «quando l’attività di progettazione o di

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26 Maggio 2016 - Ore 14.30 – 18.00

supervisione in quanto collegata alla vendita di macchinari o di impianti, abbia una durata non superiore ai 6 mesi e gli oneri dovuti per la predetta attività di progettazione o di supervisione eccedono il 10% del prezzo di vendita dei macchinari e degli impianti medesimi ….» Attenzione a queste specifiche disposizioni: se si configura S.O. ai sensi convenzionali vi è il rischio di non poter recuperare le imposte estere se non si è tenuta contabilità sezionale ai sensi dell’art. 14 D.P.R. 600/73.

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TRANSFER PRICING

PRINCIPIO FONDAMENTALE

In caso di transazioni che coinvolgono più Stati effettuate tra imprese associate o tra casa madre italiana e branch, l’UTILE TOTALE deve essere ripartito tra le varie entità in modo equo, in base a funzioni e rischi assunti dalle singole società.

Occorre quindi allocare l’utile in modo congruo, in modo da rispettare la potestà impositiva dei singoli Stati evitando erosioni di basi imponibili.

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26 Maggio 2016 - Ore 14.30 – 18.00

TRANSFER PRICING

I Riferimenti normativi in Italia

Art. 1, co. 2-bis, D.Lgs. 471/1997: non applicazione di sanzioni amministrative in caso di rettifica dei prezzi di trasferimento se è comunicata e prodotta idonea documentazione sul TP

Provvedimento Dir. Ag. Entrate 29/9/2010 Prot.

2010/137654: attuazione della norma, indicazione delle specifiche documentali e obblighi di comunicazione preventiva

Linee Guida OCSE Codice di condotta Europeo: approvato dal Consiglio dell’UE il

27/6/2006 individua tipo e contenuto della documentazione secondo la struttura del “Master file” e del “Country file”

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Documentazione contenente informazioni comuni valide per tutti i membri del Gruppo

(Masterfile)

Documentazione contenente informazioni relative alla singola società

(Documentazione nazionale)

TRANSFER PRICING

LA DOCUMENTAZIONE

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TRANSFER PRICING

L’evoluzione della disciplina in India

La disciplina del Transfer pricing è stata introdotta nell’Indian Income Tax Act nel 2001

Molte evoluzioni negli anni successivi con aumento rilevante della sensibilità dell’Autorità fiscale al tema delle operazioni internazionali




26 Maggio 2016 - Ore 14.30 – 18.00

TRANSFER PRICING

Alcune riflessioni per un approccio adeguato

Attenta analisi e mappatura delle transazioni

Analisi di comparabilità e benchmark: utilizzo di consulenti e banche dati locali secondo le esigenze dell’ordinamento indiano

Costruzione congiunta dei documenti relativi al TP in modo da ottemperare alle esigenze di entrambi gli ordinamenti coinvolti

Approccio prudente e professionale

“..transfer pricing is not an exact science..” (OCSE – Documento del 22 luglio 2010 – Cap. B.1, Par. 1.13)

pirola pennuto zei & associati doing business abroad via ......•violation of fdi regulations...

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