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The treatment of ongoing criminal cases for bounced cheques in the Emirate of Dubai
Afridi & Angell, January 2022

It is now common knowledge that after January 2, 2022, issuing a cheque that is dishonoured for the lack of funds is no longer going to be a criminal offence in the UAE (for a primer on the changes made to the law, clickHere). But what of ongoing complaints and criminal cases regarding cheques that were dishonoured prior to January 2? Circular No. (9) of 2021, issued by the Dubai Public Prosecution Department on 19 December 2021, helpfully clarifies how such cases are to be handled...

Treasury Issues Final Rule on COVID State Funds
Schwabe, Williamson & Wyatt, January 2022

On January 6, 2022, the U.S. Department of the Treasury issued a final rule on the use of Coronavirus State & Local Fiscal Recovery Funds (SLFRF) provided to state, local, and tribal governments pursuant to the American Rescue Plan (ARP). While the final rule largely includes the eligible uses of SLFRF funds described in the interim rule issued in May of 2021, the Treasury expanded and provided more detail on eligible uses...

Chilean Financial Market Commission Opens Public Consultation on Authorization of Existence of Special Stock Corporations and initiation of operations…
Carey, January 2022

On January 3rd, 2022, the Chilean Financial Market Commission (FMC) opened a public consultation process (the "Regulatory Proposal") on new regulations regarding the procedure to authorize the existence of certain special stock corporations (SSCs) and to authorize the commencement of operations of general fund managers (GFMs)...

2022 predictions: what’s on the horizon for construction?
Shoosmiths LLP, January 2022

As the pandemic persists and the disruption of the previous two years continues to impact projects, the construction industry faces a continued period of uncertainty in 2022. Further disruption The pandemic and issues around the availability of materials may continue to disrupt projects into 2022 leading to higher costs and further delays...

Insolvency in Scotland: Back to Basics – Part 2, Sequestration (Bankruptcy)
Shoosmiths LLP, January 2022

This is the second article in 'Back to Basics', a series of articles looking at insolvency processes in Scotland. This article will examine the court process for sequestration, focusing on petitions by creditors. Sequestration is the Scottish legal term for personal bankruptcy...

Transition plans: key to businesses achieving net zero
Shepherd and Wedderburn LLP, January 2022

 How will the UK become a Net Zero-aligned Financial Centre? Last month, the UK Government announced that the UK was to be the world’s first Net Zero-aligned Financial Centre. The Institute for Government defines “net zero” as “a balance between the amount of greenhouse gas emissions produced and the amount removed from the atmosphere”...

Gap Analysis
Shoosmiths LLP, January 2022

The Land Registry is the gatekeeper of legal ownership of land in England and Wales. A prompt and successful application for registration is an essential step at the end of most property transactions. In this article we will look at why registration of property transactions is important and the consequences of delays in the process. We will highlight common difficulties and barriers to registration and provide practical advice to overcome them...

End of Transition Period for SBA Size Standard Calculation
Schwabe, Williamson & Wyatt, January 2022

This is a reminder that as of January 6, 2022, the Small Business Administration is requiring all small businesses to use a five-year period of measurement in determining their size under a revenue-based size standard. On January 6, 2020, the SBA published its final rule providing for a five-year period of measurement for determining a small business’s size under revenue-based size standards...

New Year, new town centres? Spotlight on the UK’s South Coast
Shoosmiths LLP, January 2022

A hot topic on many local authority agendas for this year will be the regeneration of their town centres. The way we shop, eat and work is ever changing, and our town centres need to be ready to accommodate a more diverse and flexible way of life. A lifestyle not necessarily brought on by, but certainly expedited by the COVID-19 pandemic...

Follow the Money: Rolling Out the New Shared Ownership Lease in 2022
Shoosmiths LLP, January 2022

Almost one year into the new funding round for English affordable housing, we consider how the new Homes England shared ownership lease may affect living sector stakeholders. What’s happened to shared ownership leases? April 2021 heralded a major change to shared ownership (‘SO’) leases in England. Following a consultation process, Homes England released a new suite of model SO leases...

Chilean Financial Market Commission Opens Public Consultation on Regulation of Fees on Money Lending Operations
Carey, January 2022

In compliance with the mandate set forth in Article 19 ter of Law No. 18,010 (the "Money Lending Operations Act"), incorporated therein by Law No. 21...

Cambodia: New Prakas on Formalities of Certification Work of Architectural Design and Structural Design
DFDL, January 2022

The Ministry of Land Management, Urban Planning and Construction (“MLMUPC”) issued a new Prakas No. 109 on 22 November 2021 on the Formalities for Certification Work of Architectural Design and Structural Design (“Prakas 109”). The purpose of this Prakas 109 is to regulate the formalities of inspection and certification works in order to implement the Sub-Decree No...

Year in Review 2021: Intellectual Property Rights
Simonsen Vogt Wiig AS, January 2022

Media DNS-blocking of gaming sites proposal The Ministry of Culture submitted a proposal on 21 September 2021, which seeks to give the Norwegian Gambling Authority cause to force ISPs to enforce DNS blocking of unlicensed gaming sites that market their services to Norwegian players...

Eligible Uses of CARES Act Funds for Compliance and Management Expenses in 2022
Schwabe, Williamson & Wyatt, January 2022

Although the deadline for “incurring” CARES Act funds has passed, Alaska Native Corporations can still use CARES Act funds to pay for administrative and compliance related expenditures in 2022, including staff time spent administrating programs and CARES Act expenses incurred by December 31, 2022. According to U.S...

Courts Begin Interpreting New Due Diligence Requirements For Trustees Before Filing Preference Actions, Pratt's Journal of Bankruptcy Law
Hunton Andrews Kurth LLP, January 2022

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Courts Begin Interpreting New Due Diligence Requirements For Trustees Before Filing Preference Actions, Pratt's Journal of Bankruptcy Law
Hunton Andrews Kurth LLP, January 2022

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Courts Begin Interpreting New Due Diligence Requirements For Trustees Before Filing Preference Actions, Pratt's Journal of Bankruptcy Law
Hunton Andrews Kurth LLP, January 2022

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Chilean Competition Agency Files First Interlocking Lawsuit
Carey, January 2022

On December 27, 2021, the Chilean Competition Agency, Fiscalía Nacional Económica (“FNE”), filed the first lawsuit with the Chilean Competition Court, Tribunal de Defensa de la Libre Competencia (“TDLC”), for an infringement of the horizontal interlocking prohibition established in Law Decree No. 211 of 1973 (“DL 211”), against Mr. Hernán Büchi, Banco de Chile, Consorcio Financiero S.A...

Year in review 2021: Real Estate Law
Simonsen Vogt Wiig AS, December 2021

The first half of 2021 was marked by the highest level of commercial real estate transactions ever. The latest reports and statistics show that this trend has continued in the last six months, and the total transaction volume is likely to exceed NOK 130-150 billion. This surpasses the record year of 2015, when the total transaction volume for commercial real estate was NOK 129 billion. The pandemic caused increased use of home office...

Leveraging Fintechs and Big Data in a Fair Lending Focused 2022
Bradley Arant Boult Cummings LLP, December 2021

[!<CDATA[ Over the past decade, financial technology companies (fintechs) have been on the rise, disrupting all segments of the financial industry. Their innovative technology, swift adaptation to market trends, and ability to create personalized and efficient customer experiences enabled them to reshape the way we look at, use, and provide financial services...

New California Court of Appeal Decision Upholds Decisions Made By County Retirement System During Great Recession
Hanson Bridgett LLP, December 2021

After more than a decade of litigation, three appeals, and a two week bench trial, the Fifth District Court of Appeal (“DCA”) rejected claims by three retired members of a retirement system that a retirement board breached its fiduciary duties of loyalty and prudence to the retirement system’s members...

The New Homes Quality Code
Shoosmiths LLP, December 2021

The New Homes Quality Code has been published and this article sets out some initial aspects for housebuilders to consider. After a consultation process lasting almost five years, the New Homes Quality Code (the Code) and Developer Guidance were published by the New Homes Quality Board (NHQB) on 17 December 2021. The Code will replace the current Consumer Code for Home Builders and will apply across the UK for the benefit of purchasers buying new build homes for their own occupation...

Year in Review 2021: Banking and Finance
Simonsen Vogt Wiig AS, December 2021

We have in 2021 seen a remarkable (continued) recovery in the Norwegian financial market. This is also evident from the perspective of our banking and financing team. We have assisted our clients with a considerable number of new financings and refinancings, across most sectors.  It has especially been hectic within the shipping, aviation and renewable energy sectors and we have seen a steep increase within acquisition financing...

Board Rules Contractor Entitled to Additional Costs After Government Unreasonably Refuses to Accept Equivalent Substitute
Bradley Arant Boult Cummings LLP, December 2021

In Appeal of Carothers Constr., Inc., the Armed Services Board of Contract Appeals (the “Board”) rejected the Government’s reliance on strict compliance with the material specifications for a 2 1/2″ thick roof deck product when the contractor proved the substitute 2″ thick roof deck was equivalent...

North Carolina Muddies the Water on the Economic Loss Doctrine
Bradley Arant Boult Cummings LLP, December 2021

A pair of recent rulings involving the economic loss doctrine from North Carolina serve as a timely reminder to carefully consider the extent of contractual remedies in negotiation of construction agreements – lest a later breach of contract remedy prove insufficient, and further recovery barred by the economic loss doctrine...

 

 

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