After two years of review, the Office of the Comptroller of the Currency (OCC) recently announced that it will begin accepting applications for special purpose national bank charters from financial technology (fintech) companies. The OCC’s announcement came hours after the Treasury Department endorsed the approach ...
On 27 July 2018, the newly established Financial Sector Conduct Authority (“FSCA”) published the final Conduct Standard, No 1 of 2018, setting out the Criteria for Authorisation of OTC Derivatives Providers (“ODPs”). The Regulations under the Financial Markets Act, 2012 (the “FMA Regulations”) were promulgated in February of this year, effectively setting a deadline of 8 August 2018 for ODPs to apply for licences ...
Two recent cases and a recently-released Internal Revenue Service (IRS) Program Manager Technical Advice Memorandum have sent shockwaves through the voluntary disclosure community. All three developments give offshore account-holders something to cheer. PMTA 2018-13 In previous client alerts, we have discussed the definition of "willfulness" in the context of offshore assets and, more recently, the closing of the Offshore Voluntary Disclosure Program (OVDP) ...
On July 18, 2018, Governor Brown signed into law AB 2282, which amends the California Labor Code to clarify aspects of California's salary history and equal pay statutes. Labor Code Section 432.3 As we previously reported, effective January 1, 2018, Labor Code section 432.2 prohibits both public and private employers from asking job applicants for “salary history information ...
This month, courts have been active in several of the fiduciary breach cases involving 403(b) retirement plans at private universities, including USC, Brown, New York University, the University of Pennsylvania, Duke and Northwestern. We have been closely monitoring these and other lawsuits against fiduciaries of defined contribution plans, and the lessons to be gleaned for avoiding liability ...
Yesterday, the California Supreme Court issued an important decision for employers that rejects the application of the federal de minimis defense to unpaid wage claims arising under California law. In Troester v. Starbucks, Case No. S234969 (July 26, 2018), the Supreme Court held that California law prohibits requiring employees to "routinely work for minutes off the clock without compensation ...
Section 198A of the Labour Relations Act, 1995 (the “LRA”) provides that a person assigned to a client by a temporary employment service (“TES”) for a period of more than three months, and who earns less than the threshold amount set in section 6(3) of the Basic Conditions of Employment Act, 1997, is deemed to be the employee of the client for the purposes of the LRA. There are two exceptions to this deeming provision ...
Section 23(1)(d) of the Labour Relations Act, 1995 (“LRA”) enables an employer and a trade union (or trade unions acting jointly), that enjoy majority support in the employer’s workplace, to conclude a collective agreement and to extend the collective agreement to employees who are not members of the trade union that concluded the collective agreement ...
The Croatian Parliament adopted the new Capital Markets Act in order to align the Croatian legislation with the EU acquis. The act adjusts the Croatian legislation with the cornerstone of EU's financial markets regulation - the Directive on Markets in Financial Instruments repealing Directive 2004/39/EC and the Regulation on Markets in Financial Instruments, commonly referred to as MiFID II and MiFIR ...
Earlier this year, the government released a proposal paper: Extending Unfair Contract Terms Protections to Insurance Contracts outlining a model to extend unfair contract term (UCT) provisions to insurance contracts regulated under the Insurance Contracts Act 1984 (Cth) (IC Act) for consultation. The consultation period closes on 27 July. A high level summary of the proposed model is below ...
The Tax Cuts and Jobs Act ("TCJA") provides new exclusion and deferral benefits for investors who purchase interests in qualified opportunity funds. Much like qualified small business stock ("QSBS") under IRC sections 1202 and 1045, new IRC section 1400Z-2 allows investors to defer and, in some cases, exclude gain on the sale of assets. However, gain can be deferred under IRC section 1400Z-2 only if invested in designated low-income communities ...
The beginning of the summer brought amendments to several employment-related laws. The most notable changes are presented below: The Law on the Employment of Foreigners The duration of the labour market test– The labour market test within the work-permit acquisition process (through which the National Employment Service examines whether there are any Serbian citizens suitable for the vacant position), is shortened to 10 days, having previously lasted one month ...
The California Fair Employment and Housing Council (FEHC) issued new regulations under California's Fair Employment and Housing Act (FEHA) addressing national origin discrimination. Effective July 1, 2018, the regulations provide a broad definition of "national origin" and apply to applicants and employees, regardless of documentation status. The regulations impact employment practices such as English-only policies, English proficiency requirements, and height and weight requirements ...
Regional Legal Update on Labor and Employment Law Issues DFDL’s Employment Practice Group is dedicated to advising clients on employment and labor issues and preparing human resources documentation that is compliant with local laws. Our employment team’s in-depth knowledge of the law and practices in the countries where we operate allows us to provide specialized, tailored, and practical advice on issues that arise in employment relationships ...
South African tax resident individuals may consider, whether for estate planning purposes or otherwise, to advance funds to offshore trusts for investment abroad. The South African tax implications arising from the terms of the loan funding arrangement with the offshore trust should, however, also be taken into account ...
Recently, there have been a number of interesting judgments of the South African Labour Court regarding cost orders and new approaches have been adopted which signal a change as to how cost orders are approached in the Labour Court. Section 162 of the Labour Relations Act, 1995 (“LRA”) states that the Labour Court has discretion regarding the granting of cost orders, which is not dependent of the nature of the claim brought before the court ...
In 2016, South African National Treasury introduced an exemption from securities transfer tax (“STT”) for listed securities that are transferred outright (as opposed to pledged) as collateral, provided that such transfers adhere to a number of conditions that were outlined in the definition of a “collateral arrangement” in the Securities Transfer Tax Act, 2007 ...
Recent case law has shown that the South African courts are prepared to hold employers liable for conduct amounting to sexual harassment perpetrated by their employees. The basis for such liability arises from two sources. The first is the common law duty imposed on employers to create and maintain a safe working environment free from the danger of being sexually harassed ...
On 6 July 2018 the Government published a statement following on from Theresa May’s Cabinet meeting and Brexit debate at Chequers, the Prime Minister’s country residence. The statement outlined the Cabinet’s collective stance and the next steps to be taken in respect of the Brexit negotiations. However, many critics have already called the Chequers statement a “compromise” position and argued that the statement seems to be advocating a “soft Brexit ...
The Affordable Care Act ("ACA") is alive and well, despite renewed legal challenges and the elimination of the “individual mandate” beginning next year. While the Tax Cuts and Jobs Act reduced the tax penalty for individuals who don’t have health coverage to $0, effective for 2019, employers continue to be subject to penalties for failing to comply with certain ACA rules ...
The question of 'employment status', continues to concern many employers working within today's 'gig economy'. The UK Supreme Court recently provided guidance on the correct "label" to be bestowed on 'gig economy' workers. Pimlico Plumbers recently lost an appeal in the UK Courts against a finding that one of its plumbers was a "worker" for the purposes of relevant UK employment legislation – not a self-employed independent contractor ...
Earlier this year, in an effort to clarify what types of employee handbook rules are lawful under the National Labor Relations Act (“NLRA”), the General Counsel of the National Labor Relations Board (“NLRB”) issued new 1Guidance on the topic. Determining which rules are permissible and which may violate the NLRA has troubled both union and non-union employers in recent years due to the Obama-era NLRB’s tendency to find that standard handbook rules (e.g ...
Last year, California employers faced a swell of new city and county labor laws that increased employers’ local minimum wage obligations. Several of these local ordinances included incremental increases that went into effect over time, including many increases that are effective as of July 1, 2018. In addition to meeting the state’s minimum wage requirements ($10.50/hour for employers with 25 or fewer employees, and $11 ...
