On 27 August 2021, the Alternative Reference Rates Committee (“ARRC”), a group of private-market participants convened by the Federal Reserve Board and the Federal Reserve Bank of New York in 2014 to lead the LIBOR transition in the United States, issued FAQs and Best Practice Recommendations on, among other things, the use of the Secured Overnight Financing Rate (“SOFR”) and its term rates (“Term SOFR”), following the ARRC’s formal recommendatio
[!<CDATA[ Moratoriums on foreclosures due to COVID-19 ended this summer, prompting concerns of a shock similar to the 2008 housing crisis. While there are numerous differences between today and the previous recession, financial service providers can stay a step ahead by arming themselves with a few lessons learned ...
Due to massive inspections and new sanitary requirements, ALRUD’s experts from Labour and Employment practice have prepared this material for HR directors, compliance officers and heads of legal departments, on the preparation of the company, for inspection of the Federal Service for Surveillance on Consumer Rights Protection and Human Wellbeing (Rospotrebnadzor): Checklist: Preparing the company for inspection of Rospotrebnadzor in Russia ...
On October 13, 2021, through the website of the Ministry of Mining, the Government of Chile published the National and International Call for Lithium. National or foreign companies may participate in this process, which will have to acquire the respective public tender conditions, to allow exploration, exploitation, and commercialization of a total of 400,000 tons of marketable metallic lithium, divided into 5 quotas of 80,000 tons each ...
The 1997 Labour Law, previously amended in 2007 and 2018, was amended for the third time on 5 October 2021 with immediate effect (“Amended Labour Law”). The Amended Labour Law introduces several changes to the 1997 Labour Law, particularly provisions relating to employee working schedules, work on paid public holidays, individual disputes and the authority of the Labour Inspector ...
[!<CDATA[ Law and Practice The 2020 Chambers US Regional Employment Guide features guidance on employment law across 14 states and includes a unique state comparison tool for readers. The guide provides expert legal commentary on the impact of COVID-19 on the workplace, the "Black Lives Matter" and "Me Too" movements, unions, the National Labor Relations Board, the interviewing process, restrictive covenants, discrimination and harassment, and whistle-blower claims ...
It was uncertain, however, whether this ancient time period extended to third party claims but a recent case before the Master of the Royal Court has now clarified this area of law. Facts The plaintiff brought a claim in tort and contract against three defendant doctors, for their alleged failings in the plaintiff’s care, which resulted in the plaintiff being diagnosed with a stroke in 2016 ...
As with other parts of the UK, the last 18 months have seen a period of exceptional market activity in the living sector in Northern Ireland, despite the economic challenges of Covid. Much of that activity has in fact been driven by the societal challenges and behavioural shifts brought about by the pandemic ...
Last week, the Norwegian Data Protection Authority announced that they intend to sanction Østre Toten municipality with a fine of NOK 4,000,000 due to the municipality’s non-compliance with the GDPR requirements. The announced sanction follows in the wake of the Data Protection Authority’s investigation of the municipality’s IT systems after it was exposed to a fatal ransomware virus attack in January this year ...
On Oct. 25, 2021, the Department of Labor (DOL) issued Field Assistance Bulletin No. 2021-02 (the Bulletin). In the bulletin, the DOL revised and extended the temporary enforcement policy related to the DOL’s Fiduciary Rule/Prohibited Transaction Exemption 2020-02 (the DOL Fiduciary Rule) ...
On Oct. 25, 2021, the Equal Employment Opportunity Commission (EEOC) updated its technical guidance for employers addressing questions regarding religious objections to employer COVID-19 vaccine requirements and how those requirements interact with federal equal employment opportunity (EEO) laws ...
On 13 October 2021, the China Securities Regulatory Commission (CSRC) issued an Announcement on the Participation of Qualified Foreign Institutional Investors and RMB Qualified Foreign Institutional Investors in Financial Derivatives Transactions (Announcement, available here in Chinese) ...
On 30 September 2021, the Government passed into law the Securities and Futures (Amendment) Ordinance 2021 and the Limited Partnership Fund and Business Registration Legislation (Amendment) Ordinance 2021 (the Ordinances). These new laws will enable foreign investment funds to be re-domiciled and registered in Hong Kong as open-ended fund companies (OFCs) or limited partnership funds (LPFs). The Ordinances will come into effect on 1 November 2021 ...
Hong Kong’s Securities and Futures Commission (SFC) held two virtual briefing sessions in October 2021 and provided useful guidance on its newest climate-related risk management requirements for fund managers, as detailed in the Consultation Conclusions on the Management and Disclosure of Climate-related Risks by Fund Managers (with amendments to the Fund Manager Code of Conduct (FMCC)) and the Circular issued on 20 August 2021 ...
Earlier this month, The Institute for Policy and Engagement at the University of Nottingham ran an in-depth virtual conference discussing the need for action on the issues surrounding predatory marriage. Speakers included Daphne Franks from the Justice for Joan campaign. Daphne’s mother Joan was married by a predator some years her junior without her family’s knowledge while suffering with dementia and despite Daphne having been appointed as her attorney ...
The home of Robin Hood, Lord Byron and Boots, Nottingham is a city with a rich history and cultural heritage. It is also ambitious, forward looking and has a bright future. With a plan to become the UK's first carbon neutral city, it also has a unique opportunity to reimagine large swathes of the city with the following developments ...
The appointment of provisional liquidators by the Cayman Court is a powerful and valuable tool in the right circumstances. However, in a series of recent cases, the Court has underscored the high hurdles that must be met and emphasised that an order to appoint liquidators must always be viewed as a serious step that requires a heavy and onerous evidential burden on those who seek such orders ...
The National Privacy Commission (“NPC”) issued on 7 October 2021 NPC PHE Bulletin No. 21 advising the public against smishing and preventive data privacy practices. Smishing targets victims through mobile text messaging or SMS. Individuals usually receive unsolicited messages that include links that redirect to fraudulent websites which steal personal data, introduce mobile malware, and even facilitate the commission of fraud ...
Today, World Menopause Day, I got up at 5.30 am to get the train to the office. This early start brought into sharp focus the impact that menopause can have on the working lives of women. Three years ago I would have taken an early start in my stride, I rarely had a bad night’s sleep. However, although in my early 40s, treatment for breast cancer caused early menopause, and among the symptoms I experience is frequently disturbed sleep ...
Banks were cast as the villain of the piece in the so-called ‘Great Recession’ of 2007–2009, the last downturn to hit our economy before the coronavirus pandemic. Their role in the subprime mortgage debacle led directly to a global financial crisis and the deepest UK recession since the Second World War. By contrast, in the economic downturn triggered by the COVID-19 pandemic in 2020, the banking industry played a crucial role in stabilising our economy ...
In a major change for arbitration in Dubai, the DIFC-LCIA Arbitration Centre has been abolished. On 14 September 2021, Decree No. 34 of 2021 (Decree No. 34) was issued by Mohammed bin Rashed Al-Maktoom, Ruler of Dubai. It not only dissolves the Dubai International Financial Centre Arbitration Institution (DIFC-LCIA Arbitration Centre), but also the Emirates Maritime Arbitration Centre (EMAC) ...
Marks & Spencer breached a court order to enforce a “keep-open” provision in one of its leases, when it carried on business only in a “half-hearted” manner ...
On October 23, 2021, a second draft amendment to the Anti-Monopoly Law of the People’s Republic of China (the “Draft Amendment”) was issued for public comments following its review at the 31st meeting of Standing Committee of the 13th National People’s Congress (the “NPC”, the Chinese legislature). The public comment period ends on November 11, 2021 ...
