The year ahead will see a better resourced FCA announcing and implementing reform in many different markets. It will see a focus on protecting consumers in the current economic climate and a focus on understanding newer and faster paced markets, particularly those where consumer detriment is a real risk. In a written statement to Parliament on the 9 December 2022, the chancellor set out an ambitious list of reforms that, at any other time, the financial services sector would run towards ...
In recent months we have seen a significant rise in industrial action across multiple sectors, including public transport; postal workers; nursing and ambulance staff; university employees; Border Force staff and civil servants. Strikes look set to continue into 2023; the British Medical Association is currently balloting junior doctors on potential strike action for March 2023 and disruption is also likely to hit schools in Scotland as teacher strikes are planned for January 2023 ...
On January 4, 2023, Law No. 21,521 was published, which promotes competition and financial inclusion through innovation and technology in the provision of financial services (“Fintech Law”). The Fintech Law introduces a series of legal amendments to various regulatory bodies, including Law No. 19,913, which creates the Financial Analysis Unit (“UAF”) and amends various provisions on money laundering (“Anti-Money Laundering Act”) ...
New Guidelines on the Employment of Foreign Workers in Malaysia Dear valued clients, colleagues and friends, The long-awaited Employment (Amendment) Act 2022 (“Amendment Act 2022”) has finally come into force on 1 January 2023 ...
On July 9, 2021, President Biden signed an Executive Order requesting that agencies, including the Federal Trade Commission (FTC), issue rules banning employers from entering non-compete agreements with employees. Following that request, on January 5, 2023, the FTC announced it is proposing sweeping new regulations that would bar employers from entering into or enforcing non-compete agreements with employees that prevent an employee from working with a competitor ...
On December 22, 2022 the Pennsylvania Department of Human Services (“Pennsylvania DHS”) issued a Medical Assistance Bulletin that will put 340B savings at risk in Pennsylvania. This bulletin intends to prohibit 340B Program covered entities and contract pharmacies from dispensing 340B medication to Pennsylvania Medicaid patients regardless of whether the patient is enrolled in fee-for-service or managed Medicaid ...
On January 5, 2023, the Federal Trade Commission (FTC) issued a proposed rule[1] to prohibit employers from enforcing non-compete agreements against former employees, contractors, and other workers. The proposed rule defines “non-compete clause” broadly as “a contractual term between an employer and a worker that prevents the worker from seeking or accepting employment with a person, or operating a business, after the conclusion of the worker’s employment ...
On January 4, 2023, Law No. 21,521, also known as the "Fintech Law", was published. The new law promotes competition and financial inclusion through innovation and technology in the provision of financial services. Among other amendments, the Fintech Law introduced certain amendments related to the public offering of securities, amending Law No. 18,045, the Securities Market Law ("LMV"), Law No. 18,046, the Corporations Law ("LSA") and the Commercial Code ...
The Finnish Government has published a proposal for the temporary Windfall Tax Act in Finland, the draft of which was briefly discussed in our previous article on the subject. The proposed temporary windfall tax would be applicable to so-called windfall profits gained during tax year 2023 by companies operating in the electricity or the fossil fuel sector. The aim of the proposal is to tax said sectors' increased profits resulting from the current energy crisis ...
With the war, supply chain issues, rising energy costs and skills shortages, many employers will want to put 2022 firmly behind them. What does 2023 have in store? For the economy only time will tell, but for employment law things are a little clearer. Employment Bill The long-awaited Employment Bill is still to appear in draft form and it is doubtful this will materialise in 2023, at least in the early stages ...
On December 30, 2022, the Asset Management Association of China ("AMAC") issued a consultation draft of the Measures for Registration and Filing of Private Investment Funds (《私募投资基金登记备案办法 (征求意见稿)》) (the "Draft Measures") and the ancillary Guidelines No. 1-3 on private fund manager registration〔i.e. Guideline on Basic Operational Requirements ("Guideline No. 1"), Guideline on Shareholders, Partners and Actual Controllers ("Guideline No ...
In the words of its own Attorney-General, Australia's privacy laws were “out of date and not fit-for-purpose”. After recent amendments, they now stand to contain one of the world’s toughest data breach penalty regimes. So, what has changed? Fines The Privacy Legislation Amendment (Enforcement and Other Measures) Bill 2022 (the “Bill”) received Royal Assent on 12 December 2022 ...
Levelling up the regional economies has many labels: the Northern Powerhouse, the Midlands Engine, the Golden Triangle and the Ox-Cam Arc. But have they delivered improved economic growth? Since Channel 4 announced its move to Leeds, media companies have flocked to the area. The government has also promised to deliver high-speed rail to northern cities, which would position the region as a global leader in transport innovation ...
After an extremely busy 2021 where the financial markets and the lending sector recovered rapidly from the COVID-hibernation, 2022 has been a turbulent year that did not live up to expectations in terms of activity. With geopolitical unrest, high inflation and rising interest rates as the backdrop, financial markets were volatile and funding costs increased substantially ...
In our Newsflash of 1 December 2022, we reported on the upcoming introduction of bills of law aimed at improving the standard of living of the most vulnerable, given the current economic context. Bill of law referenced 8117, amending Article L ...
In September 2022, the UAE introduced an insurance scheme pursuant to Federal Decree No. 13 of 2022 concerning unemployment insurance. This law was followed by Cabinet Decision No. 97 of 2022 concerning the mechanisms and controls for implementing the unemployment insurance scheme, and Ministerial Resolution No. 604 of 2022 concerning the unemployment insurance scheme (together with the Federal Decree, theUnemployment Insurance Law) ...
In the final instalment of our “future of work” series, we look at the potential ways advancements in technology have changed and continue to change the way we work. Keeping us connected Technology has been used in workplaces for many years and has been at the forefront of the move away from traditional employment models – the advent of mobile apps to support the gig economy being a prime example ...
The Insolvency Practitioners Act, the Pre-Insolvency Act and the Commercial Code (Amendment) Act were passed by the House of Representatives on the 14th of December 2022 and were assented to by the President on the 23rd of December 2022. For more information, please see our articles on the Proposed Pre-Insolvency Bill, on the Proposed Insolvency Practitioners Bill and on the three proposed Insolvency Bills, collectively ...
We can only assume that the pensions industry at large put “a busy and unpredictable 12 months” at the top of its wish list at the start of the year, and 2022 certainly delivered. From the sombre to the unprecedented, 2022 had it all. The year was bookended by investment issues. In February, View More
Recently, the China Banking and Insurance Regulatory Commission ("CBIRC") issued the Measures for Regulatory Assessment of Corporate Governance of Banking and Insurance Institutions (the "2022 Measures"), which replace the Measures for Regulatory Assessment on Corporate Governance of Banking and Insurance Institutions (for Trial Implementation) (the "2019 Measures") issued by CBIRC on 25 November 2019 ...
During 2022, the government has, among other things, made these legal amendments: Removal of the general right to employ someone temporarily up to one year Trade unions that have members in a company that use hired workers from a temp agency can start legal proceedings against the employer about the legality of hiring. Revised home office regulations You can read more about these changes here. The Supreme Court has also contributed to the further development of employment law ...
On the 20th of December 2022, various amendments (and clarifications) to the Employment and Industrial Relations Act (Chapter 452) came into force, mainly relating to the probationary period applicable to fixed term contracts and the duration of fixed term contracts. By means of the amendments: In the case of a renewal of a fixed term contract for the same functions and tasks as the previous fixed term contract, there shall be no new probationary period ...
