The government of Vietnam issued Decree No. 19/2023/ND-CP dated 28 April 2023 (“Decree 19”) to provide guidance for the Law on Anti-Money Laundering. Decree 19, effective as of its issuance date, includes the following: Details on Know Your Client (“KYC”) Decree 19 sets out the specific situations in which financial institutions must carry out KYC procedures ...
We look at what employers should consider when dealing with a data subject access request ('DSAR') made when tribunal proceedings are involved. The obligations to comply with a DSAR and disclosure in litigation are governed by two distinct processes. DSARs As part of their privacy rights an employee has the right to request from their employer a copy of their personal data, through making a DSAR ...
In the Industrial Tribunal case with number 3945/CC, the applicant, a Chief Operating Officer and Director, engaged with Amicorp Fund Services Malta Ltd, was dismissed by means of a letter of termination due to the fact that, according to the defendant company, he was not properly performing his functions. The Tribunal commented that the case was a particular one since it dealt with senior management, in which cases usually an amicable termination is arrived at ...
The South African banking and finance landscape is continually evolving, driven by changing regulations as well as emerging trends. Recent amendments to the Financial Intelligence Centre Act, 2001 (“FICA”) have brought about new obligations that trustees operating within the sector must be aware of ...
In its recent judgement in Re Avanti Communications Ltd [2023] EWHC 940 (Ch) ('Avanti') the High Court decided that in some circumstances a charge can take effect as a fixed charge despite the chargor having some flexibility to dispose of assets without the consent of the charge holder. Background A charge expressed to be a fixed charge may be at risk of being re-characterised by a court as a floating charge if the charge holder fails to exercise sufficient control over the assets ...
The Financial Market Commission ("FMC") has announced a process of consulting roundtables for the implementation of Law No. 21.521, known as the "Fintech Law" (Fintech in Spanish). Last May 15, an informative webinar was held where the CMF informed about the general guidelines for the operation of the consulting roundtables that will address aspects of the implementation of the Fintech Law. The FMC authority to carry out this process comes from Article 20 of Law No ...
On 10 May 2023, the government announced its proposals for reforming employment law post-Brexit in its policy paper, Smarter Regulation to Grow the Economy, the main headline of which was the decision to reverse the sunset date from the Brexit Bill. The new policy paper sets out the first series of reforms in the government’s vision for a post-Brexit world and in particular focuses on how current EU derived regulations can be improved to reduce burdens on businesses ...
We hear so much about the rights of working families, but what about those who do not have children? Should employees without children be entitled to an equivalent form of ‘parental’ leave? We consider this question and how such leave could be managed. What is the position for parents? Parental leave is a form of statutory leave that allows working parents the right to take unpaid time off work to look after a child or make arrangements for their welfare ...
Although NFTs have existed for a number of years, and have changed the world of merchandise and art, it is worth considering how intellectual property (IP) rights interplay with this asset class. This article considers NFTs in their component parts with a view to understanding how IP law, and specifically the areas of copyright and trade marks, apply. What is an NFT? An NFT stands for non-fungible token and is a digital asset with a unique digital identifier, recorded on a blockchain ...
For those experiencing infertility, the impact on their mental and emotional well-being can be extremely detrimental. This week is Mental Health Awareness Week and we consider what employers can do to provide additional support. Recent years have seen an increased focus on mental health and well-being within the workplace - particularly following the COVID-19 pandemic ...
The government is pushing ahead with the establishment of a Responsible Actors Scheme (RAS) provided for under s.126 and 129 of the Building Safety Act 2022. The Scheme is initially aimed at major housebuilders and other large developers that have developed or refurbished multiple residential buildings that are known to have life-critical fire safety defects ...
After just over a week of waiting, the Government yesterday confirmed that the plan to throw some 4,800 pieces of Retained EU Legislation (“REUL”) onto the bonfire at the end of this year has now been scaled back. Instead we will only lose in the region of 500-600 pieces of legislation, with all remaining REUL becoming English Law ...
On February 23, 2023, the Parliament adopted a new Law of Ukraine "On Collective Agreements and Contracts" (hereinafter - the " Law" ). Most of the provisions of the Law enter into force 6 months after the termination or cancellation of martial law, but we can understand what new this act offers now ...
Many financing options that we used to consider “alternative” are now commonplace. This article explains in basic terms what some of the alternatives to traditional bank loans are, who they’re used by and why they’ve increased in popularity ...
At a recent event, Karen Kirkham (chair of JCT) and Sean Smylie (vice chair of the JCT) outlined the eagerly anticipated changes to the JCT suite of contracts. Speaking to members of the SCL in Birmingham, it was confirmed that the next edition is likely to be called JCT 2024 and is anticipated to be issued in the early part of next year ...
The Home Office recently updated the ‘reporting duties’ section of its guidance for sponsor licence holders. In particular, the Home Office has added new detail to the ‘change of work location’ section and clarified (to some extent) when a report needs to be made where a sponsored worker undertakes their work either remotely or through a hybrid working pattern ...
On May 9, 2023, a new law was enacted, which aims to improve the prosecution of drug trafficking and organized crime, regulate the destination of assets seized in such offenses and strengthen rehabilitation and social reintegration institutions (the “New Law”). Among the main changes introduced by the New Law regarding the prosecution of drug trafficking are: (i) the increase of penalties for the offenses established in Law No ...
Electronic Money Institutions (EMIs) are financial institutions that offer electronic money services to customers. Legislation on EMIs is partially harmonised in the EU as there is only an Electronic Money Directive (Directive 2009/110/EC) (“EMD”) rather than a regulation. In Malta, the EMD is transposed in the Financial Institutions Act, Chapter 376 of the Laws of Malta ...
Recently published government guidance on reporting ethnicity pay data will assist those employers who voluntarily choose to report their data. We highlight the key messages from the guidance and the challenges employers need to address when reporting. It is a statutory requirement for employers with 250 or more employees to measure and report gender pay gaps ...
The progression of online financial ecosystems supporting any modern economy hinges on the citizens’ use of new financial technologies. In Malta, the word ‘fintech’ is neither defined by law nor found in the jurisdiction’s primary legislation. Yet, local stakeholders on the island commonly limit the meaning of the word to blockchain-based finance ...
Employee Ownership Trusts (EOTs) are increasing in popularity with many entrepreneurs and business owners now looking at this alternative structure of exit. EOTs were introduced through the Finance Act of 2014 to encourage founders and other shareholders to pass ownership of their company on for the benefit of its employees. The John Lewis Partnership, a long-established brand, is well recognised for employee engagement, however EOTs were relatively slow to take off in the UK ...
We highlight the most significant employment law cases since January 2023 and the lessons that employers should take from them. Without prejudice correspondence It is common for employers to use ‘without prejudice’ correspondence when negotiating with an employee on the termination of their employment ...
