UPDATE: On December 21, 2015, Common Pleas Judge Joseph James struck down the employee sick leave ordinance, ruling that Pittsburgh’s City Council lacked authority to “to enact any ordinance determining any duty, responsibility or requirement of a business or private employer.” The ordinance would have required employers of more than 15 employees to provide up to 40 hours of paid sick leave per year and smaller employers to offer up to 24 hours of paid sick leave ...
A federal appellate court in the Midwest suggests that while unions do not have blanket approval to inspect an employer’s worksite, the union’s interest in safety generally will outweigh an employer’s interest in confidentiality and property rights. The United States Court of Appeals for the Seventh Circuit, in Caterpillar, Inc. v. NLRB, 803 F.3d 360 (7th Cir ...
As a veteran of the United States Marine Corps and someone who has seen the challenges that veterans face firsthand, I can attest to the benefits of giving veterans an opportunity to return to work following periods of service and providing families with the opportunity to manage the needs of their servicemembers. At Spilman, we feel that employers should adhere to best practices guidelines and prepare to implement and facilitate such enforcement ...
In October, the National Labor Relations Board (“NLRB” or “Board”) employed a little-used procedural doctrine to issue a consolidated complaint against a parent company of a chain of hospitals located throughout the U.S. The NLRB issued the consolidated complaint, which included 29 unfair labor practice charges, against Community Health Systems, Inc ...
The Canada Public Sector Pension Investment Board launches a lawsuit against Saba Capital: Lessons for fund managers when valuing illiquid securitiesOn September 25, 2015 the Public Sector Pension Investment Board (the “PSP Investment Board”) filed a lawsuit before the New York State Supreme Court against Saba Capital, the hedge fund managed by Boaz Weinstein (the former co-chief of the credit business at Deutsche Bank AG), for allegedly “manipulating the value” of certain of Saba Capital’s inve
CANADIAN INVESTMENTS IN CUBATheHelms-Burton Actand its risks for Canadian investors in CubaRecommandations for investorsProspects in the face of the thaw in U.S ...
SyCipLaw Partner Leslie C. Dy participated in the World Bank Group’s Women, Business and the Law 2016: Getting to Equal. The 2016 edition, the fourth in the series, continues to cover and collect data about legal restrictions on women’s entrepreneurship and employment. The series aims to inform policy discussions and promote research on linkages between the law and women’s economic opportunities ...
International Financial Law Review (IFLR) in association with Euromoney Yearbooks recently published the Global Banking & Financial Policy Review 2015/2016. The Philippine section was contributed by SyCipLaw Managing Partner Rafael A. Morales. The section is an Overview of Legal and Regulatory Developments in the Philippines such as the Liberalization of Financial Sector, Islamic Banking and Finance, Financial Consumer Protection, and Prospects ...
With more than three decades of experience in banking in North Carolina and Virginia, Park Sterling’s CEO James C. Cherry has a lot to say about the state of community banks and their future. He graciously took the time to address his successes, leadership philosophy, and some of the best advice he ever received. It is well worth your time to read. Park Sterling, a regional, community-focused financial services company with approximately $2 ...
Cyber-risk is a witch’s brew of reputational, operational, legal and financial dangers. This toxic combination exposes a financial institution to a potentially existential hazard when an intrusion occurs. The only way to mitigate (because an intrusion cannot be prevented) is proper planning. To quote Benjamin Franklin, “If you fail to plan, then you are planning to fail.” Cyberattacks are not only increasing in sophistication, but are increasingly focusing on smaller financial institutions ...
NEW REQUIREMENTS FOR PRIVATE PLACEMENTS(“Regulation 45-106”)OBLIGATION TO KNOW YOUR INVESTOR WELLIssuer’s obligations:Ask questionsVerify the investor’s declared income and assetsConfirm the relationship between the investor and the issuerObtain proof of the investor’s statusKeep the documents on file
Under Article 18 (1) of Law No. 7 of 1983 on Income Tax (as lastly amended by Law No. 36 of 2008 – “Income Tax Law”), the Minister of Finance (“MOF”) is authorized to determine the debt to equity ratio (“DER”) of corporate taxpayers for the income tax calculation purposes. To implement this, on 9 September 2015, the MOF issued MOF Regulation No. 169/PMK/010/2015 on the Determination of a Company’s Debt to Equity Ratio for Income Tax Calculation Purposes (“MOF Regulation 169/2015”) ...
In an attempt to assist the stabilization of the Indonesian currency, Bank Indonesia (BI) changed the limit of the maximum value of foreign currency (US$) purchased through a spot transaction which is done without a specific purpose (underlying documents), from US$100,000 per month for each customer/foreign party to US$25,000 or equivalent per month for each customer. This new limit is set out under Bank Indonesia Regulation No ...
The Government of Indonesia has recently issued a series of regulations in an attempt to further regulate pension securities and amend the old age security programs in Indonesia, namely Government Regulation No. 45 of 2015 on the Management of the Pension Security Program (“GR 45/2015”) and Government Regulation No. 46 of 2015 as amended by Government Regulation No. 60 of 2015 on the Management of the Old Age Security Program (“GR 46/2015”) ...
“Macron law”: two further steps into banking disintermediation and collaborative financingJean-François Adelle, partner, Finance, JeantetAssociés The French law on Growth, Activity and Equal Economic Opportunities of 6 August 2015, named Macron law after the French minister of the economy, finances and industry, includes a vast array of measures aimed at undoing identified blockages in French economic, financial, legal profession and labour regulations ...
Regulation 2015/760 of 29 April 2015 on European Long-Term Investment Funds was published in the Official Journal of the European Union on 19 May 2015 (the “ELTIF Regulation”). The ELTIF Regulation will be binding in its entirety and directly applicable in all Member States from 9 December 2015. Therefore the EU Member States do not need to make any implementation legislation (as would be the case with an EU Directive) ...
The Philippine section of Getting the Deal Through: Aviation Finance & Leasing 2015 was contributed by SyCipLaw senior associate Bhong Paulo A. Macasaet with associates Aldous Benjamin C. Camiso, Diana S. Gervacio, and Maricar G. Ramos ...
The North Carolina Supreme Court recently handed down the final word in a dispute over whether guarantors get the benefit of the state’s anti-deficiency statute after the lender bids on and buys the real property at a foreclosure sale. And that word is that the guarantors can use the anti-deficiency statute, whether or not the primary borrower is a party to the lawsuit against the guarantors on the deficiency. The case, High Point Bank and Trust Company v ...
From the financial sector to the healthcare industry, and even the security business itself, hackers are creeping their way into business data systems and pilfering personal information. For financial institutions, security measures to prevent attacks are not foreign. Nor is the need for a response plan in case preventative measures fail ...
On September 30, the U.S. House of Representatives passed a Continuing Resolution that will fund the government and extend the Immigrant Investor (EB-5) Pilot Program through December 11, 2015. The short-term extension will allow lawmakers seeking to reform the EB-5 program additional time to refine and advance legislation that would make investing in the program more difficult. To read the full alert, click here ...
In Esso Australia Pty Ltd v The Australian Workers' Union [2015] FCA 758, the Federal Court upheld the validity of some, but not all, orders made by the Fair Work Commission (FWC) against industrial action at Esso's Longford Plant in Victoria ...
Amendments to the Labour Relations Act, 66 of 1995 (“LRA”), which came into force in January of this year, introduced important and controversial provisions dealing with temporary employment services (“TES”), commonly known as labour brokers. The most important of these provisions is found in the newly-enacted section 198A. It makes a distinction between what can be regarded as the “acceptable” use of a TES services and the “unacceptable” use of its services ...
A recent decision of the Supreme Court of the United States may make it easier for borrowers to claim discrimination when denied a loan. In late June 2015, the Court addressed whether lawsuits brought under the Fair Housing Act (“FHA”)[1] required a plaintiff to show that the defendant intentionally discriminated against him or her. The Court held that the FHA does not require that ...
On September 9, 2015, the Department of State and U.S. Citizenship and Immigration Services (“USCIS”) announced a transformation of the way the Department of State’s visa bulletin functions. This change will allow many individuals who have been waiting in visa backlogs to file green card applications before an actual green card is available ...
Global mobility is on the rise and many of the employees all over the world especially the young university graduates are keen to working overseas than ever before to strengthen personal growth and career development.The third edition of Global Mobility – An Overview of Human Resource Professionals aims to provide initial guidance to Human Resource professionals and be a ready tool to help them meet the work deliverables of this function which is vital to the organizational success ...
