Last week, the Second Circuit delivered a highly anticipated ruling on whether companies may continue to use unpaid interns. In what represents a clear victory for companies, the Court adopted a flexible “primary beneficiary” test to determine whether workers should be properly classified as interns or employees ...
On Tuesday, the U.S. Department of Labor (“DOL”) unveiled its highly anticipated proposed changes to the overtime pay regulations of the Fair Labor Standards Act (“FLSA”). These proposed changes are predicted to broaden coverage to nearly fivemillion additional workers ...
The Fifth Circuit recently affirmed a district court’s dismissal of a federal securities fraud class action on the basis that the plaintiffs had failed to adequately plead facts establishing that the defendants, the executives of a failed bank, were severely reckless in their overvaluation of the bank’s portfolio of mortgage-backed securities.See Owens v. Jastrow, No. 13–10928, 2015 WL 3649823 (5th Cir ...
On June 15th, the Court of Appeal of Quebec, inCommission de la santé et de la sécurité du travailv.Caron,1issued an important judgment that changes the law governing an employers’ duty to accommodate employment injuries ...
Domestic legislation1. Domestic law.Identify your jurisdiction’s money laundering and anti-money laundering (AML) laws and regulations. Describe the main elements of these laws. Law 25,246, enacted in 2000, was the first to regulate both criminal money laundering (by means of inclusions of specific money laundering and terrorism financing offences in the Argentine Criminal Code (ACC) and antimoney laundering provisions ...
Multilaw’s Labour & Employment practice group has released the 2015 edition of How to Hire and Fire: A Global Guide. The collaborative electronic guide serves as a quick but practical guide for everyday labor and employment concerns by providing a summary of key employment law principles across 105 jurisdictions. The guide reflects the law in each jurisdiction as of January 1, 2015 ...
The amendments to Chapter III.J.3 of the Compendium of Financial Regulations of the Central Bank introduced a new regulation on prepaid cards (Payment Cards with the Provision of Funds), which seeks to achieve greater financial inclusion by strengthening and promoting this payment method, which has not yet achieved the expected market penetration. The first draft of this regulation is from June of last year, which received many comments from both banks and regulators ...
A recent Fifth Circuit Court of Appeals decision reinforces the Fifth Circuit’s willingness to enforce private settlements of Fair Labor Standards Act (“FLSA”) claims while simultaneously making clear that there are limits to such enforcement ...
Following the regulatory workshop in Shenzhen on 5 June 2015 hosted by the SFC and CSRC/SAFE on mutual recognition of funds (MRF) between Hong Kong and the PRC, Hong Kong’s SFC has issued FAQs on the topics that were discussed.In the FAQs, the SFC offered guidance on some of the requirements for authorisation in Hong Kong of PRC funds. In summary:One-year track record: Numerous Cayman unit trusts have re-domiciled to Hong Kong ...
On April 29, 2013, the Occupational Safety and Health Administration (“OSHA”) launched the Temporary Worker Initiative (“TWI”) with the purpose of increasing its focus on temporary workers in order to highlight employers’ responsibilities to ensure these workers are protected from workplace hazards. A temporary worker is defined by OSHA as one hired and paid by a staffing agency and supplied to a host employer to perform work on a temporary basis ...
Over the last 10 years, considerable legislative efforts have been made towards creating a favourable framework for financing agribusiness and agricultural production in Serbia. The latest piece of legislation in that sector is a law on secured pre-harvest financing. Looking back, in 2005 Serbia introduced the national strategy on agricultural development (the Strategy), which outlined obstacles and set goals with regard to financing agribusiness and agricultural production ...
On June 1, the United States Supreme Court reversed and remanded Equal Employment Opportunity Commission v. Abercrombie & Fitch Stores, Inc.1 to the Tenth Circuit Court of Appeals and held that in order to prove a disparate-treatment (or “intentional discrimination”) claim, an applicant need only show that his need for a religious accommodation was a motivating factor in an employer’s decision not to hire him ...
Bill on restrictive employment covenants revoked due to call for parliamentary elections in Denmark, scheduled to take place in June 2015. Due to the Danish Prime Minister's call on 27 May 2015 for parliamentary elections, all bills that have not yet been passed are revoked, including Bill No. L 196 on Restrictive Employment Covenants which should have entered into force on 1 July 2015 ...
Since 2 years ago Ecuador is going through a deep actualization process of its legal regulations. The Criminal Code, the Companies Act has been reformed and the Civil Code reforms, as well as procedural rules reforms of trials are in the final step of approbation. One of the most important reforms performed in the last days are the ones related with the Labor Code, which regulates labor relationship between employers and employees ...
Poland’s Constitutional Tribunal has held that bank enforcement titles are contrary to the Polish Constitution because they violate the constitutional principle of equality. Pursuant to this judgment, the relevant provisions of the Banking Law—Art. 96(1) and Art. 97(1)—will cease to be in force on 1 August 2016. The ruling is fundamentally important for the entire banking sector and for bank customers ...
The September 2014 issue of the International Financial Law Review (IFLR) included an international briefing article by then SyCipLaw senior associate and now partner Jose Florante M. Pamfilo entitled "Foreign banks gain full entry." The Philippines recently enacted a law that allows the full entry of foreign banks into the Philippines ...
Vol. XIII, Issue 1 of the Employment & Immigration Update includes the following articles:ILO 2015 Report: World EmploymentFlexible working conditionsPHL Employment OutlookGender EqualityAccessibility Law (Batas Pambansa Blg. 344)Mobile Training LaboratoriesDefinition of Missing Persons under Employees' Compensation Commission Board Resolution No. 14-07-20The issue also contains information on recent Supreme Court decisions, labor and immigration news and circulars, and SyCipLaw updates ...
The Lavery GO inc. Program team is happy to inform you that theAutorité des marchés financiers(AMF) announced yesterday the implementation of an equity crowdfunding exemption which allows startups to raise up to $500,000 in capital per year ...
In Quebec, it is possible to find materials and products containing asbestos in civil engineering works, construction materials, facilities and equipment in all types of buildings, whether industrial, commercial, public or residential ...
In future, it will be much more difficult for Danish companies to make use of special restrictive covenants in connection with hiring employees. That will be the result if a new bill on restrictive employment covenants is adopted. The bill includes a tightening of the rules on the use of non-competition and non-solicitation clauses whereas non-hire clauses will practically be prohibited.On the face of it, the new rules will provide more flexibility for the employees ...
The Supreme Court issued its much anticipated opinion in Mach Mining v. Equal Employment Opportunity Commission1 yesterday, unanimously holding that whether the EEOC satisfied its statutory duty to conciliate Title VII charges of discrimination prior to filing suit is an issue subject to judicial review ...
The Canadian Securities Administrators (“CSA”) have announced that, on several fronts, they are implementing amendments to the disclosure requirements for venture issuers, including those listed on the TSX Venture Exchange. These amendments primarily address continuous disclosure and governance obligations, while also implementing changes to disclosure obligations for prospectuses and information circulars ...
Indonesia’s Currency Law came into effect on 28 June 2011 as Law No. 7 of 2011 on Currency (“Currency Law”). The Currency Law is the implementation of Article 23B of the 1945 Constitution which states that the types and value of the currency are to be further regulated under a law. Bank Indonesia issued on 31 March 2015 as an implementing regulation for the Currency Law, Bank Indonesia Regulation No. 17/3/PBI/2015 on the Obligation to Use Rupiah in the Indonesian Territory (“PBI 17/3/2015”) ...
The April issue of the International Financial Law Review (IFLR) includes an international briefing article by SyCipLaw partner Anthony W. Dee and associate Ma. Patricia B. Paz entitled “Philippines: Complaints mechanism concerns.”Download a PDF copy of the article or read the article online at the IFLR website ...
In several recent years, Hong Kong’s equity capital market has raised the most new funds from IPOs, in some of those years raising more than London and New York combined. A global finance centre There were a number of massive listings in the market before the financial crisis, notably of state owned Chinese banks. These gave a strong impetus to the emergence of Hong Kong as a key financial centre ...
