As a starting point, money in a bank account is nothing more than a contract with a promise to pay (the bank being the debtor/payer and the account holder the creditor/payee); it is a claim against the bank (an IOU issued by the bank, Norwegian: enkelt krav) held by the account holder ...
In recent years, there has been a surge in new union organizing efforts and tactics to unionize and organize employers in the state of Florida. From Amazon workers in Jacksonville to farmworkers in Immokalee, unions are imploring Floridian workers to turn to unions to help address issues like low wages, lack of benefits, and poor working conditions. Unionizing has become more heavily publicized, even romanticized, in the media and many employees have bought in to the movement ...
This has been driven by a rise in flexible working arrangements and the so-called 'gig economy' as well as by employers seeking creative ways to reduce costs in a restrained economic environment. With this in mind, the Employment Act 2000 was amended in 2021 to allow the Ministry of Economy and Labour to publish guidance to assist in determining whether a person is an employee or an independent contractor ...
The registered fund regime offers a significantly faster approval process than that of authorised funds (other than QIFs): three days for RCIS Funds and one day for PIFs, relying in each case upon increased due diligence obligations on the part of the fund’s administrator ...
1. The legislative regime In conjunction with the VASP Act, the FSC also published Guidance on the Application for Registration of a Virtual Assets Service Provider (the “VASP Registration Guidance”) (available to view here), and the Virtual Assets Service Providers Guide to the Prevention of Money Laundering, Terrorist Financing and Proliferation Financing (available to view here) ...
Below, we will seek to explain the basic features of the technology underlying Bitcoin and other crypto tokens and clarify what crypto assets actually are. Blockchain basics Blockchains can be defined as shared, immutable ledger databases that are stored as «blocks» of data. In these blocks of data, assets and transactions in a business network can be tracked. All of the participants in a blockchain will have access to the last and updated «block» of data at all times ...
On the 14th of February 2023, the General Department of Taxation (“GDT”) issued Notification 5367 (“Notification 5367”), which provides the 2022 market interest rates for Employee Loans in accordance with Article 15 of Prakas 543 on Tax on Salary and Instruction No. 7015 GDT dated 13 March 2020. The market interest rates for 2022, based on the average of eleven (11) commercial Cambodian banks, are as follows: USD – 8.35% per annum Khmer Riel – 8 ...
Guernsey’s funds industry Guernsey is one of the world’s largest offshore finance centres, with a thriving funds industry. Over 800 investment schemes are currently domiciled in the island. At the end of Q2 2021, there were over 1,400 investment funds and sub-funds under management and administration in Guernsey with a total net asset value of US $533 billion ...
In addition to the draft EU regulation on Artificial Intelligence (“AI”) titled ‘Proposal for a Regulation laying down harmonised rules on artificial intelligence’ (the “draft EU AI Act”), the EU Commission is also proposing a separate draft directive on non-contractual liability relating to AI titled ‘Proposal for a Directive on adapting non-contractual civil liability rules to artificial intelligence’ (the “draft AI Li
When terminating employees and senior executives, including in case of a conflict, the main focus should be on negotiating separation terms and concluding a mutual termination agreement (“MTA”). However, protecting the company’s interests and ensuring that any related processes are legally compliant and unhindered, entails a much wider range of issues and actions that need to be considered prior to and once the agreement with an employee has been reached ...
There are currently over 4000 (four thousand) cryptocurrencies in circulation and about 51,200,000 (fifty-one million, two hundred thousand) active traders of cryptocurrency around the world. With the proliferation of cryptocurrency and the associated technology that backs it, innovators have begun to take advantage of the multifunctional nature of cryptocurrency and have created products that could change or disrupt traditional banking and finance ...
February 13, 2023 By: Thomas M. O’Connell, Jennifer M. Misetich, and Kathryn B. Fox Each New Year in California comes with several new laws that impact the workplace, including those in the franchising industry. With each year that passes, the California Legislature reminds us that their intent is to provide employees across our state with vast worker protections and rights, placing a greater burden on employers to maintain legal compliance. This year is no different ...
February 13, 2023 By: Melissa Richards Superintendent of Financial Services Adrienne A. Harris announced on February 1, 2023 that the New York State Department of Financial Services has adopted a final regulation?relating to early disclosure requirements on commercial financing offers equal to or less than $2,500,000, pursuant to sections 801 to 811 of the New York Financial Services Law (the “Commercial Finance Disclosure Law” or “CFDL”) ...
Introduction In recent times, the Court has been asked to hear cases where a General Partner ("GP") has failed to discharge its duties in relation to the affairs of an ELP. Without the co-operation of the GP, Limited Partners are often left bereft of information relating to assets of the ELP. They cannot properly realize their investments under the ELP and, even if they can, there is a spectre of doubt over whether the distributions represent their full entitlement in the assets of the ELP ...
This guide provides an overview of the following: The growth of GPUTs GPUT trustees What is a GPUT? Regulation of GPUTs in Guernsey Collective Investment Schemes (Funds) Introduction As a politically stable and tax neutral jurisdiction with over 40 years accumulated experience as an international finance centre, Guernsey has gained a strong reputation as a prime location in which to establish investment structures of all descriptions including a large number of property funds
Companies Companies are incorporated under the provisions of the Companies (Guernsey) Law, 2008 (the “Companies Law”). All companies formed under the Companies Law have a separate legal personality. They are therefore capable of suing, and being sued, in their own names. A board of directors controls the company; however, the investment management function will often be delegated to a management company ...
Employees terminated in the frame of a collective lay-off may participate in a redeployment cell, which helps them to find new employment. Any participating employee is entitled to a monthly reorientation indemnity equal to his/her salary inclusive benefits during a period of 3 or 6 months. The employer pays the reorientation indemnity ...
The enactment of Law No. 4 of 2023 on the Development and Reinforcement of the Financial Sector (“the P2SK Law”) has provided fresh air for technological innovation in financial services. At the same time, the P2SK Law also protects consumers and strengthens the financial sector amid rapid digital development ...
Dear Colleagues, Due to changes to the migration law that took effect on 29 December 2021 and have been modified several times since then, ALRUD has updated the checklist below. This checklist will be useful for foreign nationals, company managers, HR directors, compliance officers, as well as heads of legal departments and other persons interested in or responsible for hiring foreign workers in Russia ...
On Tuesday 7 February 2023, the Transport Secretary, Rt Hon Mark Harper, laid out his commitment to the rail industry for the first time during the George Bradshaw address. As it stands it was a huge night for rail, with the sector desperate for some clarity over what the next steps are in relation to a number of things ranging from the establishment of Great British Railways (GBR) through to where it will be based and visibility of work pipelines ...
The LCF Law introduces new licensing regimes for lenders, virtual asset providers and financial platforms and financial intermediaries, replaces the registration regime under the Registration of Non-Regulated Financial Services Businesses (Bailiwick of Guernsey) Law, 2008 (the "NRFSB Law") with a licensing regime, and provides UK-style consumer protections for retail and home borrowers. Licences must be obtained by 1 July 2023 ...
Overview Persons undertaking "credit business" will need: a licence to do so (a "Part II Licence"); and to be regulated by the Guernsey Financial Services Commission (the "Commission") ...
[[{"type":"media","view_mode":"media_large","fid":"13510","attributes":{"alt":"","class":"media-image","height":"411","typeof":"foaf:Image","width":"480"}}]] Definitions: "LCF Law" means The Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022. "Notice" means the Guernsey Financial Services Commission's Notice with respect to the disapplication of the requirement to hold a licence under section 40 of the Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 ...
[[{"type":"media","view_mode":"media_large","fid":"13508","attributes":{"alt":"","class":"media-image","height":"242","typeof":"foaf:Image","width":"480"}}]] Definitions: "LCF Law" means The Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022. "Notice" means the Guernsey Financial Services Commission's Notice with respect to the disapplication of the requirement to hold a licence under section 40 of the Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022. 1 ...
[[{"type":"media","view_mode":"media_large","fid":"13506","attributes":{"alt":"","class":"media-image","height":"311","typeof":"foaf:Image","width":"480"}}]] Definitions: "LCF Law" means The Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022. "Notice" means the Guernsey Financial Services Commission's Notice with respect to the disapplication of the requirement to hold a licence under section 40 of the Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 ...
