The Virginia General Assembly made significant amendments to general rules for construction contracts, as well as the specific rules for public entity construction contracts in the Prompt Payment Act, that largely remove the option of “pay when paid” contracts between general contractors and subcontractors. Beginning in 2022, Virginia Code section 11-4 ...
The Central Bank of Chile submitted to public consultation amendments to Chapters III.J.1.3 and III.J.2 of the Compendium of Financial Regulations of the Central Bank of Chile about issuance of payment cards with provision of funds and operation of payment cards, respectively. The aforementioned, with the purpose of adapting such regulation to new business models and promote the development of an efficient, safe, and inclusive payment means market ...
As the financial services sector has developed and adopted technology, there has been a significant growth in Deferred Payment Credit, more commonly referred to as ‘Buy Now, Pay Later’ (“BNPL”) by consumers. Demonstrating the scale of growth, news outlets have recently reported that over £10 billion has been lent to consumers by BNPL companies in the last three years ...
Although developments in higher education on the issue of affirmative action in admissions may not seem relevant to private employers, the U.S. Supreme Court’s recent decision should prompt employers to reexamine their own diversity, equity, and inclusion (“DEI”) and voluntary affirmative action initiatives to ensure that employment decisions are not unlawfully based on membership in protected classifications ...
We are fortunate to have connected with Kevin Dick, the President & CEO, and Emily Blevins, Marketing & Communications Director, of the Carolina Small Business Development Fund, at the recent Annual Meeting of the United Minority Contractors of North Carolina. The information that Kevin and Emily shared with us at the meeting sparked an idea for a Q&A we could share with our readers ...
The so–called short swing profit rule ("SSPR") is originally provided in the PRC Securities Law ...
Mamo TCV Advocates contributed to the World Services Group Employment and Labour Group European Whistleblower Report. More than 20 European countries have contributed to this Report which provides a country-by-country update on how European Member States have transposed Directive (EU) 2019/1937 of the European Parliament and of the Council of 23 October 2019 on the protection of persons who report breaches of Union law (the “Directive”) ...
Mamo TCV Advocates contributed to the July 2023 1st Edition of The Legal 500: Capital Markets Comparative Guide. The Legal 500 is an online repository through which law firms across the world contribute to the updating of the legal market and through which law firms and legal practitioners are ranked according to practice areas ...
The Department of Homeland Security (DHS) has announced that the policy it put in place in March of 2020 allowing employers to remotely review Form I-9 employment authorization verification documents during the COVID-19 pandemic will end on July 31, 2023. United States Citizenship and Immigration Services also announced that employers must complete the required physical (in-person) inspection for all Forms I-9 created under the temporary policy no later than August 30, 2023 ...
This year, the Federal Trade Commission (the “FTC”) and the Department of Justice (the “DOJ”) have been modifying antitrust guidance related to healthcare, and recently enacted three notable changes. First, the FTC and DOJ jointly issued updated Draft Merger Guidelines (the “Draft Guidelines”) to address the way the agencies evaluate a merger to determine its effect on competition ...
25 July marks World In Vitro Fertilisation (IVF) day (or World Embryologist Day) recognising the day in 1978 the first baby was born following successful IVF treatment. To mark the day, we ask what employers can do to support employees undertaking IVF. Background Louise Joy Brown was the first ever baby in the world to be born following IVF treatment ...
A recent survey conducted by the charity Pregnant Then Screwed, reported that almost a quarter (24%) of women who told their boss about their fertility treatment did not receive any support at work.In vitro fertilization (IVF) can place an emotional, physical and financial stress on women ...
Suzanne Burrell is joined by Adam Davis, Managing Director of K3 Advisory, and Becky Wood, Trustee Director at Vidett, to discuss recent risk transfer market experience, preparing for buy in or buy out, and some common issues in those projects. Last year, 2022, saw the completion of around 200 risk transfer transactions, representing around £30bn in liabilities moving from pension schemes to insurers ...
On 10 July 2023 in his Mansion House speech, Chancellor Jeremey Hunt announced the government’s plans to transform the UK’s financial services sector. The announcement was followed the next day by a raft of consultation documents from the DWP addressing a range of pension reforms aimed at boosting outcomes for pension savers and supporting growth across the wider economy ...
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In a decision issued late last month, the U.S. Court of Appeals for the Second Circuit provided new guidance on the rules governing the U.S. Securities and Exchange Commission's ability to seek the remedy of disgorgement in enforcement actions. The new guidance continues the process of resolving uncertainty left by the U.S. Supreme Court's 2020 decision in Liu v ...
On 17 July 2023, the Financial Stability Board (FSB) published its High-level Recommendations for the Regulation, Supervision and Oversight of Crypto-asset Activities and Markets: Final report (Report A) and its revised High-level Recommendations for the Regulation, Supervision and Oversight of Global Stablecoin Arrangements: Final Report (Report B) ...
Yesterday, the Financial Conduct Authority (FCA) published a consultation paper on social media guidance for firms promoting financial services and products. The draft guidance does not contain anything new so far as "dos and don'ts" for promotional material - including the new rules set to come into force on 8 October this year regarding promotion of crypto-related investments (see relevant article here) ...
On July 9, 2023, the State Council of the People's Republic of China[1] promulgated the Regulations on Supervision and Administration of Private Investment Funds ("Regulations"), which will take effect from September 1st, 2023 ...
On July 14, 2023, the Ministry of Science and Technology of the PRC ("MOST") issued the Notice on Updating the Guidelines on Administrative Approval Items and the Scope and Procedures for Filing and Prior Reporting of Human Genetic Resources, which unveiled six documents, including the administrative guidelines on collection approval, biobanking approval, exportation approval and international collaboration approval of human genetic resources ("HGRs"), as well as the scope and procedures for int
Please be informed of the adoption of a number of legislative and regulatory acts that impose restrictions on the use of foreign programs and products in the government and financial sectors ...
On 13 July 2023, the UK government planned increases to fees across a range of immigration and nationality routes including the immigration health surcharge. The immigration health surcharge (IHS) is set to see a huge increase of around 66%. The current standard IHS rate is £624 per person per year of leave to remain granted and this will increase to £1,035. Similarly, the discounted rate for students and under-18s will increase from £470 per year to £776 ...
In this article we highlight the most significant employment law cases since April 2023 and the lessons that employers should take from them. Pregnancy discrimination In dismissal situations, the motivation of the decision-maker to dismiss is key rather than the motivation of other employees who may be indirectly involved, as the case of Alcedo Orange Ltd v Ferridge-Gunn demonstrates ...
The Financial Conduct Authority (FCA) published a letter to Cryptoasset firms on the 4 July confirming that qualifying cryptoassets will now fall within the scope of the financial promotions regime. From the 8 October 2023, all firms marketing cryptoassets to UK consumers, including firms based overseas, must comply with the financial promotions regime. What is a Financial Promotion? A financial promotion is a broadly defined term, with no technological boundaries ...
