Welcome to the new half-yearly review of Krogerus' highlights! In this newsletter, we will share recent case highlights, firm news and insights. Foreword As 2024 draws to a close, it has been a busy year at Krogerus, despite challenging market conditions and ongoing geopolitical uncertainties. While there is still a degree of darkness and uncertainty in the world, we are seeing positive signs in the transactional market, which often signal the start of economic recovery ...
In a decision rendered on September 16, 2024,1 the Administrative Labour Tribunal (the ?ALT?) found that a company (the ?employer?) had violated the Charter of the French language2 (the ?CFL?) by requiring knowledge of languages other than French as part of a hiring process. This is one of the first decisions ruling on the new complaint mechanisms introduced by Bill 96, An Act respecting French, the official and common language of Québec3 (?Bill 96?), aimed at amending the CFL ...
In an era of increasing data breaches and cyberattacks, businesses face mounting risks that can lead to financial, reputational, and operational damage. The cost of a data breach reached an average of $4.88 million in 2024, a 10 percent increase from the previous year ...
The Employment Rights Bill seeks to bring about seismic change to the employment law landscape, requiring employers to adapt their current practices and policies. Our latest webinar focused on the key provisions of the Bill and how these will impact on current practices and procedures. We also looked at what further changes may be coming down the line and what steps organisations can take to prepare for them ...
HR teams have a lot on their plate, but a key priority for 2024 is undoubtedly protecting the employee brand proposition. Our 2024 online programme is focused on supporting HR teams to do just this, equipping them with the tools they need to protect the employee brand proposition of the organisations they work for. Our latest webinar focused on what organisations need to do to respond to workers who blow the whistle ...
On December 2, 2024, the U.S. Citizenship and Immigration Services (“USCIS”) announced it had received enough H-1B petitions to reach the statutory H-1B visa cap of 65,000, plus the 20,000 “master’s cap” for applicants with a U.S. master’s degree. Registrants who have not yet been selected will be sent non-selection notices through the online system ...
Just seven weeks after the 158-page Employment Rights Bill was introduced into Parliament, the House of Commons issued a 53-page paper full of various proposed amendments to the Bill. Almost all of them are government led, made by Justin Madders, Parliamentary Under Secretary of State (Department for Business and Trade). We consider below some of the key amendments proposed by Mr Madders and other Labour MPs ...
The Office of the Small Business Commissioner has announced the New Fair Payment Code. This is now open for businesses to apply to the new Code and it replaces the Prompt Payment Code which was introduced in 2015. Following on from our article on Payment Terms in Supply Chains (Payment Terms – what are the current rules and those coming down the track), we now have clarity on what is included in the new Fair Payment Code ...
Implications of the Finance (2025 Budget) (Jersey) Law 202- for property transactions Stamp duty relief for group company transfers Perhaps the most welcome change is the long-overdue introduction of stamp duty relief for group company transfers of immovable property. To date, transactions between companies within the same corporate group have been subject to stamp duty at the full rates, disincentivising corporate property restructures ...
The United States Patent and Trademark Office (USPTO) has released its long-anticipated final rule on patent fee adjustments (“Final Rule”). Set to take effect January 19, 2025, these changes represent the most significant fee restructuring since 2020. The changes aim to generate sufficient revenue to recover the USPTO's operational costs, while promoting efficient patent prosecution practices. Here's what patent applicants and owners need to understand about the upcoming changes ...
In case number 4109/JHP decided on 25 November 2024, the Industrial Tribunal upheld the dismissal of a former employee by a Company, determining that the termination was lawful and justified. The case centered on the employee, who had served as a Senior Customer Support Agent, and whose ongoing mental health challenges and resulting inability to perform his duties led to his dismissal ...
Carey Olsen advises MNRPF on £450 million longevity swap transfer The transaction, which will form part of MNPRF's investment portfolio, protects MNRPF against longevity risk and enhances security for MNRPF members. The Carey Olsen Guernsey corporate team advising on the transaction comprised partner Tony Lane and senior associate Arya Hashemi. Linklaters acted as onshore counsel for the trustee and Eversheds Sutherland acted as onshore counsel for MetLife ...
Acquisition by a Company of its own Shares The Companies (Guernsey) Law, 2008 (as amended) (the “Law”) permits a Guernsey Company to acquire its own shares. Listed companies may use this mechanism to return surplus cash to shareholders, to enhance earnings per share or net assets per share, or to adjust gearing ratios. Listed funds may wish to provide greater liquidity in their shares, especially if the market for their shares is relatively narrow ...
Carey Olsen advises Keyex Limited on successful application for registration as a BVI VASP Keyex provides a platform for cryptocurrency exchange including buying, storing, trading and selling digital assets. Its registration is amongst the first to be approved under the VASP Act, which aims to position the BVI as a leading jurisdiction for digital asset innovation globally ...
The European Blockchain Sandbox (the ‘Sandbox’) is a pan-European dialogue between innovators who come up with particularly interesting, original and useful applications for blockchain technology, and the relevant regulatory authorities that would be involved in such a project. The Sandbox is running from 2023 to 2026 and each year is supporting 20 use cases on the European Blockchain Services Infrastructure (EBSI) ...
Stay up-to-date with the ****latest developments in labour law related to employee remuneration****. These updates are essential for ensuring accurate payroll calculations, particularly in cases of employment termination, and for aligning local regulations with current legal requirements. New Minimum Wage Effective January 1, 2025, a revised minimum wage for a standard monthly work schedule will come into force ...
Family offices which choose to manage their global investments from Malta have been given a new legal exemption through a recent amendment in the applicable investment services rulebook of the Malta Financial Services Authority (“MFSA”). On the 27th of November 2024, the MFSA issued a circular titled “Establishment of Single Family Offices in Malta” ...
On November 26, 2024, the Supreme Court of Ohio issued its long-awaited decision in AutoZone Stores, Inc. v Indus. Comm., reversing the Tenth District’s interpretation of R.C. 4123.56(F) and indirectly restoring the employer-friendly doctrine of voluntary abandonment. See Slip Opinion 2024-Ohio-5519 here. In 2020, the Ohio legislature enacted the divisive R.C. 4123.56(F), which superseded any previous precedent on the issue of “voluntary abandonment ...
Carey Olsen advises Guernsey 'first of its kind' captive assisted buy-in The transaction involved the issue of a c£500 million BPA contract by M&G's wholly owned subsidiary, The Prudential Assurance Company Limited ("PAC"), to a UK pension trustee. As with a traditional buy-in transaction, under the BPA, PAC insures the trustee's liability to its pension scheme members ...
Artificial intelligence (‘AI’) is revolutionising various industries and in today’s consumer-driven world, ensuring the safety of products is of paramount importance, more so when considering the innovative products being placed on the market. At the core of the AI Act [1] are requirements that providers, manufacturers, importers, and distributors of AI systems must meet before making an AI system available for use or distribution on the Union market ...
The presidential and congressional campaigns brought considerable disagreement on a number of platform issues that were constantly in the daily news cycle. Each brings their potential political polarization, yet we heard less about economic development incentives that often bring bipartisan support. Many of these vehicles lead to accomplishing the common goals of stimulating economic development and community revitalization ...
On November 7, 2024, Bill C-244, An Act to amend the Copyright Act (diagnosis, maintenance and repair)1 received royal assent, adding a new exception to the provisions governing technological protection measures (TPM) in the Copyright Act (CA). This legislative amendment adds section 41.121 to the CA, making it legal to circumvent TPMs for product maintenance, repair and diagnosis. What it means The new section 41.121 is expected to have a limited impact on the Canadian repair market ...
On Oct. 10, Attorney General Merrick Garland announced that TD Bank pled guilty to conspiracy to commit money laundering and agreed to pay over $1.8 billion in penalties to resolve the U.S. Department of Justice's investigation into money laundering and Bank Secrecy Act violations. When combined with agreements with the Federal Reserve, the Office of the Comptroller of the Currency and the U.S ...
The new Network and Information Systems Directive (NIS2) came into effect on 18 October 2024 and with it comes an overhaul of the way in which cybersecurity risk management is regulated in Europe. In this article we cover the applicability of NIS2 to digital infrastructure providers and digital services providers (collectively “digital providers”), an expansion in scope under NIS2 that represents a major shift for the EU’s digital sector ...
