Calculating holiday pay can be a difficult and complicated area of employment law to navigate. There have been a number of notable cases handed down over the last five years, and it’s fair to say that further clarity is still needed for employers. In this article, we discuss five different areas that employers often have to grapple with when tackling holiday pay issues. 1 ...
Update: On September 16, 2021, the Final Rule on Borrower Appeals of Final SBA Loan Review Decisions was posted and became effective on September 14, 2021 (the “Final Rule”). The Final Rule applies to all appealable final SBA loan review decisions under the PPP and applies to all appeals filed after the effective date and to those appeals filed before the effective date for which a notice and order has not been made ...
On 12 October 2021, the Bangko Sentral ng Pilipinas (“BSP”) issued Memorandum No. M-2021-72, to provide guidelines on the submission of the reports on crimes and/or losses (“RCL”). The following are the submission procedures under the Memorandum: Banks and NBQBs shall follow the existing manner of reporting a crime and/or loss incident, i.e ...
Circular Letter No. CL-2021-080, issued on 18 October 2021 by the Bangko Sentral ng Pilipinas (“BSP”), disseminates to all BSP-Supervised Financial Institutions (“BSFI”) the Anti-Money Laundering Council’s (“AMLC”) Guidelines on Digitization of Customer Records (“DIGICUR”) adopted via the AMLC Regulatory Issuance (“ARI”) A, B, and C, No. 2, Series of 2018 ...
The Bangko Sentral ng Pilipinas (“BSP”) in Memorandum No. M-2021-053 dated 13 October 2021 clarified the definition of “digital banks”. A digital bank refers to a bank which offers financial products and services that are processed end-to-end through a digital platform and/or electronic channels with no physical branch/sub-branch or branch-lite unit offering the same ...
Payment Service Banks (“PSBs”) have remained a veritable vehicle for financial inclusion across countries since their introduction into the financial space,. In July 2021, the Central Bank of Nigeria (“CBN”) issued a Supervisory Framework for Payment Service Banks, to supplement the existing Guidelines for the Licensing and Regulation of Payment Service Banks, (issued in 2018 and revised in 2020) ...
In this update, we consider the draft Commercial Rent (Coronavirus) Bill published yesterday and in particular the proposed binding arbitration scheme for resolution of rent arrears under business tenancies. As discussed in our update yesterday, the Government has now published draft legislation which is intended to resolve payment of the estimated £7.5bn rent arrears still due across the real estate sector ...
Drawing a cheque which is dishonoured due to insufficient funds will not be a criminal offence after 2 January 2022, when Federal Decree No. 14/2020 (the Decree) comes into effect. Here is a quick primer on the changes that the Decree will introduce. The highlight of the Decree is the decriminalisation of the act of drawing a cheque which is dishonoured due to insufficient funds ...
Key Points New tax reporting provisions on cryptocurrency, as well as criminal consequences for noncompliance, survived in the Infrastructure Investment and Jobs Act (H.R. 3684) set to become law. The legislation imposes potential felony charges for failures to report certain "receipt" of digital assets, as well as expands the definition of "broker" to target crypto exchanges ...
On Nov. 4, 2021, the IRS announced in Notice 2021-61 cost-of-living adjustments ("COLAS") to the tax-qualified retirement plan dollar limits for 2022. Most of the applicable dollar limits currently effective for 2021 will increase significantly compared with prior years. Below is a summary of the limits that are generally relevant for most retirement plans. Effective Jan ...
We are seeing renewed interest in these types of structures – particularly from fund managers who have not previously targeted Shariah investors - as (i) sovereign wealth funds, pension funds and HNW individuals from the Middle East and South East Asia diversify into alternative assets like private equity (PE), and (ii) traditional or "western" managers look to expand into the Shariah market by establishing bespoke feeder or parallel funds in Guernsey which offer a Shariah complian
The HSE has prosecuted a contractor after it identified multiple health and safety issues during a COVID-19 ‘spot check’ at a site in Manchester. This is the first prosecution to arise from the HSE’s Spot Check programme. Background Throughout the pandemic, HSE inspectors performed a number of proactive COVID-19 spot checks (reportedly over 316,000) at construction sites across the UK ...
(Update following the Scottish Government announcement on 8 October 2021) As discussed in our previous article, the Scottish Government is to provide powers for local authorities to address concerns surrounding the unregulated short-term let market. The Scottish Government proposes to do so by way of the Civic Government (Scotland) Act 1982 (Licensing of Short-term Lets) Order 2021 ...
Facts This month, the Inner House (Scottish appeal court) handed down judgment in Van Oord UK Ltd v Dragados UK Ltd, an appeal from the commercial court concerning the interpretation of an NEC3 contract for the dredging of Nigg Bay, part of the Aberdeen Harbour Expansion Project. Dragados Ltd, the main contractor (and Defender and Respondent) was employed by Aberdeen Harbour Board and subcontracted all dredging works to Van Oord Ltd, the Pursuer/Reclaimer ...
The financial sector has seen its fair share of discrimination cases and the trend continues. In Lacatus v Barclays Executive Services Limited the Employment Tribunal turned its mind to sexism. A female Analyst in the Rates Options Structured Trading Middle Office department brought a number of claims against the bank, including a sex discrimination and harassment claim centred around her line manager’s repeated use of the word “bird” to describe a woman ...
In this update, we’re looking at the hot topic of returning to the office post-pandemic. Q: What’s the direction of travel on working from home in financial services? While many industries have embraced hybrid working, financial services has generally been less enthusiastic about the idea of staff continuing to spend a significant proportion of their working time at home ...
If you have ever wondered why property prices in Edinburgh are so high then it is worth considering the relationship between the property market and planning policy. Like most commodities, the prices we pay for properties are heavily influenced by supply and demand. The number of new houses that developers are allowed to build is set by councils using a complicated methodology ...
The Federal Trade Commission (FTC) has made several recent announcements signaling its intention to increase antitrust merger enforcement under the leadership of Chairperson Lina Kahn, appointed by President Biden. Some relate to the Hart-Scott-Rodino (HSR) pre-merger notification requirements, which apply regardless of whether a transaction is substantively reviewed by the FTC or the Department of Justice (DOJ) ...
OSHA has released its long-awaited emergency rule requiring the COVID-19 vaccine or weekly testing for many employers. With compliance deadlines coming up, Bradley is here to help employers navigate this new rule to stay in compliance. While we monitor the outcome of judicial review of OSHA’s ETS, we suggest taking the following steps to prepare your workplace for compliance with the new vaccine or test mandate: Develop a policy. Educate employees ...
The Carey Olsen chapters provide analysis and commentary on blockchain and cryptocurrency regulation in Bermuda, the Cayman Islands and Jersey ...
To mark Charity Fraud Awareness Week on 21 October Shoosmiths hosted a webinar with Jonathan Taylor, head of charities and care at Innovation Broking, entitled ‘Charity fraud and cybercrime: prevention and cure’. New figures show charities reported £8.6 million of lost funds in the last financial year and more than 1,000 incidents of fraud to Action Fraud, but the true scale of fraud against charities is believed to be much higher ...
In February 2012, the FATF published the revised FATF Recommendations (also known as the Standards). The Standards continue to develop to detect and prevent new money laundering and terrorist-financing techniques impacting the international financial system, such as misuse of virtual assets and COVID-19 related threats ...
In February 2012, the FATF published the revised FATF Recommendations (also known as the Standards). The Standards continue to develop to detect and prevent new money laundering and terrorist-financing techniques impacting the international financial system, such as misuse of virtual assets and COVID-19 related threats ...
A recent Fifth Circuit ruling suggests a softening of the SEC’s obligation to return disgorgement awards directly to victims, says Elisha Kobre, a partner at Bradley Arant Boult Cummings LLP. The issue is relevant because the Dodd-Frank Act created a specific fund to hold monetary sanctions collected by the SEC, including disgorgement amounts not directly distributed to victims or used in other specified ways, he explains. The U.S ...
