On 18 January 2023, the Belgian Competition Authority (“BCA”) reimposed a fine of EUR 859,310 on three undertakings of the Caudalie group for imposing retail prices and restricting active and passive sales ...
The Federal Deposit Insurance Corporation (“FDIC”) guarantees bank deposits of up to $250,000. Following the failure of two banks in recent weeks, regulators created some confusion among the industry and the public when they guaranteed customer deposits above this limit claiming that doing so was necessary to stem serious systemic risk to the financial system ...
An old adage is that history will repeat itself. In other words, all of this has happened before, and it will all happen again. Another banking crisis is upon us following the familiar cycle of financial deregulation. The failures of Silvergate, Silicon Valley, and Signature Banks provide an opportunity to learn and to act. From the early 1980s through the 1990s, Presidents and Congress worked together on “financial services modernization ...
On March 10, 2023, Silicon Valley Bank and Signature Bank were closed by their respective jurisdictions’ financial service agencies due to a high influx of depositors making massive withdrawals in the week prior. The Federal Deposit Insurance Corporation (the "FDIC") – an independent federal agency created by Congress to support the broader banking industry – was formally appointed by state government agencies as a receiver for both banks ...
On 1 April 2023, the Intellectual Property Rights Agency (“Agency”) issued the Notification (“Notification”) that sets out service fees for mark registration applications via Notification No. 1/2023 as per the Section 106 (d) of the Trademark Law with the approval from the Ministry of Commerce to implement the Trademark Law of 2019 (“Law”) and the Mark Registration Rules of 2023 ...
Contents Introduction of US style LLCs to Jersey Proceeds of Crime Law changes, including AMLSPs HMRC guidance on the registration of JPUTs Update on arranging as an additional limb of investment business Introduction of US style LLCs to Jersey In September 2022 Jersey enacted legislation which permits the formation of US-style limited liability companies or LLCs in Jersey ...
Contents The Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 Updates to Natural Capital Fund framework HMRC guidance on the registration of GPUTs Changes to Guernsey’s insolvency regime Consultation on “six directorship” exemption for directors The Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 The Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 (the “LCF Law”) came into partial force on 1 January 2023 and will c
The Judicial Chamber on Economic Disputes of the Supreme Court of the Russian Federation has considered TrustForex LLC case (No. A40-167835/2021) concerning the essential issue of recovery of penalty for providing false representations while selling assets. We believe this case to be very important both for the court practice and for the business ...
European Securities and Markets Authority (ESMA) published its final report on “guidelines of MiFID II product governance requirements” yesterday ...
On 1 September 2023, the legal framework for seed farming in Russia will take effect. At present, lawmakers are preparing highly controversial regulations, which essentially aim to limit foreign investments in the Russian seed farming sector. The central idea is to implement a set of rules that require Russian companies involved in the production of agricultural plant seed varieties and hybrids to localize their activities (“Localization Rules”) ...
Carey Olsen’s Singapore team has considered the first reported British Virgin Islands (BVI) case on the court’s jurisdiction to determine a just and equitable winding-up application when faced with an arbitration agreement between parties. The authors also examine the trend in the Cayman Islands and in Hong Kong on this issue ...
March 28, 2023 By: Nicolette A. Cohen[1] On September 29, 2022, the California Court of Appeal First Appellate District, in Honchariw v. FJM Private Mortgage Fund, LLC, held a private lender’s imposition of late charges and default interest constituted an unlawful penalty in contravention of the public policy set forth in California Civil Code Section 1671, reversing the trial court’s finding ...
But what are the reasons for this? And what are the advantages of establishing a fund in Guernsey when compared to other jurisdictions? As the leading legal adviser to Guernsey’s investment funds sector by both number of funds advised and by assets, we believe that the following reasons help to explain Guernsey’s success and provide strong arguments for choosing Guernsey ...
Guernsey is a Crown Dependency. The Bailiwick of Guernsey (Guernsey, together with Herm, Sark, Alderney and the surrounding islets) is part of the British Isles but independent of the UK. It is neither a member nor an associate member of the European Union (the “EU”) and as such is classified das a third- country. Guernsey is therefore not required to comply with EU directives such as the Alternative Investment Fund Managers Directive (the “AIFMD”) ...
Starting from February 2022, the President of Russia has adopted several decrees restricting conclusion and performance of transactions involving foreign entities and individuals. In most cases such transactions now require approval from a special governmental commission. Today the Russian Ministry of Finance published draft law No ...
ALRUD experts have prepared this material for HR directors, compliance officers and heads of legal departments, detailing the obligatory and recommended actions that should be taken in the event of an occupational accident. The purpose of this step plan is to provide high-level guidance on how to protect the interests of affected employees, investigate occupational accidents and thus mitigate risks of administrative and criminal liability for the employer and its officers ...
In the process of overseas offering and listing of domestic enterprises so far, it is necessary for the listing intermediaries (the "Intermediaries") to conduct due diligence on all aspects of the issuer. In particular, PRC lawyers are required to issue the PRC legal opinions on the history, corporate governance, business operation, major assets, tax, employment, and other aspects of the domestic enterprises ...
On March 24, 2023, The Stock Exchange of Hong Kong Limited ("HKEX") published its consultation conclusions ("Consultation Conclusions") regarding the proposed new listing regime for specialist technology companies ...
Contents Introduction Bermuda British Virgin Islands Cayman Islands Guernsey Jersey Conclusion Introduction Carey Olsen, recently ranked in the FinTech sector by Chambers & Partners across each of its Bermuda, British Virgin Islands (BVI), Cayman Islands and Jersey offices (with a number of notable practitioners), continues to be a leader in the Fintech and digital/virtual asset sector, advising clients on the most novel and innovative crypto and blockchain projects ...
We previously provided an update regarding the enactment of a capital gains tax (the “Tax”) in the State of Washington (read about it here). In that article, we noted the Tax was subject to at least one lawsuit in Washington. That lawsuit resulted in the trial court striking down the Tax, which caused an appeal to the Washington State Supreme Court (the “Court”) ...
Following our previous Advisory on Indonesia’s long-awaited Law No. 27 of 2022 on Personal Data Protection (the “PDP Law”) (view the Advisory here), this Advisory focuses on the transfer of personal data from Indonesia to other countries (cross-border transfers). The PDP Law is binding on all parties that process or control personal data in or outside Indonesia with a legal impact in Indonesia or on Indonesian data subjects ...
The Indonesian government recently introduced a new omnibus law to regulate the financial sector. Law No. 4 of 2023 on Financial Sector Development and Reinforcement (Pengembangan dan Penguatan Sektor Keuangan – “P2SK Law”) was enacted on 12 January 2023 ...
