On the 10 May 2023, the FCA published its findings from its review into firms’ approaches to fair value assessments under the new Consumer Duty. In conducting its review, the FCA’s objective was to understand how firms in different sectors are implementing the price and value requirements, in a bid to ensure that the internal supervisory and regulatory approaches within the FCA reflect industry thinking ...
In the Industrial Tribunal case with number 3945/CC, the applicant, a Chief Operating Officer and Director, engaged with Amicorp Fund Services Malta Ltd, was dismissed by means of a letter of termination due to the fact that, according to the defendant company, he was not properly performing his functions. The Tribunal commented that the case was a particular one since it dealt with senior management, in which cases usually an amicable termination is arrived at ...
In its recent judgement in Re Avanti Communications Ltd [2023] EWHC 940 (Ch) ('Avanti') the High Court decided that in some circumstances a charge can take effect as a fixed charge despite the chargor having some flexibility to dispose of assets without the consent of the charge holder. Background A charge expressed to be a fixed charge may be at risk of being re-characterised by a court as a floating charge if the charge holder fails to exercise sufficient control over the assets ...
While the unusual circumstances in the Tate Gallery case attracted plenty of press coverage for its consideration of nuisance in terms of overlooking, it is still business as usual for developers where rights of light are concerned ...
On 10 May 2023, theInformation Regulator(the “Regulator”), an independent body established to monitor and enforce compliance by public and private bodies with the provisions of the promotion of access to information act, 2000 and the protection of personal Information Act, 2013 (“POPIA”) announced that it had issued anEnforcement Noticeto the Department of Justice and Constitutional Development (“theDepartment”) in terms of POPIA on 9 May 2023 ...
The South African banking and finance landscape is continually evolving, driven by changing regulations as well as emerging trends. Recent amendments to the Financial Intelligence Centre Act, 2001 (“FICA”) have brought about new obligations that trustees operating within the sector must be aware of ...
Recent developments in South Africa's legal landscape have led to confusion surrounding the grounds for appeals to the Supreme Court of Appeal (“SCA”). In a notable case, the SCA's unanimous decision has cast doubt on the relevance of the interests of justice as a valid ground for appeal. This raises important questions about the appealability of certain decisions and the criteria for granting leave to appeal ...
Last Friday, on 12 May 2023, the UAE Ministry of Finance (Ministry) published an Explanatory Guide which provides an explanation of the meaning and intended effect of each article of the Corporate Tax (CT) Law. The Explanatory Guide may be accessedHere ...
On February 23, 2023, the Parliament adopted a new Law of Ukraine "On Collective Agreements and Contracts" (hereinafter - the " Law" ). Most of the provisions of the Law enter into force 6 months after the termination or cancellation of martial law, but we can understand what new this act offers now ...
Although NFTs have existed for a number of years, and have changed the world of merchandise and art, it is worth considering how intellectual property (IP) rights interplay with this asset class. This article considers NFTs in their component parts with a view to understanding how IP law, and specifically the areas of copyright and trade marks, apply. What is an NFT? An NFT stands for non-fungible token and is a digital asset with a unique digital identifier, recorded on a blockchain ...
The Digital Markets, Competition and Consumers Bill ('Bill') has now landed. Its aim is to protect against consumer harms that have materialised following the digital transformation of how we buy goods, services and digital content. What does this mean for consumer protection law? Subscriptions Why? The Competition and Markets Authority (‘CMA’) estimates that consumers spend £1.6 billion a year on subscriptions they do not want [1] ...
By imposing the obligations, the regulation aims to end unfair practices and conduct which is harmful to competition and end users by the companies acting as gatekeepers in the online platform economy. Under the DMA, a firm will be considered as a designated gatekeeper if three criteria are met. First, the company must have a significant impact on the European market which is determined by the company’s turnover ...
Corporate flexibility Jersey’s corporate law regime is modern and flexible, providing a wide range of structuring options that can be tailored to the specific needs of the business. This flexibility is particularly useful for companies looking to list in the U.S., as Jersey companies can look and feel very similar to Delaware corporations where that is desirable. Direct listing Jersey companies can list securities in the U.S ...
Applicability of English case law and practice The relevant provisions of the Jersey companies law are based on the UK Companies Act 1985, and are similar to the equivalent provisions in the UK Companies Act 2006 ...
It would be a surprise to many, but it has been common knowledge to criminal practitioners for years, that a criminal defendant’s sentence for a crime which they have been convicted can be increased based on consideration of conduct that the jury acquitted ...
Introduction On February 1, 2023, Minister of Justice Simon Jolin-Barrette introduced and tabled in the National Assembly Bill 8 entitled An Act to improve justice efficiency and accessibility, in particular by promoting mediation and arbitration and by simplifying civil procedure in the Court of Québec1 (hereinafter the ?Bill?). The Bill makes amendments to several laws, including the Courts of Justice Act2 and the Professional Code ...
In the Industrial Tribunal case of David Magro v HSBC Bank Malta plc, the applicant alleged that he had been unfairly dismissed when the defendant bank had not accepted to renew his career break, resulting in his employment being terminated. The applicant had been granted such a renewal for several years but had agreed with the Bank that the last renewal would be final, and that by a specific date, he had to either resign or return to perform his duties with the Bank ...
By: Neusha Etemad and Anne Marie Ellis CDA Background Section 230 of the Communications Decency Act (CDA) was enacted in 1996 to provide websites with immunity from liability arising from posting third-party content. For a service provider to be immune, however, the information at issue must be “provided by another information content provider ...
The Securities and Exchange Commission (SEC) has extended the deadline for applications for amnesty for late and non-filing of annual financial statements (AFS), general information sheets (GIS), as well as non-compliance with SEC Memorandum Circular No. 28, series of 2020 (Requirement for Corporations, Partnerships, Associations, and Individuals to Create and/or Designate E-mail Account Address and Cellphone Number for Transactions with the Commission) (MC28) ...
The SEC Division of Examinations (“Examinations”) issued a Risk Alert on April 26, 2023 to highlight the importance of establishing written policies and procedures for safeguarding customer records and information at branch offices. Examinations provides that a branch office includes any location other than a firm’s main office, including offices of any independent contractors through which a firm may offer investment products and services ...
The new framework for assessing non-domestic property rateable values has been set out under the draft Non-Domestic Rating Bill, introduced to Parliament on 23 March 2023 – but only likely to take effect on or after 1 April 2024. As business rates policy is fully devolved, not all of these measures will apply in Wales. The more regular revaluations should keep rateable values closer to market reality ...
The UK government has proposed legislation (Digital Markets, Competition and Consumers Bill - Parliamentary Bills - UK Parliament) that would materially affect merger control for transactions. This comment addresses the proposed changes that would be of concern to those engaged in mergers affecting local markets ...
The European Commission has confirmed that it has started dawn raids at the premises of companies operating in the fashion industry in several Member States. Officers from national competition authorities accompanied Commission officials at these inspections. The Commission has also sent out formal requests for information to such companies ...
