New regulations are in force that require occupational pension schemes providing defined contribution (DC) benefits to demonstrate value for members or face consolidation. The New Regulations The Occupational Pension Schemes (Administration, Investment, Charges and Governance) (Amendment) Regulations 2021 (the new regulations) came into force on 1 October 2021 ...
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) ...
The Italian Government has approved the long-awaited annual bill on competition (“Draft Bill”).1 The Draft Bill covers a broad spectrum of controversial topics, including local public services, energy and transportation. In the next weeks, the Draft Bill will be submitted to the Italian Parliament for approval ...
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 ...
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 ...
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 ...
On Nov. 8, 2021, the U.S. Department of Health & Human Services Office of the Inspector General (OIG) updated and renamed its Provider Self-Disclosure Protocol. Now called the Health Care Fraud Self-Disclosure Protocol (SDP), the OIG’s revisions are the first changes to the SDP since 2013. We report on the key elements of these changes below ...
Hot off the press, the Department for Business, Energy & Industrial Strategy are today introducing a new Code of Practice, and a draft Commercial Rent (Coronavirus) Bill ...
(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 ...
In a long-awaited policy announced in an October 28, 2021, speech at the ABA Institute on White Collar Crime, the Department of Justice has embarked on more aggressive enforcement of white collar and corporate prosecution. During the Trump Administration, such prosecutions reached historic lows, but that is about to change. Deputy Attorney General Lisa Monaco announced significant changes to DOJ policies on corporate enforcement ...
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) ...
University of Strathclyde v. Clear-Vu Lighting LLC, Appeal No. 2021-2243 (Fed. Cir. Nov. 4, 2021) In this week’s Case of the Week, the Federal Circuit reversed an inter partes review decision finding claims directed to light-based disinfecting methods to be obvious over the prior art. This case provides a helpful example of how negative claim limitations can affect an obviousness determination ...
November 5, 2021 By: John Epperson The U.S. Occupational Safety and Health Administration (OSHA) published its much-anticipated Emergency Temporary Standard (ETS) regarding COVID-19 vaccination and testing on November 5, 2021. The ETS went into effect immediately upon publication in the Federal Register with requirements phased in over 30 to 60 days ...
The States of Guernsey has voted on what types of individual beliefs may benefit from legal protection from discrimination. The vote (by a majority of 20 to 16) concluded that the incoming anti-discrimination ordinance (the Ordinance) will provide protection from discrimination on the grounds of religious belief only. States' members rejected the proposition that the Ordinance should offer protection from discrimination on the grounds of non-religious philosophical beliefs ...
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 ...
On November 4, 2021, the Occupational Safety and Health Authority (“OSHA”) issued the 490-page Emergency Temporary Standard for COVID-19 Vaccinations and Testing (“ETS”), which is to be effective as of November 5, 2021. The ETS will remain in effect for six months, when it is expected to become a permanent rule. The ETS itself is available here ...
On Nov. 4, 2021, the Occupational Safety and Health Administration (OSHA) issued its highly anticipated emergency temporary standard (ETS) mandating employers of 100 or more employees to implement a COVID-19 vaccination or testing requirement. This standard implements the policy goals announced by the Biden administration in September ...
On October 27, the Ministry of Science presented what will be the first National Artificial Intelligence Policy containing the strategic guidelines to be followed by the country over the next 10 years with the aim of empowering people in the use and development of Artificial Intelligence (AI) tools and participating in the debate on their legal, ethical, social, and economic consequences ...
Historically, businesses involved in the U.S. defense industrial base have been protected from foreign direct investment by the Committee on Foreign Investment in the U.S. (CFIUS) — but changes to U.S. laws and regulations on foreign direct investment have expanded the types of businesses that are now protected ...
On October 29, 2021, the following resolutions were published in the Official Gazette: Exempt Resolution No. 1,080 of the Undersecretary of Public Health amending Exempt Resolution No. 994, of 2021, of the Ministry of Health, which establishes the fourth Step-by-Step Plan; and Exempt Resolution No. 1,079 of the Undersecretary of Public Health, which amends Exempt Resolution No. 672, of 2021, of the Ministry of Health, which establishes the Protected Borders Plan ...
Dear valued clients, colleagues and friends,We are pleased to bring you the latest legal updates for October 2021 ...
On Oct. 29, 2021, the Wage and Hour Division of the United States Department of Labor (DOL) released its final rule regarding “dual jobs” for tipped employees under the Fair Labor Standards Act (FLSA). The final rule, which becomes effective on Dec. 28, 2021, withdraws a prior final rule from 2020 regarding dual jobs and amends regulations to distinguish between tipped occupations and non-tipped occupations ...
