Carey Olsen advises on groundbreaking private catastrophe bond The bond was issued from the Randolph Re cell of Aon's White Rock Insurance Company PCC Limited – the first time a catastrophe bond has been issued out of a Guernsey vehicle. Previous Randolph Re catastrophe bonds were all issued out of Aon's Bermuda cell company, White Rock Insurance (SAC) Ltd. structure, making this a first for Guernsey and one of only a few cat bonds issued in this jurisdiction ...
On July 30, 2024, the Chilean Commission for the Financial Market ("CFM") published the Official Letter No. 2,354 (the "Official Letter") amending Official Letter No. 1,835 of April 24, 2007, which provides instructions regarding the form and content of information on investments made by insurance and reinsurance companies ...
Introduction On July 11, 2024, the Court of Appeal1 rendered a decision that, for the first time, addresses the question of whether the elected domicile appearing in the Québec Enterprise Register (the ?REQ?), established under the Act respecting the legal publicity of enterprises,2 can provide a basis for the Superior Court?s territorial jurisdiction within the meaning of article 41(3) of the Code of Civil Procedure ...
Carey Olsen advises Admiral Acquisition on US$1.85 billion acquisition of ASP Acuren Holdings Carey Olsen partner Andrew Boyce, senior associate James Cooke and associate Claire Cooke advised on the British Virgin Islands aspects of the transaction. Acuren provides technology-driven solutions to protect assets in the energy, industrial, and utility industries ...
Carey Olsen advises on the FSN Capital Confluence €588 million continuation fund FSN Capital Confluence acquired Nordlo, a leading Nordic managed IT service provider, and Saferoad, a European leader in road safety and infrastructure solutions, both previously part of the FSN Capital V portfolio. The acquisitions aim to accelerate organic growth and pursue strategic M&A opportunities ...
On August 1, 2024, the Department of Justice (“DOJ”) rolled out its Corporate Whistleblower Awards Pilot Program after announcing the initiative in March. Described as “[s]upercharging DOJ’s corporate investigations and prosecutions,”[1] the Pilot Program dramatically expands the pool of would-be whistleblowers and underscores the importance of robust compliance and reporting programs ...
The Supreme Court's recent decision in Loper Bright Enterprises v. Raimondo, abolishing the Chevron doctrine, provides the False Act Claims defense bar with a potent new weapon. Two critical elements of any FCA claim are the falsity of the claim and scienter, which requires proof that the defendant acted knowingly. The government and relators' counsel often rely heavily on regulatory guidance issued by administrative agencies to establish these elements of their FCA claim ...
The National Cybersecurity Coordination, a unit of the Undersecretary of the Interior responsible for coordinating the actions of public agencies in cybersecurity and recommending to the President of the Republic policies, laws, regulations, protocols and standards in this area, recently put two of a series of regulations required by Law No. 21,663 Framework on Cybersecurity up for public consultation ...
As promised by the new government, the consultation on the revised National Planning Policy Framework (NPPF) has landed and now runs to 24 September. The Labour administration has clearly been busy in the lead up to the election, as the work that has gone into this is not the endeavour of less than a month in power. There’s a significant amount to analyse ...
On the 30 July 2024, the FCA released a statement confirming their proposals to extend the current pause to the time firms have to response to consumer about motor finance complaints that involve a discretionary commission arrangement (DCA) ...
Carey Olsen advises on the establishment of a new corporate structure to domicile Ferguson in the US by way of a Jersey merger As a result of the merger which took place on 1 August 2024, Ferguson, which has a market capitalisation of over £30 billion, has completed its transition to establish a new corporate structure and ultimate parent company domiciled in the United States ...
Carey Olsen advises NIP Group Inc. on its IPO on Nasdaq, supporting the first esport stock from China The company successfully listed on Nasdaq Global Market in New York on 26 July 2024 and the price in the offering was US$9.00 per American depositary share, with a total market value of the company of approximately US$ 500 million. Carey Olsen partner Anthony McKenzie and counsels Susan McKinstray and Maggie Yan advised NIP Group Inc ...
On 16 July 2024, Legal Notice 166 of 2024 was published in Malta. This implemented the relevant provisions of DORA (full title being Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital operational resilience for the financial sector and amending Regulations (EC) No 1060/2009, (EU) 648/2012, (EU) 600/2014, (EU) No 909/2014 and (EU) 2016/1011) into Maltese law ...
On the 12th July 2024, the Malta Financial Services Authority (“MFSA”) published a Circular introducing new passporting forms for (re)insurance undertakings as part of the MFSA’s efforts to address new requirements emanating from the Cross Border Notification Platform launched in February 2023 ...
You did not get paid for your labor and material, so you ask, what can I do? Alabama’s lien law provides you an opportunity to place a lien on the property for certain unpaid amounts for labor and materials. If you follow the proper procedures to perfect the lien and obtain a judgment in your favor, you may force the sale of the property to collect on your judgment (see Ala. Code § 35-11-226). This article focuses on the procedural basics of Alabama’s lien law ...
On 26 July 2024, the People's Bank of China (PBOC) and the State Administration of Foreign Exchange (SAFE) released the revisedProvisions on the Administration of Funds of Foreign Institutional Investors for Domestic Securities and Futures Investment(《境外机构投资者境内证券期货投资资金管理规定》, the "Revised Provisions"), which will come into effect on 26 August 2024 and supersede the current version issued on 7 May 2020 (the "Current Provisions") ...
On the 29thJuly, the Malta Business Registry (MBR) issued a notice advising that any memoranda and articles of association being filed with the Registrar of Companies, whether in the course of an incorporation of a new company or as an amendment to memoranda and articles of association of companies already registered, need to be amended in order to refer to certain notification obligations which Maltese companies may be subject to ...
Citizens' Advice Guernsey to hold black-tie gala, sponsored by Carey Olsen Friends of Citizens' Advice – an extension of Citizens' Advice Guernsey established to raise funds for the charity – will host the black-tie event, which will include a three-course meal and live music, followed by a raffle and an auction ...
Introduction On June 14, 2024, the Superior Court of Québec issued a decision1 interpreting section 938.1.2.2 of the Municipal Code of Québec, which came into force in 2019. This provision gives a person interested in participating in the awarding process the opportunity to file a preliminary complaint about a requirement in the tender documents that they believe does not ensure the honest and fair treatment of tenderers ...
In another update to the Federal Trade Commission’s (the “FTC”) Non-Compete Ban (the “Rule”), a federal judge in Pennsylvania ruled against ATS Tree Services, LLC v. Federal Trade Commission, et al.[1] denying ATS’ motion for a preliminary injunction ...
After the White House announced its New Process to Promote the Unity and Stability of Families, U.S. Citizenship and Immigration Services (USCIS) will begin accepting applications on August 19, 2024. This process will help ensure U.S. citizens with undocumented spouses and/or children can keep their families together during the permanent residence process ...
The Pennsylvania Supreme Court will soon hear arguments in a case that may have far reaching implications for businesses facing consumer protection claims in the state. The Court has granted allocator in Halpern v. Ricoh U.S.A., Inc ...
Recently, the U.S. Court of Appeals for the Federal Circuit provided a cautionary tale for trade secret owners who seek preliminary relief against a competitor who hires its former employees but do not clearly articulate the trade secrets the owner seeks to protect. In early 2023, Insulet Corp. sued EOFlow Co. in the District of Massachusetts for misappropriating trade secrets supposedly obtained from employees EOFlow hired away from Insulet years earlier ...
****Dear Ladies and Gentlemen!**** The authorities in Russia and the rest of the world have recently been paying more and more attention to data protection issues ...
Carey Olsen advises Mercer Park Opportunities Corp. on its US$200 million IPO Mercer Park Opportunities granted the underwriter, Canaccord Genuity Corp., a non-transferable over-allotment option to purchase up to an additional 3,000,000 Class A Restricted Voting Units at the same price per unit, exercisable within 30 days following the offering's closing ...
