On 30 June 2023, The Stock Exchange of Hong Kong Limited (Exchange) published conclusions to its consultation launched last December on its proposals to expand the paperless listing regime and other Listing Rule amendments. The Exchange will adopt all the proposals with a few minor modifications ...
On 23 June 2023, the Council of the European Union adopted its eleventh package of restrictive measures against Russia, which supplements those discussed in our previous newsflashes_. This latest package aims to tackle the circumvention of previously adopted sanctions and also adds additional restrictions ...
On June 29, 2023, the Supreme Court ruled in Students for Fair Admissions, Inc., v. President and Fellows of Harvard College and Students for Fair Admissions, Inc., v. University of North Carolina (collectively “SFFA”) that Harvard and the University of North Carolina (“UNC”) violated the Equal Protection Clause of the Fourteenth Amendment by impermissibly considering race when making undergraduate admissions decisions ...
The Advertising Standards Authority (ASA) has published an update to its guidance on misleading green claims that demonstrates its collaboration with the Competition and Markets Authority (CMA) and their joint commitment to protect consumers from 'greenwashing'. What are green claims? We discussed green claims and the ASA’s and CMA’s guidance in our previous article “Are your green claims compliant?” ...
The key issue before the formal body of advisers to the UK sovereign was whether the trustee of a settlement “exercised for a proper purpose” an express power contained in the trust deed to add and exclude discretionary objects, having added a purpose trust as an object and removed all family members comprising the entire class of objects. The Background The trust settlors were two brothers who founded Formosa Plastics Group, one of the largest business conglomerates in Taiwan ...
Legal service providers (LSPs) in Bermuda are encouraged to contribute to the development and implementation of new and existing legislation in response to the ever-evolving needs of their clients ...
In Industrial Tribunal case number 3642/CCG, the applicant claimed that he had been subjected to discrimination, lack of equal pay, a breach of the grievance procedure under the collective agreement, lack of payment of a performance bonus and constructive dismissal. Firstly considering discrimination, the applicant argued that he was not allowed to avail himself of a career break to work with a company operating in the financial services industry ...
The recently released Rose Review progress report 2023 found that female founders defied a challenging economic climate to build more new businesses last year than ever before. The data insight and tracking that built on the inaugural findings of 2019, discovered that women-led companies had used ‘innovation and entrepreneurialism’ to tackle higher inflation and macroeconomic uncertainty to launch over 150,000 new companies in 2022 – more than twice as many as in 2018 ...
Labour party donor and entrepreneur, Dale Vince, has put the spotlight back on the controversy surrounding the tax treatment of carried interest received by private equity fund managers, by instructing The Good Law Project to serve a “pre-action protocol” letter on HMRC seeking judicial review of its practice of taxing such carried interest as capital gains as opposed to income ...
The economic landscape continues to place mortgage customers under significant pressure. Following discussions between the Financial Conduct Authority (FCA) and some of the largest mortgage lenders in the UK, the Mortgage Charter was signed to address measures aimed at helping customers who may be struggling to meet their mortgage repayments amid the cost-of-living crisis ...
On June 15, 2023, Law No. 21,577 (hereinafter, the "New Law") was enacted, which strengthens the prosecution of organized crime offenses, establishes special techniques for their investigation, and reinforces the confiscation of profits. The New Law modernizes the current criminal offenses related to organized crime and, at the same time, incorporates and improves the specialized techniques of investigation ...
At the end of its 2023 term, the United States Supreme Court handed down several buzz-worthy decisions. Two opinions may have substantial and lasting impacts on employers and their efforts to promote diversity and inclusion. In Groff v. DeJoy, Postmaster General, the Court addressed religious accommodation and clarified the parameters of its “undue burden” standard set forth in its prior decision in Trans World Airlines, Inc. v. Hardison, 432 U. S. 63 (1977). 2023 U.S. LEXIS 2790 ...
Following the submission of the first Draft of the Artificial Intelligence Act (”AI Act”) on April 21, 2021 by the European Commission for regulating artificial intelligence (AI) (we reported here), the European Parliament also published its final position on June 14, 2023. Thus, the next step now is the trilogue between the Parliament, the Council and the Commission ...
Zoltan Balazs Kovacs prepared a summary to the key questions regarding the EU Whistleblowing Directive and the related change of legislation in Hungary with the act entering into force on 24 July 2023. 1 ...
While it may be arguable whether the announcement of the next phase of the UK’s open banking programme was as highly anticipated as the grand finale to HBO’s Succession, for the payment services industry a clear route to the future is much needed ...
Who qualifies as a Politically Exposed Person? Politically exposed persons (or “PEPs”) are individuals who have been entrusted with a prominent public function ...
Introduction The sphere of asset tracing and recovery, particularly the extent of tools available around the world, is rightly attracting more attention in cross-border fraud and investigations. This includes projects at the international level, such as UNCITRAL's ongoing efforts (for which the author acts as an expert), as well as attention being given in national legislatures around the world ...
On Monday, June 26, 2023, the International Sustainability Standards Board (ISSB) issued the first two global sustainability standards: IFRS S1, General Requirements for Disclosure of Sustainability-related Financial Information, and IFRS S2, Climate-related Disclosures. These standards are intended to improve confidence in the sustainability disclosures made by companies to guide investment decisions ...
On June 14, 2023, the National Congress approved the bill that creates the Biodiversity and Protected Areas Service and the National System of Protected Areas (the "Bill"). The purpose of the Bill is the conservation of biological diversity and the protection of the national natural heritage through the preservation, restoration and sustainable use of genes, species, and ecosystems ...
After a rollercoaster of a ride, the Retained EU Law (Revocation and Reform) Bill has received Royal Assent and is now an Act of Parliament. From the initial proposal of an all-singing, all-dancing automatic revocation of thousands of retained EU laws by the end of this year, to a more restrained revocation of just under 600 irrelevant or redundant laws, the Bill will not deliver the big bang that it initially promised ...
SEC Issues Regulations to Implement Financial Consumer Protection Act On 25 April 2023, the Securities and Exchange Commission ("SEC") issued Memorandum Circular No. 5, series of 2023 and adopted the SEC Rules and Regulations of the Financial Products and Services Consumer Protection Act of 2022 ("SEC FCPA IRR") to implement Republic Act No. 11765 (the Financial Products and Services Consumer Protection Act ("FCPA") ...
On 28 June 2023, Parliament adopted a new law on non-profit organisations and foundations (the “Law”). The Law aims to simplify and modernise the legal framework created by the century-old law of 21 April 1928, by replacing its outdated provisions. The main changes introduced by the Law are as follows: Significant simplification of the administrative procedures for incorporating and managing non-profit organisations ...
One year ago, on June 21, 2022, the President signed the law on the ratification of the Council of Europe Convention on the prevention of violence against women and domestic violence and the fight against these phenomena. The Convention entered into force for Ukraine on November 1, 2022 ...
