A picture is worth a thousand words, but what about a drone video? To construction firms and the lawyers who represent them, drones, also known as unmanned aerial vehicles (“UAVs”), enable firms to capture large amounts of high-quality information in a quick and efficient manner ...
Financial Services Exposure draft on licensing framework for digital insurers and takaful operators Amendment to the Guidelines on Recognised Markets Guidelines on Islamic Capital Market Products and Services
The season of goodwill is upon us, with retailers and the press announcing Christmas charity partnerships to raise funds for good causes, but the cost-of-living crisis will still be with us in 2023. Charities are increasingly feeling a greater level of pressure to be the first line of defence as gaps in public services open up and they face a “triple threat” of increasing running costs (in particular, energy bills), rising service demand, and falling incomes ...
Anyone familiar with the construction industry knows that retainage – or money held back from payment until a later time – is a tool that project owners and general contractors have long used to protect against contractor nonperformance or other project risks ...
AML/ATF and Sanctions The Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008 provide that the Bermuda regulated sectors and relevant persons must apply enhanced customer due diligence to customers in high-risk jurisdictions ...
In this case the debtor argued the underlying debt was disputed. The Royal Court agreed with Carey Olsen that a claim is not disputed for the purposes of a creditors’ winding up application unless it is the subject of a “substantial dispute”. New regime On 1 March 2022 a new creditor instigated insolvent company winding-up regime came into force in Jersey. Carey Olsen discussed it in detail here ...
The SEC Division of Examinations issued a Risk Alert on December 5, 2022 detailing observations from examinations of investment advisers and broker-dealers related to compliance with Regulation S-ID ...
On 5 December 2022, the Ministry of Labour and Vocational Training (“MLVT”) issued Notification 045/22 on Extending the Deadline for the 2023 Foreign Employee Quota Application (“Notification”). Through the Notification, the MLVT has delayed the submission deadline for 2023 foreign employee quota applications until 31 January 2023, being two months after the original deadline ...
On December 13th, 2022, Decree No. 84 was published in the Official Gazette approving the Regulations governing mediation, conciliation, and arbitration in consumer matters, which will enter into force six months after publication, that is, on June 23rd, 2023. The issuance of this regulation is framed in the recent entry into force of the Pro-Consumer Law that seeks to encourage consumer protection ...
Having elapsed the period contemplated for the transitory regime of Law No. 21,934, published on November 30, 2021 (the "Law"), by means of which a set of reforms to the justice system were introduced, the permanent regime provided by the Law, whose general rule is attendance regime, notwithstanding the exceptions contemplated by the Organic Code of Courts, is now in force. The main provisions of the permanent regime may be found in ours News Alert 454 and News Alert 453 ...
New biodiversity net gain (BNG) requirements are set to be enforced in November 2023, giving developers and the wider real estate industry less than 12 months to prepare. The legislation will require all new developments in England, bar a few exceptions, to deliver at least 10 per cent BNG – impacting commercial and residential developers. The requirements form part of the Environment Act 2021, which received Royal Assent in November 2021 ...
As we take stock on 2022, and look forward to 2023, let’s briefly reflect on some of the topics that are current with our Living sector teams and clients ...
On December 1, 2022, the United States Department of Defense, General Service Administration, and National Aeronautics and Space Administration (NASA) issued a final rule amending the Federal Acquisition Regulation (FAR) to implement a section of the 2016 National Defense Authorization Act. The previous FAR 1 ...
One of the common complaints that commercial entities have about international arbitration in Thailand is the costs. Whilst in the past, international arbitration has been promoted as being cheaper than court litigation, in practice this has not always been the case, particularly in the case of complex commercial disputes or investor state arbitration. Third party funding can dramatically change this landscape ...
Just weeks after the “implosion” of cryptocurrency exchange FTX, credit services provider BlockFi filed for Chapter 11 protection with the United States Bankruptcy Court for the District of New Jersey, indicating that it is burdened with billions of dollars of estimated liabilities and more than 100,000 creditors ...
Jeremy Hunt’s speech on 9th December heralds the (delayed) arrival of the anticipated reform of consumer credit in the UK…and much more. But will the fanfare live up to the industry’s expectations? The financial services sector have faced unprecedented challenges over the last few years, particularly those involved in the provision of consumer credit ...
The Mayhew Review - Future-Proofing Retirement Living, issued in November 2022, has the premise that the UK is failing to adapt to the impacts of an ageing population. Mayhew bills this as both a housing issue (in the wider Living sector sense) and a care issue ...
The ICO Children’s Code was introduced in September 2020 by the UK data regulator. One year on from the 12-month implementation period, we are asking what is the Code's impact, and does it go far enough to protect children's privacy online? Why a Children’s Code One critical concern is that the internet was not designed with children in mind: yet UNICEF estimates that one in three internet users are children ...
With preliminary hearings now underway for Modules 1 and 2 of the COVID-19 Public Inquiry (‘the Inquiry’), its approach to expert evidence is emerging as an important issue for Core Participants (‘CPs’) ...
Since the introduction of the second Payment Services Directive, Open Banking has continued to grow in the UK. Estimates put the number of users at 5 million[1] and, more so than ever, there is confidence that Open Banking initiatives are finally making inroads into becoming embedded within the way in which UK consumers use financial services in the UK ...
The EU revenue cap which limits certain electricity generators' revenues has raised many questions within the energy sector. In Finland, the revenue cap will likely be implemented in the form of a temporary windfall tax which would apply to profits made in 2023. Our energy team's associate Nelli Rönkkö has summarised the key points regarding the implementation of the EU revenue cap in Finland ...
On 1 January 2023, the BVI Business Companies Act, 2004 will be amended by the: (1) BVI Business Companies (Amendment) Act, 2022; and (2) the BVI Business Companies (Amendment) Regulations, 2022 (together the “Amendments”). The Amendments will impact all companies incorporated or registered in the BVI (“Companies”) ...
The American Bar Association (ABA) has issued its second formal opinion concerning Model Rule 4.2 in as many months. The so-called “no-contact rule” prohibits a lawyer from having contact with a represented party about the subject of the representation. The Rule does not, however, account for the “reply all” function in email communications ...
