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") ...
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 ...
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 ...
The UK now has one publicly accessible charge point for every 11.2 Battery Electric Vehicles (BEV) on the road, having seen a remarkable 70% jump in charge points over the past year. The figures, utilised in the calculation of the Electric Vehicle Country Attractiveness (EVCA) Index developed by Cornwall Insight and law firm Shoosmiths, demonstrate the substantial impact of the government's ongoing efforts to expand the charging infrastructure network ...
ChatGPT, an artificial intelligence program, has grabbed wide attention since its first introduction to the public. It has become the fastest-growing consumer application in history with more than 100 million monthly active users. People are amazed by its ability to respond intelligently to complex queries. ChatGPT is only one of the many AI tools that are being developed and used in various industries to improve efficiency and customer service ...
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A new report published today (28 June 2023) by The Law Commission of England and Wales has recommended a variety of law reforms to better integrate and deal with digital assets (like cryptocurrencies, tokens and NFTs to name a few), to promote certainty, and boost the UK’s position as a global leader for the crypto industry ...
The Supreme Court (“Hof van Cassatie/Court of Cassation”) overruled on 26 May 2023 a decision that determined that Article 1722 (old) Civil Code (a partial or total “destruction” of the leased premises) does not apply for the tenant that can not operate its premises due to the measures taken by the Belgian Government in order to prevent the spread of the COVID-19 pandemic, because there was only a temporary impossibility and thus only a temporary loss of enjoyment ...
More than a month after the G7 meeting in Hiroshima, the EU has reached an agreement on the 11th sanctions package against Russia following the Russian invasion of Ukraine. The key focus in the novel sanctions package is the mitigation of diversion and circumvention risks. The 11th sanctions package has been much anticipated since the G7 meeting at the end of May 2023 ...
1. What measures are available in your jurisdiction to allow struggling businesses to enter into a “pre-pack”? Jersey does not have a formal administration regime and neither the Companies (Jersey) Law 1991 nor any other legislation provides for a specific rescue remedy equivalent or similar to administration. The one Jersey statutory route closest to administration is the remsie de biens ...
1. What measures are available in your jurisdiction to allow struggling businesses to enter into a “pre-pack”? Guernsey stands out against many offshore jurisdictions because it has a dedicated administration regime designed to facilitate corporate rescue. The procedure is broadly similar to that in the United Kingdom, albeit it has been simplified and tweaked to suit Guernsey’s finance industry ...
