Since its enactment on July 1, 2021, the Florida Telephone Solicitation Act (FTSA) has become a significant pain point for businesses, leading to extensive class action exposure, particularly for those involved in telephonic communications. The FTSA, which initially granted consumers the right to take legal action against unwanted calls and texts, led to an influx of over 500 complaints in its first year ...
Earlier this year the government passed the controversial Strikes (Minimum Service Levels) Act 2023. Following on from this, detailed guidance has now been published for employers, trade unions and workers on the issuing of work notices. The Strikes (Minimum Service Levels) Act (Act) came into force on 20 July 2023 and attempts to alleviate the disruption caused to the public by prolonged strikes in certain sectors in the wake of recent, sustained industrial action ...
Following the recently reported hack of the US Securities and Exchange Commission (SEC)’s social media account yesterday (10 January 2024), the SEC formally announced that it had approved the launch of 11 Bitcoin ETFs in the US. As the announcement states, these approvals are not an endorsement of cryptocurrency as an “investment” or of any of the issuers of the ETFs themselves ...
Jon Bew and Wayne Gibbard, co-heads of the Financial Services Sector at Shoosmiths, comment on upcoming trends and developments to expect in 2024 for the sector. Everyone is feeling it, the rumbling of a technological storm. The immergence of generative AI, RegTech and increased fraud and cyber risk, have swept clouds of uncertainty across the Financial Services Sector… ...
Please be informed that the Government has prolonged the moratorium on unplanned inspections of legal entities and individual entrepreneurs till the end of 20241 ...
SyCipLaw's Tax Department has prepared Tax Issues and Practical Solutions (T.I.P.S.) for October. The October 2023 issue covers the following tax issues: 1. In cases of real property taxes ("RPT") on land covered by the Torrens system, can treasurers of local governments rely on the certificates of title to determine the owner of the land for purposes of sending notices of deficiency RPT? 2 ...
Compliance Will Need Banks to explain “How the AI Systems Work” Delano Magazine Written by: Kangkan Halder Published on 24.12.2023 The growing role of artificial intelligence in processing information for legal documentation and counsel won't eliminate the need for human lawyers or ethical judgments, argue Marc Mouton and Astrid Wagner, partners at Arendt & Medernach ...
The current exposure in the EU investment fund sector to the risks in real estate markets has been the subject of a recent publication, dated 10th January 2024, which was issued by the European Securities and Markets Authority (“ESMA”) as part of its ongoing Trends, Risks and Vulnerabilities (“TRV”) risk analysis ...
In the fourth quarter of 2023, Sen. Raphael Warnock, D-Ga., made industry news, important banking and financial rule changes were implemented, and Georgia's Department of Banking and Finance quietly issued important new regulatory guidance on a handful of topics. Warnock Addresses Banking Committee, Introduces Legislation First, during a three-plus hour U.S ...
Crypto assets are a rapidly evolving and highly innovative sector of the financial industry, offering new opportunities and challenges for businesses, consumers and regulators. Crypto assets are digital representations of value or contractual rights that use cryptography and distributed ledger technology (DLT) to enable peer-to-peer transactions without intermediaries ...
On January 3rd, 2024, the Senate approved, with 32 votes in favor, the Report of the Constitutional, Legislative, Judicial and Regulatory Affairs (“the Report”), on the Bill to amend the Data Protection Law and creates the Data Protection Agency (Bulletin No. 11144-07/11092-07), (“the Bill”). However, despite the approval of the Report concerning amendments and proposals of the Chamber of Deputies, 24 of these were ultimately rejected ...
ESG is in high alignment with China's "dual carbon" goals and has become an important indicator for measuring the sustainable and high-quality development of enterprises in China. Adopting a top-down approach, the Chinese central government has codified the importance of green and sustainable development in policy papers and Five-Year Plans ...
Please note the following press release. This press release is available at our homepage Roman Ettl-Steger, Salaried Partner based at the Munich office, and an interdisciplinary team from Heuking comprehensively advised a group of entrepreneurs and senior managers, led by family entrepreneur Martin Schoeller, on the structuring of GESI Green Energy Storage Initiative SE (GESI) ...
The UK government has recently proposed new regulations to strengthen security measures for data centres operating in the UK. The new regulations aim to protect data centre facilities against potential disruption, including cyber-attacks, physical threats, and extreme weather events ...
January 2, 2024 By: Braeden Mansouri and Alicia Guerra The California Legislature’s laser focus on addressing the state housing crisis did not subside during the 2023 legislative session. While legislators proposed over 150 housing bills, only a fraction of those bills were approved by both chambers. Still, Governor Gavin Newsom signed 56 housing bills into law ...
Guernsey: an ideal domicile for continuation funds Guernsey provides an ideal domicile for continuation funds, with proportionate, principle-based regulation, and a neutral tax environment, facilitating quick-to-market establishments and competitive ongoing costs ...
Frank C. Aase has more than 16 years of experience assisting companies facing financial challenges, providing support to banking and company clients. He is regularly appointed as a trustee in bankruptcy and serves as the leader of the Norwegian Bar Association’s legal committee for bankruptcy, composition, security rights, enforcement, and debt collection. Frank comes from Brækhus Advokatfirma, where he previously served as managing partner ...
Inflation and increasing interest rates continued to dominate headlines in financial markets in 2023. As central banks struggled to combat inflation and interest rates continued to increase, borrowers’ borrowing costs increased throughout the year. Increased borrowing costs caused some borrowers to default on their loans, requesting waivers and amendments or initiating a restructuring of their debt ...
Mergers – recent cases On 15 December 2023, Nordea’s acquisition of Danske Bank’s private customer portfolio was unconditionally cleared after a phase II investigation. The market for banking services holds great significance for Norwegian consumers, prompting a thorough examination of Nordea’s acquisition of Danske Bank’s private customer operations by the NCA ...
Norway fully integrated the provisions of PSD2 and the Payment Accounts Directive into its legal system with the entry into force of the new Financial Agreements Act on January 1, 2023. The Norwegian Central Bank made significant strides in its exploration of digital central bank currency, completing the fourth phase of its initiative. This phase focused on testing and validating technical solutions, with findings reported on December 18, 2023, indicating successful outcomes ...
****Dear Ladies and Gentlemen,**** We would like to update you on recent precedent-setting judgements by Russian courts in matters involving foreign businesses that decided to leave Russia. On 17 October 2023, the Arbitrazh court of Moscow city sustained the claim by Russian bank PJSC Sovkombank against Citibank N.A. (a US company) and its Russian subsidiary JSC KB Citibank concerning the joint recovery of US$24m in losses1. On 21 December 2023, an appeals court upheld the judgement ...
Beginning January 1, 2024, companies created or registered in the United States will have to report information about their ownership to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, pursuant to The Corporate Transparency Act (“CTA” or the “Act”). For more information, see our prior alert on this topic here ...
