On January 26, 2023, Law 21,536 was published in the Official Gazette, thus enacting it as law of the Republic. Law 21,536 postpones the entry into force of the amendments introduced to the Mining Code by Article 10 of Law 21,420. The effective date of Law 21,536 is the same as its publication ...
“What’s in a name? That which we call a rose by any other name would smell just as sweet.” – William Shakespeare What’s in a name? From a Cambodian tax perspective, it would seem quite a lot. On the surface, Instruction 30408 “On the Implementation of Advance Tax on Dividend Distribution,” issued by the General Department of Taxation (GDT) on 14 December 2022 seems quite innocuous ...
Pensions analysis: On 16 December 2022, the Pensions Regulator (TPR) published its consultation on the new defined benefit (DB) funding code of practice together with a response to its first consultation and a consultation on its proposed twin track regulatory approach to assessing valuations including its proposed Fast Track design. Suzanne Burrell, partner at Shoosmiths examines the consultation and its implications ...
FinTech is important to the financial services sector in both India and the UK. A trade agreement could facilitate FinTech growth and deepen trade between the two countries. Kiran Desai, Head of Shoosmiths Brussels is joined by colleague Prakash Kerai to host Prashanth Ramdas of Khaitan & Co ...
The UAE commercial agency regime has been a central pillar of commerce since the issuance of UAE Federal Law 18 of 1981 (the 1981 Law). While piecemeal amendments to the 1981 Law have been introduced from time to time, the UAE government has now issued UAE Federal Law 3 of 2022 concerning commercial agencies (the New Agencies Law) which repeals and replaces the 1981 Law in its entirety ...
This inBrief highlights the different aspects of venture capital, animportant source of raising money for start-up companies which donot have access to capital markets. We discuss the different types ofventure financing through which start-ups can raise money andwhich are taken into account when assessing valuations ...
The jewel in Glasgow’s famous shopping crown is known as the ‘Golden Z’, referencing the ‘Z’ shape which the famous shopping streets create – Buchanan Street linking Argyle Street to Sauchiehall Street ...
Government agencies are increasingly requiring vendors and other private-sector partners to enter into arrangements requiring them to relinquish their intellectual property rights.[1] These demands threaten to discourage the country's most innovative enterprises from working with the federal government, thus impairing our national security and global competitiveness ...
We are pleased to issue our third edition of the Regulatory Compliance Quarterly Updates. These updates are intended to keep Maltese regulated entities informed of regulatory changes and developments taking place in the local financial services space ...
On January 23, 2023, after hearing an extensive oral argument, the Supreme Court dismissedIn re Grand Jury, 23 F.4th1088 (9th Cir. 2021),cert granted, 143 S. Ct. 80 (2022), a highly anticipated case about how the attorney-client privilege applies to “multipurpose” communications ...
Personalized Media Communications, LLC v. Apple, Inc., Appeal No. 2021-2275 (Fed. Cir. Jan. 20, 2023) Our Case of the Week focuses on the doctrine of prosecution laches. Following a bench trial on the issue held shortly after the Federal Circuit’s decision in Hyatt v. Hirshfeld, 998 F.3d 1347 (Fed. Cir. 2021), the district court found Personalized Media Communications’ patent unenforceable under the doctrine ...
Introduction A convertible loan is considered a hybrid instrument as it is neither debt nor equity. Whether it is accounted for as debt or equity depends on the terms of the loan. Convertible loans typically carry interest and have a fixed maturity date, but other varieties also exist. Conversion is triggered by the lender, the borrower or automatically upon the occurrence of a trigger event. The conversion price is pre-agreed and can be fixed or subject to a pre-agreed pricing mechanism ...
On 2 January 2023, three pieces of federal legislation came into effect which, if implemented as envisaged, will arguably make the most significant changes to litigation in the on-shore Dubai Courts since the UAE was established ...
Introduction On 22 December 2022, the Malta Financial Services Authority (‘MFSA’ or ‘the Authority’) issued a stakeholder consultation on the proposed establishment of a new framework for Notified Professional Investor Funds (‘NPIFs’). The NPIF framework proposal seeks to introduce a new fund structure, complementing the existing fund frameworks in Malta ...
Lawyers and clients, take note: on January 9, 2023, the Supreme Court heard oral argument on probably one of the most consequential cases on the scope of the attorney-client privilege in decades.In re Grand Jury, 23 F.4th1088 (9th Cir. 2021),cert granted, 143 S. Ct. 80 (2022), a tax case, addresses the application of the attorney-client privilege to “multipurpose” communications involving legal and non-legal topics ...
Following the Court of Justice of the European Union (the "CJEU") ruling which invalidated the "public access" feature of the Luxembourg Register of Beneficial Owners (the "RBE"), the Ministry of Justice required Luxembourg Business Registers (the "LBR") to immediately suspend all public access to the RBE pending the introduction of access rights more in line with the conclusions of the CJEU’s ruling ...
On January 19, 2023, the Federal Trade Commission (FTC) published its proposed rule barring most non-compete agreements that would apply to employees. We previously summarized the proposed rule here. The deadline for comments on the proposed rule is March 20, 2023. Comments can be submitted online at Regulations.gov or in writing to Federal Trade Commission, Office of the Secretary, 600 Pennsylvania Avenue NW, Suite CC-5610 (Annex C), Washington, DC 20580 ...
as published in West Virginia Banker magazine, Winter 2022 In October 2022, the United States Court of Appeals for the Fifth Circuit ruled that the Consumer Financial Protection Bureau’s (CFPB) independent funding structure violates the U.S. Constitution’s Appropriations clause and the principle of separation of powers. The Dodd-Frank Act, passed in the wake of the 2008 financial crisis, provided that the CFPB would not be funded through Congressional appropriations ...
On January 10, the United States District Court for the District of Columbia issued a long-awaited opinion which will allow the U.S. Department of Health and Human Services (HHS) to determine the means by which it will repay inappropriate cuts it levied against 340B participating hospitals’ Medicare reimbursement.[i] The District Court’s decision comes on the heels of the United States Supreme Court’s unanimous decision in American Hospital Association v. Becerra, 142 S. Ct ...
HUD-insured debt may be a narrow field within the broader realm of commercial real estate finance, but it never ceases to amaze me the variety of issues that I encounter within the relatively small HUD sandbox. Dinsmore’s work as lender’s counsel on a recent multifamily 223(f) loan had me grappling with issues related to sovereign immunity, a legal concept that had barely entered my consciousness since graduating from law school ...
On 16 January 2023, the Financial Market Commission ("CMF") published in its web site and invited to submit comments to a regulatory proposal involving the issuance of two rules: (i) the general rule that will regulate the requirements and procedures for registration in the Registry of Financial Services Providers (the "RPSF") and (ii) the general rule that will regulate the authorization to provide investment advisory services by persons registered in the RPSF (the "Proposed Rule") ...
Governments and authorities worldwide are placing increased emphasis on stricter financial controls tackling money laundering, terrorist financing and proliferation of weapons trafficking. As a leading global financial hub, the Cayman Islands is at the forefront of this arduous challenge. An example of its success is the introduction of a rigorous beneficial ownership regime (BOR) ...
