An LTAF is a UK authorised fund which offers greater flexibility in terms of assets that it can invest in than other types of UK authorised fund. It has more liquidity than more traditional fund structures such as private equity limited partnerships ...
Two months ago, we published an article speculating how the UK government may look to regulate generative AI such as OpenAI’s ChatGPT and Google’s Bard, as part of its broader approach to AI regulation in the UK. On 29 March 2023, the government unveiled its White Paper entitled ‘A pro-innovation approach to AI regulation’ ...
Is Coronavirus the Great Leveller? When the novel coronavirus first started spreading like wildfire, people called it the “great leveller”. No respecter of status or economic background, Covid-19 affected people at all strata, from housemaids to Hollywood royalty; peons to prime ministers. Tom Hanks, Boris Johnson and an aide to US Vice President Mike Pence all contracted it ...
It is now common knowledge that after January 2, 2022, issuing a cheque that is dishonoured for the lack of funds is no longer going to be a criminal offence in the UAE (for a primer on the changes made to the law, clickHere). But what of ongoing complaints and criminal cases regarding cheques that were dishonoured prior to January 2? Circular No. (9) of 2021, issued by the Dubai Public Prosecution Department on 19 December 2021, helpfully clarifies how such cases are to be handled ...
Introduction The UN Convention on International Bills of Exchange and International Promissory Notes (1988) and the Convention Providing a Uniform Law for Bills of Exchange and Promissory Notes (1930), on which legislation throughout the world is modelled, assert the same principle. The assignment of funds is thus rejected as the legal principle underlying the transfer of funds ...
At Christmas, the Trade and Cooperation Agreement (TCA) consisting of 1256 pages was finally agreed between the EU and the UK. Crucially, the Agreement is between the EU and UK only and not the EU and its member states and the UK. The TCA establishes a free trade area for goods and services, in accordance with the WTO law. Both sides can apply trade remedies as is usual for free trade agreements such as on condition anti-dumping duties, anti-subsidy duties, and economic safeguards ...
At Christmas, the Trade and Cooperation Agreement (TCA) consisting of 1256 pages was finally agreed between the EU and the UK. Crucially, the Agreement is between the EU and UK only and not the EU and its member states and the UK. The TCA establishes a free trade area for goods and services, in accordance with the WTO law. Both sides can apply trade remedies as is usual for free trade agreements such as on condition anti-dumping duties, anti-subsidy duties, and economic safeguards ...
In Japan, the Act on the Protection of Personal Information (APPI) is the primary law that regulates data protection issues ...
In the 1940s writer and futurologist Isaac Asimov laid down his Three Laws of Robotics. We say it’s time for lawyers to do the same. A flourishing future is ours for the taking, provided we know how to grasp it. At Shoosmiths, we’ve been working on future-facing projects for a good few years now ...
As 2022 draws to a close we are provided with an opportunity to reflect on what has been and what is still yet to come. The UK tech sector has grown substantially since Brexit took effect in 2020, the real effects having been masked until now by the ensuing global pandemic. It has only really been in 2022 that the business community has been able to properly see the opportunities, and the challenges, that the sector faces ...
Lots of folks have been asking of late, “Do I have to show taxes in drink prices?” The Tennessee Department of Revenue recently clarified that including taxes in drink prices is optional. Previously, the state required that menu prices include both liquor by the drink and sales taxes. The law now gives taxpayers the option to include taxes on the final bill to the customer, instead of in the sales price listed in menus. A copy of the notice from Revenue is included here ...
On June 28, 2010, the United States Supreme Court announced its decision on Bilski v. Kappos regarding what inventions are eligible for patent protection. The decision affirms that business methods are patentable, although the specific business methods at the center of the case are not. While stating that no single test governs the issue, the Court approved of the use of the “machine-or-transformation test” that the Federal Circuit had distilled from earlier Supreme Court cases ...
On February 1, 2013, the Supreme Court overturned a controversial decision of the Ontario Court of Appeal which granted pension beneficiaries priority over dip lenders in the context of a restructuring under the Companies' Creditors Arrangement Act ("CCAA")1. The Court of Appeal's decision led many to worry that lenders would be reticent to advance funds to restructuring debtors for fear of not being able to secure charges which would outrank all other claims ...
Justice Kavanaugh’s first authored opinion as a Supreme Court Justice inHenry Schein, Inc. v. Archer and White Sales, Inc., No. 17-1272, 586 U.S. ____ (2019) further cements the Supreme Court’s stance on arbitration. Over the years, the Supreme Court has consistently held in favor of arbitration and rejected attempts by parties and the lower courts to ignore binding arbitration clauses. For instance, inAT&T Mobility LLC v. Concepcion, 131 S. Ct ...
In a unanimous opinion authored by Justice Sotomayor, the U.S. Supreme Court declined to redefine preclusion, reversing the Second Circuit’s decision in trademark dispute Lucky Brand Dungarees Inc. v. Marcel Fashion Group Inc. The Second Circuit’s opinion had attempted to expand res judicata beyond the well-recognized issue preclusion and claim preclusion, creating a new category it called “defense preclusion ...
The Superior Court considered two interesting issues in the case of Banque Laurentienne du Canada v. Yuan.1 First, it had to determine whether a term loan that was used to payout an existing term loan had resulted in the novation of the first debt. Second, it had to determine what the effect the contract titled (translation) “Credit Facility Secured by Hypothec”2 had on the survival of the disputed hypothec.FACTSThe Court’s decision describes the circumstances of the dispute ...
The scope of additional hypothecs was examined by the Superior Court of September 6, 2011 in the case of Banque Nationale Du Canada v. Larouche. At issues in this case was whether the additional hypothec provision contained in the deed of hypothec granted by Mr ...
Workplace Christmas parties are just around the corner. While such celebrations are a great opportunity to strengthen team spirit and acknowledge everyone?s hard work, it is important to remember that it is not only up to employers to make sure they run smoothly?their entire workforces, managers and employees alike, are also responsible. Just think of potential situations of harassment where alcohol and fun times are combined ...
A recent article in the Financial Times caused some raised eyebrows in the fund finance market by implying that subscription line facilities create substantial risks to banks and investors. The article references a memo on Oaktree Capital’s website by Howard Marks, Oaktree’s co-chairman and founder, in which he discusses some of the perceived costs and risks associated with such facilities. If readers dig into the memo, they will find that Mr ...
The Supreme Court ruled last week in Microsoft Corporation v. i4i Limited Partnership that “clear and convincing evidence” is still the standard of proof required to invalidate a patent. Section 282 of the Patent Act states that “a patent shall be presumed valid” and that “[t]he burden of establishing invalidity of a patent or any claim thereof shall rest on the party asserting such invalidity ...
Episode 7 of the Journey Through a Contract series highlights the key considerations when a business is entering into a contract with a consumer. Felicity Forward, Ayesha Chandegra and Joel Murphie provide guidance on how to identify a consumer contract, what additional protections consumers have and how the law is set to enhance consumer rights through the Digital Markets, Competition and Consumers Bill. Listen to the podcast and send us your feedback to [email protected] ...
Season 2 of the Journey Through a Contract series – let’s talk Definitions and Interpretation! Definitions and interpretation – often the first clause in a contract that you will encounter, but not necessarily the easiest one to start with when you are trying to understand your contractual obligations and rights ...
Private open-ended fund companies (OFCs) in Hong Kong are subject to regulation by the Securities and Futures Commission (SFC). The SFC has taken a streamlined approach to regulating private OFCs. High degree of flexibility No investment restrictions: Pursuant to the SFC’s revised Code on Open-Ended Fund Companies (OFC Code) all investment restrictions for private OFCs have been removed ...
Private open-ended fund companies (OFCs) in Hong Kong are subject to regulation by the Securities and Futures Commission (SFC). The SFC has taken a streamlined approach to regulating private OFCs. (I) High degree of flexibility No investment restrictions: Pursuant to the SFC’s revised Code on Open-Ended Fund Companies (OFC Code) all investment restrictions for private OFCs have been removed ...
