According to the recent insurance broker's Transactional Risk Insurance Claims Study1, the number of W&I claims have increased by 293% between 2016 and 2018 in Europe, the Middle East and Africa (the EMEA-region). One explanation is of course the triple increase W&I policies issued over the same period. The W&I market have become more mature than what it was just some few years back ...
Activists and government leaders are sounding the death knell for our planet unless something is done about climate change. But while sustainability is important, sustainability reporting may not be the answer. In a headline-hogging speech at the UN last month, 16-year-old environmental activist Greta Thunberg berated politicians and business people for doing too little to arrest climate change, ruining the globe for future generations. High-profile scandals back up her claim ...
CFIUS inbound investment national security review expanding to certain non-controlling foreign investments in critical technology, critical infrastructure, and sensitive personal data, as well as to certain real estate transactions. The U.S. Treasury Department published proposed rules in the Federal Register on Sept. 24, 2019, concerning changes to the review process for foreign investment conducted by the Committee on Foreign Investment in the United States (CFIUS) ...
What’s happened? After much media coverage regarding the potential change in the law concerning properties owned in common in Dubai, Law 6 of 2019 was introduced on 4 September 2019 (the New Law). The New Law is an important development for Dubai as most real estate is held by way of property owned in common. That is, a real estate development that has been subdivided into apartments, offices, retail units and/or common areas ...
As early as September 23, 2019, the United States House of Representatives is expected to vote on the widely anticipated Secure and Fair Enforcement (SAFE) Banking Act ...
On the 21st of August 2019 Notification dated 21 August 2019 the General Department of Taxation (“GDT“) issued Notification 17517 GDT on the Second Reminder of the Payment of the Property Tax reminding owners of immovable property to file their annual Property Tax declaration before the deadline of 30 September 2019 ...
The Association of Fire Prevention Enterprises of Cambodia (“AFPE”) in conjunction with the National Quality Inspection Centre for fire Safety Systems (“NICS”) hosted a seminar on 9 September 2019 on the introduction of the National Standard Book on Fire Safety Systems – Building Design Code ...
The information in this article is based on new regulations issued by the City of San Francisco, and supersedes the article published in early June of this year. San Francisco has recently enacted the Community Opportunity to Purchase Act (COPA), a law that provides San Francisco nonprofits with the right to purchase apartment buildings of three or more units before they are put on the market ...
As of July 1, 2019, registration officially opened for CalSavers, California's new retirement savings program, formerly known as Secure Choice. CalSavers is a mandatory state-sponsored program for private sector and nonprofit workers whose employers do not offer a retirement plan. Under CalSavers, eligible employers with five or more employees must register with the California State Treasurer’s office as a participating employer in CalSavers ...
CalPERS Announces New Administrative Fees for Section 218 Agreements The California Public Employees' Retirement System (CalPERS), the California State Social Security Administrator (SSSA), announced in July that it will begin charging new administrative fees to public agencies for Section 218 Agreements to pay the cost of administering the SSSA program ...
On August 19, 2019, the chairman of the National Credit Union Association issued a letter with guidance to all credit unions. Prior to August 19, hemp businesses had difficulty locating banks or other entities that would permit them to conduct normal merchant banking activities. That issue has, in part, been addressed by this letter of guidance. Questions remain, however, regarding many merchant services and whether FinCEN will issue a similar guidance ...
On September 1, 2019, AB2342 and its new timing requirements for issuing certain eviction notices and for answering eviction lawsuits go into effect in California. AB2343 amends California Code of Civil Procedure Sections 1161(2) and (3) regarding 3-day notices to pay or quit and 3-day notices based on neglect or failure to perform other conditions or covenants of the lease or agreement ...
This summer, the IRS significantly increased its efforts to police the taxation of Bitcoin, Ethereum, and other similar cryptocurrencies. On July 26, 2019, the IRS announced that it had begun sending letters to taxpayers who potentially failed to pay cryptocurrency taxes associated with digital currency transactions or failed to properly report those transactions. By the end of August, the IRS anticipates that it will have sent over 10,000 letters to taxpayers ...
The past year has been a busy one for AML compliance in the UAE. In October 2018, Federal Decree-Law 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations (AML Law) came into force. It contained features recommended by the Financial Action Task Force (FATF), and brought UAE laws in line with international AML standards ...
As the first of several deadlines under the Qualified Opportunity Zone (“QOZ”) program rapidly approaches, investors still on the sidelines are discovering that time is running out on the ability to take advantage of the full suite of tax benefits under the program. December 31, 2019 marks the last day in which investors may roll over capital gains into Qualified Opportunity Funds (“QOF”) and obtain a 15% reduction in the amount of the deferred gain ...
Traditionally financial institutions have preferred litigation over international arbitration. The reasons are many, but they are mainly related to the fact that arbitrators generally lack the power to render summary judgments, to grant interim measures, and that there is no precedent in international arbitration. However, international arbitration has gain ground in the last few years, due to the fact that arbitral institutions have addressed the main criticisms to the system ...
With the State of Illinois’ recent legalization of recreational cannabis, municipalities have started to debate whether to “opt in” to allow such businesses. While municipalities cannot prohibit the use of recreational cannabis, they can decide whether recreational cannabis businesses are allowed to operate within their boundaries. Local officials are just starting to consider the pros and cons of recreational cannabis businesses in their communities ...
The SGX has beefed up delisting rules, making it harder for controlling shareholders to privatise listed companies. Is this a victory for minority shareholders, or yet another restriction that will make us a less attractive listing venue? We all knew it was coming ...
On July 17, 2019, the Ohio Supreme Court resolved any doubt regarding the scope of Ohio’s construction statute of repose (R.C. 2305.131) and with it, delivered a clear victory to construction contractors in Ohio. In New Riegel Local School District Board of Education vs. Buehrer Group Architecture and Engineering, Inc., et al ...
On 13 June 2019, the Minister of Public Works and Public Housing (“MPW”) issued Regulation No. 09/PRT/M/2019 on Guidelines on Licensing Services for Foreign Construction Business Entities (“Reg No. 9/2019”) replacing:(i) MPW Regulation No. 10/PRT/M/2014 on Guidelines on Issuing Licenses to Representatives of Foreign Construction Service Corporate Bodies (“Reg No. 10/2014”); and (ii) MPW Regulation No ...
Last month, a California appellate court reversed the trial court and ruled that a subcontractor's insurer had a duty to defend an additional-insured general contractor in underlying construction-defect litigation. In McMillin Homes Construction, Inc. v. National Fire & Marine Insurance Company (2019) 35 Cal.App.5th 1042, a general contractor was an additional insured under a commercial general liability policy issued to its roofing subcontractor ...
Introduction The latest in the series of insolvency regime reformations in the Middle East is the new Dubai International Financial Centre insolvency law; DIFC Law 1 of 2019 (the New Law). Subject to article 1(4) of the New Law, the New Law repeals and replaces DIFC Insolvency Law 3 of 2013 (the Old Law). Article 3 of the New Law states that it applies in the jurisdiction of the DIFC, meaning that it applies to all DIFC incorporated entities ...
