On 16 July 2024, Legal Notice 166 of 2024 was published in Malta. This implemented the relevant provisions of DORA (full title being Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital operational resilience for the financial sector and amending Regulations (EC) No 1060/2009, (EU) 648/2012, (EU) 600/2014, (EU) No 909/2014 and (EU) 2016/1011) into Maltese law ...
On the 12th July 2024, the Malta Financial Services Authority (“MFSA”) published a Circular introducing new passporting forms for (re)insurance undertakings as part of the MFSA’s efforts to address new requirements emanating from the Cross Border Notification Platform launched in February 2023 ...
On the 29thJuly, the Malta Business Registry (MBR) issued a notice advising that any memoranda and articles of association being filed with the Registrar of Companies, whether in the course of an incorporation of a new company or as an amendment to memoranda and articles of association of companies already registered, need to be amended in order to refer to certain notification obligations which Maltese companies may be subject to ...
Citizens' Advice Guernsey to hold black-tie gala, sponsored by Carey Olsen Friends of Citizens' Advice – an extension of Citizens' Advice Guernsey established to raise funds for the charity – will host the black-tie event, which will include a three-course meal and live music, followed by a raffle and an auction ...
On 26 July 2024, the People's Bank of China (PBOC) and the State Administration of Foreign Exchange (SAFE) released the revisedProvisions on the Administration of Funds of Foreign Institutional Investors for Domestic Securities and Futures Investment(《境外机构投资者境内证券期货投资资金管理规定》, the "Revised Provisions"), which will come into effect on 26 August 2024 and supersede the current version issued on 7 May 2020 (the "Current Provisions") ...
In another update to the Federal Trade Commission’s (the “FTC”) Non-Compete Ban (the “Rule”), a federal judge in Pennsylvania ruled against ATS Tree Services, LLC v. Federal Trade Commission, et al.[1] denying ATS’ motion for a preliminary injunction ...
The Welsh Government has given some insight into its direction of travel in terms of implementing the Building Safety Act 2022 (BSA) in Wales with the publication of the Building Safety Act 2022 Handbook for Wales Design and Construction Phase. This confirms that the BSA will be implemented in Wales in phases. The handbook summarises the work that has commenced in the first stage including: defining what is a higher-risk building in Wales for the design and construction phase ...
Shoosmiths hosts a panel discussion examining Greater Manchester's Places for Everyone spatial strategy following its formal adoption, focusing on the transition from the strategy phase to implementation and delivery. Places for Everyone was formally adopted on 21 March 2024 after a decade in the making ...
Carey Olsen advises Mercer Park Opportunities Corp. on its US$200 million IPO Mercer Park Opportunities granted the underwriter, Canaccord Genuity Corp., a non-transferable over-allotment option to purchase up to an additional 3,000,000 Class A Restricted Voting Units at the same price per unit, exercisable within 30 days following the offering's closing ...
Bermuda corporate and finance update Q2 2024 Contents Introduction to Bermuda’s Corporate Income Tax Act 2023 Cyber risk management The Bermuda Monetary Authority enhances its Insurance Regulatory Regime Introduction to Bermuda’s Corporate Income Tax Act 2023 On 27 December 2023, the Corporate Income Tax Act 2023 (“CITA”) received governor’s assent in Bermuda ...
On 1 July 2024, the Act of 15 May 2024 on measures to address over-indebtedness and protect companies in difficulty (the“Act”) was published in the Belgian Official State Gazette. The main amendments of the Act, as well as its entry into force, are briefly discussed below ...
On 11 July 2024, the UK Financial Conduct Authority (FCA) issued the final version of its long-awaited new Listing Rules (UKLRs) in the UK Listing Rules Instrument 2024 (FCA 2024/23) (UKLR Instrument) ...
In a judgment decided on the 26th of June 2024 in the names Marcus Scicluna Marshall et vs Michael Borg Cardona, the Court of Appeal in its Inferior Jurisdiction confirmed that no appeal can be filed from the rate established by the Rent Regulation Board to increase the rent for leases predating the year 1995 ...
Jersey Wills for non-Jersey domiciled clients Our service We provide a comprehensive Will drafting service for clients who are domiciled outside Jersey but who have movable assets situate in the Island. Jersey movable assets can include bank accounts in the Island, stocks and shares in companies incorporated in, or with their Registrars based here in the Islands and other tangible assets ...
Today marks a pivotal shift towards a more pro-development approach. This recognises the importance of creating more quality, sustainable, and mixed-tenure homes, boosting residential supply across the UK, and understanding that this is central to delivering the economic growth the country needs. The reinstatement of mandatory housing targets and the strengthening of devolution powers are crucial first steps in accelerating housing provision. If the government aims to meet its 1 ...
Guernsey poised to benefit from new LSE rules to boost growth and innovation The UK’s Financial Conduct Authority (“FCA”) has announced new rules for listings on the London Stock Exchange (“LSE”), which come into effect from 29 July 2024. The new rules are the biggest change to the listing regime in over 30 years and aim to support a wider range of companies to issue their shares on a UK exchange, increasing opportunities for investors ...
The Chancellor’s statement on 8 July 2024 stated that mandatory housing targets will be restored as part of the reform of the National Planning Policy Framework in England and Wales. This is expected to be included in the King’s speech on 17 July. The planning regime in Scotland is devolved and it is the National Planning Framework 4 (NPF4) that applies. Challenges and court cases followed the publication of NPF4 in February 2023 ...
On July 3, 2024, Law No. 21.680, which creates a Consolidated Debt Registry (hereinafter referred to as the "Law"), was published in the Official Gazette. This Law aims to centralize information on financial debts, thus improving the credit evaluation of individuals and providing more data to the Financial Market Commission (CMF) for its regulatory functions ...
The Supreme Court has decided that most collateral warranties will not be construction contracts and unanimously allowed the appeal of the Court of Appeal decision in Abbey Healthcare (Mill Hill) Limited v Simply Construct (UK) LLP [2022]. Background Under s.108 of the Housing Grants, Construction & Regeneration Act 1996 (Construction Act), parties to a construction contract have a right to refer disputes arising under those contracts to adjudication ...
Carey Olsen advises Rosebank Industries on application to trade on London Stock Exchange The Rosebank co-founders are previous leading members of the senior management team of Melrose Industries plc ("Melrose") and intend to recreate the same successful ‘Buy, Improve, Sell’ business model which they pursued at Melrose ...
On July 5, 2024, the Financial Market Commission (“CMF”) updated its "Frequently Asked Questions" document related to General Rule No. 502 (“NCG 502”). The NCG 502 regulates the registration, authorization, and obligations of financial service providers under Law No. 21.521, known as the "Fintech Law ...
The methods employed by criminals to transfer and conceal proceeds of crime on a global scale are becoming increasingly sophisticated, making effective mutual legal assistance in criminal matters crucial for cross-border asset recovery ...
In this article we look at some of the key factors that influenced deal term trends through analysing the many transactions Shoosmiths advised on over the last year. For the third successive year Shoosmiths remained the UK’s most active law firm advising on mergers and acquisitions (according to Experian MarketIQ), acting on over 400 deals worth over £7bn in 2023 ...
The Supreme Court has overturned the Chevron Doctrine–a four decade-old ruling that enabled Federal agencies, including the Internal Revenue Service (“IRS”), to interpret ambiguous laws passed by Congress, and to have such interpretations enjoy a significant degree of deference ...
