Dear valued clients, colleagues and friends, We are pleased to bring you the latest legal updates for July 2022. Financial Services On 30 June 2022, Bank Negara Malaysia issued a policy document on Bancassurance/Bancatakaful. The policy document shall come into effect on 1 January 2023 (except paragraphs 9.12 to 9.14 which have come into effect from 30 June 2022) ...
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Asbestos was used extensively in UK commercial and residential buildings in the 20th century, primarily for insulation, flooring and roofing, as well as being sprayed on ceilings and walls. On health grounds, the UK banned the use and import of all asbestos in November 1999. The House of Commons DWP Select Committee recently conducted an inquiry into the Health and Safety Executive’s (HSE) approach to asbestos management ...
Prior to the Amendment Prior to the Amendment coming into effect, a person carrying out investment business in or from Bermuda was required to be licensed under the IBA unless they were excluded in accordance with the provisions the IBA or exempt pursuant to the Investment Business (Exemptions) Order 2004 (2004 Order). Investment business was defined in the IBA as the undertaking of a relevant activity (i.e. dealing or advising on) in respect of an investment (i.e ...
The Royal Decree No. 750 (B.E. 2565) issued under the Revenue Code regarding income tax exemption on investment in Thai startups (the “Royal Decree”) was recently published in the Government Gazette, in cases where the funding for the startups is provided directly or indirectly through Venture Capital (VC), Corporate Venture Capital (CVC), or private equity trust (PE Trust). This Royal Decree aims to unlock capital gains tax on investment in startups under the Royal Decree No ...
Ohio Record-Retention Rules: How can banks defend themselves after purging account records that are essential to a future lawsuit? An Ohio customer walks into her local branch and demands access to the contents of her safe deposit box. She presents a key and a one-year lease, capable of annual renewal, from 2005. But the key not only fails to open the box – it does not even fit in the lock. And when you search for records of the lease, you find nothing ...
Switch2 Energy, Shoosmiths and HermeticaBlack came together to discuss procurement and delivery of new, low cost, low carbon heat networks ...
Further in their specialist series Chambers and Partners have launched this year’s guide for professional advisers to wealthy individuals and organisations, providing objective guidance on an international scale. The in-depth analysis covers trends within the private client market and has ranked the leading lawyers and law firms for international private wealth ...
The list of extensions for the adaptation of municipal and inter-municipal plans to the (new) rules on land classification and ualification contained in the Legal Framework for Territorial Management Instruments (Regime Jurídico dos Instrumentos de estão Territorial - “RGJIT”) 1 has been joined by a new one, with the publication of Decree-Law 45/2022 of 8 July ...
More than two years on from the first work-from-home order of the Covid-19 pandemic, business leaders are still grappling with changes to working practices that one executive says could lead to a two-lane economy in which swathes of workers never return to the office ...
What is a JCT contract? A JCT contract is a standard form of building contract produced by a UK body known as the Joint Contracts Tribunal. The JCT is comprised of seven members who represent a wide range of interests in the building sector from contractors, architects, and surveyors. The documents produced by the JCT are intended to standardise construction contracts with a view to reducing the time taken to negotiate the documentation ...
Simonsen Vogt Wiig has lately experienced an exceptional increase in new transactions within the offshore supply market. The traditional corporate lending, real estate and shipping markets have also stayed strong with a high volume of transactions with both banks and an increasing number of alternative project-based funding sources ...
Much has been written about the recent introduction of a right on the part of secure agricultural tenants to sell back their tenancies for value to the landlord. I want to have a look at another means by which some secure tenants can sell on the tenancy without involving the landlord at all. That the tenant’s interest in a secure traditional agricultural tenancy has a considerable value is now well established and the reasons easy to understand ...
In Abbey Healthcare (Mill Hill) Ltd v Simply Construct (UK) LLP, the Court of Appeal recently determined that a collateral warranty, signed four years after completion, was a construction contract that applied retrospectively, therefore an adjudication award applied to the dispute under the warranty and was enforceable. The court’s decision provides clarity that a collateral warranty can be sufficient evidence of contractual obligations to seek enforcement of an adjudication award ...
The Moveable Transactions (Scotland) Bill was recently introduced to the Scottish Parliament. The reforms in the Bill relate to assignation outright or for security purposes of broadly defined “claims” and to fixed security over corporeal (tangible) moveables and intellectual property - and the new fixed security regime is likely to be extended to shares and other incorporeal (intangible) moveables ...
Background Overseas investors’ participation in the China Inter-bank Bond Market (CIBM) has been steadily increasing in recent years due to the implementation of various opening-up regimes that allow access to the CIBM, such as the CIBM Direct, Bond Connect and QFI regimes, and the inclusion of China bonds in major international indices. At the end of 2021, overseas investors held RMB bonds of RMB 4 trillion, accounting for about 3.5% of the total market size of the CIBM ...
The essence of a service charge is that the landlord provides certain services and facilities for the benefit of the occupiers of a multi-let building and the occupiers collectively reimburse the landlord for those costs by paying a fair proportion of the costs of those services ...
Welcome to the third and final part in our series of articles on the Building Safety Act 2022. In Part 1 of our series of articles on the Building Safety Act 2022 we discussed the greater exposure to claims due to extensions in limitation periods and the measures aimed at addressing failures to remedy historical safety defects. In Part 2, we discussed the dutyholder regime and, in this final part, we look at the new gateway regime for higher risk buildings ...
Switch2 Energy, Shoosmiths and BEIS have come together to provide an update on how regulation, rising energy prices and decarbonisation targets are impacting heat network operators and customers. This second webinar, in a series of three, looks at what to do with existing buildings in relation to heat networks ...
An amendment to Hong Kong’s Anti-Money Laundering and Counter-Terrorist Financing Ordinance (“AMLO”) will be introduced to the Legislative Council for first reading on 6 July 20221, as the next step toward establishing a licensing regime for virtual asset service providers (“VASPs”) early next year ...
Welcome to the second part in our series of articles on the Building Safety Act 2022. In Part 1 of our series of articles on the Building Safety Act 2022 we discussed the greater exposure to claims due to extensions in limitation periods and the measures aimed at addressing failures to remedy historical safety defects. In Part 2, we discuss the dutyholder regime and look at the steps developers can take now to prepare ...
The regulations incoprorate requirements on occupational pension scheme trustees under at 2019 Competition and Markets Authority Order to carry out a tender process for fiduciary management services and set objectives for their investment consultants. The Occupational Pension Schemes (Governance and Registration) (Amendment) Regulations 2022 (Regulations) will come into force on 1 October ...
This was introduced on 6 April 2022 and is an essential part of the recruitment process, as this will ensure you have a statutory excuse against a civil penalty and allow you to remain compliant as your duty of sponsors if you currently hold a sponsor licence. The digital right to work check can only be made by Identity Service Providers (IDSPs) for British and Irish Citizens as physical proof of documents are expected to finish by 2025 ...
