Insolvency practitioners are undoubtedly alive to the risks of ignoring or mis-handling crypto assets and the threats of misfeasance or unfair harm claims that could follow. In this, the first in a series of articles on the subject, the message is simple – the technical details might appear arcane but provided you take specialist advice, a crypto asset is no different from any other asset you come across – keep calm and carry on ...
Military action has made adjustments to the activities of the vast majority of companies in Ukraine. Unfortunately, for many employers, the issue of revising the terms of remuneration of staff in the direction of reduction has become relevant. The Law of Ukraine “On the Organization of Labor Relations in Martial Law” (the Law), which entered into force on March 24, reminded of the restriction of the constitutional right to work for the period of martial law ...
What is important to consider? Many Ukrainian citizens are forced to stay abroad due to a full-scale Russian invasion. Some were there before the war and could not return, others had to leave Ukraine after February 24. It is clear that something is very difficult to predict at the moment and it can happen that, depending on your circumstances, your stay abroad can be long ...
Introduction On June 24, 2022, the 13th NPC Standing Committee adopted an amendment to the Anti-monopoly Law at its 35th meeting, following the submission of a second deliberation draft on June 21, 2022. The amendment will enter into force on August 1, 2022 ...
Regulation brings uniformity and security, which may feel anathema to the fundamental premise of distributed ledger technology (specifically blockchain and the nascent crypto industry blockchain technology allows) – a world that needs neither trust nor centralized authority. Nevertheless, two U.S. senators are pushing to reconcile these seemingly contrary positions and priorities ...
In the lead up to the UK COVID-19 Public Inquiry, we look at the impact the pandemic has had on the Education sector. Education has been particularly badly affected by worldwide COVID-19 restrictions, with 184 country-wide school closures, leaving 1.53 billion out of school, and impacting 87.6% of the world’s total enrolled learners1. The move to online learning One of the biggest changes for the sector was the move to remote learning ...
In a judgment handed down on 14 June 2022 in The Federal Republic of Nigeria v JPMorgan Chase Bank, N.A [2022] EWHC 1447 (Comm) (FRN v JPMC) the court again considered the scope of the Quincecare duty and gross negligence. The decision is good news for Banks. The case related to the payment of over $1 billion by JPMorgan Chase (JPMC) to accounts held by a Nigerian company called Malabu Oil and Gas Limited (Malabu) ...
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 ...
On March 31 of this year, Thailand submitted to the Organization for Economic Cooperation and Development (“OECD“) its notification of ratification of the Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (Convention or MLI) ...
Dinsmore partner Michael Dailey was published in Bank Director with his article "Recent Developments to Combat Redlining." Read an excerpt below. Regulators have worked on a variety of anti-redlining proposals in recent months, including a joint initiative by the Department of Justice, the Consumer Financial Protection Bureau, and the Office of the Comptroller of the Currency. Initial reactions to the initiative expected it to focus on the redlining seen in the Trustmark Corp ...
The State Bank of Vietnam (“SBV”) released a draft Circular on 11 May 2022 strengthening conditions for non-government guaranteed foreign loans (the “Draft Circular”) which aims to replace Circular No. 12/2014/TT-NHNN (the “Current Circular”). In the Draft Circular, the SBV indicates its intention to tighten control over foreign loans to address the risks on currency fluctuation and the national debt limit ...
Why a comprehensive exclusion of loss clause should cover 'wasted expenditure' - and how employers should resist. The Court of Appeal decision in Soteria Insurance Limited (formerly CIS General Insurance Limited) v IBM United Kingdom Limited (February 2022 Court of Appeal) contains a short but important point for those drafting exclusion clauses - especially those that seek to exclude indirect and consequential costs, loss of profits, loss of opportunity, etc ...
A summary of the key takeaways from a recent webinar on reducing scope 3 leased assets emissions. Shoosmiths is delighted to be sponsoring United Nation Global Compact Network (UNGC) UK’s series of webinars on ‘Reducing Scope 3 Emissions’ ...
Introduction Republic Act No. 11697, or An Act Providing for the Development of the Electric Vehicle Industry (EVIDA Law), became effective on 15 April 2022. The EVIDA Law outlines the regulatory framework and creates a comprehensive roadmap for the operation of electric vehicles (EVs) in the Philippines. It governs "the manufacture, assembly, importation, construction, installation, maintenance, trade and utilization, research and development, and regulation of electric vehicles" ...
Shortly after his administration began, President Biden signed Executive Order 13985, "Advancing Racial Equity and Support for Underserved Communities Through The Federal Government." In April 2022, in accordance with this Executive Order, the Equal Employment Opportunity Commission ("EEOC") released its "Equity Action Plan," which contains several items that may impact employers ...
In a class action lawsuit filed Monday in the United States District Court for the Northern District of California, Binance.US (Binance), a major cryptocurrency exchange, has been accused of misleading investors surrounding the Terra blockchain ecosystem. This is the first major court filing in the United States relating to Terra, whose UST and LUNC tokens crashed in May, wiping out around $40 billion in investor funds ...
June 13, 2022 By: Melissa Richards On June 9, 2022, the California Department of Financial Protection and Innovation (CA DFPI) issued its long awaited final regulations implementing SB 1235’s (2018) new early disclosure requirements on commercial financing offers equal to or less than $500,000. The CA DFPI regulations take effect December 9, 2022. The final regulations can be found at Title 10, Chapter 3 of the California Code of Regulations. The link to Chapter 3 is HERE ...
On the 25th of May 2022 the General Department of Taxation (“GDT”) issued Notification No. 10979 GDT on the “Required Documents to Support the Interest Charge on Related Party Loans” (“Notification 10979”). The key points to be taken from Notification 10979 are as follows: To ensure compliance with Prakas No. 986 MEF.P ...
By Bashir Ahmed, Saurbh Kothari and Dimple Soni 7 June 2022 Last year we had reported that the Federal Tax Authority (the FTA) has started to impose penalties on entities that have failed to submit their economic substance notifications by the set deadline of 30 June 2020 for the financial period ended on 31 December 2019, and the economic substance reports by the set deadline of 31 December 2020 for the financial period ended on 31 December 2019 ...
In September 2019 government announced a review of the system for children and young people with Special Educational Needs and Disabilities (SEND) in England. The current SEND regime introduced in 2014, is considered by many to be unfit for purpose, both in terms of accountability and consistent quality of support and adequate funding to local authorities to make the system work ...
