The initial proponents of Decentralised Finance (“DeFi”) opined that DeFi, as opposed to Centralised Finance (“CeFi”), could innovate the financial system by providing easier methods of payments and other financial services. The reasoning was based on the notion that transactions without a centralised intermediary in the financial system entail a simpler economy with less regulatory burdens ...
The SEC has adopted final rules requiring public companies subject to the reporting requirements of the Securities Exchange Act of 1934, to disclose material cybersecurity incidents and material information regarding their cybersecurity risk management, strategy and governance. In adopting the rules, the SEC intends to benefit investors, companies and the markets by requiring more consistent and comparable disclosures across registrants on cybersecurity incidents and risk management ...
The Policy will apply to a broader range of regulated entities and includes updates to take account of Jersey’s evolving regulatory framework. The key amendments to the Policy are as follows: private funds or other funds with a consent issued pursuant to the Control of Borrowing (Jersey) Order 1958 (“COBO”), (which could include funds not domiciled in Jersey and unregulated funds) are not caught under the Policy ...
It is essential that directors determine whether they are caught by the Director Registration Regime and, if so, familiarise themselves with its requirements and register themselves in advance of the 1 October 2023 registration deadline. What is the Six Directorship Exemption? Acting as a director of a company or incorporated body (whether incorporated in or under the laws of the Bailiwick of Guernsey or elsewhere) by way of business[1] is a regulated activity under the Fiduciaries Law ...
In its second tranche of major standards reduction, The Joint Commission will eliminate or consolidate 210 accreditation standards across many of its programs. The modification to the affected standards will be effective August 27, 2023. The reduction is part of a major review effort of Joint Commission requirements announced in September of 2022 ...
This week, the National Labor Relations Board (“NLRB”) adopted a somewhat new standard for evaluating employer work rules when they are challenged as being “facially unlawful” under Section 8(a)(1) of the National Labor Relations Act (“NLRA”). This standard builds off the previous standard announced in Lutheran Heritage Village-Livonia ...
Dinsmore attorneys Michael Dailey, Brian Moore and Jared Phalen co-wrote an article for BankDirector.com looking into the future of non-competes in the banking industry. Read it below. Banks have traditionally used non-compete agreements to protect themselves when executives and key managers quit and go to work for a competitor with the benefit of specialized training, proprietary methods and/or trade secrets taken from the prior employer ...
On June 27, 2023, the Pregnant Workers Fairness Act (“PWFA”) went into effect. This new law requires covered employers to provide “reasonable accommodations” for the known limitations of a worker relating to pregnancy, childbirth, or related medical conditions, unless the accommodation would cause the employer “undue hardship ...
As part of the preventive constitutionality control, the Constitutional Court ("TC") resolved that the provisions of the Bill that systematizes Economic Crimes and Attempts against the Environment (the "Bill"), that have the character of constitutional organic law, conform to the Constitution. Thus, for the Bill to become law, it only remains for the President of the Republic to promulgate it, and then proceed with its publication in the Official Gazette ...
Through an announcement issued by the President of the Republic, Gabriel Boric, the government announced the general guidelines of the new fiscal agreement, confirming that the executive will not insist in the Senate on continuing the legislative process of the tax reform bill rejected in March of this year. The fiscal agreement is based on a series of principles aimed at promoting a modern tax system, fostering economic growth, and prioritizing public expenditure ...
On July 10th, 2023, the Chamber of Deputies approved in its Second Constitutional Procedure the bill of law that, among other matters, aims to recognize Internet access as a Public Telecommunications Service (bulletin No. 11,632-15) (the "Bill"), through various amendments to Law No. 18,168, the General Telecommunications Law ("GTL"). As a result of the abovementioned approval, the Bill has been returned to its chamber of origin (i.e ...
The Responsible Actors Scheme (RAS) was launched on 21 July 2023. Eligible developers that fail to join or comply with the conditions of the RAS will be subject to building control and planning prohibitions. The Building Safety (Responsible Actors Scheme and Prohibitions) Regulations 2023 contain the detail of the RAS and are unchanged from the draft Regulations ...
The Government is undertaking a consultation on the secondary legislation required to implement the new public procurement regime established by the Procurement Bill ...
On July 9, 2023, major amendments to the Canada Labour Code 1 (the ?Code?) came into force, and further amendments are set to come into force shortly. These amendments relate to Part III of the Code, which covers labour standards. They were provided for in the Budget Implementation Act, 2018, No. 2 2, which was assented to on December 13, 2018, but are only now coming into force ...
Public comment closed August 1 on the rulemaking process for a final ban on TikTok and other social media applications (“apps”) from federal contractors’ devices. The new regulation will expand upon the interim Department of Defense, General Services Administration, and NASA (“the agencies”) ban, which went into effect on June 2, 2023. Over half of all states have banned TikTok on state government devices, with more likely to follow ...
Patterson Belknap has once again been included on The American Lawyer’s “A-List” of 20 leading law firms in the United States. The 2023 A-List is based on five criteria: pro bono performance, associate satisfaction, diversity of lawyers, percentage of women equity partners, and financial performance ...
Contents Changes to the requirements for individuals acting as a director 2022 Annual Report - Guernsey Financial Services Commission (the “Commission”) Updates to the AML/CFT Handbook Update on the Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 Financial Crime Return Rules Changes to the requirements for individuals acting as a director Acting as a director of a company or incorporated body (whether incorporated in or under the laws of the Bailiwick o
Contents Changes to the Money Laundering (Jersey) Order 2008 Changes to the Proceeds of Crime (Jersey) Law 1999 - Schedule 2 Businesses Limited Partnerships (Continuance) (Jersey) Regulations 2023 Forthcoming changes to the JFSC's Outsourcing Policy Changes to the Money Laundering Order The Government of Jersey is set to make a number of amendments to the Money Laundering (Jersey) Order 2008 ("MLO") following the conclusion of its recent consultation ...
Corporate income tax Residences Companies tax resident in Guernsey are subject to income tax on their worldwide income ...
The Virginia General Assembly made significant amendments to general rules for construction contracts, as well as the specific rules for public entity construction contracts in the Prompt Payment Act, that largely remove the option of “pay when paid” contracts between general contractors and subcontractors. Beginning in 2022, Virginia Code section 11-4 ...
Experis, a global leader in IT professional resourcing, project services and managed services, recently conducted a survey of over 2000 British employers in relation to the employment outlook for 2023. In response, 54% of employers anticipate that Artificial Intelligence (AI) will have a positive impact in headcount over the next 2 years ...
The Central Bank of Chile submitted to public consultation amendments to Chapters III.J.1.3 and III.J.2 of the Compendium of Financial Regulations of the Central Bank of Chile about issuance of payment cards with provision of funds and operation of payment cards, respectively. The aforementioned, with the purpose of adapting such regulation to new business models and promote the development of an efficient, safe, and inclusive payment means market ...
Although developments in higher education on the issue of affirmative action in admissions may not seem relevant to private employers, the U.S. Supreme Court’s recent decision should prompt employers to reexamine their own diversity, equity, and inclusion (“DEI”) and voluntary affirmative action initiatives to ensure that employment decisions are not unlawfully based on membership in protected classifications ...
We are fortunate to have connected with Kevin Dick, the President & CEO, and Emily Blevins, Marketing & Communications Director, of the Carolina Small Business Development Fund, at the recent Annual Meeting of the United Minority Contractors of North Carolina. The information that Kevin and Emily shared with us at the meeting sparked an idea for a Q&A we could share with our readers ...
Please be informed that major changes in regulation of information technologies and the Internet in Russia have been enacted recently by legislators in the third reading at the Russian Parliament. The bills are aimed at establishing new requirements for hosting providers, restrictions on the use of recommendation technologies on the Internet and authorisation methods on Russian websites, new fines for social media platform owners ...
