Under the employment law that was previously in force in the UAE, employers were not permitted to terminate an employee’s employment (even with notice) absent a “legitimate reason” and if “the reason for such termination has no connection with work”. In other words, the concept of termination “at will” was not recognised as an enforceable right in the context of an employer-employee relationship ...
A share buyback essentially occurs when a company acquires some of its own shares through means other than by subscription. Such acquired shares are colloquially referred to as treasury shares and allow for flexibility with regards to the company’s capital structure since the sale thereof does not constitute an allotment or issue of shares and thus the restrictions imposed thereon do not apply ...
In commercial real estate transactions, time is money, execution is everything and projects generally do not move forward without a mortgage loan. Lenders and their counsel should view a project as if the lender is the eventual buyer, owner and seller. For developers, considering the transaction from a lender’s point of view can save them considerable time and money and expedite loan closing ...
In the second instalment of The Fintech Times' ‘Where to Relocate’ series, we turn the spotlight to the Cayman Islands as a VASP-friendly jurisdiction. Situated in the Caribbean, the Cayman Islands offer a unique blend of regulatory excellence, technological innovation, and a commitment to fostering the growth of digital assets ...
The SEC issued enforcement orders against three companies for including terms in their employment and separation agreements that violated Rule 21F-17(a) of the Securities Exchange Act of 1942, commonly known as the whistleblower protection rule. The rule prohibits any action that impedes an individual from communicating directly with SEC staff about a possible securities law violation ...
Beginning January 1, 2024, companies created or registered in the United States will have one year to report personal information about their owners to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. The Corporate Transparency Act (CTA) will now require many companies in the United States to file personal information with the government on their ownership and business applicants ...
Article 54 of the Labour Law (Federal Decree-Law 20 of 2023 on the regulations of labour relations, as amended) dealing with employment disputes has been amended to give greater powers to the Ministry of Human Resource and Emiratisation (the Ministry). The amended provision shall come into effect from 1 January 2024 ...
The flight to quality in the UK’s commercial real estate market has been covered extensively over recent months. Nowhere is this shift being felt more acutely than in the office sector. According to Cushman & Wakefield, take-up of Grade A office space in Central London reached 2.44m sq ft during the first half of 2023 - increasing by 7 per cent on the five-year H1 average. There are many factors driving this shift ...
On October 16, 2023, the Division of Examinations of the United States Securities and Exchange Commission (the “Division”) published the 2024 Examination Priorities. Historically, the Examination Priorities have been published in the 1st quarter of the applicable calendar year. For 2024, the Division revised the publication date to align with the start of the SEC’s fiscal year ...
Corporate status A foundation company is a body corporate with a legal personality distinct from its members, directors and other connected persons. As foundation companies are governed by the Companies Act (Revised), except where it is inconsistent with the Foundation Company Act (2017), they benefit from an extensive body of case law and are well recognised in other jurisdictions ...
Examples of ESG investments include investments in businesses such as wind farms and solar power initiatives, or in companies that meet the investor’s ESG value criteria (for example, because they have in place policies to address climate change or to ensure ethical supply chain sourcing) ...
October 23, 2023 By: Leah Lively and Alexandra Shulman This month, dozens of class action lawsuits have been filed in Washington, based on alleged violations of Washington’s Equal Pay and Opportunity Act ...
Authority Magazine October 23, 2023 By: Eric L. Pines The legal field is known to be extremely competitive. Lawyers are often smart, ambitious, and highly educated ...
On October 16, 2023, the Council of the Central Bank of Chile ("CBCh") published in consultation a proposal to systematize and update the exchange information requested to entities that are part of the Formal Exchange Market (the "Project"), in compliance with the regulation of the Foreign Exchange Regulations Compendium ("FERC"), together with a reformulation and restructuring of this regulatory body ...
The unconstitutional nature of property devolving on the Government of Malta following the procedure to render a company defunct Introduction On 12 October 2023, the First Hall of the Civil Court in its Constitutional Jurisdiction delivered a landmark ruling in the case Carmel Cortis et vs. Office of the Prime Minister et ...
The Securities and Exchange Commission (SEC) has implemented rule revisions governing beneficial ownership reporting under Section 13(d) and 13 (g) of the Securities Exchange Act of 1934. The SEC also elaborated on its stance concerning the conditions under which it is determined that two or more individuals have established a collective entity for the regulatory scope of Sections 13(d) and (g) of the Securities Exchange Act of 1934 ...
On September 29, 2023, the Equal Employment Opportunity Commission (“EEOC”) published new proposed enforcement guidance ("the Proposed Guidance”) on harassment in the workplace. This is the first proposed EEOC guidance on workplace harassment since the turn of the century ...
The idea of achieving purpose alongside profit has been part of the business world for centuries, but the importance placed on it has reached new heights in recent years with an increased focus on ESG (Environmental, Social and Governance) issues, informed by a longer-term view that we cannot afford to pursue profit without consideration for people and our planet ...
We have previously commented on the impact environmental concerns are having on those working in the traditional energy sectors. In particular, the focus on renewable energy has left many oil and gas workers nervous about their job security and ability to find alternative work if they are made redundant. Thankfully, it appears those concerns might be unfounded ...
For a long time, socialising at work was synonymous with drinking alcohol, but in recent times we have seen this trend start to shift. This is positive news for employers who risk social events centred around alcohol inadvertently isolating those to choose not to drink. With minimal alternatives available in the past, some employees have felt a certain pressure to drink at events to ‘keep up’ with colleagues ...
When the Occupational and Personal Pension Schemes (Conditions for Transfer) Regulations 2021 came into force on 30 November 2021 the government promised to review them 18 months later. That review shows there's more work to be done. Background Back in December 2021 we wrote about the new Occupational and Personal Pension Schemes (Conditions for Transfer) Regulations 2021 (Transfer Regulations), which had come into force on 30 November 2021 ...
After a public consultation process, on October 11, 2023, the Financial Market Commission ("FMC") issued the new General Rule No. 498 (“NCG 498”), that regulates the complementary activities that may be developed by bank or non-bank payment card operators ("Operators”) ...
The UAE recently enacted Federal Decree Law 15 of 2023 (theAmendment) making certain changes to the provisions of the law governing arbitration, Federal Law 6 of 2018 (theArbitration Law). These changes are consistent with the UAE’s forward-looking approach to arbitration. Some of the key amendments are highlighted below ...
