The Pensions Regulator (tPR) has published a consultation introducing its proposed guidance (‘Draft Guidance’) on pensions climate risk. The Draft Guidance follows on from the introduction of the Occupational Pension Schemes (Climate Change Governance and Reporting) Regulations 2021 (‘Regulations’) ...
Are you a compliance professional at a credit institution, a payment institution and electronic money (e-money) institution, or a third-party provider to such institution? If so, have a quick look at this compliance reminder with a view of the forthcoming deadline on 31 December 2021 ...
The Tokyo 2020 Olympic Games, one of the world’s most talked about and anticipated events, finally kicked off on Friday, July 23, 2021, after a long wait due to COVID-19. Every time the Olympics comes around, a common internet myth will persist that warns: Unless you are an Official Sponsor, you are barred from talking about the Olympics. While that may be true in certain circumstances, it is not always the case ...
In a decision that will no doubt come as a great relief to the funds, banking, and asset management industries, the Court of Appeal ruled in Nomura Funds Plc v Collector of Stamp Revenue [2021] HKCA 1040 that a merger effected by way of the universal succession of the merged company (i.e., the surviving company) to the assets and liabilities of the merging company (i.e ...
We are very excited to be supporting the UN Global Compact Network UK’s ‘Transitioning to a Net Zero’ webinar series. The opening webinar, ‘Business Transition to a Net Zero and Resilient World’ took place on Thursday, 1 July 2021 during London Climate Action Week. The webinar saw government representatives, experts and business leaders discuss their vision of a net zero, climate resilient world, and the actions they are taking to get there ...
As of today, July 26 the Chilean borders will open so that all those who have a “Mobility Pass” can exit the country, although current restrictions for non-resident foreigners have been maintained. The is subject to modification in view of the development of the Covid-19 outbreak in the national territory ...
Introduction The ‘golden thread’ of modified universalism in cross border insolvency has long been an aspiration, rather than a rule. [1] The common law concepts of recognition and assistance play a key role in achieving that aspiration. In recent years these concepts have been affirmed but scaled back, by decisions such as that in Singularis Holdings Limited v PricewaterhouseCoopers ...
On Sunday, July 25, 2021, Resolution Nº 032-2021-CD-OSITRAN was published in the Official Gazette “El Peruano”, whereby the Guideline for the submission of information and final documentation of the port work accepted by the Competent Authority (the “Resolution 032″) was adopted ...
On May 25, deputies Karim Bianchi, Boris Barrera, Jaime Naranjo, Alexis Sepúlveda and Pedro Velásquez presented a bill That seeks to to assign the Chilean Competition Court ( Tribunal for the Defense of Free Competition - " TDLC ") the authority to Set maximum consumer prices for food and housing repair related-products, in the event of a constitutional state of exception ...
The UK Government has this week announced what would be the biggest shake-up of the competition and consumer protection policy landscape for the last 20 years. On 20 July 2021 the Department for Business Energy and Industrial Strategy (BEIS) published a consultation document setting out its proposals for sweeping reforms of the UK’s competition and consumer protection law regimes and inviting responses by 1 October 2021 ...
What is to come: new ESG reporting requirements Norway introduced legislation presenting social reporting requirements already in 2013 through the introduction of section 3-3 of the Norwegian Accounting Act in anticipation of the Non-Financial Reporting Directive 2014/95 (NFRD) ...
In summary, this note includes information in relation to: the UK REIT regime; advantages of using a Jersey company as the REIT vehicle; TISE listing process and listing document requirements; TISE’s continuing obligations requirements; and Carey Olsen and our REIT experience. We trust that the above will be of assistance ...
When negotiating a complex change order or preparing to litigate a claim, calculating actual recoverable costs incurred can be a difficult exercise. You will want to first review your contract to determine what kinds of costs are compensable. For example, the change order provision of your contract may provide a specific markup that can be included in a change request or limit the recovery of indirect costs and overhead associated with a change ...
Since March 2020, the United States and Canada have agreed upon mutually reciprocal COVID-19 related travel restrictions. U.S. and Canadian officials mutually determined that “non-essential” travel between the U.S. and Canada “poses additional risk of transmission and spread of the virus associated with COVID-19 and places the populace of both nations at increased risk of contracting the virus associated with COVID-19 ...
For over five years, the Russian merger control landscape has been a quiet place, occasionally disturbed by high-profile mergers which required a king-sized approach and the use of international cooperation tools. In 2021, following a change in the Federal Antimonopoly Service’s (“FAS Russia”) senior management, decisions have been taken which signal a shift within Russian merger control legislation and practice ...
The Scottish Government has published its route map out of lockdown, legislating five levels, each imposing increasingly tougher restrictions. As at 19 July, the whole of Scotland moved to Level 0, with cautious optimism that most legal restrictions might be removed entirely in August. However, in the meantime, the move to Level 0 does not mean that everything returns to how it was pre-pandemic – there will remain a level of restrictions and compliance points that must be met ...
As most people are undoubtedly aware, the construction industry has seen material prices escalate astronomically over the past few months. Some specialty lumber prices have soared upwards of 6,000 percent. The cost of a sheet of plywood is double what it was even six months ago. Generally, contractors assume the risk of material prices when they sign a lump sum or GMP contract unless there is a material escalation clause included in the contract terms ...
On July 9, 2021, President Joe Biden signed a wide-ranging executive order entitled “Promoting Competition in the American Economy.” One key element of the executive order is to address noncompete covenants that the White House characterized as stifling competition between companies. Section 5(g) encouraged the FTC to draft rules which seek to “curtail the unfair use of non-compete clauses and other clauses or agreements that may unfairly limit worker mobility ...
The Finance Minister of India in the 2021-22 Union Budget had announced that the Government proposes to review 400 exemption notifications. The exemption on more than 150 items, currently exempted under Notifications Nos. 14/2006-Customs dated 01.03.2006, 26/2011-Customs dated 01.03.2011 and 50/2017-Customs dated 30.06.2017 could be axed. The Telecom, Information Technology, Wind Power, Textiles and Pharmaceuticals are a few of the affected sectors ...
Bill 78 was introduced in December 2020 by Minister Jean Boulet and given assent on June 8, 2021. It amends the Act respecting the legal publicity of enterprises (the “Act”) and its regulation, the Regulation respecting the application of the Act respecting the legal publicity of enterprises (the “Regulation”) ...
Financial ServicesRuling of Shariah Advisory Council of Bank Negara Malaysia on QardAt its 213th meeting of the Shariah Advisory Council (“SAC”) of Bank Negara Malaysia, the SAC ruled that the method under Malaysian Financial Reporting Standard (“MFRS”) 17 Insurance Contracts and MFRS 9 Financial Instruments may be adopted to measure qard (interest free loan) for transactions between shareholders’ fund and takaful fund ...
From a competition law standpoint, the regulation of sport presents a difficult conundrum. On the one hand, sports regulations may limit the ability of economic actors (including sportspeople) to win business through unrestricted competition. On the other hand, without such regulations, the essential core of the sport (and the business interests built around it) may be undermined ...
The parties to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) have agreed to formally commence an accession process with the UK. Ahead of the start of formal negotiations, the UK Government has set out its strategic approach to accession ...
