The UK is currently dealing with rises in the cost of living and the impact of world events leading to availability issues and price increases across numerous sectors. It is not surprising that we are seeing queries from clients asking us for practical advice on what they should do if they have won a tender and have discovered that their original pricing does not stack up before signing the formal contract. There are lots of factors to consider in this situation ...
Angolan Central Bank (Banco Nacional de Angola, “BNA”) Notice no. 9/22 of 6 April was recently published to establish special schemes for mortgage credit and construction credit. The Notice is binding on banking financial institutions of systemic importance in the domestic market and optional for other banking financial institutions ("Commercial Banks") ...
On March 31, 2022, the staff of the Securities and Exchange Commission (the Staff) issued Staff Accounting Bulletin No. 121 (SAB 121). SAB 121 applies to businesses that provide an operating platform that allows users to transact in crypto-assets coupled with a service to safeguard the platform users’ crypto-assets, including maintaining the cryptographic key information necessary to access the crypto-assets, crypto-asset trading platforms ...
Effective May 9, 2022, Native tribes, workers, and businesses may face fewer hurdles when competing for federal construction projects due to several revisions the Department of the Interior has published to its Department of the Interior Acquisition Regulations (DIAR), codified at 48 CFR parts 1401-1499, to better comply with the Buy Indian Act and policies from the Biden Administration ...
Following its initiative to encourage investment in the electric vehicles (EV) sector in 2017, the Office of the Board of Investment (“BOI”) anticipates the expansion of the domestic market for EV manufacturing in Thailand, as it encourages consumers to embrace utilizing EVs ...
Angolan Central Bank (Banco Nacional de Angola, “BNA”) recently published Notice 10/22 of 6 April to update the scope of application of Notice 10/20 of 3 April on the granting credit to the real sector of the economy. The new Notice establishes (i) the terms and conditions applicable to the this type of credit, (ii) the minimum requirements in terms of number and total value and (iii) the treatment in the calculation of the reserve requirements ...
Introduction Prior to the implementation of the Corporate Recovery and Tax Incentives for Enterprises Act (the CREATE Act), the Philippines adhered to the "cross-border doctrine", under which ecozones and freeport zones were considered foreign territories, even if they were situated within the Philippines ...
Dear valued clients, colleagues and friends, On 30 March 2022, the Employment (Amendment) Bill 2021 (“Amended Bill”) was passed in Dewan Negara (Senate). In this update, Vijayan Venugopal and Nur Najehah will outline the key changes and upcoming issues which employers should be aware considering this recent development. At the outset, before diving into the issues, it is important to first understand the present status of the Amended Bill ...
Apple Inc. v. Zipit Wireless, Inc., Appeal No. 2021-1760 (Fed. Cir. Apr. 18, 2022) In its only precedential patent case this week, the Federal Circuit addressed the extent to which a party exposes itself to personal jurisdiction for a declaratory judgment action when it accuses a party of patent infringement in that forum ...
A summary of the key takeaways from a recent webinar on reducing scope 3 investment-related emissions. Shoosmiths is delighted to be sponsoring United Nation Global Compact Network (UNGC) UK’s series of webinars on ‘Reducing Scope 3 Emissions’ ...
Economic sanctions (also called restrictive measures) are an instrument of influence of states or international organisations (EU, UN) on states and individuals whose activities violate international law and pose a threat to peace and security. Sanctioning states impose certain restrictions on sanctioned entities (e.g ...
Under a new bill adopted by the Ohio General Assembly, school boards, governmental bodies, and other third parties will be prohibited from filing complaints to increase the value of others’ Ohio real property for tax purposes, except under certain limited conditions. Am. Sub. H.B. 126 is expected to largely eliminate the practice of retroactive tax increases as a result of complaints filed based on a sale in the year currently subject to appeal. On its effective date, Am. Sub ...
By Weiss Hamid Continuing the growing trend, Utah has become the fourth state to enact a comprehensive state privacy law, entitled the Utah Consumer Privacy Act (“UCPA”). Utah’s Senate passed the UCPA unanimously on February 25, 2022, and was followed by a unanimous vote by Utah’s House on March 2. On March 22, Governor Spencer Cox signed the UCPA, officially making it the law of the land ...
Telework is not a new phenomenon. According to the International Labour Organization, its rise dates back to the 1970s when a major oil crisis prompted many companies to keep their employees at home to reduce their energy consumption1. That said, since the Covid pandemic, teleworking has become widespread. Now, nearly a quarter of Canadian companies (22.5%) expect that 10% or more of their workforce will continue to telework after business is back to normal2 ...
The pandemic has not slowed down the arrival of self-driving vehicles on our roads. This technological advancement is becoming more and more commonplace, giving rise to a need for deep reflection, especially in the automobile insurance industry ...
Until recently government enforcement and regulatory scrutiny of fraud and other misconduct relating to COVID-19 relief programs were generally limited to end recipients of the relief. These efforts have mostly been directed to fraud in connection with the Paycheck Protection Program, or PPP, a nearly $1 trillion business loan program administered by the U.S ...
On March 28, 2022, buried within a 200-page proposed rule ostensibly meant to redefine “dealer” and “government securities dealer” under Sections 3(a)(5) and 3(a)(44) of the Securities Exchange Act of 1934, the Securities and Exchange Commission (“SEC”) published a seemingly innocuous footnote: "Proposed Rule 3a5-4 would apply to securities as defined by Section 3(a)(10) of the Exchange Act, and proposed Rule 3a44-2 would apply to government &
The 2022 tax assessment of real and personal property have been determined by the local Assessor and a Notice of Assessment was issued and mailed to property owners. Property owners should make sure to check the mail for a copy of the Notice in order to determine whether an appeal of their taxable value should be filed ...
On February 24, 2022, the Supreme People’s Court (“SPC”) issued its Decision on Revising the Interpretations of the Supreme People’s Court on the Specific Application of Law in the Trial of Criminal Cases involving Illegal Fundraising (Fa Shi [2022] No. 5, the “New Rules”) ...
A summary of the key takeaways from a recent webinar on reducing scope 3 employee commuting and homeworking emissions. Shoosmiths is delighted to be sponsoring United Nation Global Compact Network (UNGC) UK’s series of webinars on ‘Reducing Scope 3 Emissions’. When setting science-based targets through the Science Based Targets initiative (SBTi), companies whose Scope 3 emissions account for more than 40% of their total emissions must set Scope 3 targets ...
