The 2023 Federal Budget (the ?Budget?), tabled on March 28, 2023, proposes amendments to certain provisions of the Income Tax Act (ITA) that would make ?genuine? intergenerational business transfers no longer subject to the anti-avoidance rules of section 84.1 and allow the transferor to benefit from their capital gains exemption ...
When TS Eliot wrote in 1922 that “April is the cruellest month” he likely never envisaged extreme weather of the proportions experienced in the UAE on the 16th of April 2024 ...
In the latest update to Kentucky’s Medical Cannabis Program (the “Program”), Governor Andy Beshear signed House Bill 829 which moved up the timeline to apply for cannabis business licenses by six months. Additionally, two emergency regulations were issued by the Program that explain how to apply for a cannabis business license ...
On April 23, 2024, the U.S. Department of Labor (“DOL”) published its final rule increasing salary threshold amounts required for certain employees to be exempt from federal Fair Labor Standards Act (“FLSA”) overtime requirements. The new rule is scheduled to take effect on July 1, 2024. Based on DOL estimates, the rule will expand overtime protection to cover more than 4 million additional workers within the first year ...
By: Leah Lively and Alexandra Shulman On April 23, 2024, the U.S. Department of Labor’s (DOL) Wage and Hour Division (WHD) announced a final rule, “Defining and Delimiting the Exemptions for Executive, Administrative, Professional (EAP), Outside Sales and Computer Employees,” increasing the salary threshold for an employee to qualify for exempt status under the Fair Labor Standards Act (FLSA). The final rule takes effect on July 1, 2024 ...
In an opinion written in under 1,000 words, Florida's Fourth District Court of Appeal put foreclosure cases across Florida in jeopardy in Desbrunes v. U.S. Bank National Association in February ...
As noted in our May 3, 2023 and August 14, 2023 client alerts, Congress enacted the Pregnant Workers Fairness Act (PWFA) in late 2022, expanding protections for pregnant workers. Pursuant to the Act, the Equal Employment Opportunity Commission (EEOC) was directed to make rules to implement the statute. On April 15, 2024, the EEOC issued its final rule and interpretive guidance, which will go into effect on June 18, 2024 ...
Carey Olsen advises Cuscaden Peak Investments on S$1.7 billion sale of student housing The acquisition brings Mapletree's housing portfolio to 33,000 beds across 47 cities in the UK, the US, Germany and Canada, and makes the Singapore-based real estate investor one of the largest owners of student housing in the UK ...
On April 19, 2024, the Supreme Court of Canada rendered its decision in Société des casinos du Québec inc. v. Association des cadres de la Société des casinos du Québec, marking the end of an almost 15 year-long debate on the freedom of association of managers and their exclusion under the Labour Code ...
Early last week, the UAE experienced its most severe rainfall in the past 75 years. A large number of homes and business premises across the UAE suffered damage from the effects of the rain or floods, including the many motor vehicles that were stalled or otherwise impaired ...
On 12 April, the Cabinet Office published the second tranche of its official guidance documents on the Procurement Act. The guidance documents cover: The National Procurement Policy statement (‘NPPS’); Technical Specifications; Pipeline Notices; Planned Procurement Notices; and Preliminary Market Engagement. Each guidance document clearly sets out the key points and the policy intent in respect of these discrete parts of the Procurement Act ...
On April 23, 2024, the Federal Trade Commission (FTC) held a public hearing where members voted 3-2 to adopt a final rule effectively banning employers from enforcing non-compete clauses against employees with very limited exceptions. This rule, which is largely similar to the proposed rule first announced by the Commission in January of 2023, imposes a “comprehensive ban on new non-competes with all workers ...
Although artificial intelligence (“AI”) improves how businesses interact with customers, process sales, manage inventory and more, it also heralds new and unique cybersecurity risks. These risks can lead to unprecedented legal liabilities. Companies must understand how AI works, consider how AI is deployed throughout their business structure and take proactive steps to minimize security risks ...
April 18, 2024 By: Leah Lively and Alexandra Shulman The Supreme Court of the United States issued an opinion on Wednesday, April 17, 2024, that will make it easier for employees to pursue discrimination claims against their employers based on job transfers or other non-pecuniary personnel decisions. In Muldrow v. City of St. Louis, Muldrow, a female police officer, alleged that she was transferred to a less desirable unit because a new supervisor preferred a male officer for the role ...
The United States Equal Employment Opportunity Commission (“EEOC”) has issued a final rule to implement the Pregnant Workers Fairness Act (“PWFA”). The final rule, which aims to provide clarity regarding the protections afforded to employees and duties imposed upon employers under the PWFA, is set to be published in the Federal Registrar on April 19, 2024. It will thereafter become effective on June 18, 2024, 60 days after its publication ...
On December 22, 2023, Agder Court of Appeal issued a ruling in a case between an excavator seller and a leasing customer who had leased an excavator through a leasing company. According to the agreement between the parties, the leasing company was the formal owner of the excavator. The role as owner was however limited to financing ...
The Sexism in the City inquiry was set up to establish what progress has been made in tackling sexism in the financial services sector. We discuss the findings and offer advice for those in the sector trying to navigate the current regulatory landscape. The financial services industry is crucial to the UK economy. It employs more than 2 ...
In recent years, a growing number of construc- tion companies have established employee stock ownership plans (ESOPs).1 The interest in an ESOP is often generated by the need for an exit strat- egy for one or more of the owners of a closely held business, a common scenario in the construction industry ...
Carey Olsen advises Sanctum FI LLP on launch of an Artificial Intelligence-powered investment fund FSHL aims to generate long-term capital growth through a diversified portfolio primarily consisting of equity securities and bonds. The investment strategy focuses on enhanced investment performance at low cost through evolving machine learning algorithms ...
Carey Olsen advises Beijing Energy International Holding Co. Ltd on $40 million green bond issuance On 2 April 2024, Beijing Energy International successfully issued the bond, featuring a term of two years and a historically low coupon rate of 2.70%. The issuance was oversubscribed by 3.04 times ...
The Food Standards Agency (FSA) has launched a campaign highlighting the risks of food labelled as vegan to people with allergies. Research from the FSA has shown that 62% of consumers with an animal-based allergy were confident that products labelled as ‘vegan’ were safe to eat. The FSA says this confidence is incorrect and is putting people at risk ...
This edition covers various topics, starting with a focus on climate litigation, highlighting a significant victory against the Norwegian government by environmental organizations, including lawyers from the SVW team. The newsletter also discusses maritime arbitration in London and concerns over associated costs, as well as increased scrutiny on costs in Norwegian civil cases. Additionally, it provides updates on recent legislative amendments and judgments from the Norwegian Supreme Court ...
The Securities and Exchanges Commission (SEC) has announced a settled Administrative Proceeding with Senvest Management LLC (“Senvest”). Pursuant to the SEC issued Order, Senvest failed to maintain and preserve certain electronic communications and failed to enforce its code of ethics ...
The first quarter of 2024 was a busy time for regulatory action in the bank M&A space. Coming off a slow year for bank deal announcements in 2023, many bankers and bank advisors believed that 2024 would be a rebound year for bank combinations. Those expectations may be scaled back now that the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) released proposed updates to their bank merger application rules and policies ...
