Multiemployer pension plan (MEPP) withdrawal liability often costs millions of dollars, even for small employers. People weighing whether to buy or sell a construction company (or its assets) will want to be aware of any potential withdrawal liability that may be assessed. Employers that withdraw from an underfunded MEPP are subject to withdrawal liability under the Employee Retirement Income Security Act of 1974 (ERISA) ...
Reflecting on Scottish Housing Day's theme of sustainability for this year, we consider the balancing act faced by developers in dealing with an ever changing set of challenges in their drive to Net Zero. Scottish Housing Day 2022 shines a spotlight on sustainable housing ...
Summary Carey Olsen is pleased to have supported government in the development of the LLC Law, which demonstrates Jersey’s continuing status as a leading international financial centre, and has been prepared following initial discussions with various stakeholders including Jersey Finance. It also follows the recent introduction of LLCs to both the Cayman Islands and Bermuda ...
By: John Epperson and Peter McGaw A ban on the sale of nondurable food packaging in California containing PFAS chemicals goes into effect on January 1, 2023, which is now less than four months away. The ban was contained in Assembly Bill 1200, which was enacted in October 2021, along with unrelated new requirements for disclosure of chemicals in cookware ...
Last month, the Dutch competition authority (ACM) cleared a joint agreement among soft-drink suppliers including Coca-Cola to discontinue plastic handles on multipacks to make the packaging more recyclable and reduce plastic. Applying its draft sustainability guidelines, the ACM found that the arrangements did not harm competition given that evidence showed the handles did not play a role in the competitive process and participants remained free to decide on, e.g ...
A new licensing scheme is coming into force in Scotland to regulate short-term lets. The scheme requires hosts of self-catering accommodation to have a licence in place to accept bookings and welcome guests. This article explains who needs to apply for a licence, when the deadlines are, and how to apply ...
What is driving the imperative for ESG alignment? There has been a cultural shift in society as more and more individuals commit to leading sustainable lives. Those individuals – whether as consumers, employees or other stakeholders in industry – now expect the businesses operating in their communities to function in a more sustainable manner too ...
As the licencing scheme for short-term lets comes into force in Scotland on 1 October 2022, hosts will need to understand the various conditions they must meet to obtain a licence. This article explains when planning permission may be necessary and details the series of conditions that hosts must meet to obtain a licence. If you are wondering if you need to apply for a licence, when the deadlines are, and how to apply, read the first article in our series to find out more ...
One of the proposals set out in the Green Paper concerns an investment obligation for streaming services. According to the proposal, streaming services are required to either invest directly in Norwegian films and series, or, if the services do not invest sufficiently in Norwegian content, contribute to the financing of such productions through financial contributions to the Norwegian Film Fund ...
HUD issued Mortgagee Letter 2022-16 (“the Letter”) on September 7, changing a Departmental policy on surplus cash distribution that had been in place for roughly half a century. Multifamily borrowers with loans that close after September 7 may, subject to certain preconditions, take distributions of surplus cash monthly instead of annually or semi-annually ...
On September 9, 2022, the Securities and Exchange Commission (SEC) announced its latest efforts to assert control over and regulate the Web3 ecosystem – an Office of Crypto Assets. This new office will be housed within the Division of Corporation Finance's Disclosure Review Program (DRP), which has historically been the source of focused review of issuer filings. Once officially established later this fall, the office will join the seven existing offices of the DRP ...
“Government efforts to manipulate markets and prices on consumer goods never work as intended, and in this case, would be counterproductive.” The waning days of summer signal the approaching midterm election season. Amid inflation, recession and voter discontent, it’s understandable that a group of congress members are anxious to put points on the board with a price-control scheme that they wrongly believe will lower prescription drug prices ...
The U.S. Treasury Department’s Office of Foreign Asset Control (OFAC) updated its "frequently asked questions" (FAQs) Tuesday, providing guidance relating to the sanctions against Tornado Cash, the Ethereum “mixer” it blacklisted in August, following allegations that North Korea used Tornado Cash to launder stolen digital assets ...
The UAE introduced the Economic Substance Regulations in April 2019 (later amended by Cabinet Resolution 57 of 2020 (ESR) and Ministerial Decision 100 of 2020). The relatively new regulations have imposed a number of reporting requirements for virtually all private companies in the UAE. Despite this relative infancy, the Ministry of Finance has already started issuing heavy fines for companies which are not compliant with the regulations ...
On August 31, 2022, the Cyberspace Administration of China (the "CAC") issued the Application Guidelines for Security Assessment of Cross-border Data Transfer (1st Edition) (the "Application Guidelines"), which specify and implement the provisions on cross-border data transfer security assessments ("security assessments") in the Measures for Security Assessment of Cross-border Data Transfers (the "Assessment Measures") ...
On 1 September 2020, the Thai Securities and Exchange Commission (“SEC”)’s new regulations regarding the advertisements of digital asset business operators became effective. Prior to the issuance, the SEC observed that digital asset business operators heavily advertised their digital asset services on various platforms, such as digital media and billboards ...
Registrations for the Mamo TCV Advocates Sustainable Finance Week being held between the 24th and 28th October 2022 are now open. Please click here for the programme of events ...
We are pleased to announce that Andrew Muscat, Michael Psaila and Katya Tua have been recognised as leading lawyers in the 32nd edition of the IFLR1000 – the most detailed analysis of lawyers working in corporate finance IFLR have ever conducted. Andrew is a Senior Partner at Mamo TCV Advocates and co-heads the Corporate, Capital Markets, Insolvency and Banking practice groups ...
By: Jack Darrington, Keven Rowe, and Landon Hardcastle Under a new Utah law, most providers of commercial financing or factors which are located in Utah or who lend to a Utah resident are required to register as a commercial financing provider with the Utah Department of Financial Institutions. Additionally, certain disclosures are required before engaging in most transactions. To some extent, the law mirrors Truth in Lending type acts passed in New York and California ...
As a matter of important update that may impact potential and scheduled transactions in Russia, please be advised that on 8th of September 2022 the President of the Russian Federation has signed Decree No. 618 “On Special Procedure for Consummation (Execution) of Certain Types of Transactions (Operations) between Certain Persons” (“Decree No. 618”). Decree No ...
Many are still of the belief that business income tax (also called corporate income tax (CT)) is only under discussion and its introduction uncertain. That is certainly not the case. The UAE federal government has announced the application of income tax for business activities as of 1 June 2023. Although the law for CT has not yet been issued, we know that the Federal Tax Authority (FTA) (which also administers the VAT) is busy preparing for the introduction of CT ...
Law 31/22 - which approved the Angolan Code of Administrative Procedure (“new CPA”) - was published in the Official Gazette on 30 August last. This law has repealed Decree-Law 16-A/95 of 15 December, which, in turn, approved the Rules of Administrative Procedure (“former CPA”). The previous CPA, came into force in January 1996 and was only amended in 2016 by Law 9/16 of 16 June ...
Most employers know that they have a legal obligation to protect employees from harassment at work and to prevent it from recurring. Many employers assume that this obligation relates to harassment by employees and managers; however, it actually extends to harassment by third parties, including customers or vendors. Several recent cases brought by the U.S ...
