This week, BNY Mellon (“Mellon”), the nation’s oldest bank, announced it was making good on its February 2021 plan to develop the infrastructure necessary to serve as custodian for digital assets. Mellon announced the launch of a proprietary crypto custody software developed in partnership with Fireblocks, a digital asset custody, transfer, and settlement platform. With its announcement, Mellon became the first large U.S ...
On the 12th of July 2022, the Malta Financial Services Authority (the “MFSA”) issued a Consultation Document on the reporting of major ICT-related incidents with a consultation period expiring on the 5th of August 2022. The MFSA worked on introducing an updated major ICT-related incident reporting process that replaces the previous process that was communicated on the 25th of September 2019 entitled ‘Cybersecurity – Threat Mitigation’ ...
On October 7, 2022 Federal laws No. 376-FZ and No. 379-FZ which provide supplementary guarantees for employees came into effect. Among other things, new grounds for termination of an employment contract have been introduced and opportunity and procedure for an employment contract suspension for the period of military service have been formalized ...
As we continue to expand our China Practice, we are looking for Thai lawyers who are interested in corporate and commercial law, foreign direct investment and M&A transactions to assist our China Practice. Career Kudun and Partners Founded in 2015, Kudun and Partners is a modern and forward-thinking law firm with a vision for a more client-focused way of practicing ...
The ESG & CSR: Impact on Employment webinar is being held as part the Mamo TCV Sustainable Finance Week being held between 24 October & 28 October 2022. Please click here for the programme of events ...
A recent Employment Appeal Tribunal (‘EAT’) decision provides a cautionary tale for employers on compensation awards but all is not lost. We examine Dafiaghor-Olomu v Community Integrated Care and outline key steps employers can take to protect themselves against inflated liability ...
The past two years have accelerated the pace of change in the workplace, not just in terms of a more positive approach towards flexible and hybrid working and an increased use of technology but also in terms of skills shortages and a strain on the current labour market. The past two years have also highlighted a continued need for employers to do even more to support and nurture their disabled workforce, with more proactive recruitment and retention strategies ...
On 30 September 2022, the Foreign Exchange Supervisory Committee (“FESC”) of the Central Bank of Myanmar (“CBM”) issued Letter No. FE-73 (23/2022) as a result of discussions held during meeting No. (53/2022). The letter has allowed fuel import entities to make repayments of financing agreements in Chinese yuan (“RMB”) in a bid to prevent delays in oil distribution to consumers in Myanmar ...
No employer wants to make decisions based on an employee's social media activity. Everyone tells employees to keep their private life private and don't let it affect the job — right? What happens when it is not the employee's social media conduct but a viral video of the employee that becomes the center of a social media firestorm? As with so many things in employment law, you can't make this stuff up ...
On 5 October 2022, the Russian Federal Tax Service published the draft Order “On the Approval of the List of States (Territories) That Automatically Exchange Financial Information” (the “Draft Order”). The existing list of countries and territories that exchange such information is to be extended to include Kazakhstan, Maldives and Oman ...
The morning of February 24 began as an ordinary day for IP attorneys Julia Semeniy and Yuliya Prokhoda, with planned court hearings, client meetings and routine school runs in Ukraine. But when Russia began its onslaught on the country, in an act of internationally condemned aggression, their lives changed dramatically ...
It’s hard to explain to someone who has never been accused of a crime that they cannot use their own money, and this situation could last for months. Nonetheless, an institution exerting this effect functions under Polish law and can impact both individuals and companies This institution is the freezing of accounts. In general it is used where there is a suspicion that funds in an account have a criminal origin or are related to an offence ...
Hybrid working is now an accepted way of working for many employees who relish the balance it brings to their lives. The approach has challenges for employers; not least performance management of remote employees and how to deal with issues that arise. Hybrid working certainly has its benefits, with many surveys reporting that employees who work from home for part of the week feel more productive and can maintain a better work / life balance ...
The Guernsey Financial Services Commission (“GFSC”) has published its Guidance for CIS on measures to counter the risk of greenwashing (“Guidance”) which applies to all collective investment schemes which are authorised or registered under the Protection of Investors (Bailiwick of Guernsey) Law, 2020 and to those responsible for preparing the prospectuses and other marketing materials of such schemes ...
The modern world of technology has undoubtedly changed the manner in which we collect evidence as well as the types of evidence relied on in arbitration proceedings and trials. One such example is the increased use of digital and printed evidence. The reliance on computerised data and its credibility was explored in the recent case of Eskom Holdings SOC Limited v Ravichandran Reddy. In this matter, Mr Reddy, a zone manager at Eskom, was a beneficiary of Eskom’s managerial car scheme ...
In Ismail v Life Entabeni Hospital, the Commission for Conciliation, Mediation and Arbitration (“CCMA”) had to decide whether an employee had been unfairly discriminated against on the basis of her religion as a result of the employer’s “bare below the elbow” policy (“BBE policy”) which did not permit the wearing of long sleeves by those employees working in general wards and the ICU ...
It has been a little over a year since the Financial Action Task Force (“FATF”), an international initiative established to combat money laundering published its Mutual Evaluation Report (“MER”) on South Africa in which it identified major “weak spots” in our compliance processes. The FATF gave the country a deadline of February 2023 to remedy all the deficiencies or face possible grey listing ...
On 7 October 2022 the President of the Russian Federation has signed Federal Law No. 387-FZ 'On Amendments to Article 52 of the Arbitrazh Procedure Code of the Russian Federation and Article 45 of the Civil Procedure Code of the Russian Federation'. The Federal Law comes into force on 18 October 2022 ...
S African countries grapple with the measures necessary to meet their nationally determined commitments (“NDCs”) under the Paris Agreement, it is critical to be primed to attract sustainable finance, and for central banks and regulators in each country to create a fertile environment for this redirection of capital ...
On Monday, a split National Labor Relations Board (NLRB) issued a ruling that requires employers to maintain union dues deductions even after the collective bargaining agreements establishing those arrangements expire. The case is Valley Hospital Medical Center, Inc., NLRB, Case 28-CA-213783 (Sept. 30, 2022). The NLRB’s 3-2 ruling, decided along party lines, reinstates the Obama-era rule[1] requiring dues deductions to continue after a labor contract ends ...
In the case with number 609/2018 TA decided on the 29th of September 2022, the employee was alleging that he had suffered an injury whilst performing his duties as a gardener. The defendant company employing the plaintiff rejected responsibility for this alleged incident ...
On 13 September 2022, the Microfinance Supervision Committee (“Committee“) under the Ministry of Planning and Finance issued Directive No.4/2022 (“Directive“), which outlines risk-based management strategies required of microfinance institutions (“MFIs“) to combat money laundering and terrorism. The Directive also pertains to Section 69 (c) of the Anti-Money Laundering Law (Union Parliament Law No ...
Please be informed that the Ministry of Labour of the Russian Federation clarified the procedure for the preservation of jobs of mobilized citizens (Letter of the Ministry of Labour of the Russian Federation No. 14-6/10/В-13042 as of September 27, 2022) ...
On 28 March 2022, the Government of the Russian Federation adopted Resolution No. 497 which introduced a large-scale bankruptcy moratorium starting 1 April. We have already written about the moratorium and the consequences of its introduction for creditors and debtors in more detail here and here. The legal regulation of the moratorium was established in accordance with Article 9.1 of the Bankruptcy Law and the clarifications set forth in Resolution No ...
With the COVID-19 Inquiry (“the Inquiry”) now open, and applications for Core Participant status for Modules 1 and 2 currently being assessed, potential applicants will need to consider how their participation in the Inquiry will be funded. Section 40 of the Inquiries Act 2005 provides that funding for legal representation can be awarded out of the Inquiry budget. As the Inquiry will be funded by the government this is, in effect, public funding ...
