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") ...
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 ...
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 ...
On April 20, 2022, the government issued Order in Council 656-2022, which makes significant amendments to the Regulation respecting categories of insurance contracts and classes of insureds that may derogate from the rules of articles 2500 and 2503 (the ?Regulation?). The original version of the draft regulation with the same title (the ?Draft Regulation?) was the subject of one of our publications last September ...
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 ...
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 ...
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 ...
The demise of Kids Company and its aftermath has unfortunately overshadowed the pioneering work that charity did for nearly twenty years with some of the most damaged children and young people in our society. In the words of its founder “making a commitment to help maltreated children heal through unrelenting love by being resolute and kind, and over the years understanding how to help children acquire mastery over their traumas ...
A recent judgement of the Court of Appeal brings welcome clarification of the principles regarding the recovery of wasted expenditure claims in IT disputes. Summary Whist wasted costs arising from failed IT implementations often form part of a subsequent loss of profit claim, the two forms of loss are separate and distinct. Consequently, in order to be effective, exclusions must specifically refer to wasted costs ...
Genuine Enabling Technology LLC v. Nintendo Co., Ltd., Appeal No. 2020-2167 (Fed. Cir. Apr. 1, 2022) The Federal Circuit’s only precedential patent opinion this week turned on issues of claim construction. In particular, the issue was the effect of statements made by the applicant during the patent’s prosecution. The Court held that the district court erred in applying too narrow a construction, and reversed with a modified construction ...
By: Manuel Fishman March 2022 Documentary Credit World Most issuers of, and beneficiaries under, letters of credit are familiar with the impact a tenant bankruptcy has on the continued effectiveness of draws under the LC. Assuming a “direct draw” letter of credit that does not require prior notice to the applicant, the beneficiary is entitled to draw on the LC because of the independent obligation of the issuer to honor credit-complying draws ...
The proposal for a directive on the recovery and resolution of insurance and reinsurance companies enshrines the no creditor worse off principle as provided for in the Bank Recovery and Resolution Directive (“BRRD”). This opens the door for the Portuguese legislature to repeat the mistakes it made when incorporating the BRRD into Portuguese law ...
As we begin to emerge from the pandemic, many issues which have been on the back-burner over the past few years are starting to resurface. In this article we take a look at some hot topics and legal developments we are expecting to take place this year. Flexible working As those of us who have worked from home for the past two years start returning in earnest to the office, flexible working is on everyone’s lips ...
By Glenn Kangisser Shu Shu Wong March 11, 2022 Earlier this month, the English Commercial Court upheld an appeal from an arbitration in MUR Shipping BV v RTI Ltd [2022] EWHC 467 (Comm) that a “reasonable endeavours” requirement in a force majeure clause, invoked due to the impact of US sanctions on Russia, did not require the party claiming force majeure to accept non-contractual performance ...
[!<CDATA[ A recent decision by the Eleventh Circuit (the federal appeals court supervising trial courts in Florida, Georgia, and Alabama) sheds light on at least one way that insurers with complicated policies (and a host of exclusions) may avoid providing coverage and defense resources to insured material suppliers whose products are the focus of defect claims. In Morgan Concrete Company v ...
