On June 9, 2023, the Monetary Board of the Bangko Sentral ng Pilipinas issued Circular No. 1174, amending the implementing regulations of the mandatory agricultural, fisheries and rural development financing contemplated by the Agriculture, Fisheries and Rural Development Financing Enhancement Act (Republic Act No. 11901 or the “Agri-Agra Reform Credit Actâ€). The implementing regulations were previously set out in BSP Circular No. 1159 dated November 4, 2022 ...
SyCipLaw's Banking, Finance & Securities Department's Banking Bulletin for April 2023 features the latest issuances from theBangko Sentral ng Pilipinas(BSP or Central Bank of the Philippines), which includes the amendment of the miscellaneous rules on deposits and the issuance of rules on mediation and adjudication of financial consumer complaints: BSP Amends Miscellaneous Rules On Deposits On December 14, 2022, the BSP issued Circular No ...
SyCip Salazar Hernandez & Gatmaitan (SyCipLaw) has kept its Tier 1 ranking in M&A and Restructuring and Insolvency in the latest rankings released by IFLR1000, the guide to the world’s leading financial and corporate law firms. Earlier this year, SyCipLaw also received Tier 1 rankings in Banking, Capital markets: Equity, Project development, and in Project finance ...
SyCip Salazar Hernandez & Gatmaitan (SyCipLaw) Partners Ricardo Ma. P.G. Ongkiko (Head of the Firm's Litigation Department), Carlos Roberto Z. Lopez, and John Christian Joy A. Regalado authored the Philippine chapter of the latest Global Practice Guide (GPG) on International Arbitration published by Chambers and Partners ...
SyCipLaw Partners Ricardo P.G. Ongkiko (head of Litigation Department), John Christian Joy A. Regalado and Ma. Patricia B. Paz-Jacoba have written "International Commercial Arbitration in the Philippines," a chapter in the recently released Chambers International Arbitration 2023 Global Practice Guide (GPG) ...
A case note by Abhilaash Subramaniam Introduction In the recent case of SWW v Ketua Pengarah Hasil Dalam Negeri, the High Court of Malaya granted the taxpayer leave to apply for judicial review, a stay of proceedings pending the disposal of the taxpayer’s application for judicial review and subsequently allowed the taxpayer’s judicial review application on the merits, ordering a prohibition on all collection and enforcement action relating to disputed taxes and assessments
On September 15, 2021, the one-year-long suspension of the Philippine Competition Commission’s (PCC) power to review mergers and acquisitions motu proprio under Republic Act No. 11494 (the Bayanihan to Recover as One Act, or the Bayanihan 2) ends. This means that starting September 16, 2021, the PCC may again review mergers and acquisitions motu proprio ...
Supreme Court's Order No. 13/2020: Extension of the extraordinary judicial recess. Within the state of sanitary emergency declared regarding COVID-19 and the mandatory social, preventive isolation measure duly decreed, the Supreme Court has adopted different measures within the National Judicial Branch, consistent with the National Executive Branch provisions and the recommendations of the national sanitary authority. In order to align with Decree No ...
Hidden among its flurry of end-of-term blockbusters, on June 27, 2022, the U.S. Supreme Court issued a long-awaited opinion inRuan v. United States. InRuan,the Supreme Court addressed the issue of whatmens reaa physician must possess to be guilty of illegally distributing controlled substances through the use of allegedly improper prescriptions ...
June 5, 2023 By: Joshua Robbins and Stephanie Shea While we wait for the U.S. Supreme Court to decide the fate of the Chevron doctrine governing courts’ deference to agencies’ interpretations of law, its recent decision in another case has flown under the radar. In Calcutt, III v. FDIC, 598 U.S ...
On Wednesday, June 23, 2021, the United States Supreme Court issued its decision in Mahanoy Area School District v. B.L., a much-anticipated decision regarding schools’ regulation of off-campus speech. The Court held that while schools may discipline students for some off-campus speech, their ability to do so is much more limited than for on-campus speech. B.L. was a student at Mahanoy Area High School and cheered on the junior varsity team during her freshman year ...
Lawyers and clients, take note: on January 9, 2023, the Supreme Court heard oral argument on probably one of the most consequential cases on the scope of the attorney-client privilege in decades.In re Grand Jury, 23 F.4th1088 (9th Cir. 2021),cert granted, 143 S. Ct. 80 (2022), a tax case, addresses the application of the attorney-client privilege to “multipurpose” communications involving legal and non-legal topics ...
In a much anticipated opinion, the Supreme Court on Monday held that class action waivers in arbitration agreements are enforceable. In a 5-4 decision written by Justice Neil Gorsuch, the Court stated that “Congress has instructed in the Arbitration Act that arbitration agreements providing for individualized proceedings must be enforced, and neither the Arbitration Act’s saving clause nor the NLRA suggests otherwise ...
A unanimous Supreme Court held on June 5, 2017, that the SEC’s ability to recover funds through disgorgement is subject to a five-year statute of limitations. The SEC routinely seeks disgorgement as an equitable remedy in actions alleging securities law violations and asserted that disgorgement was not a penalty subject to the five year statute of limitations under 28 U.S.C. § 2462 ...
[!<CDATA[ This term the Supreme Court is set to resolve a circuit split over the extent of a federal district court’s power to order a person “who resides in or is found” in its district “to give testimony or statement or to produce a document or other thing for use in a proceeding in a foreign or international tribunal” pursuant to 28 U.S.C Section 1782(a) ...
We previously reported on recent efforts to rescind the Obama Administration’s rule amending the Clean Water Act’s “waters of the United States” (“WOTUS”) definition. This followed, as we also reported, the Sixth Circuit’s nationwide stay of the Obama Administration’s WOTUS rule ...
Today, the Supreme Court issued decisions in the COVID mandate cases that have had employers across the country on the edge of their seats. In aper curiam6-3 decision, the Court stayed the OSHA Emergency Temporary Standard that required all employers with 100 or more employees to require COVID vaccination or weekly testing ...
The Supreme Court will decide if historic holiday pay claims can be brought where there are gaps of three months or more between a series of underpayments. The outcome could have significant implications for employers across the UK ...
A month after nixing the “objectively reasonable interpretation” (Safeco) defense under the False Claims Act, the Supreme Court has vacated and remanded two other cases for further consideration of the defendant’s subjective state of mind when it filed payment claims with the government. The Fourth Circuit in Sheldon and the Eleventh Circuit in Olhausen will provide the first tests of the High Court’s newly minted FCA intent standard ...
United States v. Arthrex, Inc., et al, Appeal No. 2019-1434 (Fed. Cir. June 21, 2021) The Supreme Court issued its long-awaited decision today on the constitutionality of the Patent Trial and Appeal Board (PTAB). The Court held that the Administrative Patent Judges (APJs) who make up the majority of the PTAB are not constitutionally appointed under the Appointments Clause of the U.S. Constitution ...
Minerva Surgical, Inc. v. Hologic, Inc., et al, No. 20-440 (S. Ct. June 29, 2021) The Supreme Court issued a decision today upholding the validity of the doctrine of assignor estoppel and clarifying its proper limits. The Court held that the doctrine only applies when “the assignor’s claim of invalidity contradicts explicit or implicit representations he made in assigning the patent ...
As described in our earlier client alerts, since 1993, a central tenet in the structure of senior real estate lending documentation is the prevention of what is commonly referred to as “cram down ...
Key Points Adoption of Water Rates not subject to challenge by referendum; challenges are limited to those provided for by Proposition 218. California Supreme Court overrules Court of Appeal decision that found that water rates are not a "tax" under Article II, Section 9. Supreme Court disagrees, finding municipal water rates fall within the broad understanding of the term "tax," and referendum cannot be used to disrupt essential government services ...
