Anyone familiar with the construction industry knows that retainage – or money held back from payment until a later time – is a tool that project owners and general contractors have long used to protect against contractor nonperformance or other project risks ...
AML/ATF and Sanctions The Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008 provide that the Bermuda regulated sectors and relevant persons must apply enhanced customer due diligence to customers in high-risk jurisdictions ...
On December 13th, 2022, Decree No. 84 was published in the Official Gazette approving the Regulations governing mediation, conciliation, and arbitration in consumer matters, which will enter into force six months after publication, that is, on June 23rd, 2023. The issuance of this regulation is framed in the recent entry into force of the Pro-Consumer Law that seeks to encourage consumer protection ...
On December 5, 2022, the Supreme Court issued the Supreme Court resolution No. 258-2022 regulating the criteria for the authorization of exceptional operation of the courts, as regulated in Articles 47 D and 68 bis of the Organic Code of Courts. The approval of the Courts of Appeals for the exceptional operation may become effective as of December 12, 2022, which may be extended for a period of one year, extendable for one more year without the need for a new request ...
Having elapsed the period contemplated for the transitory regime of Law No. 21,934, published on November 30, 2021 (the "Law"), by means of which a set of reforms to the justice system were introduced, the permanent regime provided by the Law, whose general rule is attendance regime, notwithstanding the exceptions contemplated by the Organic Code of Courts, is now in force. The main provisions of the permanent regime may be found in ours News Alert 454 and News Alert 453 ...
Renewable energy developers and contractors have been anticipating the Treasury Department and IRS’s initial guidance on what is required to satisfy the prevailing wage and apprentice requirements under the Inflation Reduction Act (IRA) ...
The SEC Division of Examinations issued a Risk Alert on December 5, 2022 detailing observations from examinations of investment advisers and broker-dealers related to compliance with Regulation S-ID ...
On 5 December 2022, the Ministry of Labour and Vocational Training (“MLVT”) issued Notification 045/22 on Extending the Deadline for the 2023 Foreign Employee Quota Application (“Notification”). Through the Notification, the MLVT has delayed the submission deadline for 2023 foreign employee quota applications until 31 January 2023, being two months after the original deadline ...
On December 1, 2022, the United States Department of Defense, General Service Administration, and National Aeronautics and Space Administration (NASA) issued a final rule amending the Federal Acquisition Regulation (FAR) to implement a section of the 2016 National Defense Authorization Act. The previous FAR 1 ...
As we take stock on 2022, and look forward to 2023, let’s briefly reflect on some of the topics that are current with our Living sector teams and clients ...
New biodiversity net gain (BNG) requirements are set to be enforced in November 2023, giving developers and the wider real estate industry less than 12 months to prepare. The legislation will require all new developments in England, bar a few exceptions, to deliver at least 10 per cent BNG – impacting commercial and residential developers. The requirements form part of the Environment Act 2021, which received Royal Assent in November 2021 ...
Kudun and Partners represented Altitude Development Co., Ltd., one of Thailand’s leading real estate development, in the offering of newly issued shares to Lotus Global Investment, a foreign PE fund, representing 12.49 percent of its total issued share capital, with a transaction value of THB 500 million (approximately USD 13.8 million). This transaction is an important milestone prior to the client’s initial public offering in the Stock Exchange of Thailand ...
The UK’s purpose-built student accommodation (PBSA) sector remains resilient despite months of economic and political uncertainty. “The fundamentals of the operational market in PBSA are very strong. I don’t think anyone is sat there saying that we don’t have great universities, we’ve got great occupancy and we’ve got growing demand,” outlined Alex Pease, executive director at Watkin Jones Group, at a recent Shoosmiths’ roundtable ...
Google LLC v. Hammond Development International, Inc., Appeal No. 2021-2218 (Fed. Cir. Dec. 8, 2022) In the only precedential patent decision this week, the Federal Circuit issued a decision concerning the effect of collateral estoppel in an inter partes review (IPR) based on a previous IPR decision ...
Just weeks after the “implosion” of cryptocurrency exchange FTX, credit services provider BlockFi filed for Chapter 11 protection with the United States Bankruptcy Court for the District of New Jersey, indicating that it is burdened with billions of dollars of estimated liabilities and more than 100,000 creditors ...
The Mayhew Review - Future-Proofing Retirement Living, issued in November 2022, has the premise that the UK is failing to adapt to the impacts of an ageing population. Mayhew bills this as both a housing issue (in the wider Living sector sense) and a care issue ...
From gyms, pools, gardens and co-working spaces to group litter picking, charity fund raising and book clubs, the build to rent (BTR) sector is founded on the provision of social value and community. The over-arching purpose of BTR is to create thriving communities of tenants whose willingness to utilise space and engage with neighbours goes beyond the mere occupation of a building ...
The Building Safety Act 2022 (BSA) received Royal Assent in April 2022. Its aim is to improve building safety across the built environment, with a focus on the residential sector. The BSA is being implemented in stages and a number of areas within the living sector fall under its regulatory umbrella. The government recently confirmed its intention for purpose-built student accommodation to be subject to the new regulatory regime ...
The ICO Children’s Code was introduced in September 2020 by the UK data regulator. One year on from the 12-month implementation period, we are asking what is the Code's impact, and does it go far enough to protect children's privacy online? Why a Children’s Code One critical concern is that the internet was not designed with children in mind: yet UNICEF estimates that one in three internet users are children ...
With preliminary hearings now underway for Modules 1 and 2 of the COVID-19 Public Inquiry (‘the Inquiry’), its approach to expert evidence is emerging as an important issue for Core Participants (‘CPs’) ...
December 9, 2022 By: Thomas O’Connell and Natalie Bryans A Starbucks store in La Quinta, California was recently successful in defending itself against allegations that the store engaged in unlawful union-busting tactics ...
The EU revenue cap which limits certain electricity generators' revenues has raised many questions within the energy sector. In Finland, the revenue cap will likely be implemented in the form of a temporary windfall tax which would apply to profits made in 2023. Our energy team's associate Nelli Rönkkö has summarised the key points regarding the implementation of the EU revenue cap in Finland ...
On 1 January 2023, the BVI Business Companies Act, 2004 will be amended by the: (1) BVI Business Companies (Amendment) Act, 2022; and (2) the BVI Business Companies (Amendment) Regulations, 2022 (together the “Amendments”). The Amendments will impact all companies incorporated or registered in the BVI (“Companies”) ...
