In last quarter’s issue, we discussed the rise of digital currencies and the blockchain, or distributed ledger, technology that supports them. We now turn our focus to how the financial industry and governments have embraced this technology and are working to adapt it to traditional banking services and applications as far ranging as recording property transfers and safeguarding nuclear missiles ...
On Dec. 18, 2019, the Fifth Circuit in Texas, et al. v. United States, et al. declared the Affordable Care Act’s1 (ACA’s) individual mandate unconstitutional. This decision is contrary to the controlling precedent established by the United States Supreme Court in NFIB v. Sebelius2, which upheld the ACA’s individual mandate as a permissible tax ...
On Jan. 29, 2020, OCR released a notice regarding a recent federal court ruling in the case of Ciox Health, LLC v. Azar, et al ...
Mauritius started the year on a high note in the area of anti-money laundering and countering the financing of terrorism (“AML/CFT”) by issuing two complementary documents: the Anti-Money Laundering and Countering the Financing of Terrorism Handbook: 2020 (the “Handbook”) and the Guideline on Anti-Money Laundering and Combating the Financing of Terrorism and Proliferation (the “Guideline”) ...
he President of the Federal Republic of Nigeria, Muhammadu Buhari, signed the Finance Bill, 2019 into law on 13 January 2020. The amendments announced by the Finance Act, 2020 (the “Act”) intend to increase revenue collection to fund public expenditure; ensure that tax laws are consistent with national tax policy objectives; and incentivise investment in infrastructure and capital markets ...
The Indonesian competition authority, the Indonesian Commission for the Supervision of Business Competition (the “KPPU”) issued Regulation No.4 of 2019 on the Procedures for the Supervision and Handling of Partnership Cases (“Reg 4/2019”). This regulation replaces No.1 of 2015 on the Procedure for the Supervision of Partnerships, as amended, and Regulation No.1 of 2017 on the Procedures for Handling Partnership Cases, as amended (“Old Regulation”) ...
On 1 January 2020 the Swiss Financial Market Supervisory Authority (FINMA) implemented various revised rules primarily targeting small banks (the so-called 'small banks regime'). Among other aspects, this will result in a relaxation of IT outsourcing requirements for financial institutions. In this respect, a revised FINMA Outsourcing Circular is available in English and German, French ...
With the UK currently due to leave the EU at the end of this month, Brexit may cause the construction industry a continuing period of uncertainty in 2020 but the government’s agenda may also provide increased opportunities. We look ahead at what this year may have in store. Brexit The top priority for the government is delivering the UK’s departure from the EU on 31 January. How Brexit will affect the construction industry remains open to speculation ...
Oh what a year it has been. 2019 has been a rollercoaster ride: Trump accelerates and then suddenly slams on the brakes on his tit-for-tat trade war with China. Hong Kong, hitherto the paradigm of pragmatism, lies smouldering as months of pro-democracy protests see no end. A Swedish girl (celebrating her 17th birthday just last Friday) becomes the unlikely face of environmentalism, shaming Boomers for doing nothing about climate change in front of the UN ...
The Department of Health and Human Services (HHS), Office for Civil Rights (OCR) has announced several recent enforcement actions and settlements for violations of Health Insurance Portability and Accountability Act (HIPAA) rules. Ambulance Company Pays $65,000 to Settle Allegations of Long-Standing HIPAA Noncompliance On Dec. 30, 2019, West Georgia Ambulance, Inc ...
As part of Paraguay's commitment to the International Financial Action Task Force of Latin America (GAFILAT), in November 2019, the Executive Power enacted Law No. 6446 that creates a “General Directorate of People and Legal Structures and Final Beneficiaries ” Under the Ministry of Finance (hereinafter the Law), which will have the following functions: Acting as the authority of application, replacing the Treasury Law, of Law No ...
On Dec. 23, 2019, in a unanimous decision in United Parcel Service, Inc.1, the National Labor Relations Board returned to its historic standards for arbitral deference.2 The decision expressly overrules the Board’s 2014 decision in Babcock & Wilcox Construction Co., Inc ...
On May 23, 2019, by a vote of 417-3, the United States House of Representatives passed the Setting Every Community Up for Retirement (SECURE) Act. Notwithstanding broad bipartisan support, the bill stalled in the United States Senate until Dec. 19, 2019, when it passed a budget reconciliation bill (H.R. 1865, the Further Consolidated Appropriations Act of 2020 [the “Act”]), which contains the provisions from the SECURE Act. The president signed the Act on Dec. 20 ...
On December 16, 2019, in Caesars Entertainment d/b/a Rio All-Suites Hotel and Casino, the National Labor Relations Board (Board) returned to the standard outlined in Register Guard, which announced that employees have no statutory right to use employer equipment, including IT equipment, for activity protected under Section 7 of the National Labor Relations Act.1 The decision expressly overrules the Board’s decision in Purple Communications, Inc ...
In a long-anticipated decision on Dec. 16, 2019, the National Labor Relations Board (NLRB or Board) scuttled a 2015 agency decision that presumptively prohibited employers from requiring confidentiality of investigative reports. In Apogee Retail, 368 NLRB No. 144 (2019), the NLRB returned to its previous standard that presumes the legality of the maintenance of work rules requiring confidentiality of investigative interviews between an employer and employee ...
On December 19, 2019, the U.S. Treasury Department and the IRS issued final regulations (T.D. 9889), which provide much-anticipated guidance on tax-favored qualified opportunity zone investments. The 544-page regulation package generally retains the same approach and structure of the proposed regulations issued in October 2018 and April 2019 (prior Hanson Bridgett analysis available) ...
This week, Congress passed and President Trump is expected to sign a domestic spending package that includes significant changes affecting retirement plans in the SECURE (Setting Every Community Up for Retirement Enhancement) Act, and a permanent repeal of the “Cadillac tax” on high-cost employer-sponsored health coverage that was enacted with the Affordable Care Act (ACA). The SECURE Act is the most comprehensive set of changes to retirement plan rules in many years ...
In the modern era, most construction contracts incorporate insurance requirements as a primary means to address the risk of unexpected occurrences that are inherent to the construction industry. Some insurance, like workers’ compensation coverage, may be required by law. Other insurance coverage may be required by a lender or other financing party in order to close on the construction loan for a project ...
The National Labor Relations Board (NLRB), in Valley Hospital Medical Center, 368 N.L.R.B. 139 (Dec. 16, 2019), ruled an employer’s obligation to check off union dues expires along with the underlying collective bargaining agreement. This overrules a 2015 board decision and reestablishes a longstanding rule first articulated in 1962. Reasoning Employers and unions must negotiate in good faith over workers’ terms and conditions of employment ...
On 27 November 2019 the Federal Council adopted a dispatch message to improve the legal framework governing distributed ledger technologies (DLT) in Switzerland. The Federal Council's objective is to increase legal certainty, remove obstacles to DLT-based applications and limit the risk of abuse. Parliament will examine the dispatch message in early 2020. The government's press release is available in English, German, French and Italian ...
Small Claims Appeal Application (District Court, Tel Aviv) 56432-07-17 Iberia Airlines v. Fleisher Peled et al. The District Court in Tel Aviv-Yafo with an expanded three judge panel, rejected Iberia Airlines' appeal in the matter 56432-07-17 Iberia Airlines v. Fleisher Peled et al ...
The Committee on Foreign Investment in the United States (“CFIUS”), the interagency panel at the Department of the Treasury that reviews transactions for potential national security risks, recently released the public version of its latest annual report to Congress ...
1. There is a high possibility that you will have to present your case to an expert: Although the appointment of experts is more likely in disputes involving technical issues (e.g. maritime disputes, construction disputes, etc.), it is increasingly common for the UAE courts to refer disputes which, on the face of it do not require expert assistance, to experts. The courts have the power to do so in terms of Article 69 of the Federal Evidence Law (No ...
On Dec. 3, 2019, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), the Financial Crimes Enforcement Network (FinCEN) and the Office of the Comptroller of Currency (OCC) in conjunction with the Conference of State Bank Supervisors (CSBS) issued a joint statement entitled “Providing Financial Services to Customers Engaged in Hemp-Related Businesses ...
