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 ...
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 ...
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 ...
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 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 ...
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 ...
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 ...
The Proposed VASP Bill primarily: (i) defines the virtual assets activities that require registration; (ii) prescribes the criteria for a virtual assets service provider (“VASP”) to register; (iii) sets out the ongoing requirements and obligations of VASPs; and (iv) specifies the enforcement and general powers of the Commission as well as the penalties for contravening or failing to comply with, a provision of the Proposed VASP Bill ...
During the COVID-19 pandemic, questions about employee health-privacy-related symptoms, testing, and vaccination became prevalent in discussions about the workplace at all levels—from “the water cooler” to national news ...
Key Points AB 890 gave Nurse Practitioners who meet certain requirements authority to practice more independently. The bill created two categories of Nurse Practitioner—one that may perform delineated functions without the use of standardized procedures in certain clinical settings where physicians and surgeons practice and another that may perform these functions and more outside of such clinical settings ...
On September 23, Kudun and Partners were invited by TrustLaw, the charitable arm of Thomson Reuters, to be the legal experts in their Legal Health Check Workshop. The core objective of the event was to raise awareness of how law firms, like Kudun and Partners, can work with TrustLaw to provide pro bono legal services to NGOs, Civil Society Organizations (CSOs) and social enterprises (SEs). Chai Lertvittayachaikul and Emi Rowse (Igusa), partners of Kudun and Partners, presented at the event ...
Bank Indonesia recently updated its regulation on domestic non-deliverable forward (DNDF) transactions. Bank Indonesia Regulation No. 24/7/PBI/2022 on Foreign Exchange Market Transactions (“BI Reg. 24/7/2022”) replaces the previous regulation on DNDF, BI Regulation No. 20/10/PBI/2018 (as amended). BI Reg. 24/7/2022 makes some noteworthy amendments on the DNDF terms and introduces new thresholds and provisions on DNDF transactions ...
The ever-growing industry of Peer-to-Peer Lending (“P2P Lending”) has driven the Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) to issue OJK Regulation No. 10/POJK.05/2022 on Technology-Based Collective Financing Services, which came into force on 4 July 2022. The regulation provides more detailed and extensive provisions to cater with the rapid development of the industry ...
In a civil case, is it wiser for a business to try to persuade the counterparty to agree from the outset to arbitration—or potentially to place it's very solvency in the unpredictable hands of a judge and jury? Many "form" commercial contracts contain clauses mandating that any disputes that arise be resolved by binding arbitration rather than a jury or bench trial ...
As part of the UK Government’s review of the UK funds regime it has included in the Finance Act 2022, (the Act) a new regime for qualifying asset-holding companies (QAHCs). This regime came into effect on 1 April 2022. The QAHC regime provides a tax efficient, UK resident vehicle through which certain types of institutional investors and funds can hold investments ...
Lauren Bowkett is a fraud and financial crime expert in the Business Crime and Compliance Team at Shoosmiths. She is an expert in confiscation proceedings under the Proceeds of Crime Act 2002 (‘POCA’) and has successfully intervened in numerous POCA cases to assert her clients third party interest rights ...
The global trading system has been pushed to its limits since Russia’s invasion of Ukraine 7 months ago. Olesia Kryvetska, a counsel with Asters law firm and head of the Ukrainian Bar Association’s International Trade Law Committee, details the heaviest implications since the beginning of the war, namely soaring commodity and energy prices, food security crises, and supply chain disruptions ...
A webinar hosted by Shoosmiths in collaboration with Asset Reality. Scroll down the page to watch the webinar. Intro poll According to a recent survey, what percentage of millennial millionaires own cryptocurrency? According to a recent study conducted by CNBC, 83% percent of millennial millionaires own cryptocurrency with over half having at least 50% of their wealth in cryptocurrencies. https://cointelegraph ...
On 17 August 2022, the Trade Competition Commission of Thailand (“TCCT”) issued the Notification of TCCT on Guidelines for Determining Fair Trade Practices Relating to Provision of Credit Terms for Small and Mediums Enterprises (“SMEs”) being Sellers or Service Providers (No.2) (“Notification”) which came into effect on 16 September 2022 ...
On September 15, 2022, the Wall Street Journal reported Securities and Exchange Commission (SEC) Chairman Gary Gensler told reporters after a Congressional hearing that digital assets and the intermediaries dealing in such assets that allow for staking may shift the “efforts of others” analysis under the Howey test. If so, they would be re-categorized as securities ...
<p>Dear valued clients, colleagues and friends,</p><p> </p><p>We are pleased to bring you the latest legal updates for September 2022.</p><p> </p><h2><strong>Financial Services</strong></h2><p><a href="http://www.shearndelamore.com/alerts/2022/Legal_Updates_Sept_1_2022.pdf">Expansion of SRI Sukuk and Bond Grant Scheme</a></p><p><a href="http://www ...
Acquisition of intended exclusively for the production of parenteral bags INFARMED - the Portuguese National Authority for Medicines and Healthcare Products (“Infarmed”) has recently adopted Decision 089/CD/2022, concerning the regulatory framework for the acquisition of medicines without a national Marketing Authorisation (“AIM”), intended exclusively for the production of parenteral bags ...
Regulation (EU) 536/2014 of the Parliament and of the Council of 16 April 2014 on clinical trials on medicinal products for human use introduced additional requirements for the labelling of investigational and auxiliary medicinal products, in particular, for unauthorised medicinal products, in order to eliminate divergences in approach among Member States ...
