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 ...
The Department for Work and Pensions (DWP) has published its combined consultation on draft Regulations designed to improve accessibility of illiquid assets for defined contribution schemes. The Department for Work and Pensions (DWP) has published its combined consultation on draft Regulations designed to improve accessibility of illiquid assets for defined contribution schemes ...
On March 31, 2022, the Chilean Financial Market Commission ("CMF") published with immediate effect, the General Rule No. 468, which regulates the authorization process for commencement of operations of local General Fund Managers or "AGF" as they are known in Chile, and the minimum background information required by the authority for granting such authorization ("NCG 468") ...
In September 2021, the House of Representatives of the Philippines approved House Bill (HB) 7425 upon its third reading. HB 7425 seeks to impose a 12% value-added tax (VAT) on digital transactions in the Philippines ...
In September 2021, the House of Representatives approved on third reading House Bill (HB) 8942 – the Ease of Paying Taxes Act. The bill proposed to amend the National Internal Revenue Code as amended (the Tax Code) and introduce administrative reforms that will simplify tax compliance and strengthen taxpayers' rights ...
The Government of the Russian Federation has adopted Resolution No. 497 dated March 28, 2022, which es-tablishes a large-scale moratorium on bankruptcy from April 1. Meanwhile, earlier on March 9, 2022, the Fed-eral Tax Service had already decided to suspend the initiation of bankruptcy proceedings. In this newsletter, we will provide you with an analysis of the key provisions of the moratorium ...
On April 2, 2022, the China Securities Regulatory Commission (the “CSRC”) published the revised Provisions on Strengthening Confidentiality and Archives Administration of Overseas Securities Offering and Listing by Domestic Companies (Draft for Comments) (the “Draft Archives Rules”). The Draft Archives Rules is now open for public consultations until April 17, 2022 ...
On April 2, 2022, the China Securities Regulatory Commission (the “CSRC”) published the revised Provisions on Strengthening Confidentiality and Archives Administration of Overseas Securities Offering and Listing by Domestic Companies (Draft for Comments) (the “Draft Archives Rules”). The Draft Archives Rules is now open for public consultations until April 17, 2022 ...
HM Treasury has recently published the outcome of its UK Prospectus Regime Review. The Review Outcome sets out important reforms to the UK prospectus regime for the public issuance of securities and admission to trading on capital markets, outlining the policy approach the UK Government will take following last year's Prospectus Regime Review consultation. This briefing note sets out the key measures confirmed by the UK Government in the Review Outcome ...
Dear valued clients, colleagues and friends,We are pleased to bring you the latest legal updates for March 2022 ...
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 ...
Lao PDR is following the regional trend of taxing the activities of non-resident E-Commerce and digital platform service providers. In this client update, we provide the key features and our commentary on the Ministry of Finance’s Notification on the Implementation of the Tax Obligations of the E-Commerce and Digital Platform No. 0541/MOF, dated 24 February 2022 (“the Notification”) ...
The Ministry of Finance of the Lao PDR has issued the Notification on the Implementation of the Tax Obligations of the E-Commerce and Digital Platform No. 0541/MOF, 24 February 2022 with the purpose to disseminate the Decree on Electronic Commerce No. 296/Gov, 12 April 2021 and the implementation of the tax obligations of the e-commerce and digital platform business operators in the Lao PDR. 1 ...
The Thai cabinet has recently approved the draft Royal Decree issued under the Revenue Code regarding income tax exemption on investment in Thai startups (the “Draft Royal Decree”), in cases where the funding for the startups is provided directly or indirectly through Venture Capital (VC), Corporate Venture Capital (CVC), or private equity trust (PE Trust). This Draft Royal Decree aims to unlock capital gains tax on investment in startups under the Royal Decree No ...
March 31, 2022 By: Michael Flynn In a March 28 speech, CFPB Director Rohit Chopra announced that the CFPB intends to enforce aggressively against large financial institutions that are repeat offenders, and will ask other federal regulators to take a similar approach. This will include utilizing stronger sanctions, even up to banning business practices, forcing divestiture of business lines, and working with state regulatory agencies to obtain license revocations where appropriate ...
General information about legal enforcement Legal enforcement involves the securing and collection of monetary claims (and other claims) via the enforcement authorities. The general rules are set down in the Enforcement Act. The act sets out the conditions for securing and enforced settlement of monetary claims and governs the approach that must be taken in connection with this ...
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 ...
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 ...
In line with the actions planned in the European Union’s tax policy agenda to reform the corporate tax system, the Proposal for a Council Directive 2021/0434 (the “Unshell Directive”) was published on 22 December 2021. This proposal introduces a set of rules to prevent the improper use of shell companies (companies without economic substance) exclusively intended to obtain tax advantages ...
Economic sanctions The sanctions imposed by the UK, European Union and US following the recent invasion of Ukraine by Russia target the Russian economy. Whilst Russia is the largest country in the world, in terms of the global economy it only made up 3.11% of Global GDP in 2020. The sanctions imposed however will still have wide ranging impacts on all areas of the global market, and can already be seen in dramatically rising energy prices ...
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 ...
A huge number of global and national initiatives have been made to appropriately handle sustainability challenges, including the European Green Deal and the relating Taxonomy. Both mandatory regulations and voluntary principles have been (and will continue to be) initiated and implemented, to ensure or encourage that ESG considerations also are taken into account with respect to financing ...
March 31, 2022 By: Michael Flynn On March 16, 2022, the CFPB announced it will expand the scope of its enforcement activities regarding discrimination beyond the specific areas covered by ECOA, by applying the UDAAP unfair practices standard to discriminatory practices in all consumers financial segments ...
CRF Payments to ANCs and Their Shareholders Are Not Taxable On January 21, 2022, the Department of the Treasury held a consultation with Alaska Native Corporations on the federal income tax consequences of Coronavirus Relief Fund (CRF) distributions made to Alaska Native Corporations (ANCs) and to Alaska Native Corporation shareholders ...
