The UK Government has this week announced what would be the biggest shake-up of the competition and consumer protection policy landscape for the last 20 years. On 20 July 2021 the Department for Business Energy and Industrial Strategy (BEIS) published a consultation document setting out its proposals for sweeping reforms of the UK’s competition and consumer protection law regimes and inviting responses by 1 October 2021 ...
What is to come: new ESG reporting requirements Norway introduced legislation presenting social reporting requirements already in 2013 through the introduction of section 3-3 of the Norwegian Accounting Act in anticipation of the Non-Financial Reporting Directive 2014/95 (NFRD) ...
In summary, this note includes information in relation to: the UK REIT regime; advantages of using a Jersey company as the REIT vehicle; TISE listing process and listing document requirements; TISE’s continuing obligations requirements; and Carey Olsen and our REIT experience. We trust that the above will be of assistance ...
Since March 2020, the United States and Canada have agreed upon mutually reciprocal COVID-19 related travel restrictions. U.S. and Canadian officials mutually determined that “non-essential” travel between the U.S. and Canada “poses additional risk of transmission and spread of the virus associated with COVID-19 and places the populace of both nations at increased risk of contracting the virus associated with COVID-19 ...
We have this year assisted with numerous new financings, covering everything from new bank syndicates, refinancings, direct lending and bond loans. It has in periods been especially hectic within the shipping, aviation and renewable energy sectors. On the regulatory side, we have had a particular focus on the LIBOR transition ...
Following July 8, 2021’s Client Alert, the California Department of Financial Protection and Innovation (DFPI) posted its CFL Transition Checklist for existing California Financing Law licensees to begin the license administration transition over to the Nationwide Multistate Licensing System (NMLS) portal. The deadline for submitting CFL transition applications through the NMLS portal is December 31, 2021 ...
By: Jenni Krengel and Tonie Bitseff On Friday, the IRS issued Revenue Procedure 2021-30 expanding the Employee Plans Compliance Resolution System ("EPCRS")—a voluntary program for correcting errors in tax-qualified and section 403(b) plans—by adding two new methods for recouping benefit overpayments, among other changes ...
The Finance Minister of India in the 2021-22 Union Budget had announced that the Government proposes to review 400 exemption notifications. The exemption on more than 150 items, currently exempted under Notifications Nos. 14/2006-Customs dated 01.03.2006, 26/2011-Customs dated 01.03.2011 and 50/2017-Customs dated 30.06.2017 could be axed. The Telecom, Information Technology, Wind Power, Textiles and Pharmaceuticals are a few of the affected sectors ...
Financial ServicesRuling of Shariah Advisory Council of Bank Negara Malaysia on QardAt its 213th meeting of the Shariah Advisory Council (“SAC”) of Bank Negara Malaysia, the SAC ruled that the method under Malaysian Financial Reporting Standard (“MFRS”) 17 Insurance Contracts and MFRS 9 Financial Instruments may be adopted to measure qard (interest free loan) for transactions between shareholders’ fund and takaful fund ...
If you are the owner of an ageing wind, hydro or solar installation that receives Feed in Tariffs (FiTs), you may be considering replacing part or all of the generating equipment to upgrade your installation. "Will repairing or replacing the generating equipment affect my accreditation?" This is something we are being asked increasingly often and, frustratingly, the FiT Legislation and Guidance is inconclusive on this point. But not for much longer ...
From a competition law standpoint, the regulation of sport presents a difficult conundrum. On the one hand, sports regulations may limit the ability of economic actors (including sportspeople) to win business through unrestricted competition. On the other hand, without such regulations, the essential core of the sport (and the business interests built around it) may be undermined ...
The parties to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) have agreed to formally commence an accession process with the UK. Ahead of the start of formal negotiations, the UK Government has set out its strategic approach to accession ...
Directors have a fiduciary duty to their companies as they hold positions of trust and confidence and as a result, have an obligation to act in good faith and in the company’s best interests. Ghana’s new Companies Act (Act 992) introduces provisions concerning amongst others, the requirement for Directors to deal transparently while handling transactions, and their obligations when managing conflict-of-interest situations ...
In a move that will allow greater flexibility for traveling to the United States, the State Department recently announced National Interest Exceptions (NIEs) issued to foreign nationals in the last 12 months who are covered by COVID-related Presidential Proclamations (PPs) will now be valid for 12 months, rather than the previous 30-days. In addition, these NIEs will allow for the ability to use them for multiple entries during the new validity period ...
Utility bills can bring unwelcome surprises: a water bill that reminds you of the extra irrigation costs incurred during a heat wave, an electric bill that makes you realize how much extra power is used when working from home or gaming nonstop, an embarrassing cable bill documenting how many shows you binge-watched last month ...
Co-hosted by the Texas Solar Power Association Developing EPC Contracts involves many different stakeholders from investors, developers, contractors, and equipment suppliers. Allocating risk to the party that is in the best position to manage and control the risk is important to keep costs contained. Factors such as technology, cost constraints, schedule, stakeholders, safety, and performance are just some of the major issues that affect risk allocation ...
When the lockdown was a fact in March 2020, Norwegian courts demonstrated a great willingness to keep the wheels of the Norwegian litigation system going by rapidly transitioning to conducting court hearings through video meetings, and by resolving a larger number of cases through written proceedings. The question going forward is whether experiences gained through the pandemic should change how civil procedures are conducted, and if so, what these changes should be ...
On July 13, 2021, Ohio Lieutenant Governor John Husted announced the introduction of the Ohio Personal Privacy Act (OPPA), a comprehensive privacy framework following in the footsteps of recent legislative enactments in California (the CCPA as modified by the CPRA), Virginia (the CDPA), and Colorado (the Colorado Privacy Act) ...
On Dec. 29, 2020, the Consumer Financial Protection Bureau (CFPB) published a final rule amending Regulation Z’s Ability-to-Repay/Qualified Mortgage (QM) requirements (the New Rule). Regulation Z requires creditors to make a reasonable, good-faith determination of a consumer’s ability to repay their residential mortgage loan. Loans that comply with Regulation Z’s requirements qualify for certain protections from liability ...
The UAE has introduced new administrative sanctions on all entities that fail to comply with the requirements of Cabinet Decision 58 of 2020 concerning the Regulation of Real Beneficiary Procedures (Decision 58 of 2020). Issued on 23 May 2021, Cabinet Decision 53 of 2021 (Decision 53 of 2021) empowers the Ministry of Economy and the relevant licensing authorities in the UAE to administer various penalties on violators of Decision 58 of 2020 ...
As per our earlier articles, in late 2020, the SBA began requiring borrowers with First Draw PPP loans $2 million or greater to complete a PPP Loan Necessity Questionnaire (Form 3509 (For Profit Borrowers) or Form 3510 (Non-Profit Borrowers)) as part of the forgiveness process. These forms were the subject of a lawsuit in December 2020 advanced by the Associated General Contractors of America (“AGC”) ...
Starting around October 26, 2020, the Small Business Administrations (the “SBA”) asked Paycheck Protection Program (“PPP”) lenders to provide certain questionnaires to PPP borrowers with loans of $2 million or greater. There are two questionnaire forms on the Treasury: Form 3509 for for-profit borrowers and Form 3510 for non-profit borrowers ...
Chapter 53 of the Texas Property Code just received major updates for the first time in years. On June 15, 2021, Gov. Greg Abbott signed into law HB 2237. This bill makes many notable changes to Texas’s lien laws. The construction industry and construction lawyers should take note of these changes to the complex and often confusing world of mechanic’s, contractor’s, and materialman’s liens in Texas ...
