The reception, hosted by Lord Borwick, focussed on how to operationalise the Automated Vehicles Bill (AV Bill), and realise its full potential, now that it is expected to receive Royal Assent and become law later this year. Despite the swift movement through Parliament of this landmark legislation - aimed at establishing a legal framework for the safe deployment of autonomous vehicles - the UK remains at the beginning of its regulatory journey ...
On 12 April, the Cabinet Office published the second tranche of its official guidance documents on the Procurement Act. The guidance documents cover: The National Procurement Policy statement (‘NPPS’); Technical Specifications; Pipeline Notices; Planned Procurement Notices; and Preliminary Market Engagement. Each guidance document clearly sets out the key points and the policy intent in respect of these discrete parts of the Procurement Act ...
Carey Olsen advises Hipgnosis Songs Fund on proposed US$1.4 billion takeover The Boards of Hipgnosis and Concord Chorus Limited ("Concord") announced on 18 April 2024 that they had agreed the terms of Concord's recommended cash offer of $1.16 per share, which remains subject to shareholder approval, regulatory approval and the sanction of the Royal Court of Guernsey ...
Carey Olsen advises Transocean on US$1.8 billion senior notes offering and cash tender offers The Notes will be fully and unconditionally guaranteed on a senior unsecured basis by Transocean Ltd. and certain of the Company’s subsidiaries. The 2029 Notes will bear interest at the rate of 8.25% per annum and will be callable after 15 May 2026. The 2031 Notes will bear interest at the rate of 8.50% per annum and will be callable after 15 May 2027 ...
The EU published a report on 18 April 2024, ‘Much More than a Market’.1 The reasons behind the call for the report are the EU’s concerns that just over 30 years after its creation there are important aspects of the Single Market that are not complete, and that the world is very different to what it was 30 years ago ...
In On Tower UK Limited v British Telecommunications Plc [2024] UKUT 51 LC, the Upper Tribunal (Lands Chamber) was asked to address key aspects of the Electronic Communications Code ...
On March 27, 2024 the Securities and Exchange Commission (“SEC”) adopted amendments to Rule 203A-2(e) under the Investment Advisers Act of 1940 (the “Advisers Act”). Rule 203A-2(e) provides an exemption from the prohibition on registration with the SEC that may otherwise affect certain internet based advisers seeking to register with the SEC. Rule 203A-2(e) is referred to as the Internet Adviser Exemption ...
Although artificial intelligence (“AI”) improves how businesses interact with customers, process sales, manage inventory and more, it also heralds new and unique cybersecurity risks. These risks can lead to unprecedented legal liabilities. Companies must understand how AI works, consider how AI is deployed throughout their business structure and take proactive steps to minimize security risks ...
Government Commission approves positive review of draft law on turnover fines for leaks of personal data (“PD”) We previously informed you about the draft law that would impose ****turnover fines for PD leaks****, as well as fines for the failure to ****notify the Russian Federal Service for Supervision of Communications, Information Technology and Mass Media (“Roskomnadzor”) about the intention to process PD**** and the illegal transfer (****leak****) of PD ...
On December 22, 2023, Agder Court of Appeal issued a ruling in a case between an excavator seller and a leasing customer who had leased an excavator through a leasing company. According to the agreement between the parties, the leasing company was the formal owner of the excavator. The role as owner was however limited to financing ...
Guernsey insurance mergers and acquisitions (M&A) Our specialist insurance mergers and acquisitions (M&A) team have advised on a number of other high-profile insurance industry transactions, including: the sale of Humboldt Re by the Credit Suisse Pension Fund; the acquisition of Kelvin Re by Humboldt Re, and the subsequent merger to create Marco Re; the acquisition of Old Mutual Guernsey by Northstar Bermuda; the acquisition by Islands Insurance Group of Hepburns Insurance, incl
The Sexism in the City inquiry was set up to establish what progress has been made in tackling sexism in the financial services sector. We discuss the findings and offer advice for those in the sector trying to navigate the current regulatory landscape. The financial services industry is crucial to the UK economy. It employs more than 2 ...
It’s hard to keep up with the twists and turns of AI regulation at the best of times, but the suggestion this week that the UK Government may be looking again at its opposition to statutory AI regulation poses as many questions as it answers. It’s hard to keep up with the twists and turns of AI regulation at the best of times, but the suggestion this week that the UK Government may be looking again at its opposition to statutory AI regulation poses as many questions as it answers ...
The Online Safety Act 2023 (the "OSA") became law on 26 October 2023 and will affect over 100,000 organisations. Here, we focus specifically on the overlaps between the OSA and data protection legislation, outlining the synergies (and differences) in key areas, together with some practical tips. This firm has been a consistent source of commentary and practical guidance on the new Online Safety Act 2023 (the ‘OSA’) ...
Carey Olsen advises Sanctum FI LLP on launch of an Artificial Intelligence-powered investment fund FSHL aims to generate long-term capital growth through a diversified portfolio primarily consisting of equity securities and bonds. The investment strategy focuses on enhanced investment performance at low cost through evolving machine learning algorithms ...
Carey Olsen advises Beijing Energy International Holding Co. Ltd on $40 million green bond issuance On 2 April 2024, Beijing Energy International successfully issued the bond, featuring a term of two years and a historically low coupon rate of 2.70%. The issuance was oversubscribed by 3.04 times ...
The Securities and Exchanges Commission (SEC) has announced a settled Administrative Proceeding with Senvest Management LLC (“Senvest”). Pursuant to the SEC issued Order, Senvest failed to maintain and preserve certain electronic communications and failed to enforce its code of ethics ...
Shoosmiths litigation team recently hosted a roundtable discussion with senior inhouse lawyers with clients in financial services, technology and the automotive sectors. In this discussion, each participant discussed their key takeaways from our recent Litigation risk 2024 report, their biggest concerns for the year ahead and identified some areas that need further exploration in 2025 and beyond. AI continues to create uncertainty making it a key litigation risk ...
The first quarter of 2024 was a busy time for regulatory action in the bank M&A space. Coming off a slow year for bank deal announcements in 2023, many bankers and bank advisors believed that 2024 would be a rebound year for bank combinations. Those expectations may be scaled back now that the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) released proposed updates to their bank merger application rules and policies ...
From optimizing revenue to refining strategy and decision-making and safeguarding data – AI's potential benefits for businesses and their management are enormous. However, businesses and their corporate fiduciaries face an immense Goldilocks problem: too little reliance on AI can leave a company behind its competitors and breach standards of care ...
Simonsen Vogt Wiig (SVW) are reaching out to international contractors or suppliers seeking to capitalize on the significant opportunities presented by Norway’s ambitious defense investment plan, which includes the pledge to spend 600 billion kroner over the next 12 years on defense modernization and capabilities ...
The Bitcoin ‘halving’ event is rapidly approaching, anticipated to occur around the 19th or 20th of April. Currently, there’s an unprecedented level of attention on Bitcoin due to this event. So, what exactly does ‘halving’ entail, and why is there such a buzz surrounding it? The term itself evokes the intrigue of a suspenseful horror film, one that could be straight out of a Stephen King story ...
On March 26th, 2024, the President of the Republic enacted the Framework Law on Cybersecurity and Critical Information Infrastructure (the "Law"), after having been generally approved by the Chamber of Deputies, and the preventive control of constitutionality carried out by the Constitutional Court was concluded ...
