The fate of Assembly Bill 5 (AB 5) may be headed to the voters. Uber, Lyft, and DoorDash have unveiled the Protect App-Based Drivers and Services Act, a $90 million ballot initiative targeting AB 5. AB 5, signed by Governor Newsom on September 18, 2019, is expansive legislation that has potentially significant impact on California employers. AB 5 broadly adopts a new test for determining whether a worker is an independent contractor or an employee, with far-reaching implications ...
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 ...
In the case of White Sapphire Ltd/Crane Bank Ltd vs the Commissioner General of the Uganda Revenue Authority (“URA”), the Ugandan High Court considered the notoriously controversial anti-avoidance provisions, in terms of which the benefits of a double tax agreement (“DTA”) concluded by Uganda would not be available where at least 50% of the underlying ownership of the resident of the other contracting state is not held by individuals resident in such other contr
In the recent Appeal Court case of Airtel Uganda Limited v. Uganda Revenue Authority, the provisions of section 15 of Uganda’s Tax Appeals Tribunal Act (TAT Act) and their wider implications came under scrutiny. In the case at hand, Airtel Uganda Limited (Airtel), a telecommunication company, lodged an objection to an assessment raised by the Uganda Revenue Authority (URA) on 25 February 2004 with the Tax Appeals Tribunal (TAT) ...
The Unemployment Insurance Fund (“UIF”) has shed some light on what will happen to existing and outstanding COVID-19 Temporary Employer-Employee Relief Scheme (“TERS”) applications and payments, particularly over the festive season. We discuss the must-knows for employers below ...
As we emerge from the pandemic, UK cities have a positive future – from the growth of digital broadcasting in Manchester to the positive future for inward investment; from what is needed to preserve our high streets to excitement around the Birmingham 2022 Commonwealth Games. The UK Cities Investor Guide is a bi-annual publication produced in partnership with EG, and tackles some of the key challenges and opportunities facing the real estate investment market ...
A report published on 25 January 2024 by the Competition and Markets Authority (CMA) reaches the conclusion that contrary to the situation in the USA, aggregate employer market power has not increased in the UK in recent decades. Economic theory identifies that where employer market power is high (typically because in an area there are only a few major employers and limited other choices for workers), the workers are paid less, employers employ fewer workers and production output is lower ...
From today, 29 July 2013, the following provisions will come into force under the Enterprise and Regulatory Reform Act: • Renaming of compromise agreements as "settlement agreements". This change will be accompanied by new rules on pre-termination negotiations, which are to be finalised later this year ...
If you look at the recent changes to income tax, in particular the introduction of a 7.5% rise in the taxation of dividends (announced by George Osborne in the last budget), it is hard not to conclude that entrepreneurs are being targeted by the government ...
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 ...
Introduction The UK government has recently adopted a series of recommendations aimed to face the Coronavirus outbreak due to the rise in the number of infections and deaths caused by this virus. The strict approach of the UK Government would be in line with the measures adopted by the other countries in Europe, such as Italy or Spain ...
This article looks at current trends and influences and how we expect them to impact the market in 2023. Whilst the market rebounded tremendously following COVID-19, it is now facing fresh challenges with rising interest rates, inflation and increased regulation featuring heavily on board room agendas. It was a slower end to 2022 compared to last year, but this unrest will no doubt present opportunities (as well as risks) in the coming year for lenders and businesses alike ...
This article looks at current trends in UK mid-market debt finance and what we anticipate for 2024. Businesses have faced a perfect storm of challenges in the last twelve months: slow economic growth, rising interest rates, geopolitical unrest and struggles to curb inflation. Despite all that, Q4 of 2023 was a busy one, with a definite uptick in new deals off the back of more positive economic news towards the end of the year ...
This article looks at trends, including the response to COVID-19, which we expect to impact the mid-market in 2021. Last year we gave COVID-19 a quick mention in our ‘look at the year ahead’. Nobody foresaw the impact it would have. As the market enters a new year, there remains the uncertainty that we’ve grown familiar with ...
A Report into effective approaches to audit committee reporting has been published by the Financial Reporting Lab, which is a forum set up by the Financial Reporting Council (FRC) to encourage better communication between listed companies and investors in the UK. The aim of the Report is to provide insight from companies and investors on effective approaches to audit committee reporting ...
On 14 December 2022, following a campaign by the Royal Yachting Association, the UK Government confirmed that it would not be implementing changes to HMRC policy to enable UK residents that purchased (EU) VAT paid UK vessels located in the EU prior to the end of the Brexit transition period (31 December 2020) to bring these vessels back into the UK without incurring a second (UK) VAT charge ...
The UK's Financial Services Authority (FSA) has issued a Feedback Statement on its discussion paper DP05/4 "Hedge funds: A discussion of risk and regulatory engagement" and has urged firms to focus on the risks posed by side letters "which will remain an area of supervisory focus". Side letters have become a common feature for institutional investors investing in hedge funds with the result that such investors receive preferential treatment and more information than other investors ...
In the recent Feedback Statement (FS06/2) from the UK's Financial Services Authority (FSA) to its Discussion Paper entitled "Hedge funds: A discussion of risk and regulatory engagement", the FSA identified the use of side letters as an area of concern where a market failure may be present, thus potentially requiring regulatory intervention by the FSA ...
The UK's recent advancements in AI governance have included the publication of an initial review by the UK's Competition and Markets Authority (CMA) regarding AI foundation models. The country’s antitrust watchdog has taken the lead in shaping certain principles, recognising the need to harness AI’s potential while avoiding the pitfalls of unchecked power in the hands of a few tech companies, at the expense of broader competition ...
FinTech is important to the financial services sector in both India and the UK. A trade agreement could facilitate FinTech growth and deepen trade between the two countries. Kiran Desai, Head of Shoosmiths Brussels is joined by colleague Prakash Kerai to host Prashanth Ramdas of Khaitan & Co ...
On 30 March 2020, the Ukrainian Parliament adopted the Law "On Amendments to Certain Legislative Acts Aimed to Ensure Additional Social and Economic Guarantees Due to the Coronavirus Disease (COVID-2019) Spread" (the Law), which introduces to the Ukrainian legislative environment new complex rules aimed at minimizing the negative impact of the spread of the COVID-19 in Ukraine. The below summary focuses on key changes introduced by the Law ...
Could your institution be at risk of liability for unauthorized wire transfers and Automated Clearing House (“ACH”) credit transfers? Data security breaches continue to garner headlines, and criminals continue to engage in targeted activities to steal millions of dollars in unauthorized funds ...
Could your institution be at risk of liability for unauthorized wire transfers and Automated Clearing House (“ACH”) credit transfers? Data security breaches continue to garner headlines, and criminals continue to engage in targeted activities to steal millions of dollars in unauthorized funds ...
