Given the current economic climate, many employers are reformulating their businesses or are aiming to cut costs, which may give rise to more cases of proposed redundancies. We discuss how affected employees can best navigate these uncertain times. A redundancy situation is rarely welcomed by both employers and employees; they can represent financial hardship, both for employers struggling with profitability, and the inevitable direct impact on individual employees and their families ...
After two years of review, the Office of the Comptroller of the Currency (OCC) recently announced that it will begin accepting applications for special purpose national bank charters from financial technology (fintech) companies. The OCC’s announcement came hours after the Treasury Department endorsed the approach ...
Just over one year ago, new ATM regulations under the Americans with Disabilities Act (ADA) became enforceable. Since virtually the stroke of midnight on March 15, 2012, banks, credit unions and other ATM operators have been served with lawsuits alleging noncompliance with certain of those new ADA regulations, particularly those requiring auxiliary aids and services for ATM users who are blind or have low vision ...
An important update to Georgia’s statutory lien waiver laws will take effect on January 1, 2021. This summer, Georgia enacted an amendment to O.C.G.A. § 44-14-366 (the Lien Waiver Statute), that alters the form for interim and final lien waivers. The new statute makes it clear that lien waivers only waive lien or bond rights against the property and do not waive the right to file a lawsuit for non-payment or other related claims ...
Attractive Real Estate Business in the Czech Republic The Czech property market has developed considerably in recent decades and this optimistic trend continues. According to statistical figures, the volume of commercial investment during the last twelve months to Q1 2015 in the Czech Republic reached EUR 2.6 billion, representing 90.8 % increase ...
Auction sales can raise difficulties when determining whether the transaction is a transfer of a going concern (“TOGC”) as there are two possible situations at which the tax point occurs. If the deposit is being held as agent then the tax point is from the moment the auctioneer's hammer goes down ...
IntroductionAs of 8 January 2009, Belgian listed companies and financial undertakings are required to have an audit committee. The Law of 17 December 2008 on the establishment of an audit committee in listed companies and financial undertakings (the “Law”) then enters into force ...
Australia’s accession to the Hague Convention on Service Abroad of Judicial and Extrajudicial Documents in Civil and Commercial Matters 1965 (Convention) will streamline administrative procedures involved in transnational litigation. This welcome step will reduce many risks associated with transnational litigation, giving confidence to Australians engaged in international transactions ...
Australia has a complex system of taxation including a Federal income tax, capital gains tax and goods and services tax (GST) and eight separate State and Territory systems of duties and taxes. Tax planning is therefore important to maximise after-tax investor returns. The following guide sets out some high level issues to consider on a global M&A deal where the target is an Australian company or business or where downstream Australian subsidiaries are involved ...
The General Provisions referred to in Article 58 of the Law to Regulate Financial Technology Institutions (“Fintech Law”), Circular 12/2018 addressed to the Electronic Payment Funds, relative to the general provisions applicable to the operations of the Electronic Payment Funds and the General Provisions applicable to the Financial Technology Institutions (“Fintechs”), were published in the Federal Official Gazette (Diario Oficial de la Federación) on Septembe
On June 10, the Consumer Financial Protection Bureau (“CFPB”) issued a rule bringing non-bank automobile finance companies under its supervisory authority. Auto finance companies were already subject to the enforcement and regulatory authority of the CFPB, but under the new rule, certain auto finance companies are also subject to routine and cause-based examinations by the CFPB. The rule goes into effect on August 31 of this year ...
A year after auto-enrolment's 10th birthday the government gives the green light to changes which have the potential to extend to workplace pension savings initiative to more workers than ever before ...
The Superintendence of Finance of Colombia (SFC) introduced, by means of External Circular 035 of December 27th, 2019, the automatic authorization of collaboration agreements for the promotion of foreign financial services or products entered into by a local stock brokerage firm or a local financial corporation and a foreign financial entity provided they comply with the following requirements ...
New Law on Aviation In order to keep up with the development of the aviation industry in Indonesia, on 17 December 2008, the House of Representatives passed the Bill on Aviation. This Bill came in force on 12 January 2009 as Law No 1 of 2009 regarding Aviation (“Law 1”) ...
With those operating in the living sector now facing the risk of older assets becoming stranded – obsolete to funders and residents - Liz Sweeney and Liana Di Ciacca examine the journey to retrofitting stock and embracing ESG. The use of sustainability linked loans grew rapidly in the real estate finance market during 2021 ...
The Kentucky Supreme Court’s recent decision in Estate of Worrall v. J.P Morgan Bank, N.A. demonstrates the dangers to a trustee seeking a release from liability when distributing trust assets upon termination without following the statutory requirements. In Estate of Worrall, a corporate trustee sought to liquidate the trust assets of a terminating trust and conditioned the subsequent distribution of the assets on the beneficiary signing a release and indemnification agreement ...
Destruction of evidence can be fatal in any lawsuit, but it is especially troubling in construction defect disputes. It's always important to allow an opponent and their expert the opportunity to inspect premises and review the alleged defects. A recent Pennsylvania appellate decision highlights the need to do more than just allow a site visit in a defect case. It also drives home the need for clients to advise counsel of any repairs or changes to work at issue in a lawsuit ...
Unfortunately, as we all know, foreclosures are necessary. But foreclosures, by their nature, involve a certain degree of unpleasantness and challenges. A particularly thorny set of challenges arises when the foreclosure involves income producing property, especially residential rental property. The Problem. Imagine this all too familiar real world scenario: as security for a loan, the borrower grants the bank a deed of trust lien against the borrower’s apartment building ...
Unfortunately, as we all know, foreclosures are necessary. But foreclosures, by their nature, involve a certain degree of unpleasantness and challenges. A particularly thorny set of challenges arises when the foreclosure involves income producing property, especially residential rental property. The Problem. Imagine this all too familiar real world scenario: as security for a loan, the borrower grants the bank a deed of trust lien against the borrower’s apartment building ...
The summer is a welcome break for higher education students across Scotland. But, as coursework and exams are temporarily put to the back of minds, a potential reform is looming that could have major implications on the student living experience in Scotland. This relates to the outcome of a much-anticipated review into its purpose-built student accommodation sector (PBSA) – first initiated in 2021 by the Scottish Government ...
Several years ago the Municipal Council in Alexandroupolis invited tenders for a contract to carry out a project in respect of a town plan. Using the appropriate procedure the Council issued a contract notice identifying the award criteria in order of priority (as was required by the relevant rules) ...
Governments and authorities worldwide are placing increased emphasis on stricter financial controls tackling money laundering, terrorist financing and proliferation of weapons trafficking. As a leading global financial hub, the Cayman Islands is at the forefront of this arduous challenge. An example of its success is the introduction of a rigorous beneficial ownership regime (BOR) ...
Back to 2020 - Forward to 2021 2020 was a busy year – and a uniquely challenging one to say the least. Legal and regulatory changes, many of them linked to the COVID-19 crisis, have impacted your business and will continue to impact it in the new year. That is why we are pleased to provide you with an overview of the major recent legal and regulatory developments that have taken place under Luxembourg and EU law ...
What do a squeak toy, whiskey, and dog poop have in common? If you are silently thinking to yourself “absolutely nothing,” it may surprise you to hear that the U.S. Supreme Court has spent months considering this question. On June 8, 2023, in a long-awaited win for trademark owners, SCOTUS ruled that a lower court erred when it issued a decision finding that a dog toy that parodies a famous liquor bottle, was covered by First Amendment free speech protections ...
It is fair to say that we are in an era of unprecedented multilateralism and convergence in tax matters. The Bahamas has already committed to the implementation of the Common Reporting Standard, having already signed onto the Multilateral Competent Authority Agreement and published its list of exchange partners with automatic exchanges that commence in September 2018 ...
