Given the increasing use of GenAI to assist businesses with answering legal queries, we wanted to see if ChatGPT can explain the rules around obtaining retrospective consent for electronic direct marketing in the UK. Electronic direct marketing (i.e. email and SMS) to individual consumers is a vital element of many businesses, particularly in the retail sector ...
A recent High Court decision has important implications for commercial real estate owners considering taking enforcement action against defaulting tenants, particularly during unprecedented situations or in connection with newly enacted legislation ...
Administration of Bermuda's Corporate Income Tax In August 2024, Bermuda’s Ministry of Finance published a public consultation paper setting out certain proposed compliance obligations for Bermuda corporate taxpayers including certain anticipated procedural requirements with respect to registration, tax return filings, and payment of taxes ...
Establishment of Bermuda’s Corporate Income Tax Agency Following the enactment of Bermuda’s Corporate Income Tax Act (the “CIT Act”) in December 2023, in July 2024, the Government of Bermuda passed the Corporate Income Tax Agency Act (the “Agency Act”) which, among other things, (i) establishes the Bermuda Corporate Income Tax Agency (the “Agency”); (ii) sets out the functions and powers of the Agency with respect to administration of the CIT Ac
The rules on the duration and termination of insurance contracts governed by Belgian law have often been found overly formalistic and complex, especially by consumers. Save for a few exceptions, the duration of non-life insurance contracts can, in principle, not exceed one year. Instead, such contracts are tacitly renewed for successive one-year periods, subject to a notice for termination or objection to the tacit renewal being made by one of the parties ...
Licensing under the POI Law “Controlled investment business” Carrying on controlled investment business involves three elements: engaging in a “restricted activity”; which is in connection with a “controlled investment”; and which is done by way of business ...
This article is part of our EU AI Act series which explores the effect of the AI Act across various industries and sectors. Overview & Applicability Timeline The Artificial Intelligence Act (“AI Act” or “Regulation”), officially Regulation (EU) 2024/1689, is a groundbreaking legislative framework designed to address the benefits and risks of AI technologies ...
September 30, 2024 By: Akana K. Ma A Changed Regulatory Environment - Companies who think that U.S. export controls and sanctions do not apply to their products and channels of trade should reassess that position. As an example, approximately US$1.1 billion in fines levied during the last 15 months by the U.S ...
On 21 September 2024, the Chief Public Prosecutor of the Belgian Competition authority (“BCA”) publicly announced that in the BCA’s investigations into agreements concerning subsidies granted for the delivery of newspapers and magazines in Belgium the BCA will for the first time also be prosecuting physical persons ...
Carey Olsen in Guernsey advises Phoenix Equity Partners on securing £600 million in new funds Phoenix's latest Flagship Fund will enable the firm to continue investing in high-growth, lower mid-market businesses across select sectors, while the launch of its Growth Partnership Fund will allow the firm to continue and extend its partnership with high-performing portfolio companies Nineteen Group ("Nineteen") and Envisage Dental ("Envisage") ...
The UK Government has now enacted secondary legislation to reflect the new “go live” date of the Procurement Act 2023 (the “Act”) on 24 February 2025. On 16 September 2024, the Procurement Act 2023 (Commencement No 3 and Transitional and Saving Provisions) (Amendment) Regulations 2024 (SI 2024/959) (“Amendment Regulations”) were made ...
Directors' duties on the insolvency of a BVI company At all times, directors of a company incorporated in the British Virgin Islands (the “BVI”) need to be aware of their role and responsibilities as director, in particular where the company is insolvent or of doubtful solvency ...
ALRUD has received information from various sources indicating that this increase is under consideration. Reports suggest that the exit tax could rise to as much as ****40% of the valuation**** of the relevant asset. Despite conflicting information circulating in public sources, our contacts within the authorities have stated that ****no official decisions have been made**** regarding this matter ...
The UK GDPR and similar data protection laws around the world ask for data protection by design - but what does this mean in practice when it comes to DSARs? Using products such as Shoosmiths' SmartSAR may be the solution your organisation is looking for. Data protection ‘by design and default’ is a core concept under the UK GDPR and similar laws around the world ...
On 6 September 2024, the China Securities Regulatory Commission (CSRC) publicly released feedback regarding an application submitted by Mizuho Securities Co., Ltd. (Mizuho Group) for the establishment of Mizuho Securities (China) Co., Ltd. (“瑞穗证券（中国）有限公司”). If approved, Mizuho Group will become the fifth foreign financial group to establish a wholly foreign-owned (WFOE) securities company in China, joining the ranks of J.P ...
On 9 September 2024, Mario Draghi, former Italian Prime Minister and European Central Bank President, presented his highly anticipated report on «The Future of European Competitiveness» to European Commission President Ursula von der Leyen [1][2]. This comprehensive report analyzes the challenges faced by European industries and companies in the Single Market and proposes strategies to enhance the EU’s competitiveness [2] ...
Quebec has set ambitious energy transition and industrial decarbonization targets. The shift to greener practices has to be taken in a context where our energy consumption could rapidly grow under the combined effect of a number of factors, such as the reindustrialization of our economy, population growth, transport electrification and the potential for artificial intelligence to consume vast amounts of energy ...
Carey Olsen advises Inflexion on closing of latest fund at £975 million The Fund was raised primarily through increased commitments from existing investors in less than five months, who on average doubled their investments from the previous fund, Enterprise Fund V. The Fund's investor base includes a diverse group of U.S. pension funds, insurance companies, and sovereign wealth funds ...
Jersey publishes new guidance on the tokenisation of real world assets (“RWAs”) What is tokenisation? Tokenisation is the process of issuing a digital representation of an asset, typically on a blockchain, and its benefits include allowing investors to own and sell fractions of an asset which may otherwise be illiquid and/or financially unattainable for such investors to own outright ...
The EU's comprehensive data and AI regulatory package is about to become operational. This year, the Krogerus Data Symposium will highlight some of the most impactful changes of the Data Act and the AI Act, which will profoundly influence the application of AI, how companies and communities can utilise IoT data, and how data usage agreements are formed ...
Modern data protection rules are being introduced to tax-efficient jurisdictions like Bermuda and the Cayman Islands. It's increasingly vital to understand how to handle data in some less familiar territories for data protection. Advisers are familiar with the data protection laws which apply in the jurisdictions where many commercial businesses operate like the UK Data Protection Act, the UK/EU GDPR and the California Privacy Protection Act ...
Whilst talk of Rail Refrom is excellent news for a Sector that has been crying out for it, how much will it really impact the supply chain and what processes and protections are already in place to help the flow of contractual payments? As the Passenger Railway Services (Public Ownership) Bill awaits its second reading in the House of Lords on 7th October it is clear that there is a real focus on Rail from the Government ...
The Ministry for Home Affairs, Security and Employment (MHSE) published the proposed Maltese draft order for the transposition of the EU Network and Information Systems Directive II (‘NIS 2’) on 6 September 2024 ...
On September 9, 2024, the SEC announced it had settled Administrative Proceedings with nine investment advisers for violating the Marketing Rule. The violations involved distributing advertisements that included untrue or unsubstantiated statements of material fact or testimonials, endorsements or third-party ratings that lacked required disclosures. The following is a summary of the settled Administrative Proceedings ...
