SyCipLaw Senior Partner and Head of Banking, Finance & Securities Department Philbert E. Varona, Partners Mark Xavier D. Oyales, Ricardo Jesus E. Gutierrez, and Associate Marcella Maria L. Karaan contributed the Philippine chapter of the new Chambers Project Finance 2024 Global Practice Guide ...
SyCipLaw Senior Partner and Head of Banking, Finance and Securities Department Philbert E. Varona, Partners Jan Celine C. Abaño-Ranada, Camille Angela M. Espeleta-Castillo, and Ricardo Jesus E. Gutierrez prepared the Philippine chapter of the latest Chambers Debt Finance 2024 Global Practice Guide (GPG) ...
When must controllers respond to DSARs with more than just a copy of personal data? Is it enough to point to a privacy notice to satisfy the extra GDPR requirements? UK and EU courts are increasingly saying that it's not enough. Handling data subject access requests (DSARs) is an ongoing compliance burden for many organisations. In this series, we consider how different strategies can cut the task down to size ...
Introduction Directive No. 19 (the “Directive”), issued by the Central Bank of Malta (the “CBM” or the “Central Bank”) on the 7th July 2021 officially came into effect on 1st January 2022, with amendments issued in September 2024. It applies to all paper-based instruments issued, processed, or encashed within Malta’s jurisdiction, as long as these instruments are denominated in euros ...
Carey Olsen advises on sale of SandpiperCI's food retail business to Morrisons The Carey Olsen Jersey corporate and property teams led this cross-border acquisition, which included a pre-completion group reorganisation and advice on real estate, finance, employment, and pension matters for stores operating across Jersey, Guernsey, and Alderney ...
Chapter 647 of the Laws of Malta, titled the Markets In Crypto-Assets Act (hereinafter referred to as “Chapter 647”), integrates all aspects of Regulation (EU) 2023/1114 of the European Parliament and Council on markets in crypto-assets (“MiCAR”) ...
On 8 November 2024, the Standing Committee of the National People's Congress, after three readings, adopted the amendedAnti-Money Laundering Law(the "Amended AML Law"), which will take effect on 1 January 2025 and replace the originalAnti-Money Laundering Law(the "Original AML Law"), in effect since 2007 ...
In October of 2024, the Office of Federal Contract Compliance Programs (“OFCCP”) announced it had received two Freedom of Information Act (“FOIA”) requests to disclose EEO-1 Type 2 Consolidated Report data, which is filed annually by prime federal government contractors and first tier sub-contractors. The Type 2 report is one of the annual filings required for multiple-establishment covered contractors. The report includes demographic data for all U.S ...
The domestic implementation of NIS2 continues to advance at pace. In this note, we outline Italy’s formal adoption of NIS2, highlight the key dates you need to know for registration, compliance and enforcement. For further information about NIS2, including sector-specific guidance, please visit our Resiliency page ...
On October 11, 2024, the United States Department of Defense (DOD) published a final rule implementing its Cybersecurity Maturity Model Certification (CMMC) program, which is designed to verify that defense contractors are adequately protecting sensitive information from cybersecurity threats. The CMMC applies to contractors who process, store, or transmit Controlled Unclassified Information (CUI) or Federal Contract Information (FCI), which is most DOD contractors ...
1. Introduction We are not only living in a digital age but also in an age where individuals and businesses increasingly depend on banks for their day-to-day activities. The convergence of these two factors is compounded with the increased use of artificial intelligence (AI) both generally and specifically in the banking sector. From a general perspective, AI start-ups in 2013 received USD 2 bn in investments globally which increased twelvefold in 2018 to USD 24 bn [1] ...
Resolutions and meetings of Guernsey Companies The articles of incorporation (the “Articles”) of a company must always be checked for specific requirements relating to general meetings. Note, however, that in certain circumstances the Articles may be overridden by The Companies (Guernsey) Law, 2008 (as amended) (the “Law”), which provides for certain basic shareholder protections in specific circumstances ...
By: Ruben Gotlieb, Esq. As many of you know by now, Donald Trump has won a second term as president. Additionally, Republicans in the U.S. Senate will have a small majority in Congress. It is still uncertain who will hold a majority in the House of Representatives. What does this mean for tax legislation set to expire, or “sunset,” at the end of 2025? To pass a permanent tax law, a majority of at least 60 senators is needed. Without this, the law can only last for 10 years ...
Carey Olsen takes lead role in new TISE 'Specialist Companies' equity rulebook Carey Olsen is part of the TISE Rules Committee, which helped finalise the Specialist Companies Equity Rules (as well as all previous Listing Rule updates). The Specialist Companies Equity Rules are intended to attract privately held structures whose securities are not intended to be frequently transferred or traded and which are primarily held by institutional and professional investors ...
As the year winds down, it’s a good time to take stock of your life as both a person and a litigator. Are you going in the direction you want, are you shortchanging one aspect of your life to benefit another? Is it working for you? Guests Anne Marie Seibel and Paula Hinton are experienced and highly successful litigators who explain how they learned to balance family and careers, professional goals, and personal aims ...
****Dear Ladies and Gentlemen!**** Since 2022 restrictions are imposed with respect to transactions with persons from “unfriendly” countries in the Russian Federation. Thus, for a certain number of transactions/operations (i.e. issuance/repayment of loans, execution of financial instruments, distribution of dividends/profits etc ...
United States Citizenship and Immigration Services (“USCIS”) has approved a new credentialing organization for certain healthcare workers for immigration purposes. USCIS approved the application from International Education Evaluations, LLC (IEE), which went into effect October 25, 2024 ...
The International Entrepreneur Rule (“IER”) is a mechanism enacted by the U.S. Department of Homeland Security (“DHS”) in 2017 to help encourage noncitizen investors and entrepreneurs to continue their business ventures in the United States. Under the IER, Entrepreneurial Parole is available for up to three persons who have a substantial ownership interest (at least 10%) in a startup entity created in the U.S. in the past five years ...
The FCA has published the results of its culture and non financial misconduct survey. Here are some points to note. Key facts: The FCA surveyed regulated wholesale financial services firms asking questions about incidences of non-financial misconduct and the firm’s policies and procedures relating to firms’ culture ...
Federal Decree-Law No. 51/2023 Promulgating the Financial Reorganisation and Bankruptcy Law (the Bankruptcy Law) introduced a new bankruptcy regime in the UAE, but left a number of key issues to be addressed under later implementing regulations. These regulations have now been issued under Cabinet Decision No. 94/2024 On the Implementing Regulation of the Financial Restructuring and Bankruptcy Law (the Implementing Regulations) ...
Abstract “[I]t is better that ten guilty persons escape than that one innocent suffer.” 4 William Blackstone, Commentaries *358. “[I]t is better that ten innocent men suffer than that one guilty man escape.” Otto von Bismarck, Germany’s first chancellor, quoted in John W. Wade, Uniform Comparative Fault Act, 14 Forum 379, 385 (1979). Punishing the innocent is considered an “error” that the legal system must minimize ...
By: Melissa Groisman, Esq. As of October 1, 2024, Florida has implemented stricter flood disclosure requirements for residential real estate transactions. This means that sellers are now required to disclose a property’s flood risk to potential buyers prior to executing a purchase and sale agreement. What Does This Mean for Sellers and Buyers? Sellers: To comply with the new law, sellers must disclose any previous flood damage claims and federal assistance received due to flooding ...
This is a meaningful Budget for the affordable housing sector, with positive signs that housing, particularly affordable housing, is being prioritised by the government. This reflects a recognition of how crucial community building is for social cohesion and the economy. As highlighted in the Radix Big Tent Housing Commission’s recommendations last week, a prompt rent settlement is essential for the affordable housing sector and for Registered Providers ...
On October 21, 2024, the Division of Examinations of the United States Securities and Exchange Commission (the “Division”) published the Fiscal Year 2025 Examination Priorities. In addition to investment advisers, the Division has examination responsibility for broker-dealers, investment companies, self-regulatory organizations, clearing agencies and other market participants such as municipal advisors ...
This article is part of our EU AI Act series which explores the effect of the AI Act across various industries and sectors. Investment legislation can be split into two broad categories: investment funds and investment services. The former principally relates to UCITS, AIFMD and local laws which regulate asset management and their service providers. The latter relates to regulating financial instruments and the investment markets thereof ...
