On January 9, 2024, the U.S. Department of Labor (the “DOL”) announced the final rule regarding when employers can classify workers as independent contractors under federal labor law. The DOL first proposed the rule in October of 2022. What Employers Need to Know The DOL’s new rule has consequences for employers. More individuals are likely to be classified as employees rather than independent contractors. Most federal and state labor laws apply only to employees ...
The world will be increasingly marked by change and at ever faster speeds. Future leaders will need new skills. The three years from 2020 to 2023 will be remembered as a turning point for humanity. 2020’s opening act was the explosion of the Covid-19 pandemic which left indelible changes on how mankind organises their home, works and sets life priorities ...
On Dec. 13, 2023, in a 4-1 vote, the Federal Communications Commission finalized new rules to close the so-called lead generator robocall and robotexts loophole, marking a significant paradigm shift in lead generation practices. On Dec ...
By Christina Morgan and Steve Nakasone This year alone, seven new states have passed comprehensive consumer privacy laws. Businesses operating nationwide will soon have to contend with twelve separate consumer privacy laws. A current list of the states with consumer privacy laws, and their effective dates, is below ...
Carly Parrott rejoins Carey Olsen as Head of Employment in Guernsey Carly previously served as counsel in Carey Olsen's employment team in Guernsey from 2017 to 2020 and brings with her a wealth of experience and an established reputation as one of the Island's top employment lawyers ...
In the fourth quarter of 2023, Sen. Raphael Warnock, D-Ga., made industry news, important banking and financial rule changes were implemented, and Georgia's Department of Banking and Finance quietly issued important new regulatory guidance on a handful of topics. Warnock Addresses Banking Committee, Introduces Legislation First, during a three-plus hour U.S ...
Shoosmiths’ Technology Sector Group comments on upcoming trends and developments to expect in 2024 for the sector. Artificial Intelligence (AI) Alex Kirkhope – IT & Tech Partner With Collins Dictionary naming “AI” its word of the year, there is no disputing that artificial intelligence has been the world’s most talked about technology of 2023 ...
Benchmarking is a vital tool in the development and improvement of a franchise network, and will benefit franchisees and franchisors alike. A good benchmark, whether financial and/or operational requires the communication of accurate and relevant documents and information between the franchisee and the franchisor, which is best organised in a clear and detailed manner in the franchise agreement ...
Barely a week ago on December 29, 2023, China's legislative body passed and President Xi Jinping signed into law the newly revised Company Law, effective from July 1, 2024 (the "New Law"). It makes a big splash to the business community for both the law's as-pillar significance, and the striking degree of revisions (over a quarter of provisions are involved with major changes) ...
Crypto assets are a rapidly evolving and highly innovative sector of the financial industry, offering new opportunities and challenges for businesses, consumers and regulators. Crypto assets are digital representations of value or contractual rights that use cryptography and distributed ledger technology (DLT) to enable peer-to-peer transactions without intermediaries ...
On January 3rd, 2024, the Senate approved, with 32 votes in favor, the Report of the Constitutional, Legislative, Judicial and Regulatory Affairs (“the Report”), on the Bill to amend the Data Protection Law and creates the Data Protection Agency (Bulletin No. 11144-07/11092-07), (“the Bill”). However, despite the approval of the Report concerning amendments and proposals of the Chamber of Deputies, 24 of these were ultimately rejected ...
Carey Olsen advises Pomvom on Business Combination Agreement The proposed transaction would give Pomvom a total equity value of US$125 million and is anticipated to close in Q3 2024. At closing, Pomvom will be listed on the Nasdaq in the United States. Carey Olsen counsel Dylan Wiltermuth and associate Tyler Hawley from the Cayman Islands office advised Pomvom, alongside US counsel Greenberg Traurig LLP and Israeli law firms Goldfarb Gross Seligman & Co. and Barnea Jaffa Lande ...
What do you do when you have a safety incident on a job? Are you prepared? This article will focus on some things to consider if you have a safety incident. Assistance The No. 1 priority should be to safely assist anyone that has been injured if you can. Time can be of the essence when safety events occur. You may need to call 911 depending on the circumstances. Do not wait for someone else to call 911. You may need to administer first aid ...
The UK government has recently proposed new regulations to strengthen security measures for data centres operating in the UK. The new regulations aim to protect data centre facilities against potential disruption, including cyber-attacks, physical threats, and extreme weather events ...
Please note the following press release. This press release is available at our homepage Roman Ettl-Steger, Salaried Partner based at the Munich office, and an interdisciplinary team from Heuking comprehensively advised a group of entrepreneurs and senior managers, led by family entrepreneur Martin Schoeller, on the structuring of GESI Green Energy Storage Initiative SE (GESI) ...
Frank C. Aase has more than 16 years of experience assisting companies facing financial challenges, providing support to banking and company clients. He is regularly appointed as a trustee in bankruptcy and serves as the leader of the Norwegian Bar Association’s legal committee for bankruptcy, composition, security rights, enforcement, and debt collection. Frank comes from Brækhus Advokatfirma, where he previously served as managing partner ...
Guernsey: an ideal domicile for continuation funds Guernsey provides an ideal domicile for continuation funds, with proportionate, principle-based regulation, and a neutral tax environment, facilitating quick-to-market establishments and competitive ongoing costs ...
Carey Olsen's Steven Rees Davies recognised as leading FinTech and blockchain practitioner Who Who's Legal has featured Steven in its 2023 FinTech and Blockchain Report, which recognises leading FinTech and blockchain legal practitioners from across the world. The report showcases lawyers with extensive experience in the FinTech and blockchain space and those that are well practised in assisting clients with implementing blockchain solutions and providing cyber security advice ...
Inflation and increasing interest rates continued to dominate headlines in financial markets in 2023. As central banks struggled to combat inflation and interest rates continued to increase, borrowers’ borrowing costs increased throughout the year. Increased borrowing costs caused some borrowers to default on their loans, requesting waivers and amendments or initiating a restructuring of their debt ...
Mergers – recent cases On 15 December 2023, Nordea’s acquisition of Danske Bank’s private customer portfolio was unconditionally cleared after a phase II investigation. The market for banking services holds great significance for Norwegian consumers, prompting a thorough examination of Nordea’s acquisition of Danske Bank’s private customer operations by the NCA ...
Norway fully integrated the provisions of PSD2 and the Payment Accounts Directive into its legal system with the entry into force of the new Financial Agreements Act on January 1, 2023. The Norwegian Central Bank made significant strides in its exploration of digital central bank currency, completing the fourth phase of its initiative. This phase focused on testing and validating technical solutions, with findings reported on December 18, 2023, indicating successful outcomes ...
****Dear Ladies and Gentlemen,**** We would like to update you on recent precedent-setting judgements by Russian courts in matters involving foreign businesses that decided to leave Russia. On 17 October 2023, the Arbitrazh court of Moscow city sustained the claim by Russian bank PJSC Sovkombank against Citibank N.A. (a US company) and its Russian subsidiary JSC KB Citibank concerning the joint recovery of US$24m in losses1. On 21 December 2023, an appeals court upheld the judgement ...
Enhanced obligations for the employer in reorganizations and redundancies From January 1, 2024, certain employer obligations that previously applied to each separate company will now extend to all companies within a corporate group. The legislative changes mandate that the employer is obliged to consider (and offer to the employee) other suitable work throughout the group, even if the employee is not formally employed in any of the other companies within the group ...
