On 14 March 2024, the National Development and Reform Commission("NDRC") of the People's Republic of China ("PRC") issued theCircular on Supporting Quality Enterprises to Borrow Medium-and Long-term Foreign Debts to Promote Quality Development of the Real Economy (Draft for Comments)(the "Draft Circular")(《国家发展改革委关于支持优质企业借用中长期外债 促进实体经济高质量发展的通知（征求意见稿）》) to solicit public opinion from 14 March 2024 to 13 April 2024 ...
In recent months, a number of agencies, including the Federal Bureau of Investigation (“FBI”), have been working diligently to identify businesses and individuals who committed alleged fraud through the Paycheck Protection Program (“PPP”). The PPP was a key component of the CARES Act, which approved $2.2 trillion in economic relief in response to the COVID-19 pandemic. The PPP aimed to help businesses navigate the pandemic by providing financial assistance to employers ...
In general, the directors and officers of a legal person have obligations and responsibilities relating to the legal person?s activities. Each director must act with prudence, diligence, honesty, loyalty and in the legal person?s interest.1 Each officer is responsible for representing the legal person and directing its activities ...
Maximising benefits: The importance of efficiently leveraging W&I Insurance to structure M&A deals Warranty and Indemnity (“W&I”) insurance is a risk management tool that transfers the liability of the seller to the insurer. W&I insurance typically covers the breach of warranties and indemnities provided by a seller/warrantor and the occurrence of events that were unknown or undisclosed to a buyer ...
Carey Olsen and Oakbridge advise Sullivan Street Partners on Wave Group investment Carey Olsen provided regulatory, structuring and legal advice in establishing Sullivan Street's investment vehicle, Wave Jersey LP, with Oakbridge facilitating the set up and ongoing fund administration services. The Carey Olsen team advising Sullivan Street Partners comprised corporate partner Chris Griffin and associate Marco Carossa ...
Expanding its ability to detect and pursue security incidents, the Federal Trade Commission (FTC) finalized an amendment to the Safeguards Rule[1] on October 27, 2023 requiring non-banking financial institutions to report certain data breaches. By extending this data privacy protection to customers of all financial institutions, this amendment demands fintech firms across the country revisit their cybersecurity and incident-response policies. I ...
Following chancellor Jeremy Hunt’s Spring Budget speech made on 6 March 2024, legal experts at law firm Shoosmiths share their views on the announcements ...
On February 12, 2024, the Court of Appeal of Quebec handed down its decision in Société d?assurance Beneva inc. c. Bordeleau,1 dealing in particular with the burden of proof incumbent on an insurer when it denies coverage on the basis of an insured?s intentional fault, and an award of damages against an insurer for breach of its duty of good faith. The facts This decision was rendered further to a dispute between Société d?assurance Beneva inc ...
Carey Olsen advises XBTO Global on acquisition of Stablehouse and XBTO International Stablehouse is a digital asset custody and trading platform that helps institutions mitigate risk with security, insolvency remote protection and regulatory compliance, and its combined acquisition together with XBTO International by XBTO Global allows the group to provide integrated and comprehensive digital asset services through a single platform ...
Carey Olsen advises certain sellers in GFL Environmental's secondary offering The selling shareholders, which included BC Partners, GIC, Ontario Teachers' Pension Plan Board, Poole Private Capital, LLC, and entities affiliated with HPS Investment Partners, LLC, collectively agreed to sell 21,000,000 subordinate voting shares at the public offering price of US$34.45 per share in a fully underwritten secondary transaction. RBC Capital Markets, LLC and RBC Dominion Securities Inc ...
In the recent judgment of John Mussington & Anor v. Development Control Authority & Others (Antigua and Barbuda) [2024] UKPC 3, the Judicial Committee of the Privy Council (“JCPC”) found that the appellants had standing to challenge the construction of an airstrip in Bermuda ...
Practise What You Preach Governance + Compliance Magazine Joanne Sear, Principal Associate Barrister, Shoosmiths February 2024 Companies in the legal services industry may be advising clients on the risks and opportunities around corporate responsibility, but are they living up to those recommendations? For more than a decade, corporate responsibility (CR) has been a key risk and opportunity for businesses ...
You may already be aware of a new federal law called the Corporate Transparency Act (the CTA), which became effective on January 1, 2024. The CTA was enacted as part of the National Defense Authorization Act and mandates that certain business entities (“Reporting Companies”) report identifying information to the Financial Crimes Enforcement Network (FinCEN) ...
To reduce carbon emissions, significant changes are necessary in how our industries operate, how they draw power from the grid and how we heat our homes. Hydrogen emerges as a pivotal element in achieving net zero (NZ) emission goals. It serves as a low-carbon fuel, facilitating our transition toward a more sustainable future. Developing a hydrogen economy holds the key to unlocking future investments, generating employment opportunities and enhancing supply chains ...
As it has been widely reported, 2023 saw a fall in merger and acquisition (M&A) transactions compared to 2022. Many are predicting greater dealmaking in 2024, although we suspect that will be weighted towards the second half of the year. As it has been widely reported, 2023 saw a fall in merger and acquisition (M&A) transactions compared to 2022. A vast array of headwinds all led to a reduction in deal activity, including high inflation, rising interest rates and lower economic growth ...
