Bank Accounts were reinstated after Bank failed to give justified reasons for termination under AML/CFT obligations. 1. Facts of the Case APS Bank p.l.c ...
SyCipLaw's Tax Department has prepared an international edition of its Tax Issues and Practical Solutions (T.I.P.S.) for the first quarter of 2024. The SyCipLaw T.I.P.S - International Edition covers the following tax issues: 1. Are informal settlement agreements between the Commissioner of Internal Revenue and the taxpayer valid and binding? 2. While a tax case is pending in court, may the CIR and the taxpayer enter into a compromise agreement and request for judicial approval thereof? 3 ...
Over a period of less than 24 hours on the 16thof April, the United Arab Emirates experienced its heaviest rainfall since records began 75 years ago, with sources recording a years’ worth of rain falling in one day. The record-breaking rains created destructive flooding and chaos. Properties in the UAE were under attack by natural elements – rain, wind and flood. Many suffered from severe flooding, rising groundwater, and water through the walls and windows as well as through roofs ...
China's National Medical Products Administration (NMPA) released the 2023 Drug Review Annual Report on its official website on February 4, 2024, closely followed by the 2023 Medical Device Registration Annual Report on February 5. According to the public information, more than 60 innovative drugs have been approved by NMPA from 2022 to 2023, and a total of 61 innovative medical devices have been approved in 2023 ...
The U.S. Equal Employment Opportunity Commission (“EEOC”) has submitted its final version of enforcement guidance on workplace harassment. We previously reported on the new guidance when it was proposed in early October of 2023. This is the first time the EEOC has updated its workplace harassment guidance since 1999. Some of the new topics addressed include remote work, the #MeToo movement and the U.S. Supreme Court’s decision in Bostock v. Clayton County, Georgia ...
On the 29th of April 2024, the European Banking Authority (the ‘EBA’) published an opinion (the ‘Opinion’) in which it assesses payment fraud data and identifies new types and patterns of payment fraud while developing proposals to mitigate them. In this second Payments Insight we highlight some of the most important key considerations emerging from the EBA’s Opinion ...
On April 15, 2024, the Department of Justice released its “Criminal Division’s Pilot Program on Voluntary Self-Disclosures for Individuals.” Similar in many ways to programs introduced earlier this year by the U.S ...
The 2023 Federal Budget (the ?Budget?), tabled on March 28, 2023, proposes amendments to certain provisions of the Income Tax Act (ITA) that would make ?genuine? intergenerational business transfers no longer subject to the anti-avoidance rules of section 84.1 and allow the transferor to benefit from their capital gains exemption ...
On Monday, April 1st, 2024, the Chilean Government introduced in the Chamber of Deputies a bill which aims, on one hand, to establish regulations to facilitate and promote the transfer of technology and knowledge and, on the other, to enable and stimulate the creation and development of science and technology-based companies (“EBCT”) from higher education institutions ...
On April 23, 2024, the Federal Trade Commission (“FTC”) voted to issue a final rule banning non-compete provisions in most industries in the United States (“Final Rule”). Dinsmore attorneys were quick to publish the details and impact of the Final Rule, which is available here. This supplement focuses on the impact of the Final Rule on the healthcare industry ...
The Presidential Administration has not approved amendments to the second reading of the draft law on turnover fines for personal data (“PD”) leaks Despite the positive review of the draft law from the Government Commission, the State Legal Department of the President has prepared a ****negative review**** of the draft law on ****turnover fines**** for businesses for ****PD leaks**** ...
In the latest update to Kentucky’s Medical Cannabis Program (the “Program”), Governor Andy Beshear signed House Bill 829 which moved up the timeline to apply for cannabis business licenses by six months. Additionally, two emergency regulations were issued by the Program that explain how to apply for a cannabis business license ...
On April 23, 2024, the U.S. Department of Labor (“DOL”) published its final rule increasing salary threshold amounts required for certain employees to be exempt from federal Fair Labor Standards Act (“FLSA”) overtime requirements. The new rule is scheduled to take effect on July 1, 2024. Based on DOL estimates, the rule will expand overtime protection to cover more than 4 million additional workers within the first year ...
By: Leah Lively and Alexandra Shulman On April 23, 2024, the U.S. Department of Labor’s (DOL) Wage and Hour Division (WHD) announced a final rule, “Defining and Delimiting the Exemptions for Executive, Administrative, Professional (EAP), Outside Sales and Computer Employees,” increasing the salary threshold for an employee to qualify for exempt status under the Fair Labor Standards Act (FLSA). The final rule takes effect on July 1, 2024 ...
In an opinion written in under 1,000 words, Florida's Fourth District Court of Appeal put foreclosure cases across Florida in jeopardy in Desbrunes v. U.S. Bank National Association in February ...
Two Montréal landmarks have proudly hosted some of the city?s most memorable sporting events. The Olympic Stadium and the IGA Stadium (Figures 1 and 2), which have been and remain quintessential in our sporting history, are in need of renovations so that sports fans can continue to ?raise the roof? for years to come. Figure 1: The Olympic Stadium: A prominent feature of the Montréal skyline. Figure 2: The National Bank Open at the IGA stadium ...
Earlier this month, the UK Joint Taskforce (UKJT) formally launched the Legal Statement on Digital Assets and English Insolvency Law. The statement aims to provide clarity to critical legal questions regarding how digital assets are treated in any insolvency. Shoosmiths contributed towards the consultation for this legal statement through the Crypto Fraud and Asset Recovery network ...
A local planning authority (“LPA”) can take enforcement action in respect of planning breaches where it considers it to be expedient to do so. However, breaches of planning control can become lawful and immune from enforcement action after a period of time ...
When TS Eliot wrote in 1922 that “April is the cruellest month” he likely never envisaged extreme weather of the proportions experienced in the UAE on the 16th of April 2024 ...
As noted in our May 3, 2023 and August 14, 2023 client alerts, Congress enacted the Pregnant Workers Fairness Act (PWFA) in late 2022, expanding protections for pregnant workers. Pursuant to the Act, the Equal Employment Opportunity Commission (EEOC) was directed to make rules to implement the statute. On April 15, 2024, the EEOC issued its final rule and interpretive guidance, which will go into effect on June 18, 2024 ...
On April 17, 2024 the Securities and Exchange Commission (“SEC”) Division of Examinations (the “Division”) issued a Risk Alert regarding investment advisers’ compliance with amended Investment Advisers Act Rule 206(4)-1 (the “Marketing Rule”) ...
From 2 May 2024 Companies House is set to receive new powers to impose financial penalties for non-compliance with company legislation. Currently, the Registrar of Companies operates a civil penalty regime only for late filing of accounts. Under the new regulations (The Economic Crime and Corporate Transparency Act 2023 (Financial Penalty) Regulations 2024) the Registrar will be able to impose direct financial penalties for a wider range of offences under the Companies Act 2006 (CA 2006) ...
