Contents Introduction of US style LLCs to Jersey Proceeds of Crime Law changes, including AMLSPs HMRC guidance on the registration of JPUTs Update on arranging as an additional limb of investment business Introduction of US style LLCs to Jersey In September 2022 Jersey enacted legislation which permits the formation of US-style limited liability companies or LLCs in Jersey ...
On 17 February 2023, the People's Bank of China (PBoC) issued for public comments the Interim Measures for the Administration of Interconnection and Cooperation between the Interest Rate Swap Markets of the Mainland and Hong Kong (Draft for Comments)(the "Draft Swap Connect Measures"). The public comment period is open until 4 March 2023 ...
Birmingham - the nation’s second city and one that has changed greatly over the last twenty years. One thing that has not changed, however, is that Birmingham is a big polluter. Continuing growth, both in terms of the population and economy, has left the air quality in such a poor state that Birmingham City Council estimates up to 900 people per year die from diseases associated with air quality ...
In the first article of this three-part series we looked at the future of personal transport. In this second piece, we turn to consider mass public transport and how it could play a significant part in the future of commuting. Birmingham is beginning to make substantial changes to its transport infrastructure, but are the changes big enough? The Metro Opened on 30 May 1999, the West Midlands Metro provided a link between Wolverhampton and Birmingham ...
"The best things in life are free, the second best things are very, very expensive."—Coco Chanel Think of the most expensive cities in the world to live and places like London, New York and Paris come to mind. These cities epitomize the pinnacle of sophisticated and luxurious living, as romanticized all too often on the silver screen ...
[!<CDATA[ Moratoriums on foreclosures due to COVID-19 ended this summer, prompting concerns of a shock similar to the 2008 housing crisis. While there are numerous differences between today and the previous recession, financial service providers can stay a step ahead by arming themselves with a few lessons learned ...
In February 2013 the Supreme Court of Virginia handed down its decision in Jack Bays1, a mechanic’s lien lawsuit involving the landowner, several lenders, the general contractor and no fewer than eleven subcontractors. Although the decision broke no new ground with respect to the Virginia mechanic’s lien statutes, it is a good review of procedural issues and a reminder of the importance of thoroughly documenting work progress and communications with other parties in a construction project ...
The American Arbitration Association (“AAA”) recently revised its Construction Industry Arbitration Rules and Mediation Procedures. The revised rules became effective on July 1, 2015 and include a host of changes, large and small. Here is what you need to know: Increased Thresholds for Regular and Fast Track Proceedings (Rules R-1 and F-1) AAA provides different procedures for “regular track” and “fast track” proceedings ...
An effective protection of Intellectual Property Rights. Success is the word that better describes the achievements obtained from the negotiations of CAFTA for the protection of intellectual property rights. Without a doubt, the negotiators that acted on behalf of Nicaragua were exceptional representatives of the needs for a better protection of these rights before evident infractions that have been produced and remain without punishment ...
It is highly documented that the transport sector is heavily male dominated. Indeed, reports suggest that while women account for 47% of the general UK workforce, within the transport sector women only account for 20% of the workforce and only 3% of HGV drivers in the UK. Many employers are aware of the work that needs to be done in this sector in terms of addressing and challenging behaviours, changing mindsets and creating inclusive cultures ...
Pursuant to the so-called Four Years Act, owners may unilaterally increase the rent for certain apartments during the period of 2007 to 2010 for once a year up to the target value. The calculation method is set forth by law and the target value will be announced by the Ministry for Local Development in the Collection of Laws. The written announcement of the increase must be duly justified. The lessee may file an action in respect of invalidating the increase ...
Aaron Harlow and Ian Hardman examine the tough new measures that are being taken to force the real estate industry to pay to remove cladding - protecting leaseholders from costs. The Department for Levelling Up, Housing and Communities (DLUHC) has requested that residential property developers fund and undertake all necessary remediation of buildings over 11m that they have had a role in developing. This includes buildings both 11-18m and 18m+ ...
One of the few things that is becoming clearer amidst the Brexit fog is that a ‘no-deal’ is no longer a fanciful possibility. The UK Government, in itsWhite Paper on Immigration Reformpublished at the end of last year, claimed the changes it proposed would lead to the most significant changes to immigration control in 45 years. However, that historic change, scheduled for December 2021, may come sooner than anticipated ...
Not long after President Trump announced that the U.S. would impose tariffs on steel and aluminum, the Department of Commerce launched an investigation that may lead to additional duties on imported vehicles and automotive parts. Effective, the Department will now examine whether imports of vehicles and auto parts threaten U.S. national security ...
From 1 April 2021, a 2% Stamp Duty Land Tax (SDLT) surcharge will apply to non-UK residents purchasing residential property in England & Northern Ireland. However, what is meant by a non-UK resident in these circumstances can result in some surprising outcomes ...
For some years, contractors and subcontractors have been using an effective tactic in adjudication. That is to pick off discrete elements of a large time or money claim and to obtain a series of favourable declarations in adjudications on those elements. The declarations can then be used as a bargaining tool to leverage a settlement of the full claim. Or they can be converted into payment orders by way of a further adjudication ...
The Advance Payments Code provides a protection mechanism for local highway authorities to ensure that they are not unexpectedly required to meet the costs of new roads that were not intended to be maintained by the public purse. A local highway authority can serve a notice seeking the payment of, or security for, the estimated cost of construction for the private streets in a development (an APC Notice) ...
March 13, 2023 By: Manuel Fishman While unexpected, the closure by California regulators of, and the appointment of the Federal Deposit Insurance Corporation (“FDIC”) as receiver for, Silicon Valley Bank (“SVB”) is an event that is contemplated by most leases. If you are holding a letter of credit issued by SVB, you are an unsecured creditor of the bank ...
Traditionally investors have looked towards developed countries for investment opportunities and, more often than not, investment decisions have been based on the economic development and growth of such countries. However, recently investment strategies have shifted towards emerging markets rather than established markets and for this reason an ever increasing number of investors are turning their attention to the African market ...
ANGOLA: Budget Law, 2017 details publishedOn 10 February 2017, the provisions of Budget Law, 2017, enacted on 31 December 2016, were published. In terms of the Budget Law, 2017 the 10% withholding tax on technical services and management fees paid to non-residents for the provision of foreign technical assistance or management services (Contribuição Especial sobre as Operações Cambiais de Invisíveis Correntes), which was introduced by Law No ...
African Union: Import tax introduced At its 27th summit recently held in Rwanda, the African Union (“AU”) decided to implement an import tax of 0.2% to be charged on all imports of goods (excluding basic necessities) in each member state. It is expected that EUR1-billion will be collected through this tax, making the AU financially autonomous. Morocco, the only African country currently not a member of the AU, is in the process of being reintegrated into the AU ...
ANGOLA: Securities Code Regulations enacted The Securities Code Regulation (Regulation No. 6/16) (the "Regulation") was approved by the Council of Administration of the Capital Market Commission and gazetted on 7 June 2016. The Regulation contains the organisation rules and administrative requirements for open companies and other issuers of securities admitted to trading in regulated markets ...
Africa Tax in Brief Ethiopia: Treaty and amending protocol with the Netherlands enter into force The Ethiopia-Netherlands Income Tax Treaty, 2012 and the exchange of notes, signed on 10 August 2012, entered into force on 1 September 2016, and the amending protocol to the treaty, signed on 18 August 2014, will enter into force on 30 September 2016. The exchange of notes generally applies from 1 September 2016 ...
BOTSWANA: Protocol to treaty between Botswana and Sweden enters into force The amending protocol to the Botswana/Sweden Income Tax Treaty (1992), which was signed on 20 February 2013, entered into force on 1 December 2015. The protocol generally applies from 1 December 2015 for the provisions on exchange of information and from 1 January 2016 for the remaining provisions ...
ANGOLA: Budget Law 2016 published Law No. 28/15 (“Budget Law 2016”), which had been adopted on 31 December 2015, was published on 30 January 2016 and applies with effect from 1 January 2016. The Budget Law 2016 provides for: · the introduction of a Special Contribution on Banking Operations, to be levied at the rate of 0.1% on all financial operations by banking and non-banking financial institutions governed by the Financial Institutions Framework Law (Law 12/15 of 27 June 2015) ...
