On Wednesday, a federal judge in Texas denied Factory Mutual’s Rule 12(c) motion for judgment on the pleadings, finding that the plaintiffs adequately alleged that the presence of COVID-19 on their property caused covered physical loss or damage in the case of Cinemark Holdings, Inc. v. Factory Mutual Insurance Co., No. 4:21-CV-00011 (E.D. Tex. May 5, 2021) ...
Vassily Rudomino, Senior partner of ALRUD, Ksenia Tarkhova and Ruslana Karimova, Senior associate of ALRUD, Roman Vedernikov, Associate of ALRUD, and Anastasia Kayukova, ALRUD Senior attorney, prepared an article for the eighth edition of 'The Foreign Investment Regulation Review' by Law Business Research. This review focuses on the main aspects of foreign investment regulation in various jurisdictions ...
Maxim Alekseyev, ALRUD Senior Partner, heading Private Clients Practice, Kira Egorova and Elena Novikova, ALRUD Of Counsels, and Ekaterina Vasina, ALRUD Associate, prepared a chapter for the 5th edition of the book “The Private Wealth & Private Client Review” published by Law Business Research. The book includes articles on private wealth management, written by leading specialists from law firms from all over the world ...
As the world begins to adjust to the short and long-term impact and implications of the COVID-19 pandemic, many companies are seeking ways to preserve cash on their balance sheets while simultaneously raising funds to ensure a continuation of operations. One option to consider is using the company’s intellectual property (IP) portfolio as collateral for funding ...
In a year that has already seen explosive growth in the alternative initial public offering space, the New York Stock Exchange (NYSE) has gotten approval to allow companies to raise capital through a primary direct listing on the NYSE. The NYSE submitted its proposal relating to direct primary listings in November 2019, and had amended the proposal twice in an effort to satisfy the United States Securities and Exchange Commission (SEC), which is the NYSE's primary regulator ...
Introduction In 2015 the Belgian banking and finance law landscape underwent certain changesand numerous modifications continue to be expected in 2016. This newsletter highlightscertain changes in EU and Belgian law in the following practice areas: financetransactions; investment funds (undertakings for collective investment); andfinancial institutions. 1 ...
On February 18th, 2022, the Asset Management Association of China (“AMAC”) issued the Announcement on Issues related to Application for Fund Practitioner Qualification by Overseas Fund Professionals (关于境外基金专业人才申请基金从业资格有关事项的公告, the “Announcement”), allowing eligible overseas professionals to register with AMAC as PRC fund practitioners ...
On December 30, 2022, the Asset Management Association of China ("AMAC") issued a consultation draft of the Measures for Registration and Filing of Private Investment Funds (《私募投资基金登记备案办法 (征求意见稿)》) (the "Draft Measures") and the ancillary Guidelines No. 1-3 on private fund manager registration〔i.e. Guideline on Basic Operational Requirements ("Guideline No. 1"), Guideline on Shareholders, Partners and Actual Controllers ("Guideline No ...
The purpose of the amalgamation is to enhance quality and efficiency and is not intended to represent a change in the Norwegian export finance policy. The financing schemes and services currently available will therefore continue also after the amalgamation. Export Finance Norway will be a part of the Norwegian State ...
Prior to the Amendment Prior to the Amendment coming into effect, a person carrying out investment business in or from Bermuda was required to be licensed under the IBA unless they were excluded in accordance with the provisions the IBA or exempt pursuant to the Investment Business (Exemptions) Order 2004 (2004 Order). Investment business was defined in the IBA as the undertaking of a relevant activity (i.e. dealing or advising on) in respect of an investment (i.e ...
On the 12th of April 2021, the Malta Financial Services Authority (‘MFSA’) introduced the requirement for all collective investment schemes that are locally licensed or notified to submit a novel return, being the Annual Fund Return. Various amendments to the Annual Fund Return have been made as can be seen in the Circular issued by the MFSA on the 21st of December 2021, along with the updated Guidelines ...
On June 14, 2013, the Act respecting insurance (Quebec) (the "Act") was amended by sections 1 to 5 of An Act to amend various legislative provisions mainly concerning the financial sector. The new sections, 66.1.1 to 66.1 ...
This inBrief examines the latest amendments to the Bankruptcy Law (Federal Decree Law No. 9 of 2016, as amended) introduced under Federal Decree Law No. 35 of 2021 (the New Law) and their impact on the personal liability of the board of directors and managers of bankrupt companies. The New Law came into effect on 1 November 2021. In contrast with earlier amendments to the Bankruptcy Law (such as Federal Decree Laws No. 23 of 2019 and No ...
The Anti-Money Laundering Act (AMLA) has been further amended by Republic Act No. 11521,1 which took effect on February 8, 2021 (or immediately after its publication in the Official Gazette). (The new provisions introduced by R.A. 11521 to the AMLA are underlined below for ease of reference.) A. Spotlight on New Provisions B. Covered Persons and Covered Transactions C. Targeted Financial Sanctions D. Other Relevant Provisions A. Spotlight on New Provisions R.A ...
Virtual shareholder meetings have become ubiquitous for both public and private companies since the onset of the COVID-19 pandemic. Canadian securities regulators, stock exchanges and federal and provincial governments quickly responded to accommodate electronic meetings where it was otherwise not permitted. In British Columbia, Ministerial Order No ...
On April 20, 2022, the government issued Order in Council 656-2022, which makes significant amendments to the Regulation respecting categories of insurance contracts and classes of insureds that may derogate from the rules of articles 2500 and 2503 (the ?Regulation?). The original version of the draft regulation with the same title (the ?Draft Regulation?) was the subject of one of our publications last September ...
Bill 96 ? An Act respecting French, the official and common language of Québec (the ?Act?) - was adopted on May 12, 2022 and assented to on June 1, 2022, its effective date. Certain provisions are already in force; for other provisions, a transitional period ranging from several months to three years will apply ...
On March 11, 2021, President Biden signed into law the American Rescue Plan Act of 2021 (“ARPA”) which is another coronavirus stimulus package aimed at speeding up the United States’ recovery from the economic and health effects of the COVID-19 pandemic ...
The Securities Act [SA] allows the Autorité des marchés financiers [the “AMF”] to order investigations to ensure compliance with the SA and to repress contraventions which may be committed1. This is the context in which the Court of Appeal handed down a decision2 on June 22, 2012 going to the very heart of the role played by the AMF’s investigators and the scope of their powers during examinations conducted in connection with an investigation ...
With regard to our In Fact and In Law Express newsletter of July 2012, entitled ‘‘AMF Investigations: The duty to answer an investigator and his jurisdiction to rule on objections’’, please be informed that, on December 20, 2012, the Supreme Court dismissed Fournier’s application for leave1 to appeal a Court of Appeal decision2, which convicted Fournier of an offence under section 195(4) SA because of his refusal to testify whereas lower courts acquitted him ...
Who qualifies as a Politically Exposed Person? Politically exposed persons (or “PEPs”) are individuals who have been entrusted with a prominent public function ...
All eyes were on health care in 2020, as the industry faced unprecedented challenges presented by the global coronavirus pandemic. Stories and images of overburdened frontline health care workers dominated the news cycle for most of the year, and the rapid development of one or more seemingly effective vaccines has engendered a cautious optimism for a return to normalcy in 2021 ...
Traditionally the Spanish business sector has financed its growth primarily through bank loans. However, the current restrictions on credit (derived not only from the crisis but of growing capital constraints of banks themselves) have to seek funding alternative or complementary to the bank ...
