Carey Olsen advises MNRPF on £450 million longevity swap transfer The transaction, which will form part of MNPRF's investment portfolio, protects MNRPF against longevity risk and enhances security for MNRPF members. The Carey Olsen Guernsey corporate team advising on the transaction comprised partner Tony Lane and senior associate Arya Hashemi. Linklaters acted as onshore counsel for the trustee and Eversheds Sutherland acted as onshore counsel for MetLife ...
The United States Patent and Trademark Office (USPTO) has released its long-anticipated final rule on patent fee adjustments (“Final Rule”). Set to take effect January 19, 2025, these changes represent the most significant fee restructuring since 2020. The changes aim to generate sufficient revenue to recover the USPTO's operational costs, while promoting efficient patent prosecution practices. Here's what patent applicants and owners need to understand about the upcoming changes ...
Carey Olsen advises Keyex Limited on successful application for registration as a BVI VASP Keyex provides a platform for cryptocurrency exchange including buying, storing, trading and selling digital assets. Its registration is amongst the first to be approved under the VASP Act, which aims to position the BVI as a leading jurisdiction for digital asset innovation globally ...
Stay up-to-date with the ****latest developments in labour law related to employee remuneration****. These updates are essential for ensuring accurate payroll calculations, particularly in cases of employment termination, and for aligning local regulations with current legal requirements. New Minimum Wage Effective January 1, 2025, a revised minimum wage for a standard monthly work schedule will come into force ...
Family offices which choose to manage their global investments from Malta have been given a new legal exemption through a recent amendment in the applicable investment services rulebook of the Malta Financial Services Authority (“MFSA”). On the 27th of November 2024, the MFSA issued a circular titled “Establishment of Single Family Offices in Malta” ...
On November 26, 2024, the Supreme Court of Ohio issued its long-awaited decision in AutoZone Stores, Inc. v Indus. Comm., reversing the Tenth District’s interpretation of R.C. 4123.56(F) and indirectly restoring the employer-friendly doctrine of voluntary abandonment. See Slip Opinion 2024-Ohio-5519 here. In 2020, the Ohio legislature enacted the divisive R.C. 4123.56(F), which superseded any previous precedent on the issue of “voluntary abandonment ...
Carey Olsen advises Guernsey 'first of its kind' captive assisted buy-in The transaction involved the issue of a c£500 million BPA contract by M&G's wholly owned subsidiary, The Prudential Assurance Company Limited ("PAC"), to a UK pension trustee. As with a traditional buy-in transaction, under the BPA, PAC insures the trustee's liability to its pension scheme members ...
On Oct. 10, Attorney General Merrick Garland announced that TD Bank pled guilty to conspiracy to commit money laundering and agreed to pay over $1.8 billion in penalties to resolve the U.S. Department of Justice's investigation into money laundering and Bank Secrecy Act violations. When combined with agreements with the Federal Reserve, the Office of the Comptroller of the Currency and the U.S ...
An exploration of key aspects of the Employment Rights Bill which will impact living sector employers; day 1 right to claim unfair dismissal, changes to the use of zero hour contracts and the extension of the duty to protect employees from harassment. Employment Rights Bill – A Shake Up for the Living Sector The Employment Rights Bill (“ERB”) is poised to introduce significant change to the UK’s workforce ...
SyCipLaw Senior Partner and Head of Banking, Finance & Securities Department Philbert E. Varona, Partners Mark Xavier D. Oyales, Ricardo Jesus E. Gutierrez, and Associate Marcella Maria L. Karaan contributed the Philippine chapter of the new Chambers Project Finance 2024 Global Practice Guide ...
A federal judge in Texas has struck down the recently implemented United States Department of Labor (“DOL”) federal overtime salary threshold rule. This 2024 rule raised the minimum salary level for certain employees to be exempt from overtime pay requirements under the Fair Labor Standards Act (“FLSA”). Generally, the FLSA requires employers to pay non-exempt employees 1.5x their regular rate for hours worked in excess of 40 in a work week ...
Introduction Directive No. 19 (the “Directive”), issued by the Central Bank of Malta (the “CBM” or the “Central Bank”) on the 7th July 2021 officially came into effect on 1st January 2022, with amendments issued in September 2024. It applies to all paper-based instruments issued, processed, or encashed within Malta’s jurisdiction, as long as these instruments are denominated in euros ...
When must controllers respond to DSARs with more than just a copy of personal data? Is it enough to point to a privacy notice to satisfy the extra GDPR requirements? UK and EU courts are increasingly saying that it's not enough. Handling data subject access requests (DSARs) is an ongoing compliance burden for many organisations. In this series, we consider how different strategies can cut the task down to size ...
SyCipLaw Senior Partner and Head of Banking, Finance and Securities Department Philbert E. Varona, Partners Jan Celine C. Abaño-Ranada, Camille Angela M. Espeleta-Castillo, and Ricardo Jesus E. Gutierrez prepared the Philippine chapter of the latest Chambers Debt Finance 2024 Global Practice Guide (GPG) ...
Metro Bank PLC was fined £16,675,200 (after a 30% discount) by the Financial Conduct Authority for failings in its transaction monitoring systems and controls. The FCA found that the bank’s failures led to the risk it was inadvertently being used for the purposes of financial crime. Key facts: Metro Bank PLC implemented an Automated Transaction Monitoring System (“ATMS”) to monitor customer transactions ...
Our final article in this series discussing different protected characteristics and the discrimination claims they give rise to, focuses on age, how employers can fall foul of the law and the steps they need to take to avoid age discrimination claims. What is age discrimination? The Equality Act 2010 prohibits both direct and indirect age discrimination, as well as age related harassment and victimisation ...
HSE involvement The Bill (if granted Royal Assent) will require the Health and Safety Executive (HSE) to publish a Health and Safety Framework on violence and harassment in the workplace, including violence against women and girls and gender-based violence. Employer duties Emphasis is placed on preventative measures which should be taken by employers ...
Carey Olsen advises on sale of SandpiperCI's food retail business to Morrisons The Carey Olsen Jersey corporate and property teams led this cross-border acquisition, which included a pre-completion group reorganisation and advice on real estate, finance, employment, and pension matters for stores operating across Jersey, Guernsey, and Alderney ...
On 8 November 2024, the Standing Committee of the National People's Congress, after three readings, adopted the amendedAnti-Money Laundering Law(the "Amended AML Law"), which will take effect on 1 January 2025 and replace the originalAnti-Money Laundering Law(the "Original AML Law"), in effect since 2007 ...
Chapter 647 of the Laws of Malta, titled the Markets In Crypto-Assets Act (hereinafter referred to as “Chapter 647”), integrates all aspects of Regulation (EU) 2023/1114 of the European Parliament and Council on markets in crypto-assets (“MiCAR”) ...
In October of 2024, the Office of Federal Contract Compliance Programs (“OFCCP”) announced it had received two Freedom of Information Act (“FOIA”) requests to disclose EEO-1 Type 2 Consolidated Report data, which is filed annually by prime federal government contractors and first tier sub-contractors. The Type 2 report is one of the annual filings required for multiple-establishment covered contractors. The report includes demographic data for all U.S ...
On October 11, 2024, the United States Department of Defense (DOD) published a final rule implementing its Cybersecurity Maturity Model Certification (CMMC) program, which is designed to verify that defense contractors are adequately protecting sensitive information from cybersecurity threats. The CMMC applies to contractors who process, store, or transmit Controlled Unclassified Information (CUI) or Federal Contract Information (FCI), which is most DOD contractors ...
The domestic implementation of NIS2 continues to advance at pace. In this note, we outline Italy’s formal adoption of NIS2, highlight the key dates you need to know for registration, compliance and enforcement. For further information about NIS2, including sector-specific guidance, please visit our Resiliency page ...
The published findings of the FCA's recent survey on culture and non-financial misconduct demonstrates how financial services firms have been responding to Employment issues and what might be on the horizon ...
Employers in California, and others with California employees and worksites, should take note of new laws set to take effect on January 1, 2025, as well as laws that have recently gone into effect that may impact their operations. Understanding the changes is essential for compliance, and Dinsmore’s labor and employment attorneys are available to assist with navigating these regulatory changes to ensure your organization remains compliant ...
