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Challenging and Contesting a Will
Shepherd and Wedderburn LLP, July 2021

The death of a loved one is a difficult time and situations in which a Will is contested can be an additional burden. Challenging or contesting a Will in Scotland is slightly different from the rest of the UK and this guide is designed to set out the main grounds of challenge to a Will on both sides of the border.  Disputes can arise because of a poorly drafted Will, where there is a disappointed beneficiary or where a loved one appears to have been “disinherited”...

Amidst Uncertainty Surrounding the Scope of BIPA Liability, Hyatt Settles Employee Biometric Data Class Claims for $1.5 Million
Hunton Andrews Kurth LLP, July 2021

Use of employee biometric data – including fingerprints, eye scans, voiceprints, and facial scans – continues to be a popular, yet legally risky, proposition for employers. Several states and municipalities have laws that specifically govern the use of biometric data, the highest profile of which is the Illinois Biometric Information Privacy Act (BIPA)...

Norwegian Legal Update, Summer 2021 – ESG Compliance
Simonsen Vogt Wiig AS, July 2021

What is to come: new ESG reporting requirements Norway introduced legislation presenting social reporting requirements already in 2013 through the introduction of section 3-3 of the Norwegian Accounting Act in anticipation of the Non-Financial Reporting Directive 2014/95 (NFRD)...

An Employee Does Not Have to be Caught Red-Handed in an Act of Misconduct to be Found Culpable
ENSafrica, July 2021

A group of 50 striking employees confront their manager in his office. An altercation ensues, which culminates in the manager being violently assaulted. Only five of the striking employees are caught “red-handed”, having been identified as the perpetrators of the violent assault. The rest are only identified as having been there when the assault took place...

The Court Approved a Settlement Agreement in a Class Action Filed against Korean Air
Fischer, July 2021

Class Action 30633-05-18 Smuelitz v. Korean Air Co., Ltd Our firm successfully represented Korean Air in a motion to certify a class action suit alleging a failure to refund airport taxes on unused flight tickets. As part of its motion, the plaintiffs requested that Korean Air automatically reimburse airport taxes for unused flight tickets, and pay substantial monetary compensation, for failure to reimburse...

Practical Tips on Private OFCs, Subsidy Grant Scheme and Re-Domiciliation
Deacons, July 2021

On 25 June 2021, Fiona Fong, one of our financial services partners, interviewed Elizabeth Wong, an Associate Director of Investment Products at Hong Kong’s Securities and Futures Commission (SFC)...

Outsourcing to Cloud Computing Service Providers
PLMJ, July 2021

The European Insurance and Occupational Pensions Authority (“EIOPA”) is entrusted with 1 issuing guidelines and recommendations to Member States’ supervisory authorities on how insurance and reinsurance undertakings should apply the Solvency II Directive 2 in order to (i) establish consistent, efficient and effective supervisory practices and (ii) ensure the common, uniform and consistent application of Union law...

HKIAC Statistics
Deacons, July 2021

The HKIAC recently published its “Average Costs and Duration Report”, which reveals some interesting statistics about the average cost and duration of arbitrations administered by the HKIAC under the HKIAC Administered Arbitration Rules (Rules). The statistics are derived from cases in which a final award was issued between 1 November 2013 and 31 May 2021 (Relevant Period)...

Court Confirms Modern Approach to Construing Arbitration Clauses
Deacons, July 2021

In Houtai Investment Holdings Ltd v Leung Yat Tung & Ors, HCA 1725/2019, the Plaintiff’s claims were made as owner of vessels, said to have been leased to CAE under oral agreements...

Inconsistent and Conflicting Contractual Terms – What is the Court’s Approach?
Deacons, July 2021

In Septo Trading Inc v Tintrade Ltd [2021] EWCA Civ 718, the issue before England’s Court of Appeal was whether a quality certificate issued by an independent inspector at the load port was intended to be conclusive evidence of the quality of a consignment of fuel oil supplied under an international sale contract...

An Arbitrator’s Duty to Avoid Conflicts of Interest
Deacons, July 2021

In Secretariat Consulting Pte Ltd v A Company [2021] EWCA Civ 6, England’s Court of Appeal held that, depending on the terms of the retainer, the relationship between a provider of litigation support services/expert and his or her client, may have one of the characteristics of a fiduciary relationship, namely a duty of loyalty or, to put it another way, a duty to avoid conflicts of interest...

A Banking and Financing Summary after a Hectic Period
Simonsen Vogt Wiig AS, July 2021

We have this year assisted with numerous new financings, covering everything from new bank syndicates, refinancings, direct lending and bond loans. It has in periods been especially hectic within the shipping, aviation and renewable energy sectors. On the regulatory side, we have had a particular focus on the LIBOR transition...

NMLS Transition Update for Existing California Financing Law Licensees: CA DFPI Has Opened the NMLS Portal to Receive Transition Applications
Buchalter, July 2021

  Following July 8, 2021’s Client Alert, the California Department of Financial Protection and Innovation (DFPI) posted its CFL Transition Checklist for existing California Financing Law licensees to begin the license administration transition over to the Nationwide Multistate Licensing System (NMLS) portal. The deadline for submitting CFL transition applications through the NMLS portal is December 31, 2021...

IRS Expands Self-Correction under EPCRS and Adds New Overpayment Correction Methods
Buchalter, July 2021

By: Jenni Krengel and Tonie Bitseff On Friday, the IRS issued Revenue Procedure 2021-30 expanding the Employee Plans Compliance Resolution System ("EPCRS")—a voluntary program for correcting errors in tax-qualified and section 403(b) plans—by adding two new methods for recouping benefit overpayments, among other changes...

Latest Federal Court Cases, 7/19/21
Schwabe, Williamson & Wyatt, July 2021

BOT M8 LLC v. Sony Corporation, Appeal No. 2020-2218 (Fed. Cir. July 13, 2021) In this week’s Case of the Week, the Federal Circuit addressed the stringency of pleading requirements alleging patent infringement.  At issue in the case was Bot M8 LLC’s lawsuit against Sony Corporation of America, alleging infringement of six patents relating to gaming machines...

Shearn Delamore & Co Legal Updates July (1)
Shearn Delamore & Co., July 2021

Financial ServicesRuling of Shariah Advisory Council of Bank Negara Malaysia on QardAt its 213th meeting of the Shariah Advisory Council (“SAC”) of Bank Negara Malaysia, the SAC ruled that the method under Malaysian Financial Reporting Standard (“MFRS”) 17 Insurance Contracts and MFRS 9 Financial Instruments may be adopted to measure qard (interest free loan) for transactions between shareholders’ fund and takaful fund...

Remote Hearings - Finishing Ahead?
Shepherd and Wedderburn LLP, July 2021

Whether remote hearings are desirable for civil proofs is controversial, but this account of a substantial proof in the Commercial Court suggests it was a positive experience The purpose of this article is to report on a recent proof before answer hearing that was conducted fully remotely, and to set out some tentative thoughts on the future of remote hearings based on that experience. This is not intended to suggest that what was done should be followed in all hearings...

OP-ED: Residential Utility Bills: A Well-Intentioned Law Creates a Serious Trap for the Unwary
Schwabe, Williamson & Wyatt, July 2021

Utility bills can bring unwelcome surprises: a water bill that reminds you of the extra irrigation costs incurred during a heat wave, an electric bill that makes you realize how much extra power is used when working from home or gaming nonstop, an embarrassing cable bill documenting how many shows you binge-watched last month...

Analysis of CFPB’s New Ability-to-Repay Rule for Qualified Mortgages
Dinsmore & Shohl LLP, July 2021

On Dec. 29, 2020, the Consumer Financial Protection Bureau (CFPB) published a final rule amending Regulation Z’s Ability-to-Repay/Qualified Mortgage (QM) requirements (the New Rule). Regulation Z requires creditors to make a reasonable, good-faith determination of a consumer’s ability to repay their residential mortgage loan. Loans that comply with Regulation Z’s requirements qualify for certain protections from liability...

First Draw Loans at or Over $2 Million—SBA Discontinues Use of Necessity Questionnaires and What Is Next
Schwabe, Williamson & Wyatt, July 2021

As per our earlier articles, in late 2020, the SBA began requiring borrowers with First Draw PPP loans $2 million or greater to complete a PPP Loan Necessity Questionnaire (Form 3509 (For Profit Borrowers) or Form 3510 (Non-Profit Borrowers)) as part of the forgiveness process. These forms were the subject of a lawsuit in December 2020 advanced by the Associated General Contractors of America (“AGC”)...

UBO Registration: It’s Time to Comply or Risk being Penalised
Afridi & Angell, July 2021

The UAE has introduced new administrative sanctions on all entities that fail to comply with the requirements of Cabinet Decision 58 of 2020 concerning the Regulation of Real Beneficiary Procedures (Decision 58 of 2020). Issued on 23 May 2021, Cabinet Decision 53 of 2021 (Decision 53 of 2021) empowers the Ministry of Economy and the relevant licensing authorities in the UAE to administer various penalties on violators of Decision 58 of 2020...

FATF Releases Review of Virtual Asset and Virtual Asset Service Provider Standards
MinterEllisonRuddWatts, July 2021

On 5 July the Financial Action Task Force (FATF) released its Second 12-Month Review of the Revised FATF Standards on Virtual Assets (VAs) and Virtual Asset Service Providers (VASPs) (Second Review). This looked primarily at the implementation of standards set by the FATF by members of both the FATF and FATF-Style Regional Bodies (FSRBs), as well as changes within the VA sector...

Texas’s Major Lien Law Makeover: What You Need to Know
Bradley Arant Boult Cummings LLP, July 2021

Chapter 53 of the Texas Property Code just received major updates for the first time in years. On June 15, 2021, Gov. Greg Abbott signed into law HB 2237. This bill makes many notable changes to Texas’s lien laws. The construction industry and construction lawyers should take note of these changes to the complex and often confusing world of mechanic’s, contractor’s, and materialman’s liens in Texas...

Preparing for the Full Implementation of the DOL Fiduciary Rule
Dinsmore & Shohl LLP, July 2021

The second iteration of the Department of Labor Fiduciary Rule – PTE 2020-02 (DOL Fiduciary Rule) became effective on Feb. 16, 2021. However, the Department of Labor (DOL) provided that it would not pursue enforcement actions against firms who work “diligently” to comply with the Impartial Conduct Standards...

Transitional Compliance Period for New AML/CFT Nominee CDD Obligations
MinterEllisonRuddWatts, July 2021

The Reserve Bank of New Zealand, the Department of Internal Affairs, and th eFinancial Markets Authority (together, the AML/CFT Supervisors), supported by the Ministry of Justice, released a statement providing a transitional compliance period (until 29 April 2022) for the new customer due diligence obligations in respect of nominee directors and nominee general partners...

 

 

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