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In review: the draft Commercial Rent (Coronavirus) Bill – rent arrears arbitration process revealed
Shoosmiths LLP, November 2021

In this update, we consider the draft Commercial Rent (Coronavirus) Bill published yesterday and in particular the proposed binding arbitration scheme for resolution of rent arrears under business tenancies. As discussed in our update yesterday, the Government has now published draft legislation which is intended to resolve payment of the estimated £7.5bn rent arrears still due across the real estate sector...

The Dishonour of a Cheque for Insufficient Funds Will No Longer Be a Crime in the UAE after 2 January 2022
Afridi & Angell, November 2021

Drawing a cheque which is dishonoured due to insufficient funds will not be a criminal offence after 2 January 2022, when Federal Decree No. 14/2020 (the Decree) comes into effect. Here is a quick primer on the changes that the Decree will introduce.   The highlight of the Decree is the decriminalisation of the act of drawing a cheque which is dishonoured due to insufficient funds...

Raising the Stakes on Crypto Compliance: Congress Passes Infrastructure Bill With Felony Charges for Digital Asset Reporting Failures
Hanson Bridgett LLP, November 2021

Key Points New tax reporting provisions on cryptocurrency, as well as criminal consequences for noncompliance, survived in the Infrastructure Investment and Jobs Act (H.R. 3684) set to become law. The legislation imposes potential felony charges for failures to report certain "receipt" of digital assets, as well as expands the definition of "broker" to target crypto exchanges...

IRS Issues 2022 Limits for Retirement Plans
Hanson Bridgett LLP, November 2021

On Nov. 4, 2021, the IRS announced in Notice 2021-61 cost-of-living adjustments ("COLAS") to the tax-qualified retirement plan dollar limits for 2022. Most of the applicable dollar limits currently effective for 2021 will increase significantly compared with prior years. Below is a summary of the limits that are generally relevant for most retirement plans. Effective Jan...

OIG Revises and Renames its Provider Self-Disclosure Protocol
Dinsmore & Shohl LLP, November 2021

On Nov. 8, 2021, the U.S. Department of Health & Human Services Office of the Inspector General (OIG) updated and renamed its Provider Self-Disclosure Protocol. Now called the Health Care Fraud Self-Disclosure Protocol (SDP), the OIG’s revisions are the first changes to the SDP since 2013. We report on the key elements of these changes below...

Fund Structuring: Shariah Compliant Funds In Guernsey
Carey Olsen, November 2021

We are seeing renewed interest in these types of structures – particularly from fund managers who have not previously targeted Shariah investors - as (i) sovereign wealth funds, pension funds and HNW individuals from the Middle East and South East Asia diversify into alternative assets like private equity (PE), and (ii) traditional or "western" managers look to expand into the Shariah market by establishing bespoke feeder or parallel funds in Guernsey which offer a Shariah complian

Licensing Scotland: short-term letting updates for operators
Shepherd and Wedderburn LLP, November 2021

 (Update following the Scottish Government announcement on 8 October 2021)    As discussed in our previous article, the Scottish Government is to provide powers for local authorities to address concerns surrounding the unregulated short-term let market. The Scottish Government proposes to do so by way of the Civic Government (Scotland) Act 1982 (Licensing of Short-term Lets) Order 2021...

The slow march of good faith: Van Oord UK Ltd v Dragados UK Ltd
Shepherd and Wedderburn LLP, November 2021

Facts This month, the Inner House (Scottish appeal court) handed down judgment in Van Oord UK Ltd v Dragados UK Ltd, an appeal from the commercial court concerning the interpretation of an NEC3 contract for the dredging of Nigg Bay, part of the Aberdeen Harbour Expansion Project. Dragados Ltd, the main contractor (and Defender and Respondent) was employed by Aberdeen Harbour Board and subcontracted all dredging works to Van Oord Ltd, the Pursuer/Reclaimer...

Employment in the finance sector: Case spotlight
Shoosmiths LLP, November 2021

The financial sector has seen its fair share of discrimination cases and the trend continues. In Lacatus v Barclays Executive Services Limited the Employment Tribunal turned its mind to sexism. A female Analyst in the Rates Options Structured Trading Middle Office department brought a number of claims against the bank, including a sex discrimination and harassment claim centred around her line manager’s repeated use of the word “bird” to describe a woman...

Employment in the finance sector: FAQs
Shoosmiths LLP, November 2021

In this update, we’re looking at the hot topic of returning to the office post-pandemic. Q: What’s the direction of travel on working from home in financial services? While many industries have embraced hybrid working, financial services has generally been less enthusiastic about the idea of staff continuing to spend a significant proportion of their working time at home...

New Code of Practice and draft Bill to resolve Covid rent arrears
Shoosmiths LLP, November 2021

Hot off the press, the Department for Business, Energy & Industrial Strategy are today introducing a new Code of Practice, and a draft Commercial Rent (Coronavirus) Bill...

Latest Federal Court Cases, 11/8/21
Schwabe, Williamson & Wyatt, November 2021

University of Strathclyde v. Clear-Vu Lighting LLC, Appeal No. 2021-2243 (Fed. Cir. Nov. 4, 2021) In this week’s Case of the Week, the Federal Circuit reversed an inter partes review decision finding claims directed to light-based disinfecting methods to be obvious over the prior art.  This case provides a helpful example of how negative claim limitations can affect an obviousness determination...

Anti-Discrimination Law Update – Votes, Votes and More Votes
Carey Olsen, November 2021

The States of Guernsey has voted on what types of individual beliefs may benefit from legal protection from discrimination. The vote (by a majority of 20 to 16) concluded that the incoming anti-discrimination ordinance (the Ordinance) will provide protection from discrimination on the grounds of religious belief only. States' members rejected the proposition that the Ordinance should offer protection from discrimination on the grounds of non-religious philosophical beliefs...

A Guide to Blockchain and Cryptocurrency Regulation 2022 (GLI chapters): Bermuda, Cayman Islands and Jersey
Carey Olsen, November 2021

The Carey Olsen chapters provide analysis and commentary on blockchain and cryptocurrency regulation in Bermuda, the Cayman Islands and Jersey...

Buchalter COVID-19 Client Alert: OSHA Issues COVID-19 Vaccination and Testing Emergency Rules
Buchalter, November 2021

November 5, 2021 By: John Epperson The U.S. Occupational Safety and Health Administration (OSHA) published its much-anticipated Emergency Temporary Standard (ETS) regarding COVID-19 vaccination and testing on November 5, 2021. The ETS went into effect immediately upon publication in the Federal Register with requirements phased in over 30 to 60 days...

Charity fraud and cybercrime: Managing the risks
Shoosmiths LLP, November 2021

To mark Charity Fraud Awareness Week on 21 October Shoosmiths hosted a webinar with Jonathan Taylor, head of charities and care at Innovation Broking, entitled ‘Charity fraud and cybercrime: prevention and cure’. New figures show charities reported £8.6 million of lost funds in the last financial year and more than 1,000 incidents of fraud to Action Fraud, but the true scale of fraud against charities is believed to be much higher...

"Without reflection, we go blindly ..." (1) - The unintended consequences of the FATF Standards, with an emphasis on Bermuda
Carey Olsen, November 2021

In February 2012, the FATF published the revised FATF Recommendations (also known as the Standards). The Standards continue to develop to detect and prevent new money laundering and terrorist-financing techniques impacting the international financial system, such as misuse of virtual assets and COVID-19 related threats...

OSHA Issues Emergency Temporary Standard for COVID-19 Vaccinations and Testing
Schwabe, Williamson & Wyatt, November 2021

On November 4, 2021, the Occupational Safety and Health Authority (“OSHA”) issued the 490-page Emergency Temporary Standard for COVID-19 Vaccinations and Testing (“ETS”), which is to be effective as of November 5, 2021. The ETS will remain in effect for six months, when it is expected to become a permanent rule. The ETS itself is available here...

The SEC and Disgorgement After Liu
Bradley Arant Boult Cummings LLP, November 2021

A recent Fifth Circuit ruling suggests a softening of the SEC’s obligation to return disgorgement awards directly to victims, says Elisha Kobre, a partner at Bradley Arant Boult Cummings LLP. The issue is relevant because the Dodd-Frank Act created a specific fund to hold monetary sanctions collected by the SEC, including disgorgement amounts not directly distributed to victims or used in other specified ways, he explains. The U.S...

OSHA Publishes COVID-19 Vaccine Mandate for Companies with 100 or More Employees
Dinsmore & Shohl LLP, November 2021

On Nov. 4, 2021, the Occupational Safety and Health Administration (OSHA) issued its highly anticipated emergency temporary standard (ETS) mandating employers of 100 or more employees to implement a COVID-19 vaccination or testing requirement. This standard implements the policy goals announced by the Biden administration in September...

Guest Column: CFIUS Expansion into Agricultural Supply Chain and Genomics Tools
Bradley Arant Boult Cummings LLP, November 2021

Historically, businesses involved in the U.S. defense industrial base have been protected from foreign direct investment by the Committee on Foreign Investment in the U.S. (CFIUS) — but changes to U.S. laws and regulations on foreign direct investment have expanded the types of businesses that are now protected...

Financial Services Authority (OJK) Regulates Digital Banks
Makarim & Taira S., November 2021

On 30 July 2021, the Financial Services Authority (“OJK”) has issued OJK Regulation No. 12/POJK.03/2021 on Commercial Banks (“POJK 12/2021”). POJK 12/2021 was issued to anticipate, amongst other things, a business development and banking trend including the development and innovation of information technology. One of the interesting topics of POJK 12/2021 is the introduction of provisions on digital banks...

Law Firm at the Heart of the Sustainability Agenda
Shoosmiths LLP, November 2021

There is no doubt that the pandemic catapulted society and businesses into a new and different world, which saw old working practices replaced by new and which advanced the adoption of new technology at a rapid pace. However, one thing didn’t change at law firm Shoosmiths, and that was how Environmental, Social and Governance (ESG) considerations still firmly lay at the heart of the business strategy...

Chile Presents its First National Artificial Intelligence Policy
Carey, November 2021

On October 27, the Ministry of Science presented what will be the first National Artificial Intelligence Policy containing the strategic guidelines to be followed by the country over the next 10 years with the aim of empowering people in the use and development of Artificial Intelligence (AI) tools and participating in the debate on their legal, ethical, social, and economic consequences...

Publication of Exempt Resolutions That Modify the Fourth Step-by-Step Plan and the Protected Borders Plan
Carey, November 2021

On October 29, 2021, the following resolutions were published in the Official Gazette: Exempt Resolution No. 1,080 of the Undersecretary of Public Health amending Exempt Resolution No. 994, of 2021, of the Ministry of Health, which establishes the fourth Step-by-Step Plan; and Exempt Resolution No. 1,079 of the Undersecretary of Public Health, which amends Exempt Resolution No. 672, of 2021, of the Ministry of Health, which establishes the Protected Borders Plan...

 

 

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