On Tuesday 7 February 2023, the Transport Secretary, Rt Hon Mark Harper, laid out his commitment to the rail industry for the first time during the George Bradshaw address. As it stands it was a huge night for rail, with the sector desperate for some clarity over what the next steps are in relation to a number of things ranging from the establishment of Great British Railways (GBR) through to where it will be based and visibility of work pipelines ...
Overview Persons undertaking "credit business" will need: a licence to do so (a "Part II Licence"); and to be regulated by the Guernsey Financial Services Commission (the "Commission") ...
Overview A VASP will need: a licence (a "Part III VASP Licence"); and to be regulated by the Guernsey Financial Services Commission (the "Commission"). A Part III VASP Licence is required unless an exemption is available under the LCF Law or the "Notice with respect to the disapplication of the requirement to hold a licence under section 40 of the Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022" (the "LCF Notice") ...
On February 1, 2023, the China Securities Regulatory Commission ("CSRC"), the Shanghai Stock Exchange ("SSE"), the Shenzhen Stock Exchange ("SZSE"), and the Beijing Stock Exchange ("BSE") issued for public comments draft rules and regulations (the "Draft Rules") related to the registration-based stock issuance system. The Draft Rules mark the official launch of the full implementation of stock issuance reforms in China ...
When one instructs a painter to draw a portrait (no matter how detailed the instructions may be) the painter will always have discretion in executing the final product. Likewise, in investment funds, the investment manager is instructed to invest according to various rules and timeframes which are detailed in the investment strategy as approved by the competent financial regulator, but there will still remain investment discretion on how the investment strategy is executed ...
According to Prakas No. 052 dated 3 November 2022 before applying for accreditation, a valuation company or valuation specialist in the real estate sector is required to obtain a valuation services license or a valuation professional certificate from the Real Estate Business and Pawnshop Regulator (“RPR”) of the Non-Banking Financial Services Authority (“NBFSA”). On 27 December 2022, the NBFSA issued Prakas No ...
February 2, 2023 By: Manuel Fishman In what may turn out to be a lesson on the limits of the application of equitable doctrines supporting rent relief in the face of good lease drafting, a California court of appeal panel in San Diego has taken a narrow view on the application of the doctrines of quiet enjoyment, frustration of purpose, impracticability and impossibility as a defense to the payment of rent under a lease following State and local closure orders issued in response to the COVID 1
The United States-Mexico-Canada Agreement (USMCA) entered into force on July 1, 2020 replacing the North American Free Trade Agreement (NAFTA) that has been in force since 1994. The USMCA has a sunset provision providing that investors may continue using NAFTA’s dispute resolution mechanism for NAFTA legacy investments for up to three years after NAFTA’s termination, i.e., until June 30, 2023 ...
HSR Notice Thresholds Have Increased. On January 26, 2023, the Federal Trade Commission (FTC) announced its revised annual threshold that determines whether companies may be required to notify federal antitrust authorities about a proposed merger or acquisition due to the size and value of the transaction. The Hart-Scott-Rodino (HSR) Antitrust Improvements Act (Section 7A of the Clayton Act) requires parties to certain mergers and acquisitions to notify the FTC and U.S ...
Developers have been given six weeks to sign a contract to commit an estimated £2 billion to the repair of unsafe buildings. The Department for Levelling Up, Housing and Communities (DLUHC) previously announced that over 49 developers had signed a pledge committing to remediate “life critical fire safety works” in buildings over 11m that they were involved in developing and refurbishing in the last 30 years in England ...
The key objective of the Building Safety Act 2022 is to improve building safety across the built environment, with a particular focus on the residential sector. The BSA received Royal Assent in April 2022 and will be implemented in stages ...
The Government has published its response to questions regarding “in occupation” higher-risk buildings. Part 4 of the Building Safety Act 2022 (BSA) contains provision about the management of building safety risks in occupied higher-risk buildings. The draft Higher-Risk (Key Buildings Information etc) (England) Regulations 2023 sets out in more detail the allocation of responsibilities and obligations to be provided under that Part ...
With cybersecurity risks increasing and evolving moving into 2023, the federal government is taking steps to help secure our cyber infrastructure. The recent passing of the 2023 omnibus spending agreement included additional funds for a variety of federal agencies in order to strengthen our cybersecurity apparatus. The Cybersecurity and Infrastructure Agency (“CISA”) received $1.3 billion for its cybersecurity programs. This is a $230 million increase over last year ...
Take-up of electric vehicles has been a rare success story for the UK government’s vision of achieving a net zero economy by 2030. The government reports that in 2022, one in six new vehicles sold in UK was a plug-in electric vehicle (EV). But dreams of an exhaust-free utopia have suffered a recent reality check ...
Pensions analysis: On 16 December 2022, the Pensions Regulator (TPR) published its consultation on the new defined benefit (DB) funding code of practice together with a response to its first consultation and a consultation on its proposed twin track regulatory approach to assessing valuations including its proposed Fast Track design. Suzanne Burrell, partner at Shoosmiths examines the consultation and its implications ...
Dr Nicholas Valenzia, head of the Shipping and Aviation Practice Area at the firm, was invited to speak at the National Aviation Conference which was organised by the Ministry for Transport, Infrastructure and Capital Projects on the 18th of January 2023 at the Phoenicia Hotel in Floriana. Dr Valenzia discussed the aircraft financing and leasing market in Malta and the challenges to enhancing sectorial capacity and improving socio-economic benefits ...
Overview If you are thinking about outsourcing manufacturing but have no idea where to start, or if you are already sourcing your product overseas but running into complications, this book, So You Need To OutSource A Product?, will provide some helpful guidelines on navigating the process. You probably already know this, but it bears repeating: Manufacturing outsourcing raises profit margins, improves inventory management, and gets new products to market faster ...
As the stock exchange market in the country develops, in addition to the regular auction trading method, block trades or special crossings (via the NTM) are also permitted, whereby the buyer and seller of listed shares can directly negotiate and agree upon the conditions of their transaction ...
What has happened? On 27 October 2022 Sharjah Law No. 2/2022 was issued by Sultan Bin Mohammed Al Qasimi, Ruler of the Emirate of Sharjah expanding the rights of ownership of real estate within the Emirate to foreigners.In this inBrief, we look at the implications of this new law and what the expansion may mean for the real estate market in Sharjah ...
By choice or regulation, the future of the maritime industry bends toward decarbonization. The industry contributes (by one estimate) almost 3% of global greenhouse gas emissions and depends on one of the dirtiest energy sources, bunker fuel. But cleaner alternatives are on the horizon for everyone. Companies that commit to decarbonization early have an opportunity to drive change instead of reacting to it ...
On January 5, 2023 the SEC announced a settled Administrative Proceeding with Randy Robertson. Mr. Robertson previously served as the co-portfolio manager for the BlackRock Multi-Sector Income Trust (“BIT”). While serving as the co-portfolio manager for BIT, Mr. Robertson explored the possibility of a BlackRock investment opportunity regarding a potential secured lending investment relating to print and advertising expenses associated with film distribution. Mr ...
