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Shoosmiths LLP | July 2022

The regulations incoprorate requirements on occupational pension scheme trustees under at 2019 Competition and Markets Authority Order to carry out a tender process for fiduciary management services and set objectives for their investment consultants. The Occupational Pension Schemes (Governance and Registration) (Amendment) Regulations 2022 (Regulations) will come into force on 1 October ...

Shoosmiths LLP | July 2022

This was introduced on 6 April 2022 and is an essential part of the recruitment process, as this will ensure you have a statutory excuse against a civil penalty and allow you to remain compliant as your duty of sponsors if you currently hold a sponsor licence. The digital right to work check can only be made by Identity Service Providers (IDSPs) for British and Irish Citizens  as physical proof of documents are expected to finish by 2025 ...

Dinsmore & Shohl LLP | June 2022

The Kentucky Supreme Court’s recent decision in Estate of Worrall v. J.P Morgan Bank, N.A. demonstrates the dangers to a trustee seeking a release from liability when distributing trust assets upon termination without following the statutory requirements. In Estate of Worrall, a corporate trustee sought to liquidate the trust assets of a terminating trust and conditioned the subsequent distribution of the assets on the beneficiary signing a release and indemnification agreement ...

Buchalter | June 2022

June 28, 2022 By: Michael Flynn* In its recent Semiannual Risk Perspective, the Office of the Comptroller of the Currency (OCC) has highlighted the difficulties banks face finding adequate numbers and quality of hires for compliance oversight. While there are several reasons for this issue, it comes at an especially inopportune time, when banks face increasing compliance demands and regulator requirements that target compliance activities and Chief Compliance Officers specifically ...

Simonsen Vogt Wiig AS | June 2022

Prior to the entry into force of the FDI Screening Regulation on 11 October 2020, there was no EU-wide formalized cooperation among the Member States and the European Commission on these matters. In the EU, the European Commission’s strong expectation is that all 27 EU Member States will put national FDI screening mechanisms in place. A national screening mechanism in all 27 Member States serves to safeguard all individual Member States against potentially risky foreign investments ...

Shoosmiths LLP | June 2022

Insolvency practitioners are undoubtedly alive to the risks of ignoring or mis-handling crypto assets and the threats of misfeasance or unfair harm claims that could follow. In this, the first in a series of articles on the subject, the message is simple – the technical details might appear arcane but provided you take specialist advice, a crypto asset is no different from any other asset you come across – keep calm and carry on ...

Asters | June 2022

Military action has made adjustments to the activities of the vast majority of companies in Ukraine. Unfortunately, for many employers, the issue of revising the terms of remuneration of staff in the direction of reduction has become relevant. The Law of Ukraine “On the Organization of Labor Relations in Martial Law”  (the Law), which entered into force on March 24, reminded of the restriction of the constitutional right to work for the period of martial law ...

Han Kun Law Offices | June 2022

Introduction On June 24, 2022, the 13th NPC Standing Committee adopted an amendment to the Anti-monopoly Law at its 35th meeting, following the submission of a second deliberation draft on June 21, 2022. The amendment will enter into force on August 1, 2022 ...

Dinsmore & Shohl LLP | June 2022

Regulation brings uniformity and security, which may feel anathema to the fundamental premise of distributed ledger technology (specifically blockchain and the nascent crypto industry blockchain technology allows) – a world that needs neither trust nor centralized authority. Nevertheless, two U.S. senators are pushing to reconcile these seemingly contrary positions and priorities ...

Shoosmiths LLP | June 2022

In the lead up to the UK COVID-19 Public Inquiry, we look at the impact the pandemic has had on the Education sector. Education has been particularly badly affected by worldwide COVID-19 restrictions, with 184 country-wide school closures, leaving 1.53 billion out of school, and impacting 87.6% of the world’s total enrolled learners1. The move to online learning One of the biggest changes for the sector was the move to remote learning ...

Shoosmiths LLP | June 2022

In a judgment handed down on 14 June 2022 in The Federal Republic of Nigeria v JPMorgan Chase Bank, N.A [2022] EWHC 1447 (Comm) (FRN v JPMC) the court again considered the scope of the Quincecare duty and gross negligence. The decision is good news for Banks. The case related to the payment of over $1 billion by JPMorgan Chase (JPMC) to accounts held by a Nigerian company called Malabu Oil and Gas Limited (Malabu) ...

Shoosmiths LLP | June 2022

An LTAF is a UK authorised fund which offers greater flexibility in terms of assets that it can invest in than other types of UK authorised fund. It has more liquidity than more traditional fund structures such as private equity limited partnerships ...

Dinsmore & Shohl LLP | June 2022

Dinsmore partner Michael Dailey was published in Bank Director with his article "Recent Developments to Combat Redlining." Read an excerpt below. Regulators have worked on a variety of anti-redlining proposals in recent months, including a joint initiative by the Department of Justice, the Consumer Financial Protection Bureau, and the Office of the Comptroller of the Currency. Initial reactions to the initiative expected it to focus on the redlining seen in the Trustmark Corp ...

DFDL | June 2022

The State Bank of Vietnam (“SBV”) released a draft Circular on 11 May 2022 strengthening conditions for non-government guaranteed foreign loans (the “Draft Circular”) which aims to replace Circular No. 12/2014/TT-NHNN (the “Current Circular”). In the Draft Circular, the SBV indicates its intention to tighten control over foreign loans to address the risks on currency fluctuation and the national debt limit ...

Shoosmiths LLP | June 2022

Why a comprehensive exclusion of loss clause should cover 'wasted expenditure' - and how employers should resist. The Court of Appeal decision in Soteria Insurance Limited (formerly CIS General Insurance Limited) v IBM United Kingdom Limited (February 2022 Court of Appeal) contains a short but important point for those drafting exclusion clauses - especially those that seek to exclude indirect and consequential costs, loss of profits, loss of opportunity, etc ...

Shoosmiths LLP | June 2022

A summary of the key takeaways from a recent webinar on reducing scope 3 leased assets emissions. Shoosmiths is delighted to be sponsoring United Nation Global Compact Network (UNGC) UK’s series of webinars on ‘Reducing Scope 3 Emissions’ ...

Shearn Delamore & Co. | June 2022

Dear valued clients, colleagues and friends, We are pleased to bring you the latest legal updates for June 2022 ...

Shortly after his administration began, President Biden signed Executive Order 13985, "Advancing Racial Equity and Support for Underserved Communities Through The Federal Government." In April 2022, in accordance with this Executive Order, the Equal Employment Opportunity Commission ("EEOC") released its "Equity Action Plan," which contains several items that may impact employers ...

Dinsmore & Shohl LLP | June 2022

In a class action lawsuit filed Monday in the United States District Court for the Northern District of California, Binance.US (Binance), a major cryptocurrency exchange, has been accused of misleading investors surrounding the Terra blockchain ecosystem. This is the first major court filing in the United States relating to Terra, whose UST and LUNC tokens crashed in May, wiping out around $40 billion in investor funds ...

Buchalter | June 2022

June 13, 2022 By: Melissa Richards On June 9, 2022, the California Department of Financial Protection and Innovation (CA DFPI) issued its long awaited final regulations implementing SB 1235’s (2018) new early disclosure requirements on  commercial financing offers equal to or less than $500,000. The CA DFPI regulations take effect December 9, 2022. The final regulations can be found at Title 10, Chapter 3 of the California Code of Regulations. The link to Chapter 3 is HERE ...

DFDL | June 2022

On the 25th of May 2022 the General Department of Taxation (“GDT”) issued Notification No. 10979 GDT on the “Required Documents to Support the Interest Charge on Related Party Loans” (“Notification 10979”). The key points to be taken from Notification 10979 are as follows: To ensure compliance with Prakas No. 986 MEF.P ...

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