Firm: All
Practice Industry: Financial Services, Transportation
Region: All
Country/ State: All
Tag: All
Arendt & Medernach | December 2018

In December of 2018, EU Court of Justice Advocate General Campos Sánchez-Bordona concluded that the United Kingdom may unilaterally withdraw its intention to leave the European Union before 29 March 2019 and therefore remain in the EU. This is so long as the revocation notice is made before the formal conclusion of a withdrawal agreement and it respects the UK’s constitutional requirements ...

Afridi & Angell | December 2018

The UAE federal government has recently issued a raft of important legislation. The raft addresses and updates areas of law that are key to businesses in the jurisdiction. Amongst this legislation is Federal Decree-Law 14 of 2018 concerning the central bank and the organisation of financial institutions and activities (the New Banking Law) ...

A&L Goodbody LLP | November 2018

Ireland is a key global hub for aviation finance and leasing, having almost 50 years' experience in the sector. Recent reports forecast that the Irish aviation sector will see growth of over 20 per cent in aircraft assets from 2016 to 2021. Aviation finance and leasing is a global industry with investment into Ireland mainly coming from the US, Europe and Asia. Ireland’s aviation finance and leasing sector was a 'disruptive' industry in Ireland long before the term was even coined ...

Dykema | November 2018

In the fallout from the 2008 financial crisis, courts across the United States were inundated with litigation challenging the legitimacy of mortgages, notes, and the records purporting the transfer or assign them ...

Afridi & Angell | November 2018

The new anti-money laundering (AML) law of the UAE took effect at the end of October 2018. Containing features recommended by the Financial Action Task Force (FATF), the new law introduces subtle but important changes to the AML landscape in the UAE. The new law was enacted as Federal Decree-Law 20 of 2018. The previous AML law was Federal Law 4 of 2002, as amended by Federal Law 9 of 2014, and the implementing regulations that were promulgated pursuant to Cabinet Resolution 38 of 2014 ...

Arendt & Medernach | November 2018

The enactment of EU Directive 2018/843 on the prevention of the use of the financial system for money laundering or terrorist financing (the "5th AML Directive") has prompted the Luxembourg government to accelerate the final implementation process of EU Directive 2015/849. This Directive prevents the use of the financial system for the purposes of money laundering or terrorist financing (the “4th AML Directive”) ...

Heuking | November 2018

When auditing annual financial statements, auditors are required to draw attention to risks that potentially threaten the company. Such risks can result for example from failure to implement the EU General Data Protection Regulation (GDPR) that has been in force since May 25, 2018. Given the substantial fines envisaged in the GDPR, these risks can result in high provisions, in the worst case in refusal on the part of the auditor to issue an unqualified audit opinion ...

Simonsen Vogt Wiig AS | November 2018

The value of the car is no longer merely associated with the car body, its engine or other material parts. Substantial value is found in the knowledge that controls the car – knowledge that does not only steer the car, but which may form the basis for maintenance and repairs planning, computing insurance premiums or indicating who is liable in the case of damage ...

A&L Goodbody LLP | November 2018

Earlier this week, the UK Cryptoassets Taskforce published its Final Report on cryptoassets and distributed ledger technology (DLT). The Taskforce – which includes representatives from HM Treasury, the UK Financial Conduct Authority (FCA) and the Bank of England – was established in March 2018 to analyse and assess the risks and potential benefits of cryptoassets and DLT and “set out the path forward with respect to regulation [of these areas] in the UK” ...

Simonsen Vogt Wiig AS | October 2018

Shipowners often face the decision as to which flag they should fly on their vessel. Several factors may influence the choice of flag. The shipowner's decision as to which flag they should fly on their vessel must be made when an owner is: registering a new build; changing flag in connection with a sale and purchase transaction; or concluding a bareboat contract ...

Afridi & Angell | October 2018

For decades, banks and other counterparties in the UAE have obtained financial services from foreign financial institutions. Industry bodies, such as the International Swaps and Derivatives Association (ISDA), the International Capital Market Association and the International Securities Lending Association, have developed standard documentation for these kinds of transactions ...

Dykema | October 2018

Cryptocurrencies have captured the imaginations of individuals and emerging businesses drawn to their potential to serve as alternative stores of value, to reduce transaction costs by eliminating intermediaries. Most notably in popular culture and media - to provide eye-catching opportunities for speculative investing ...

The Scottish financial sector has always punched above its weight due, in large part, to its appetite for innovation and sharp business acumen, which it has successfully exported around the globe. The successful early establishment in Scotland of current account banking and the investment trust speak to this, along with the undisputed influence of the Scottish diaspora, which established many of the great financial institutions from Paris to Hong Kong ...

Garrigues | October 2018

The Spanish Tax Agency published on their webpage an information notice by the Customs and Special Taxes Department with the intention of “enabling interested parties to comply with their tax and customs obligations” as it regards the arrival and departure of recreational craft from the customs territory of the Union ...

Haynes and Boone, LLP | October 2018

Classic Maritime Inc. v Limbungan SDN BHD & Anor [2018] EWHC 2389 (Comm) This case arose out of a dispute relating to the correct interpretation of an “exceptions clause” which excused non-performance of a contract in circumstances that are usually described asforce majeure ...

Dinsmore & Shohl LLP | October 2018

As seen in Bank Director  Strategic planning is one of the most important roles of a financial institution’s board of directors. Since the 2008 financial crisis, financial institution boards have dealt with the emergence of fintechs as a primary consideration in developing their strategic plans ...

Jeantet | October 2018

France has taken steps to set up a dedicated frame for cryptocurrency transactions aiming at conciliating legal certainty, market integrity and innovation. Capitalizing on best market practices, a recent bill defines an optional visa regime for ICOs, while a report commissioned by the French government sets forth principles of minimum regulations. Taxwise, the French Administrative Supreme Court has just ruled in favour of investors in Bitcoins ...

Morgan & Morgan | October 2018

In the framework of a globalized world and social networks that are established as a measure of possible interest of economic, social and political groups, data protection regulations become more relevant ...

GrahamThompson | September 2018

It is fair to say that we are in an era of unprecedented multilateralism and convergence in tax matters. The Bahamas has already committed to the implementation of the Common Reporting Standard, having already signed onto the Multilateral Competent Authority Agreement and published its list of exchange partners with automatic exchanges that commence in September 2018 ...

GrahamThompson | September 2018

My time is short, so let me get to my subject without delay.I begin with a few observations on the Reality we face.First, the bad news - not all of it, just some of it; just four things that I regard as being among the more worrisome realities that confront us today.Firstly, in terms of aggregate dollar volume, we are a much smaller industry now than we were just a few years ago ...

Morgan & Morgan | September 2018

Morgan & Morgan opened its first offices in The Bahamas since 1991. We created MMG (Bahamas) Ltd. as a corporate service and later on, in 1996, founded MMG Bank & Trust Ltd., which started our financial unit´s successful path into the financial service industry ...

ENSafrica | September 2018

As we have written in a number of previous articles1, National Treasury, together with the Prudential Authority and the Financial Sector Conduct Authority, has recently rolled out various pieces of legislation to bring South Africa closer to compliance with its G20 commitment to regulate over-the-counter (“OTC”) derivatives in South Africa. Detailed requirements are now being harmonised, including through proposed amendments to existing legislation ...

ENSafrica | September 2018

Over the past year, South Africa has seen some significant changes impacting its commercial financial landscape. On the regulatory front, there has been an overhaul of the financial sector regulatory framework, including the implementation of the “twin peaks” model of regulation, comprising the Prudential Authority and the Financial Sector Conduct Authority (“FSCA”) ...

Basham, Ringe y Correa, S.C. | September 2018

The General Provisions referred to in Article 58 of the Law to Regulate Financial Technology Institutions (“Fintech Law”), Circular 12/2018 addressed to the Electronic Payment Funds, relative to the general provisions applicable to the operations of the Electronic Payment Funds and the General Provisions applicable to the Financial Technology Institutions (“Fintechs”), were published in the Federal Official Gazette (Diario Oficial de la Federación) on Septembe

Haynes and Boone, LLP | September 2018

On September 10, 2018, the Mexican National Banking and Securities Commission (Comisión Nacional Bancaria y de Valoresor “CNBV”) issued the general provisions applicable to Financial Technology Institutions (“FTIs”) (Disposiciones de Carácter General Aplicables a las Instituciones de Tecnología Financiera) (the “CNBV Provisions”), which, as of March 10, 2018, are regulated by the Law that Regulates Financial Technology Institutions

dots