The European Union's NIS2 Directive is a significant update to the original NIS Directive which was implemented in 2018 and which the NIS2 Directive is set to repeal this autumn. The original NIS Directive was the first EU-wide legislation focusing on network and information system security. The deadline for member states to transpose NIS2 Directive into national law is just around the corner (17 October 2024), and the implementing provisions will be applicable from 18 October 2024 onwards ...
The need to find mitigation mechanisms against climate change increases as time passes ...
Carey Olsen advises USA Rare Earth on its US$870 million business combination with Inflection Point Acquisition Corp. II The proposed transaction values USARE at a pro-forma enterprise value of US$870 million and includes an initial circa US$35 million PIPE investment, of which US$25 million funded in connection with the signing of the business combination agreement ...
Nothing lasts forever... or does it? New perpetuities legislation introduced in the Cayman Islands The "old" rule The rule against perpetuities currently applicable in the Cayman Islands is derived from English law and is aimed at preventing individuals from 'tying up' their assets in trust indefinitely. Broadly speaking, the rule prescribes a set period – the perpetuity period – within which time the interest of each beneficiary must vest (i.e ...
In a decision given on the 8th of August 2024 with respect to the case ASF 013/2024, the Arbiter for Financial Services (hereinafter referred to as the ‘Arbiter’) rejected a complaint filed against a Life Insurance Provider regarding a life insurance policy with an investment element which the complainant had purchased from the Life Insurance Provider in the year 2000 ...
At a time when Canada and many other countries are taking steps to protect users from harm online,1a decision was handed down by the Supreme Court of British Columbia (the “Court”) on January 15, 2024, regarding the conduct of a competitor with respect to complaints about intellectual property infringement made on Amazon’s e-commerce website ...
In this article, Shoosmiths and KPMG explore some of the key policy and business implications for organisations deploying connected and automated mobility (CAM) in the UK market. The Automated Vehicles Act (the AV Act) came into force on 20 May 2024. This important piece of legislation signals a major step towards the widescale adoption and use of CAM within the UK ...
In Harrington v. Purdue Pharma LP in June, the U.S. Supreme Court held that the U.S. Bankruptcy Code does not authorize nonconsensual releases of nondebtors as part of a Chapter 11 plan ...
In recent years, the emphasis on sustainable and responsible investment has grown significantly. This shift is driven by increasing awareness of environmental, social, and governance (“ESG”) issues among investors, regulators, and the public ...
Carey Olsen advises Sarasin Bread Street on inaugural multi vintage private equity fund The fund comprised two separate closed-ended registered collective investment schemes, utilising a single-manager multi vintage investment strategy to acquire a diversified portfolio of private company investments managed by Carlyle Group across a range of years from 2014 to 2024 ...
The trend for financial services businesses and others to procure services from FinTech providers – and for providers to offer their services direct to consumers – has increased over the last 15 years. In this article, we outline some of the key areas of law that relate to FinTech. Similar to technology law more broadly, FinTech law is very much a “discipline of disciplines” ...
Carey Olsen advises FitzWalter Capital on launch of ~US$1.4 billion fund The Carey Olsen corporate team advising on the Jersey aspects of the transaction comprised partner James Mulholland, counsel Thomas MacAdie and associate Charlie Hurst, working alongside onshore counsel Debevoise & Plimpton LLP and Jersey administrator J.P. Morgan ...
On September 9, 2024, the SEC announced it had settled Administrative Proceedings with nine investment advisers for violating the Marketing Rule. The violations involved distributing advertisements that included untrue or unsubstantiated statements of material fact or testimonials, endorsements or third-party ratings that lacked required disclosures. The following is a summary of the settled Administrative Proceedings ...
Over the last year, we have monitored a lawsuit in Georgia that alleged a hedge fund (“Fearless Fund”) violated 42 U.S.C. § 1981—the federal prohibition on racial discrimination in contracting—by operating a grant contest that awarded $20,000 grants to select small business owners, all of whom, by the contest’s express rules, had to be Black women. That case, American Alliance for Equal Rights v. Fearless Fund Management, LLC, settled yesterday ...
The Ministry for Home Affairs, Security and Employment (MHSE) published the proposed Maltese draft order for the transposition of the EU Network and Information Systems Directive II (‘NIS 2’) on 6 September 2024 ...
Modern data protection rules are being introduced to tax-efficient jurisdictions like Bermuda and the Cayman Islands. It's increasingly vital to understand how to handle data in some less familiar territories for data protection. Advisers are familiar with the data protection laws which apply in the jurisdictions where many commercial businesses operate like the UK Data Protection Act, the UK/EU GDPR and the California Privacy Protection Act ...
Whilst talk of Rail Refrom is excellent news for a Sector that has been crying out for it, how much will it really impact the supply chain and what processes and protections are already in place to help the flow of contractual payments? As the Passenger Railway Services (Public Ownership) Bill awaits its second reading in the House of Lords on 7th October it is clear that there is a real focus on Rail from the Government ...
Jersey publishes new guidance on the tokenisation of real world assets (“RWAs”) What is tokenisation? Tokenisation is the process of issuing a digital representation of an asset, typically on a blockchain, and its benefits include allowing investors to own and sell fractions of an asset which may otherwise be illiquid and/or financially unattainable for such investors to own outright ...
The EU's comprehensive data and AI regulatory package is about to become operational. This year, the Krogerus Data Symposium will highlight some of the most impactful changes of the Data Act and the AI Act, which will profoundly influence the application of AI, how companies and communities can utilise IoT data, and how data usage agreements are formed ...
Carey Olsen advises Inflexion on closing of latest fund at £975 million The Fund was raised primarily through increased commitments from existing investors in less than five months, who on average doubled their investments from the previous fund, Enterprise Fund V. The Fund's investor base includes a diverse group of U.S. pension funds, insurance companies, and sovereign wealth funds ...
On 9 September 2024, Mario Draghi, former Italian Prime Minister and European Central Bank President, presented his highly anticipated report on «The Future of European Competitiveness» to European Commission President Ursula von der Leyen [1][2]. This comprehensive report analyzes the challenges faced by European industries and companies in the Single Market and proposes strategies to enhance the EU’s competitiveness [2] ...
Quebec has set ambitious energy transition and industrial decarbonization targets. The shift to greener practices has to be taken in a context where our energy consumption could rapidly grow under the combined effect of a number of factors, such as the reindustrialization of our economy, population growth, transport electrification and the potential for artificial intelligence to consume vast amounts of energy ...
On 6 September 2024, the China Securities Regulatory Commission (CSRC) publicly released feedback regarding an application submitted by Mizuho Securities Co., Ltd. (Mizuho Group) for the establishment of Mizuho Securities (China) Co., Ltd. (“瑞穗证券(中国)有限公司”). If approved, Mizuho Group will become the fifth foreign financial group to establish a wholly foreign-owned (WFOE) securities company in China, joining the ranks of J.P ...
ALRUD has received information from various sources indicating that this increase is under consideration. Reports suggest that the exit tax could rise to as much as ****40% of the valuation**** of the relevant asset. Despite conflicting information circulating in public sources, our contacts within the authorities have stated that ****no official decisions have been made**** regarding this matter ...
The UK GDPR and similar data protection laws around the world ask for data protection by design - but what does this mean in practice when it comes to DSARs? Using products such as Shoosmiths' SmartSAR may be the solution your organisation is looking for. Data protection ‘by design and default’ is a core concept under the UK GDPR and similar laws around the world ...