You have the right to remain silent and to an attorney, and what you say can be used against you in a court of law. From Sergeant Joe Friday on “Dragnet” to Lennie Briscoe on “Law & Order,” millions of television viewers have been Mirandized by these all-too-familiar warnings such that they have become as much a part of police work as handcuffs and a badge ...
Crowdfunding has many faces. Charitable organisations have received support through this route, as have travelers, athletes, scientists and inventors, and the creators of such humble concepts as making potato salad—a project to which the public contributed over USD 55,000. But often crowdfunding is the main source of financing for innovative ideas which in the long run can drive economic development and positive social changes ...
Waller Lansden Dortch & Davis, LLP has announced a significant addition to its Government Investigations and White Collar practice with former Assistant United States Attorney J.D. Thomas joining the firm as a partner. Thomas most recently served in the United States Attorney's Office for the Middle District of Tennessee, where he focused on prosecuting healthcare fraud ...
When bankers and First Amendment lawyers encounter each other at cocktail parties, they can struggle to find common interests. Here is something to break the ice. In July 2010, President Obama signed into law the Dodd-Frank Act, the most comprehensive series of financial regulatory reform measures since the Great Depression. Just one year later, the United States Supreme Court issued Sorrell v. IMS Health, Inc., 131 S. Ct ...
When crafting a liquidation or “pass-through” agreement for a subcontractor claim against the government, the key provision from the prime contractor’s perspective is a release from any liability for the subcontractor’s claim with the exception of amounts recovered from the government related to that claim ...
When crafting a liquidation or “pass-through” agreement for a subcontractor claim against the government, the key provision from the prime contractor’s perspective is a release from liability for the subcontractor’s claim with the exception of amounts recovered from the government related to that claim. If the release language is too broad, however, the agreement may provide the government a legal defense to the pass-through claim known as the Severin doctrine ...
All eyes are on the U.S. Federal Reserve as it attempts what many are calling a tightrope walk: raising interest rates just enough to slow the economy without triggering a recession in the hope of achieving an economic soft landing. With the Fed doing everything in its power to make borrowing costlier, factors are facing a similar balancing act ...
On March 29, in a development that provides some measure of relief to businesses operating in West Virginia, particularly within the financial services industry, Gov. Jim Justice signed into law amendments to the West Virginia Consumer Credit and Protection Act, or WVCCPA ...
On March 29, in a development that provides some measure of relief to businesses operating in West Virginia, particularly within the financial services industry, Gov. Jim Justice signed into law amendments to the West Virginia Consumer Credit and Protection Act, or WVCCPA ...
On April 8, 2020, the federal government adopted draft wording presented by the Federal Minister of Justice and Consumer Protection for a draft bill to mitigate the consequences of the COVID-19 pandemic in event contract law in order to protect organizers of recreational events and operators of recreational facilities from considerable outflows of liquidity ...
On January 9, 2012, the IRS issued a news release announcing that the IRS is opening a third Offshore Voluntary Disclosure Program for taxpayers who come forward (including taxpayers who have come forward since the 2011 disclosure program closed last September) to report previously undisclosed foreign accounts and assets ...
On February 8, 2011, the IRS announced a second voluntary disclosure program that will allow U.S. taxpayers to disclose offshore accounts that were previously kept secret from the IRS. U.S. citizens and resident foreign nationals are required to pay U.S. federal income tax on their worldwide income. The objective of this initiative is to bring taxpayers that have used undisclosed foreign accounts to avoid or evade taxes into compliance with United States tax laws ...
Introduction In the context of trusts situated in foreign participating jurisdictions, the Common Reporting Standards (“CRS”) require the trustees to identify the settlor, beneficiaries and other natural persons exercising ultimate effective control (including through a chain of ownership) and report the necessary financial information in respect of those persons to the relevant foreign revenue authority ...
On the 1st June 2009, the major parts of the Insolvency Act 2009 (“the Act”) came into operation. The Act has completely revamped the insolvency regime in Mauritius and new provisions now govern “voidable transactions” following a company liquidation. The “ordinary course of business” test, which was prevailing under the former regime, has now been abandoned and replaced by what is known as the “running account principle” ...
On 3 October, the European Commission fined Visa €10.2 million (approximately £7 million) for its refusal to admit Morgan Stanley Bank International Limited of the UK as a member of the Visa network. The fine is to be seen in the context of continuing regulatory scrutiny of the financial sector, and the banking sector in particular, at both the EU and UK level ...
Since the early stages of the COVID-19 pandemic, municipalities in Michigan have met virtually under the authority of a series of executive orders issued by Governor Whitmer permitting public bodies, except the state legislature, to meet by virtual means. These executive orders, including most recently Executive Order No ...
Virtual currencies are once again at the forefront of discussion about top issues facing community banks and the financial industry as a whole. The Independent Community Bankers of America (“ICBA”), a trade association representing more than 6,500 community banks, recently published its list of top issues for the fourth quarter of 2015. Among them were the risks associated with virtual currencies ...
In October 2022, the Virginia Supreme Court decided the case of Hawkins v. Town of South Hill (view the opinion here), which fundamentally alters 40 years of precedent in the Commonwealth concerning what is considered confidential and not subject to production in response to a Virginia Freedom of Information Act (“FOIA”) request. Earlier this month, the Circuit Court issued its decision on remand in light of the Virginia Supreme Court’s decision in Hawkins ...
Effective at noon today, May 29, 2020, Virginia Governor Northam's Executive Order 63 went into effect, requiring face coverings to be worn in certain circumstances. Specifically, a face covering is required for individuals aged ten and older when "entering, exiting, traveling through, and spending time inside" the following categories of businesses: All retail. Food and beverage, but only when reopened for indoor dining. Personal care/grooming - i.e ...
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 ...
The government of Vietnam issued Decree No. 19/2023/ND-CP dated 28 April 2023 (“Decree 19”) to provide guidance for the Law on Anti-Money Laundering. Decree 19, effective as of its issuance date, includes the following: Details on Know Your Client (“KYC”) Decree 19 sets out the specific situations in which financial institutions must carry out KYC procedures ...
