THE BENEFICIAL OWNERSHIP REGISTER: IMPLEMENTING THE FINANCIAL ACTION TASK FORCE’S RECOMMENDATIONS ON MONEY LAUNDERING AND TERRORISM FINANCING IN NIGERIA INTRODUCTION Section 119 of the Companies and Allied Matters Act (“CAMA”) 2020, in conjunction with the Persons with Significant Control Regulations (“PSC Regulations”) 2022, requires companies, Limited Liability Partnerships (“LLPs”), and by extension, foreign exempted companies under
Boards of directors of public companies have a lot on their minds today as they navigate the unprecedented circumstances resulting from the novel coronavirus (“COVID-19”) pandemic—from precipitous drops in revenues as businesses are shuttered, to supply chain disruption, to difficulties in making debt payments, to labor challenges, among many others ...
The Companies Amendment Bill, 2018 (the "Bill") was released for public comment by the Minister of Trade and Industry on 21 September 2018. The Bill, if introduced in its current form, proposes a number of changes to the Companies Act, 2008. This snapshot review deals with only our “big five” amendments. 1 ...
Background BIMCO has circulated a Consultation Draft of a new Ship Sale Agreement (the «SSA»). For some time now, there has been a predominant standard form of vessel sale. With its origins back to 1925, developed by the Norwegian Shipbrokers’ Association and available through Bimco, it is still referred to as the Norwegian Saleform (or NSF) despite its recent rebranding as «Saleform 2012» ...
Is a defeated patentee atInter PartesReview an embittered citizen whose private rights were taken without due process by a government agency lacking requisite Article III guarantees of impartiality? Or is the public getting a sweet deal when the Patent Trials and Appeals Board (PTAB) eliminates or revokes a public right that was wrongfully granted in the first place? The Supreme Court wrestled with the constitutionality ofInter PartesReview during oral argument on Monday morning, and the
The Bribery Act 2010 is due to come into force in April 2011, with significant implications for organisations incorporated or formed in the UK. It also affects those carrying out their business or part of their business in the UK wherever in the world they were incorporated or formed. The Act goes much further than the existing legislation and similar foreign legislation, such as the US Foreign and Corrupt Practices Act ...
Key Points Governor Newsom signed a new law establishing Brown Act rules for social media communications. Members of a legislative body may communicate on social media without fear of creating a serial meeting in violation of the Brown Act. Members of a legislative body may not respond directly on social media to other members of the same legislative body. On Sept.18, 2020, Governor Newson signed Assembly Bill (AB) 992 into law ...
On July 3, 2023, Ohio’s biennial budget bill[1] was signed into law by Governor Mike DeWine. In addition to major budget provisions, the bill also includes notable changes to Ohio’s Medical Marijuana Control Program (“MMCP”), the state program that regulates and licenses cultivators, processors, testing laboratories, dispensaries and medical marijuana cardholders. Beginning January 1, 2024, the MMCP will be under new management ...
Key Points: California Court of Appeal issues two landmark local government finance decisions. Propositions 13 and 218 do not require two-thirds voter approval for special taxes proposed by initiative. A toll is not a tax. The California Court of Appeal in San Francisco has issued two blockbuster decisions in the last week impacting local government finance ...
By: Jennifer Misetich March 26, 2024 On March 25, 2024, the California Supreme Court issued its decision in Huerta v. CSI Electrical Contractors, which provides certain clarity on nuanced wage and hour issues and the scope of the term “hours worked ...
In response to the pandemic, the Canadian government launched in the spring of 2020 the Canada Emergency Wage Subsidy (the ?CEWS?), a program that provides employers with a subsidy based on the remuneration paid to their employees and income they lost during the pandemic. Section 125.7 of the Income Tax Act (the ?ITA?) sets out how the subsidy is to be calculated, and likely caused problems for those who had to interpret this ambiguous provision without supporting doctrine or jurisprudence ...
After eight years of operation, the International Registry established pursuant to the Cape Town Convention and the Aircraft Protocol (in force in Quebec since April 1, 2013) has undergone a significant update. The Registry’s website has undergone a complete overhaul in two phases, the first of which was launched in September 2013 ...
The Cape Town Convention on International Interests in Mobile Equipment of 16 November 2001 (the the “CTC”) and its Protocol on Matters Specific to Aircraft Equipment has since its adaption in 2001 grown to be the overruling legal framework in the aviation industry, providing banks, airlines and leasing companies with an international unified regime on acknowledgement and enforcement of security interests in aircraft ...
Captains of private and commercial yachts (and owners) have civil and criminal law duties most of which are concerned with the safe operation of the vessel. As the captain is regarded in law as being the owner’s agent, he is the person unfortunately on the spot. It is the captain who becomes personally liable in the first instance for any fine imposed on the vessel. Owners or charterers have no legal obligation to compensate him even though the offence may have occurred due to their fault ...
In an opinion written in under 1,000 words, Florida's Fourth District Court of Appeal put foreclosure cases across Florida in jeopardy in Desbrunes v. U.S. Bank National Association in February ...
When the wording of a construction-related guarantee is ambiguous, the intention of the parties involved is key in determining its true nature. This was highlighted in a recent Supreme Court of Appeal (“SCA”) judgment, which found that the best way to determine the parties’ intention was to look at all relevant facts ...
The CAT has confirmed, with the Court of Appeal's blessing, that it will not only srcutinise a regulator's decision but that it will also, in certain cases, substitute the regulator's decision with that of its own without remitting the case back to the regulator for a second bite at the cherry.The CAT's approach offers possibilities for both a complainant and for those companies subject to regulatory investigation ...
Although artificial intelligence (“AI”) improves how businesses interact with customers, process sales, manage inventory and more, it also heralds new and unique cybersecurity risks. These risks can lead to unprecedented legal liabilities. Companies must understand how AI works, consider how AI is deployed throughout their business structure and take proactive steps to minimize security risks ...
The economic substance requirements in the Cayman Islands, introduced by the International Tax Co-operation (Economic Substance) Act (as revised) (the “ES Act”) (Economic substance requirements in the Cayman Islands), have been extended to partnerships pursuant to the International Tax Co-operation (Economic Substance) (Amendment of Schedule) Regulations 2021, which came into force on 30 June 2021 ...
The current regime Under the current regime in the Cayman Islands, the only option for a company to obtain a moratorium on claims, and to benefit from what is often seen as necessary breathing room to explore a restructuring, is for a winding up petition to be issued against the company and for the company to be placed into provisional liquidation, with provisional liquidators (JPLs) appointed over the company on a light-touch basis with the mandate to explore a restructuring of the company&r
