When one instructs a painter to draw a portrait (no matter how detailed the instructions may be) the painter will always have discretion in executing the final product. Likewise, in investment funds, the investment manager is instructed to invest according to various rules and timeframes which are detailed in the investment strategy as approved by the competent financial regulator, but there will still remain investment discretion on how the investment strategy is executed ...
However, Fintech is actually just a new term for an old concept that dates back to ancient times. A case in point is the invention of paper in China in the 7th century, a major technological development that paved the way for paper currency, and eventually fiat currency. The development of the payment card systems in the 1950s (e.g ...
The Malta Financial Services Authority (the “MFSA”) released a Circular on the 25th of January 2023 announcing important updates to the Trusts Ultimate Beneficial Ownership Register (“TUBOR”). With effect from the same date, the MFSA has also amended the FAQs relating to TUBOR ...
As an employer, how do you support your employees who are going through a divorce or separation? Lots of employers (including household names such as Asda, Tesco and Unilever) are working with Positive Parenting Alliance (PPA) to ensure that they have more family-friendly employee policies in place for employees going through divorce or separation ...
The Financial Market Commission ("CMF"), as part of the implementation process of Law No. 21,521 ("Fintech Law"), on February 3, 2023 published General Rule No. 493 ("NCG 493"), which establishes the procedure and requirements to apply for registration in the Registry of Financial Service Providers (Registro de Prestadores de Servicios Financieros, the "Registry"), created by the Fintech Law ...
The Union Budget for 2023-24 was presented by the Hon’ble Finance Minister, Ms. Nirmala Sitharaman on February 1, 2023. The policy initiatives outlined in the budget proposals are intended to ensure macroeconomic stability of Indian economy in the face of global recession, while giving momentum to economic growth. The budget seeks to build on the foundation laid over last two years after the Covid pandemic ...
SEC Commissioner Hester Peirce (“Peirce”) recently delivered an address on digital assets regulation at the Digital Assets at Duke Conference. The two-day meeting brought together regulators, academics, experts, policymakers, and other key stakeholders in the industry to discuss and debate the future of digital assets and distributed ledger technology (“DLT”) ...
The opportunity to hire temporary personnel to the same extent as temporary employment in order to cover a temporary need has been repealed. This means that there will no longer be access to hire employees from staffing companies on the grounds that the work is of a temporary nature ...
HSR Notice Thresholds Have Increased. On January 26, 2023, the Federal Trade Commission (FTC) announced its revised annual threshold that determines whether companies may be required to notify federal antitrust authorities about a proposed merger or acquisition due to the size and value of the transaction. The Hart-Scott-Rodino (HSR) Antitrust Improvements Act (Section 7A of the Clayton Act) requires parties to certain mergers and acquisitions to notify the FTC and U.S ...
Contents Introduction Background to the appeals Summary of the Privy Council's decision Point 1: A trustee's right of indemnity confers a proprietary interest Point 2: The proprietary interest survives the transfer to a new trustee Point 3: There is no priority as between the competing proprietary interests of successive trustees, which rank pari passu Point 4: A trustee's indemnity extends to proving its claim Jersey law Comment Introduction On 13 October 2022, the sev
On 24 January 2023 the government launched a consultation seeking feedback on its draft statutory Code of Practice on Dismissal and Re-engagement (sometimes known as “fire and rehire”). The consultation remains open until 18 April 2023. The draft code does not apply to redundancy situations ...
Back in July 2021, the Women and Equalities Committee produced a report on menopause in the workplace. The report recommended that the Government amend the Equality Act 2010 to include menopause as a protected characteristic and make it an obligation for employers to provide reasonable adjustments for staff going through the menopause. The report also put forward a proposal for dual discrimination claims to be allowed at employment tribunals ...
With effect from 1 February 2023, the index applicable to employee wages increases from 877.01 to 898.93, resulting in a 2.5% increase in gross salary paid to individuals with employment contracts subject to Luxembourg law. Wage indexation is an automatic mechanism to adjust salaries in line with evolving living costs, as determined by STATEC[1]. Salaries are automatically raised when the cost of living increases by at least 2.5% ...
Pursuant to Department of Labor and Employment (“DOLE”) Labor Advisory No. 18, series of 2020, employers, including contractors or subcontractors in the private sector, shall shoulder the cost of COVID-19 prevention and control measures, such as, but not limited to, testing, disinfection facilities, hand sanitizers, personal protective equipment (i.e.,face masks), signages, and proper orientation and training of workers on COVID-19 prevention and control ...
On April 27, 2022,Republic Act No. 11712, or thePublic Health Emergency Benefits and Allowances for Health Care Workers Act(“RA 11712”), was signed into law in recognition of the critical role of health care workers in providing quality health care and ensuring disease prevention in the general population, especially during the pandemic. It seeks to promote the welfare of health care workers through the grant of mandatory benefits and allowances with utmost efficiency ...
Following the successful uptake of a similar initiative in 2022, the European Commission has re-launched its fund to support small and medium enterprises (“SMEs”) in safeguarding their intellectual property assets ...
1. Background and Rationale The Thai financial market has been revolutionized by rapid changes in technology, particularly, with the advent of distributed ledger technology (“DLT”) and digital assets in recent years. This has led to a surge of interest from traditional investors and corporate entities, both small and large, eager to participate in this dynamic market. These technologies have been driving financial innovation and progress ...
On January 5, 2023, the Federal Trade Commission (“FTC”) issued a Proposed Rule that would prohibit employers from enforcing non-compete agreements against former employees, contractors, and other workers. Dinsmore & Shohl’s Labor and Employment Group’s legal alert on January 5, provides general information about the changes envisaged in the Proposed Rule ...
With the decreasing number of positive COVID-19 cases, more employees are now returning to on-site work and new COVID-19 testing protocols are in place. The Inter-Agency Task Force for the Management of Emerging Infectious Diseases (“IATF”) provided guidelines for COVID-19 testing requirements for unvaccinated and partially vaccinated employees through its Resolutions No. 148-B and 149. Also, the National COVID-19 Immunization Program opened to the general public nationwide ...
With workers returning to work on-site, the Department of Labor and Employment (“DOLE”) issuedLabor Advisory No. 1, series of 2022, or the Isolation and Quarantine Leaves of Employees in the Private Sector, to guide employers ...
On the heels of the onslaught of the COVID-19 pandemic, the National Labor Relations Commission (“NLRC”) issuedNLRC En Banc Resolution No. 03-20, series of 2020, or theInterim Amendments to the 2011 NLRC Rules of Procedure(“Interim Amendments”). Under the Interim Amendments, the conduct of mandatory conciliation and mediation conferences were suspended, making it discretionary upon the Labor Arbiters ...
On September 16, 2022, the DOLE issuedDepartment Order No. 237, series of 2022, or the Revised Implementing Rules and Regulations of Republic Act No. 11165or the Telecommuting Act (“Revised Telecommuting Rules”). New Definitions The Revised Telecommuting Rules clarified the definition of an “alternative workplace” and a “regular workplace” ...
On February 11, 2022, the Department of Labor and Employment (“DOLE”) issuedDepartment Order No. 221-A-22, or theGuidelines in the Accreditation of Agents and Appointment of Employers Authorized Representatives for filing of Alien Employment Permit (AEP) Applications and Related Documents(the “AEP Accreditation Guidelines”), pursuant to Section 28 of DOLE Department Order No ...
On August 23, 2022, the Department of Labor and Employment (“DOLE”) issuedLabor Advisory No. 17, series of 2022, which governs the suspension of work in the private sector by reason of weather disturbances and similar occurrences. It provides that in the exercise of management prerogative, the employer may suspend work to ensure the safety and health of employees during weather disturbances and similar occurrences ...
