Contents Risk analysis in an evolving market Complex fund structures Typical structures in our jurisdictions Legal perspective Waiver of commitments Market risk Competition in the market Concentration risk Liquidity risk ESG risks Conclusion Risk analysis in an evolving market Despite being a relatively long-standing lending product, there have been limited public payment defaults by funds in the fund finance space ...
Case summary: C v D [2022] JRC205 The case involved an application by C for a declaration that her marriage to D was void ab initio. D, the Respondent, argued that the Court could not make a finding of nullity in the circumstances of the case. Background C and D married in October 2017 at the Office of the Superintendent Registrar in St Helier. C had a history of mental health difficulties and had received significant support and interventions from Adult Social Services ...
We are pleased to issue our third edition of the Regulatory Compliance Quarterly Updates. These updates are intended to keep Maltese regulated entities informed of regulatory changes and developments taking place in the local financial services space ...
Government agencies are increasingly requiring vendors and other private-sector partners to enter into arrangements requiring them to relinquish their intellectual property rights.[1] These demands threaten to discourage the country's most innovative enterprises from working with the federal government, thus impairing our national security and global competitiveness ...
The jewel in Glasgow’s famous shopping crown is known as the ‘Golden Z’, referencing the ‘Z’ shape which the famous shopping streets create – Buchanan Street linking Argyle Street to Sauchiehall Street ...
This is the second article in our series about sponsor licences. This article focuses on the effect of an acquisition on a sponsor licence. When selling or acquiring a company that already holds a sponsor licence, certain reporting duties will arise in relation to that transaction ...
This is the first of three articles in our series on sponsor licences. This article focuses on how to obtain a sponsor licence as a Start-up business. In the eyes of the Home Office, a Start-up is a company that has been operating or trading in the UK for less than 18 months on the date that they make a sponsor licence application ...
On January 23, 2023, after hearing an extensive oral argument, the Supreme Court dismissedIn re Grand Jury, 23 F.4th1088 (9th Cir. 2021),cert granted, 143 S. Ct. 80 (2022), a highly anticipated case about how the attorney-client privilege applies to “multipurpose” communications ...
Personalized Media Communications, LLC v. Apple, Inc., Appeal No. 2021-2275 (Fed. Cir. Jan. 20, 2023) Our Case of the Week focuses on the doctrine of prosecution laches. Following a bench trial on the issue held shortly after the Federal Circuit’s decision in Hyatt v. Hirshfeld, 998 F.3d 1347 (Fed. Cir. 2021), the district court found Personalized Media Communications’ patent unenforceable under the doctrine ...
Introduction On 22 December 2022, the Malta Financial Services Authority (‘MFSA’ or ‘the Authority’) issued a stakeholder consultation on the proposed establishment of a new framework for Notified Professional Investor Funds (‘NPIFs’). The NPIF framework proposal seeks to introduce a new fund structure, complementing the existing fund frameworks in Malta ...
Lawyers and clients, take note: on January 9, 2023, the Supreme Court heard oral argument on probably one of the most consequential cases on the scope of the attorney-client privilege in decades.In re Grand Jury, 23 F.4th1088 (9th Cir. 2021),cert granted, 143 S. Ct. 80 (2022), a tax case, addresses the application of the attorney-client privilege to “multipurpose” communications involving legal and non-legal topics ...
On 2 January 2023, three pieces of federal legislation came into effect which, if implemented as envisaged, will arguably make the most significant changes to litigation in the on-shore Dubai Courts since the UAE was established ...
Following the Court of Justice of the European Union (the "CJEU") ruling which invalidated the "public access" feature of the Luxembourg Register of Beneficial Owners (the "RBE"), the Ministry of Justice required Luxembourg Business Registers (the "LBR") to immediately suspend all public access to the RBE pending the introduction of access rights more in line with the conclusions of the CJEU’s ruling ...
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 ...
Governments and authorities worldwide are placing increased emphasis on stricter financial controls tackling money laundering, terrorist financing and proliferation of weapons trafficking. As a leading global financial hub, the Cayman Islands is at the forefront of this arduous challenge. An example of its success is the introduction of a rigorous beneficial ownership regime (BOR) ...
On January 19, 2023, the Federal Trade Commission (FTC) published its proposed rule barring most non-compete agreements that would apply to employees. We previously summarized the proposed rule here. The deadline for comments on the proposed rule is March 20, 2023. Comments can be submitted online at Regulations.gov or in writing to Federal Trade Commission, Office of the Secretary, 600 Pennsylvania Avenue NW, Suite CC-5610 (Annex C), Washington, DC 20580 ...
On January 10, the United States District Court for the District of Columbia issued a long-awaited opinion which will allow the U.S. Department of Health and Human Services (HHS) to determine the means by which it will repay inappropriate cuts it levied against 340B participating hospitals’ Medicare reimbursement.[i] The District Court’s decision comes on the heels of the United States Supreme Court’s unanimous decision in American Hospital Association v. Becerra, 142 S. Ct ...
On January 5, 2023 the SEC announced a settled Administrative Proceeding with Randy Robertson. Mr. Robertson previously served as the co-portfolio manager for the BlackRock Multi-Sector Income Trust (“BIT”). While serving as the co-portfolio manager for BIT, Mr. Robertson explored the possibility of a BlackRock investment opportunity regarding a potential secured lending investment relating to print and advertising expenses associated with film distribution. Mr ...
Yukuo Takenaka, President and CEO of Takenaka Partners LLC, was featured in an in-depth profile of the life of Paul Yonamine, CEO of Central Pacific Bank and Hawaii Business Magazine’s CEO of the Year for 2022. In his profile, Mr. Yonamine describes Mr. Takenaka, “as a charismatic business developer who remains his mentor today”. Mr ...
2023 is set to be a landmark year for the real estate industry, with major legal developments expected and new legislation coming into force. These changes are analysed below, with Shoosmiths’ experts examining the legislation and its implications on developers, investors, occupiers and others operating across the real estate sector ...
2022 was a record year for the UK’s living sector. Investment into the sector exceeded £10bn in Q3, fuelled by growth across build to rent, student accommodation and healthcare. While the data for Q4 is yet to be revealed, JLL predicts that the total investment for the year could surpass the £13.8bn recorded in 2021 ...
On January 16, 2023, the Commission for the Financial Market (“CMF”) announced the beginning of the implementation of Law No. 21,521, known as the “Fintech Law”, which will come into force on February 3, 2023. The entry into force of the Fintech Law is an extremely relevant milestone for the financial industry since, among other things, it establishes a regulatory framework for services based on Fintech technologies that were not regulated by our legislation ...
In the second part in this series, we take a look at the possible changes that could be made to improve the Working Time Regulations 1998 (WTR) and the Agency Worker Regulations 2010. Working Time Regulations - 48-hour week The WTR derive from the EU Council’s Directive on working time (1993) and the Council Directive on the protection of young people (1994) ...
Cyber criminals, the twenty-first century equivalent to the highwaymen of yesteryear, don’t offer charities the stark alternative of “their money or their life”, but instead their money or their data, the lifeblood of many charities. Ransomware attacks present a critical risk of their services grinding to a halt for weeks if not months – even if data is restored - as well as swingeing fines for personal data breaches in multiple jurisdictions ...
It has been some time since there has been talk about bonfires in Parliament but the continued debate (albeit largely outside of the Chamber thus far) as to when we should finally say 'farewell' to 'retained' EU legislation is one that many of us are watching with interest. When originally introduced, the suggestion that some 4,000 pieces of legislation would essentially evaporate by the end of this year caused something veering between confusion, concern and, let's be honest, disbelief ...
