As we approach the end of 2023, focus shifts toward the United Arab Emirates (UAE), which is set to host the Conference of the Parties (COP) – the decision-making authority tasked with monitoring and reviewing the implementation of the United Nations Framework Convention on Climate Change (UNFCCC). The UAE COP 28 promises to be a…
In a recent decision, the United Kingdom Supreme Court illustrated a crucial clarification concerning the power of English courts under Section 9 of the Arbitration Act 1996. According to the said act, judicial proceedings can be stayed if they subject to an arbitration agreement. This article from Shearman & Sterling LLP elucidates the specifics of…
Welcome to your daily Financial Regulation Update. It has been a bustling day in terms of financial and legal news: On September 26, 2023, the U.S. Department of the Treasury Counselor for Racial Equity, Janis Bowdler, made a presence at the 2023 U.S. Hispanic Chamber of Commerce National Conference. Further details surrounding her visit are…
In an important move to ensure global minimal taxation, the German federal cabinet approved the government draft bill on August 16, 2023. This bill was drafted to implement Council Directive (EU) 2022/2523 – the Minimum Tax Directive Implementation Act (MinBestRL-UmsG), as reported by JD Supra. The approved bill primarily includes the draft of a new…
Will pop star Taylor Swift be the one to save Joe Biden’s 2024 election campaign? This light-hearted concept is a tongue-in-cheek recommendation devised by Berkeley Law professor Orin Kerr. Swift’s vast fanbase, termed as ‘Swifties’, have frequently shown their eagerness to follow their idol’s calls to action. Swift’s influence notably reflected in a surge of…
On September 21, India officially labeled Canada as an international haven for terrorism, accusing it of being a “sanctuary harbouring terrorists, extremists, and organized criminal elements,” as stated by the spokesperson of the Ministry of External Affairs (MEA). Further underscoring the severity of the matter, the MEA released an advisory on September 20, directed at…
On September 12, 2023, the U.S. Citizenship and Immigration Services (USCIS) announced an update to its official policy manual chapters concerning employment-based first-preference (EB-1) immigrant petitions. The update specifically pertains to classifications in the Extraordinary Ability and Outstanding Professor and Researcher categories. Typically, the EB-1 category is reserved for individuals with exceptional talents in business,…
In response to the shifting legal landscape related to international transfers of personal data and its compliance with the General Data Protection Regulation (GDPR), the European Data Protection Board (EDPB) has released an updated version of its Recommendations 01/2022 on Binding Corporate Rules for Controllers (C-BCR). Interestingly, amidst the upheaval from the “Schrems II” ruling…
In recent years, Mexico has undergone sweeping labor reforms, significantly improving its attractiveness as a territory for outsourcing and expansion. This evolution is prompting U.S. employers to reconsider Mexico as a primary destination for business operations. While longstanding misconceptions and outdated views may still deter some from launching operations across the border, these notions are…
As technological advancements continue to reshape the legal profession, one of the untapped areas of potential remains email threading. Much more than an organised inbox, email threading has been touted by the Association of Certified E-Discovery as a secret weapon in navigating intricate web of email conversations, particularly in light of eDiscovery requirements. For the…
The American Conference Institute (ACI) has recently announced the 4th installation of the Virtual Passport to Proficiency on the International Traffic in Arms Regulations. The event is scheduled to run from between October 17 and November 9, 2023, with sessions taking place from 1:00 to 4:30 pm EST. Here is where you can find more…
In the wake of industry consolidation, choices for dependable document-comparison software have been significantly reduced for law firms worldwide. This dearth of viable options has led to inflated prices and reluctant acquiescence from various firms. However, this struggle has also paved the way for new opportunities. At ILTACon 2023, Draftable, a renowned document-comparison service provider,…
The ongoing Americanization of London’s legal industry may be reaching its peak, as evidence suggests U.S. law firms may no longer experience the growth in the region they once did. This trendnote, rooted in the historical allure of London, calls to mind the city’s habit of attracting the world’s best in multiple disciplines. Often a…
Top international law firm, Squire Patton Boggs, has recently hired a corporate duo from McDermott in Frankfurt. This move forms part of the firm’s ongoing strategy to expand its corporate and private equity services across Europe and the UK. Further details of the hires and their potential impact on the firm’s expansion strategy are provided…
In recent redundancy news within the legal profession, Clifford Chance, a prestigious multinational law firm, has applied layoffs to its Asia capital markets lawyers. The unfortunate layoffs came to light earlier in September, with observers within the sector watching these events unfold closely. This decision by Clifford Chance aligns with similar actions from other law…
Drew Network Asia (DNA), an enterprise established by prominent law firms such as Drew & Napier from Singapore, Indonesian firm Makarim & Taira S., and Malaysian entity Shearn Delamore & Co., has announced their network’s expansion with the integration of Thai firm Tilleke & Gibbins. Originated in 2020, the network has slowly but steadily extended…
Orrick, Herrington & Sutcliffe has taken a progressive step in the legal industry with the hiring of Nigel “Nige” Tranter as the firm’s inaugural Chief Digital Officer. Their aim is to better leverage data for delivering insightful information to clients, enhancing business efficiencies, and addressing future requirements related to skills and staffing. In recent times,…
The British legal industry, like the prestigious sports events of Wimbledon and the Premier League, has become a magnet attracting global talent. This globalisation has potentially weakened UK firms, as foreign talent and practices, particularly from the US, have gained prominence. Yet, it seems, American firms may not be reaping the benefits in the region…
In a significant update for corporations active in data transfers between the United Kingdom and the United States, a new UK-US data bridge will be operational from 12 October 2023. This development will facilitate the flow of personal data between the countries, offering substantial support to businesses engaged in transatlantic commerce and data dealings. JD…
In a recent podcast titled International Tax Strategies and Forms, Janathan Allen delves into the complexities of US tax regulations for taxpayers with offshore interests. Similarly, the podcast also serves valuable insights for non-US residents or expatriates with ties to the US economy. Allen begins the podcast with an intriguing statement that highlights the general…
The U.S. Department of Justice (DOJ) has always been at the forefront when it comes to forming the landscape of corporate criminal enforcement. Recently, Principal Associate Deputy Attorney General Marshall Miller has provided valuable insight into the current and prospective directions and initiatives of the DOJ at the Global Investigations Review Annual Meeting in New…
Experienced lawyers and corporate professionals, may I bring your attention to a recent development in the UK data privacy landscape? In a move aimed at bolstering international business exchange, the UK Secretary of State for Science, Innovation and Technology on September 21, 2023, introduced new regulations to Parliament which, if passed, will drastically simplify procedures…
In October 2021, the Internal Revenue Service’s (IRS) Large Business and International (LB&I) division initiated the Large Partnership Compliance (LPC) program, an effort geared towards enhancing audit procedures for large partnerships. The move by the IRS has significant implications for large corporations and law firms, and further underscores the changing landscape of legal compliance in…
The asset/wealth management sector has seen a notable rise in M&A activity levels over H2 2022 and H1 2023, particularly across the UK and Europe, as per a report in JDSupra. The trend, reflecting an increasingly active market, spans multiple sub-sectors, including wealth management, financial planning, fund management, debt servicing, trust administration, direct lending, and…
Every year, as the holiday season draws near, corporate professionals grapple with a same perennial question: should they stick with traditional print cards or shift to eCards for reaching out to their clients? Both have their advantages, yet there are several compelling reasons the modern route of eCards can provide an upper hand for businesses….