In a significant legal development on June 22, 2023, the Supreme Court issued a 6–3 opinion in the case of Yegiazaryan v. Smagin, establishing that a foreign award creditor can enforce claims under the Racketeer Influenced and Corrupt Organizations Act (RICO) pertaining to the enforcement of an arbitral award granted in the United States read…
The Law Commission of England and Wales has finally concluded its review of the Arbitration Act 1996, ushering in the much-anticipated Arbitration Act 2024. This extensive review process has given rise to numerous potential areas for reform, many of which were highlighted in the International Arbitration Survey 2022. The details of the review and the…
On 26 June 2023, the International Sustainability Standards Board (ISSB) unveiled its first two standards- IFRS S1 and IFRS S2. Culminating a long-awaited juncture for global firms, these standards serve to harmonise disclosure requirements related to environmental, social, and governance (ESG) factors. As detailed on JD Supra, the IFRS S1 and IFRS S2 standards draw…
International privacy regulators are amplifying their concerns about the vulnerability of user’s publicly available information on social media platforms due to the proliferation of web scraping, a widespread business practice in the U.S. This practice is viewed with suspicion abroad and is seen as a potential reportable data breach in multiple jurisdictions. Many professionals may…
China’s lateral market for lawyers is being described as the worst in more than 15 years, rivalling even the global financial crisis of 2009, according to a report in Law.com. With national firms continuing to grow, but at a slower pace than in previous years, and international companies struggling to hire sufficient legal talent, uncertainty…
In a rather unusual move, the State of California has taken an assertive measure to protect the rights of its employees, as far as non-competition agreements are concerned. This step took the form of Senate Bill 699, which reaches beyond the mere borders of the state to restrict non-compete agreements in contracts that are signed…
The complex world of international taxation continues to evolve and hold the attention of multi-national corporations and international law firms. A particular facet of this domain, which is currently under scrutiny, is the issue of deferred compensation and services overseas, specifically regarding the complexities of withholding taxes. Approaching the year’s end often brings about a…
American International Group (AIG) has recently announced an executive promotion that is sure to create a buzz in legal circles: Lucy Fato has been elevated to Vice Chair, a newly created position at the insurance giant. Recognized as a significant player in AIG’s continued success, Fato’s promotion marks her transition from her former post as…
The European General Court recently dismissed a claim made by a group of Syrian refugees against Frontex, the European Border and Coast Guard Agency. The claimants sought to hold Frontex accountable for what they alleged to be the forcible transfer of the refugees from Greece to Turkey, even as they were in the process of…
In a critical decision on September 1, 2023, California Governor Gavin Newsom signed Senate Bill (SB) 699 into law. The legislation acts to prohibit employers from entering into or attempting to enforce noncompete agreements, arrangements which will henceforth be void under state law. The law is scheduled to come into effect on January 1, 2024….
In recent trade developments, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has imposed sanctions on four Russian individuals who have previously served as board members of Alpha Group. This critical information has emerged from Lowenstein Sandler’s Global Trade & National Security Newsletter for September 2023, as reported by JD Supra….
The UK Climate Change Committee (CCC), a non-departmental public body advising the UK government on emissions targets, recently released its 2023 report evaluating the nation’s efforts towards reducing greenhouse gas emissions and meeting carbon reduction targets. The release of this report is a statutory requirement under the Climate Change Act, and it offers a comprehensive…
In recent legal news, the Oslo District Court ruled to uphold a ban against Meta Platforms (previously called Facebook) in favor of the Norwegian Data Protection Authority (Datatilsynet). The court supported the decision of the authority to temporarily prevent behavioral marketing on Facebook and Instagram. The issue at the hub of this case concerns a…
In view of recent international migration trends and wealth preservation strategies, it’s becoming increasingly relevant to address the subject of Golden Visas. These programs offer unique benefits to individuals intending on relocating abroad, with wealth preservation and travel among the main highlights. JD Supra brings attention to these Golden Visas and how they work. Particularly…
Responding to member feedback amid the Covid-19 pandemic, the International Swaps and Derivatives Association (ISDA) has published several standard form amendments to the ISDA Master Agreement. This move came after consultation with ISDA members, starting in 2022. The amendments cover areas such as standard notice provisions and force majeure language, all of which can be…
In a cutting-edge development within the industry, hydrogen technology appears to be driving substantial later-stage investments. Findings from a recent report jointly published by the International Energy Agency (IEA) and the European Patent Office (EPO) shed light on this intriguing dynamic. The report accentuates a significant surge in patent filings within the hydrogen sector. An…
In a recent ruling, the European Court of Justice (ECJ) dismissed an appeal by Gennady Timchenko, a Russian billionaire and close ally of President Putin, to re-evaluate the sanctions placed against him. Timchenko landed on the European Union’s sanctions list following the 2022 Russian incursion into Ukraine. Known for his significant role in the energy…
The financial landscape is in continuous flux, and the month of August 2023 was no exception. With numerous regulatory changes and developments unfolding in the United Kingdom and the European Union, law firms and corporations need to be aware of the shifting tides. An informative report was published on JD Supra detailing the latest developments…
A new development within the legal framework of the Cayman Islands is drawing increased attention from international corporations and law firms. The Cayman Islands has long been recognized for several things, besides its magnificent white sandy beaches. Underpinning its status, it holds a strong reputation as a global financial hub, with a significant role in…
In a recent move by the International Federation of the Red Cross, law firm Reed Smith has been enlisted to set up an insurance and reinsurance facility. The aim is to use this facility as a means of providing additional financial support to their disaster response actions. Law.com reports. Providing advice on various aspects including…
According to the information provided on Slaughter and May’s website, their ‘Best Friends’ network – a collective of elite European law firms – had a significant role in M&A deals valued at $288 billion in 2022, based on Mergermarket’s data. This contribution significantly outpaces those of other top legal advisors such as Freshfields Bruckhaus Deringer,…
An in-depth analysis of five years of merger and acquisition (M&A) data by Law.com International raises questions about the collective effectiveness of ‘best friends’ network of Slaughter and May. Including other European top-notch firms such as Hengeler, De Brauw, Uria, Bredin Prat and BonelliErede, the data revealed how frequently the members of this renowned European…
In a recent strategic move, Clifford Chance has recruited Philip Podzebenko, a seasoned real estate and infrastructure partner from Herbert Smith Freehills, to join its Sydney office. This information was relayed in an exclusive report by Law.com’s international edition. The enlistment of Podzebenko is intended to add much-needed senior capabilities in both real estate and…
The United Kingdom-based global law firm, DAC Beachcroft (DACB), has established an association with Incisive Law, a Singapore firm which was previously associated with Ince Group. The partnership forms part of DACB’s expansion plans, as it builds upon its Singapore office, established in 2011. Incisive Law also hired a new partner from Rajah & Tann…
Concerns are growing over the future of the legal profession in China, with international companies struggling to hire, while domestic Chinese companies are expanding at a reduced pace compared to two years ago. Legal recruiters are indicating that China’s lateral market is suffering its worst period in over a decade, comparable to the turbulence experienced…