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….
In an increasingly connected and globalized world, many US-based employers are exploring opportunities to employ personnel in foreign jurisdictions. One such interesting case is the employment of US citizens residing in Italy. As it stands, the international employment landscape presents its own unique set of opportunities, challenges, and considerations. According to information published by Freeman…
The United Kingdom’s Youth Mobility Scheme (YMS) visa presents an appealing chance for young professionals to reside and work in the country for a span of up to two years. Particularly attractive to those hailing from certain countries, this flexible, short-term visa can create a significant impact. Especially aiming to attract the young workforce population,…
Discussing critical legal updates, we commence with the housing reform made to New York city’s zoning regulations. The new initiative, launched by Mayor Adams and titled “City of Yes for Housing Opportunity,” has been designed with the aim of dispersing housing development and benefits across all neighborhoods. This wide-ranging set of proposals has three main…
Heightening tensions in US government has led to a potential scenario that could significantly disrupt international trade activities. The United States, currently preparing for its fourth partial government shutdown within the last decade, is experiencing a frayed political atmosphere as Congressional members continue to butt heads over government spending allocations for the forthcoming fiscal year….
Proskauer Rose LLP has reportedly settled a lawsuit with a Californian venture capitalist blaming the law firm for a costly clerical mishap. Allegedly, this error resulted in the loss of his considerable $636 million stake in a hedge fund he initiated. This development was reported to a Massachusetts Court. Notably, the venture capitalist argued that…
In a bid to curb the growing trend of greenwashing, the European Council and Parliament recently reached a provisional agreement on a new European Union (EU) directive aimed at ’empowering consumers for the green transition’. The new legislation targets agencies and corporations that falsely claim their products or services are environmentally friendly, a trend commonly…
The U.S. Senate’s recent passing of the National Defense Authorization Act for Fiscal Year 2024 (the “NDAA”) signals a potential shift within the international legal landscape for Foreign Private Issuers (FPIs). Subject to enactment, the legislation poses to extend Section 16 requirements of the Securities Exchange Act of 1934 to insiders such as directors, executive…
The European Commission recently announced the much-anticipated terms and conditions of the initial auction by the European Hydrogen Bank (EHB), an event that has drawn keen attention from green hydrogen producers from around the globe. Though the bank’s focus lies within the EU, international parties have specifically demonstrated interest, with observers predicting shared insights on…
The United States Department of Commerce (DOC) finalized its verdict on August 18, 2023, in relation to the sidestepping of antidumping and countervailing duty (AD/CVD) orders A-570-979 and C-570-980. The orders pertain to certain crystalline silicon photovoltaic (CSPV) cells and modules. The adjustments were filed by Auxin Solar against imports from four countries: Cambodia, Malaysia,…
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) took an unexpected turn recently when it leveraged its “Gap Rule” to enforce action against Bancrédito International Bank and Trust Corporation (BANCRÉDITO), an International Banking Entity (IBE) based in Puerto Rico. This marks FinCEN’s initial enforcement action using the Gap Rule, as indicated in…
On August 23, 2023, the U.S. Securities and Exchange Commission (SEC) adopted a series of new and revised regulations collectively known as the Private Fund Adviser Rules. These rules were enacted under the Investment Advisers Act of 1940, and were proposed to counter potential conflicts of interest and safeguard investors within the private funds industry….
The International Auditing and Assurance Standards Board (IAASB) is taking significant strides in encouraging transparency and accountability in corporate sustainability engagements. In August 2023, the IAASB introduced its proposed International Standard on Sustainability Assurance (ISSA) 5000, “General Requirements for Sustainability Assurance Engagements.” Widely considered as an extensive sustainability assurance framework, ISSA 5000 is expected to…
In a significant shift towards consumer data rights, California lawmakers recently passed a law that expands data broker registration obligations and drastically simplifies the process for consumers to be “forgotten.” The newly enacted Delete Act seeks to rectify the State’s already prevalent Data Broker Registration law and is expected to substantially influence the data collection…
Legal professionals from around the globe are increasingly facing a perplexing issue – handling cross-border privilege in attorney-client privileged communications and work product protections. Understanding the definition and application of these privileges across separate jurisdictions can pose significant challenges, especially when working internationally. With distinguished attorneys from the United States, Italy, Germany, France, and the…
In a recent report, leading international law firm Allen & Overy LLP tackles the question of the financing gap in achieving net zero emissions, aligned with the United Nations Framework Convention on Climate Change (UNFCCC) Standing Committee on Finance’s standards. The report takes a methodical approach to defining and understanding climate finance, which aims at…
African arbitration is an expanding field, yet a significant number of disputes continue to be sent overseas for resolution. There are various contributing factors to this trend, prominently including an over-abundance of local choice and widespread dissatisfaction with the Common Court of Justice and Arbitration (CCJA) located in Côte d’Ivoire. The wealth of potential arbitral…
In recent high profile transfers, leading law firms Addleshaw Goddard and Morgan Lewis have bolstered their respective dispute resolution teams in Dubai. Addleshaw Goddard has secured a construction expert from Clifford Chance, while an arbitration specialist has moved to Morgan Lewis from Al Tamimi. The team at Addleshaw Goddard will benefit from the expertise of…
Imprisoned Russian opposition activist Vladimir Kara-Murza has been transferred to a maximum-security prison in Siberia and placed in a tiny “punishment cell,” according to a Facebook post by his lawyer, Vadim Prokhorov. Kara-Murza was reportedly moved to IK-6, a maximum-security penal colony in Omsk. Details of the transfer were revealed in a letter written by…
In a recent shift, several international law firms have started reducing their business operations in China. Within the span of two months, three substantial firms announced actions to scale back. Notably, Latham & Watkins, a leading global law firm, decided to close its Shanghai office after operating for 18 years. The firm’s move is part…