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…
The development of international green hydrogen projects continues to face an array of challenges in the European Union due to regulatory hurdles. Green hydrogen and derivative fuels such as ammonia, e-methanol and e-NG came into the spotlight in June 2023 when the EU rules defining these became binding law. This development was expounded upon in…
The US high yield bond market has seen a significant resurgence in the first half of 2023 (H1 2023), with activity rallying as borrowers shift from pricier leveraged loans. Despite this similar trends are yet to be mirrored in European and Asian markets, which continue to face challenges. As reported, heightened activity within the US…
In a recent enforcement action that underscores the significance of robust whistleblower programs in corporations, OFAC (Office of Foreign Assets Control) announced a settlement with Construction Specialties Inc. (CS) worth $660,594 for alleged infringements of the Iranian Transactions and Sanctions Regulations (ITSR). The announcement, made on August 16, 2023, revealed that the violations involved CS’s…
The Illinois Public Access Counselor (PAC) has recently distributed two non-binding opinions on the applicability of Open Meetings Act (OMA) requirements to board committees. These opinions and their legal implications may be of interest to legal professionals in multinational corporations and international law firms. The Open Meetings Act requires meetings of public bodies to be…
As the dynamic legal landscape surrounding cannabis fluctuates, legal professionals grapple with intricacies spanning from international treaties to domestic policy. At the center of this confluence is the recent recommendation from the U.S. Department of Health and Human Services (“HHS”) hinting at cannabis to be moved to Schedule III. Simultaneously, speculation abounds that the U.S….
The Corporate Transparency Act (the “CTA”), a U.S. law enacted on January 1, 2021, is slated for implementation on January 1, 2024. This law forms an essential component of the ongoing fight against money laundering and other illegal activities. This legislation obliges all reporting entities to openly disclose certain beneficial ownership information, along with other…