On 29 July 2024, the UAE enacted Federal Decree Law 9 of 2024 (theAmendment) introducing some significant changes to Federal Decree Law 33 of 2021 (theLabour Law), UAE’s principal legislation on employment. The Amendment replaces Article 54 of the Labour Law pertaining to individual labour disputes, and, Article 60 of the same law which sets out the penalties applicable for certain violations by employers. The Amendment comes into force on 31 August 2024 ...
Carey Olsen advises Paratus Energy Services on the issuance of a US$500 million senior secured bond This transaction marks one of the largest bond issuances in the Nordic bond market in recent years and was significantly oversubscribed, reflecting robust investor confidence and strong market demand ...
Carey Olsen assists DeFinity Markets in securing JFSC approval for digital assets settlement platform The Jersey subsidiary of the London-based DeFinity Markets group has been operational in the spot foreign exchange market since 2014 and is connected to some of the world’s most prominent banks. The challenger-model will see investment-grade buy and sell-side clients transact with each other using bank-intermediated credit via the prime brokerage desk ...
Carey Olsen advises Tapir Holdings Ltd. on acquisition of shares in Rendeavour Holding Limited and subsequent listing on Bermuda Stock Exchange As part of the generation of funding and the consideration for the Acquisition, Tapir issued a total of 202,662,602 new ordinary shares, which were admitted for listing on the Mezzanine Market of the Bermuda Stock Exchange by way of subsequent listing (the "Listing") ...
The need to find mitigation mechanisms against climate change increases as time passes ...
By: Stephen Best, Clayton Barnett, and Brian Adkins August 27, 2024 Introduction As many sports lawyers are aware, there have already been several examples of name, image, and likeliness (“NIL”) litigation throughout the country. In fact, we previously reviewed several groundbreaking cases which stood to fundamentally alter the landscape of college athletics ...
Carey Olsen advises USA Rare Earth on its US$870 million business combination with Inflection Point Acquisition Corp. II The proposed transaction values USARE at a pro-forma enterprise value of US$870 million and includes an initial circa US$35 million PIPE investment, of which US$25 million funded in connection with the signing of the business combination agreement ...
Nothing lasts forever... or does it? New perpetuities legislation introduced in the Cayman Islands The "old" rule The rule against perpetuities currently applicable in the Cayman Islands is derived from English law and is aimed at preventing individuals from 'tying up' their assets in trust indefinitely. Broadly speaking, the rule prescribes a set period – the perpetuity period – within which time the interest of each beneficiary must vest (i.e ...
On Aug. 1, following five years of litigation, Tevra Brands LLC's antitrust suit against Bayer Healthcare LLC came to an end in the U.S. District Court for the Northern District of California ...
In a decision given on the 8th of August 2024 with respect to the case ASF 013/2024, the Arbiter for Financial Services (hereinafter referred to as the ‘Arbiter’) rejected a complaint filed against a Life Insurance Provider regarding a life insurance policy with an investment element which the complainant had purchased from the Life Insurance Provider in the year 2000 ...
At a time when Canada and many other countries are taking steps to protect users from harm online,1a decision was handed down by the Supreme Court of British Columbia (the “Court”) on January 15, 2024, regarding the conduct of a competitor with respect to complaints about intellectual property infringement made on Amazon’s e-commerce website ...
In recent years, the emphasis on sustainable and responsible investment has grown significantly. This shift is driven by increasing awareness of environmental, social, and governance (“ESG”) issues among investors, regulators, and the public ...
In Harrington v. Purdue Pharma LP in June, the U.S. Supreme Court held that the U.S. Bankruptcy Code does not authorize nonconsensual releases of nondebtors as part of a Chapter 11 plan ...
SyCipLaw's Tax Department has prepared Tax Issues and Practical Solutions (T.I.P.S.) for April. The April 2024 issue covers the following tax issues: 1. In assessing deficiency withholding tax on compensation of employees who were not individually identified, is it proper for the Commissioner of Internal Revenue ("CIR") to use the top withholding tax rate of 32%? 2. Which court has exclusive and original jurisdiction over criminal offenses involving tax claims amounting to PhP 1,000,000 ...
Carey Olsen advises Sarasin Bread Street on inaugural multi vintage private equity fund The fund comprised two separate closed-ended registered collective investment schemes, utilising a single-manager multi vintage investment strategy to acquire a diversified portfolio of private company investments managed by Carlyle Group across a range of years from 2014 to 2024 ...
The trend for financial services businesses and others to procure services from FinTech providers – and for providers to offer their services direct to consumers – has increased over the last 15 years. In this article, we outline some of the key areas of law that relate to FinTech. Similar to technology law more broadly, FinTech law is very much a “discipline of disciplines” ...
Carey Olsen advises FitzWalter Capital on launch of ~US$1.4 billion fund The Carey Olsen corporate team advising on the Jersey aspects of the transaction comprised partner James Mulholland, counsel Thomas MacAdie and associate Charlie Hurst, working alongside onshore counsel Debevoise & Plimpton LLP and Jersey administrator J.P. Morgan ...
SyCipLaw's Tax Department has prepared a double edition of its Tax Issues and Practical Solutions (T.I.P.S.) for May-June. The May-June 2024 issue covers the following tax issues: 1. Under the current VAT regulations, is input tax required to be directly attributable (or a factor in the production chain) to zero-rated sales, i.e., to come from purchases of goods and services that form part of the finished product of the zero-rated taxpayer in order to be creditable or refundable? 2 ...
Over the last year, we have monitored a lawsuit in Georgia that alleged a hedge fund (“Fearless Fund”) violated 42 U.S.C. § 1981—the federal prohibition on racial discrimination in contracting—by operating a grant contest that awarded $20,000 grants to select small business owners, all of whom, by the contest’s express rules, had to be Black women. That case, American Alliance for Equal Rights v. Fearless Fund Management, LLC, settled yesterday ...
On September 9, 2024, the SEC announced it had settled Administrative Proceedings with nine investment advisers for violating the Marketing Rule. The violations involved distributing advertisements that included untrue or unsubstantiated statements of material fact or testimonials, endorsements or third-party ratings that lacked required disclosures. The following is a summary of the settled Administrative Proceedings ...
Force majeure remains a hot topic when it comes to contracts. Following the pandemic, Suez Canal blockage and international sanctions, parties to contracts have been looking at how to possibly recover their losses or minimise the effects of delays. One question that had arisen was whether contracting parties could be forced to find a way around the issues by being commercially minded, particularly where they had an obligation to use reasonable endeavours to overcome the force majeure event ...
Modern data protection rules are being introduced to tax-efficient jurisdictions like Bermuda and the Cayman Islands. It's increasingly vital to understand how to handle data in some less familiar territories for data protection. Advisers are familiar with the data protection laws which apply in the jurisdictions where many commercial businesses operate like the UK Data Protection Act, the UK/EU GDPR and the California Privacy Protection Act ...
Whilst talk of Rail Refrom is excellent news for a Sector that has been crying out for it, how much will it really impact the supply chain and what processes and protections are already in place to help the flow of contractual payments? As the Passenger Railway Services (Public Ownership) Bill awaits its second reading in the House of Lords on 7th October it is clear that there is a real focus on Rail from the Government ...
Chambers and Partners recently published its Enforcement of Judgments Global Practice Guide 2024. The Philippine chapter was authored by SyCipLaw partners Ramon G. Songco, Anthony W. Dee, Ricardo Ma. P.G. Ongkiko, head of the Firm's Litigation department, and Russel L. Rodriguez ...
Carey Olsen advises Inflexion on closing of latest fund at £975 million The Fund was raised primarily through increased commitments from existing investors in less than five months, who on average doubled their investments from the previous fund, Enterprise Fund V. The Fund's investor base includes a diverse group of U.S. pension funds, insurance companies, and sovereign wealth funds ...
