The COVID-19 pandemic has triggered a number of operational and administrative challenges across the global legal and economic landscape. This article summarises some of the latest developments and the key issues relevant to financial institutions with legal and regulatory links to the Cayman Islands, including the validity and enforceability of electronic signatures and the Cayman Islands advisory on anti-money laundering and countering the financing of terrorism compliance.
The freedom to contract principle forms the basis of the Contract Act, and a similar principle is also provided for in the Arbitration and Conciliation Act. However, the question often arises as to what happens when one party – despite a contractual agreement setting out the scope and ambit of arbitration – seeks recourse to remedies provided for under a special statute. This article examines this issue in view of the Micro, Small and Medium Enterprises Development Act.
The COVID-19 flight restrictions have led to confusion among non-resident Indians with regard to their tax residency. Such individuals have effectively been stuck in India, involuntarily increasing their time in the country. This may expose their offshore business and professional income to tax in India, as it may be regarded as controlled from India and the individual may be regarded as 'resident but not ordinarily resident in India'.
In January 2020 the Bailiwick published its national risk assessment (NRA), which identifies jurisdiction-wide and systemic risks to which its financial system is deemed particularly vulnerable. Individual specified businesses were initially given until the end of May 2020 to update their business risk assessments in light of the NRA, but some timeframes have been extended in response to the COVID-19 pandemic. This article examines the contents of the NRA and the implications for specified businesses in the Bailiwick.
The European Commission recently announced temporary derogations from EU competition rules for the milk, potato and live plant and flower sectors. Shortly thereafter, the Bulgarian Commission for the Protection of Competition published on its website information about temporary derogations from the prohibition on competitors in these sectors entering into agreements or undertaking coordinated practices.
This article provides useful guidance on incorporating a private company under Jersey law by summarising the main legal requirements and general principles which apply in this regard (eg, company formation, share capital and continuing requirements), as well as the benefits of using a Jersey company.
The National Petroleum Agency recently published a resolution regulating the bulk transportation of oil and its derivatives, natural gas and biofuels by water, including deep-sea navigation, cabotage and maritime, port and inland support. According to the new resolution, waterway transportation for export purposes must be carried out by Brazilian companies.
The Ministry of the Economy and the Ministry of Health recently published Joint Ordinance Number 20, which provides the measures that employers must observe in order to prevent, control and mitigate the risk of COVID-19 transmission in their workplaces. This article highlights what employers need to know about the joint ordinance.
The COVID-19 pandemic has put unprecedented strain on organisations of all sizes across all industries. The uncertainty of the new normal is leading some employers to consider extreme, and often unnecessary, new policies in anticipation of the eventual return to work. This article focuses on strategies for employers to anticipate and address future workplace problems which may arise once employees return to work.
The government recently announced its commitment to establishing a new visa scheme for all British National (Overseas) persons and their dependants. The visa will provide a readily available opportunity for millions of Hong Kong residents to move to the United Kingdom more easily and honours the United Kingdom's historic commitment to Hong Kong.
The government's Coronavirus Self-Employment Income Support Scheme has been extended to provide a second three-month grant for self-employed individuals affected by COVID-19 after 13 July 2020. The value of the second self-employed grants has been reduced to 70% of trading profit for three months. The government has made it clear that financial support cannot continue indefinitely, and that this will be the final grant instalment under the self-employed scheme.
Under the Convention on the Contract for the International Carriage of Goods by Road (CMR), carriers are liable for the total or partial loss of goods or damage to goods that occurs between the carrier taking charge of the goods and delivery. The Court of Amsterdam recently held that the word 'damage' in the relevant sections of the CMR presumes substantial physical change to the state of the goods and ruled out, in this case, that a broken seal on a container represented damage.
The Western High Court recently ruled that an employee who had entered into a severance agreement – and was represented by her professional organisation during this process – was barred from claiming compensation under the Anti-discrimination Act. Pursuant to this ruling, employers should bear in mind that when a severance agreement contains a provision in full and final settlement of any possible claims between the employee and employer, the provision must be interpreted according to its wording.
With the exit from lockdown in full swing, many companies are recalling their staff to the workplace. This article answers 10 FAQs that employers, business managers and HR specialists must consider during their employees' return to work, including what are employers' health and safety obligations, must employers consult staff or employee representatives on their health and safety measures and do fines or penalties for non-compliance exist?
Malaysian law permits the discharge of cargo on board a ship that is under arrest when the cargo itself is not. The discharge of the cargo will be at the expense of the intervener that asserts its rights over the cargo – namely, the cargo interest. Applications of this nature are usually filed and heard on an urgent basis by way of a certificate of urgency.
This article outlines the financial support available to employers in Jersey that have been adversely affected by measures introduced to manage the spread of COVID-19. Such support includes the payroll co-funding scheme and the deferral of social security contributions.
The Hague District Court recently had to answer the question of whether information acquired during a customs seizure under the EU Anti-piracy Regulation may be used for an unauthorised parallel import claim. The regulation provides an effective means and procedure for IP rights holders to request Customs to intercept consignments suspected of containing counterfeit or pirated goods and to have said goods destroyed.
The Federal Ministry of Finance recently issued guidelines on the determination of policyholders who are persons of relevance for insurance premium tax (IPT) as their registered office in Germany might trigger IPT. These guidelines are especially relevant for vessel and aircraft insurance and English-language policies.
In light of the global trend to further regulate foreign direct investments from a national security viewpoint, the Foreign Exchange and Foreign Trade Act of Japan (FEFTA) and regulations thereunder were recently subject to amendments which drew particular attention from Japanese stock market participants concerned about the potential negative impact thereof. This article provides a brief explanation of the amendments to the FEFTA.
Due to the capital markets conditions caused by the COVID-19 crisis, liquid funds may need to activate their gating provisions in order to limit redemptions, in accordance with the terms of the fund's prospectus. Further, illiquid funds, such as private equity and loan-originating funds, should consider whether the COVID-19 crisis could constitute a material adverse effect under agreements or deals that have yet to close. This article examines the impact of COVID-19 on liquid and illiquid funds and their managers.