Latest updates

Israel bond financing of US commercial real estate – an overview
Fischer Behar Chen Well Orion & Co
  • Capital Markets
  • Israel
  • July 17 2018

Israel has seen a growing trend in debt initial public offerings by US and Canadian real estate companies with income-producing real estate, as well as in the listing of the bonds for trading on the Tel Aviv Stock Exchange. In recent years, more than 30 such real estate companies have completed public debt offerings in Israel, the large majority of which were initial public offerings.

Court of Appeal upholds wide exclusion clause
RPC
  • Litigation
  • United Kingdom
  • July 17 2018

The Court of Appeal has held that a remarkably broad exclusion clause was not unreasonable within the framework of the Unfair Contract Terms Act 1977. The judgment includes a discussion of various factors which the court will take into account when deciding such cases.

Surprise decision regarding changing case law
OBLIN Attorneys at Law
  • Litigation
  • Austria
  • July 17 2018

The Supreme Court recently ruled that even settled case law can change. The law prevents the retroactive application only of statutory laws, not court decisions. Therefore, changes in case law also apply retroactively, as there is no ban on the retroactive application of legal knowledge by the courts. The interest in maintaining 'correct' case law overrides earlier protections afforded to those applying the law; thus, it is paramount to be prepared for changes in case law.

Rise of private health insurance: challenges and opportunities
AnJie Law Firm
  • Insurance
  • China
  • July 17 2018

Despite a range of stakeholders having vested interests in developing the private health insurance market, it has remained underdeveloped and is generally considered by Chinese insurers to be unprofitable compared with life insurance lines. Insurers have also found it hard to stimulate uptake by a consumer base that is relatively unfamiliar with the added value of such products. As such, the Chinese health insurance market is not as mature, innovative or profitable as it could be.

Are lead managers liable for material misstatements in IPO disclosure documents?
Nagashima Ohno & Tsunematsu
  • Capital Markets
  • Japan
  • July 17 2018

A recent Tokyo District Court decision was reported to be the first to hold an underwriter liable to investors that purchased shares in a company based on material misstatements in the financial information contained in the statutory disclosure document for a public offering in Japan. However, the Tokyo High Court overturned the district court decision in this regard and concluded that the lead manager was not liable to investors.

Brazilian legal system: civil law sprinkled with common law elements
TozziniFreire Advogados
  • Litigation
  • Brazil
  • July 17 2018

Even though Brazil is a civil law country, the New Civil Procedure Code of 2015 has brought elements of common law jurisdictions to the Brazilian courts. Certain precedents rendered by the Supreme Court and the Superior Court of Justice – the country's highest courts for constitutional and federal law issues, respectively – are now binding on the lower courts.

Security for costs – a foreign affair
  • Litigation
  • Cayman Islands
  • July 17 2018

During the early stages of litigation, a well-advised defendant will consider how to enforce a Cayman Islands court costs order in the foreign jurisdiction where the claimant's assets are located, and whether it should seek security from the claimant for the costs of doing so. The Court of Appeal has recently considered whether a foreign claimant should give security limited to the costs of enforcing an order in the foreign jurisdiction only or for the (much greater) amount of defending the appeal.

Distracted by mobile phones: forklift operators guilty of occupational health and safety offence
Dentons
  • Litigation
  • Canada
  • July 17 2018

Two forklift operators were recently found guilty under the Occupational Health and Safety Act for using mobile phones while sitting on their forklifts. The court held that "operating or using" a forklift includes sitting on a forklift even when it is stopped and turned off, as other workers and forklifts may be nearby and put at risk by the operator's distraction and inattention to their surroundings while using a mobile phone. Further, the employer had clearly prohibited the use of mobile phones in the warehouse.

No costs entitlement without lawyer's invoice – parties using in-house lawyers lose entitlement to costs
Wilson Harle
  • Litigation
  • New Zealand
  • July 17 2018

Since 1983 it has been the position in New Zealand that a party can recover costs in cases where it has been represented by a lawyer that it employed. However, a recent Christchurch High Court decision held that this is no longer the case. The decision will have a significant impact on entities which are routinely represented in court proceedings by in-house lawyers.

CONDUSEF amends rules on good practices, transparency and advertising for insurers
Hogan Lovells BSTL SC
  • Insurance
  • Mexico
  • July 17 2018

The National Commission for the Protection and Defence of Users of Financial Services (CONDUSEF) recently amended the General Rules on Good Practices, Transparency and Advertising applicable to Insurance Companies. The amendments have added additional documents to the contractual documentation required for insurance adhesion contracts and provided the form on which insurers must include the registry numbers granted by the National Insurance and Bonds Commission and CONDUSEF.

When should you hire a patent attorney?
KISCH IP
  • Intellectual Property
  • South Africa
  • July 16 2018

The cost of obtaining a patent may seem exorbitant for individual entrepreneurs or start-ups, but IP protection may be critical to their success. Patent attorneys' fees are often comparably higher than those of other attorneys – so why pay a patent attorney to file a patent application?

Are lead managers liable for material misstatements in IPO disclosure documents?
Nagashima Ohno & Tsunematsu
  • White Collar Crime
  • Japan
  • July 16 2018

A recent Tokyo District Court decision was reported to be the first to hold an underwriter liable to investors that purchased shares in a company based on material misstatements in the financial information contained in the statutory disclosure document for a public offering in Japan. However, the Tokyo High Court overturned the district court decision in this regard and concluded that the lead manager was not liable to investors.

It's just dirt, or is it? What you don't know on an excavation site can hurt you, or at least cost you money
Kilpatrick Townsend & Stockton LLP
  • Construction
  • USA
  • July 16 2018

Underground utilities and pipelines pose potential problems for excavators and other contractors performing work below ground. Whether a business involves the construction of buildings primarily above ground or running pipes or cables below, there are issues to consider where a construction involves excavations. Ultimately, excavators must use care to avoid damaging marked lines and take all reasonable steps to protect underground facilities, pipelines and on-site people from harm.

Artificial intelligence and data analytics in fraud and corruption investigations
Hogan Lovells US LLP
  • White Collar Crime
  • USA
  • July 16 2018

When a legal team needs to find the facts behind fraud and corruption allegations in a government investigation, technology can drive substantial new efficiencies. By filtering and evaluating vast amounts of information, artificial intelligence can effectively sort text messages, audio files, emails and other unstructured data into manageable groups; identify potential relationships between parties accused of fraud or corruption; and recognise patterns of frequency or timing, which may support a client's defence.

Relationship between new Anti-unfair Competition Law and Paris Convention: misleading consumers
Wanhuida Peksung
  • Intellectual Property
  • China
  • July 16 2018

The legislature had been planning the recent amendments to the Anti-unfair Competition Law since China's accession to the World Trade Organisation. Although most of the main concepts and principles of the original 1993 text have been maintained, during the act's revision, Article 6 – which concerns misleading consumers and acts of confusion – was one of the most discussed provisions.

Government consultation response on proposed amendments to CfD regime
CMS Cameron McKenna Nabarro Olswang LLP
  • Energy & Natural Resources
  • United Kingdom
  • July 16 2018

The government has released Part A of its response to the consultation on amendments to the Contracts for Difference Regime 1, primarily addressing its intention to allow remote island wind (RIW) to compete in future Pot 2 allocation rounds with less established technologies. The consultation response also refers to further proposals put to the government in relation to RIW, including improving RIW competitiveness.

Submission period for applications to settle tax arrears by instalments extended
Elias Neocleous & Co LLC
  • Corporate Tax
  • Cyprus
  • July 13 2018

The Process of Adjustment of Tax Arrears Law established a procedure for settling tax arrears by monthly instalments. Although the deadline for submitting applications was due to expire on 3 July 2018, it has been extended for a further six months. Applications for inclusion in the scheme must now be made no later than 3 January 2019 and applicants must submit any pending tax returns no later than 31 December 2018.

Competition Agency assumes State Aid Commission's powers
  • Competition & Antitrust
  • Montenegro
  • July 12 2018

The most important change introduced by recent amendments to the Competition Act is that a single authority will be responsible for protecting competition and state aid in Montenegro. As a result of Montenegro's accession to the European Union and its obligations under the Stabilisation and Association Agreement, the State Aid Commission's responsibilities will now fall within the remit of the Competition Agency.

Government drafts new arbitration bill
  • Arbitration & ADR
  • Macau
  • July 12 2018

Owing to Macau's current arbitration regime and the difficulties that it poses, foreign investors and partners typically choose other jurisdictions to resolve disputes. Therefore, the government has drafted a new arbitration bill which aims to promote Macau as a commercial arbitration centre between China and Portuguese-speaking countries and take full advantage of Macau's high number of bilingual professionals and its cultural and legal similarities to Portuguese-speaking countries.

Grand Court dismisses multibillion-dollar fraud claims in one of largest Ponzi schemes in history
Harney Westwood & Riegels LLP
  • Private Client & Offshore Services
  • Cayman Islands
  • July 12 2018

In a landmark ruling, the Grand Court emphatically dismissed a multibillion-dollar claim in a case involving allegations of fraud arising from one of the largest corporate collapses of the financial crisis. The case has showcased the court's ability to manage high-profile large-scale litigation, demonstrating especially the quality of the Cayman Islands judiciary and the court's ability to use cutting-edge technology, as well as the resources and flexibility to manage a year-long, multi-jurisdictional trial.

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