Latest updates

Update on economic substance rules for Jersey fund managers
Ogier
  • Private Client & Offshore Services
  • Jersey
  • 20 June 2019

The Taxation Law 2019 has introduced new economic substance requirements which apply to certain Jersey tax-resident companies. The requirements were passed to comply with the EU Code of Conduct Group on Business Taxation for the purpose of demonstrating that the profits generated by Jersey companies which carry on certain specified geographically mobile activities are commensurate with their economic activities and substantial economic presence in Jersey.

International aspects to a nuptial agreement
Forsters LLP
  • Private Client & Offshore Services
  • United Kingdom
  • 20 June 2019

When one or both parties to a marriage have a connection with another country in addition to England and Wales, there are international considerations and implications to take into account when considering a nuptial agreement. This could be because of where they live, their domicile or nationality or where their assets are based. Among other things, couples should consider where an agreement should be drawn up and whether an English nuptial agreement will be upheld abroad.

ICC construction industry arbitration report
Norton Rose Fulbright
  • Arbitration & ADR
  • International
  • 20 June 2019

The International Chamber of Commerce Commission recently published an update to its report on construction industry arbitration, focusing on recommended tools and techniques for effective management. The report is a helpful reminder for practitioners and arbitrators of the procedural mechanisms available which are particularly relevant to the conduct of arbitration in the construction sector.

CCI penalises MRI machine manufacturer, but chair disagrees with market definition
Vaish Associates Advocates
  • Competition & Antitrust
  • India
  • 20 June 2019

The Competition Commission of India (CCI) recently imposed a penalty on Italian company Esaote SpA – a world leader in dedicated magnetic resonance imaging (MRI) – and its Indian subsidiary. According to the CCI's order, the Esaote group had abused its dominant position in the market through its sale of dedicated standing/tilting MRI machines to the informant. However, the CCI chair disagreed with the relevant market adopted by the majority of the commission.

Award replacing contractual provisions with new terms "shocks the conscience" of Supreme Court
Khaitan & Co
  • Arbitration & ADR
  • India
  • 20 June 2019

The question of whether a contract can be amended retroactively was raised in the arbitration proceedings between Ssangyong and the National Highways Authority of India. The Supreme Court's ruling on the case is a welcome exposition on the contours of Section 34 of the Arbitration and Conciliation Act, especially in relation to challenges on grounds of violations of principles of natural justice.

CFTC proposes updated swap data reporting regulations
Shearman & Sterling LLP
  • Derivatives
  • USA
  • 19 June 2019

The Commodity Futures Trading Commission (CFTC) has proposed the first instalment of a series of amendments to its rules relating to swap data repositories and the reporting of swap data. The proposed amendments, which would affect Parts 23, 43, 45 and 49 of the CFTC's regulations, implement the CFTC's Roadmap to Achieve High Quality Swaps Data and are intended to improve the quality and accuracy of data available to the CFTC and the public and to streamline data reporting.

Civil aviation security: new regulations take effect
SKRINE
  • Aviation
  • Malaysia
  • 19 June 2019

The Civil Aviation (Security) Regulations 2019 (Security Regulations) recently entered into force. Among other things, the regulations have established new aviation security authorities, implemented national security programmes and introduced new security and screening controls. Passengers, operators (including aerodrome operators), ground handlers and other persons who fail to comply with the Security Regulations could face a fine of up to RM200,000 or up to five years' imprisonment (or both).

Who is the official Receiver of Wrecks?
Akabogu & Associates
  • Shipping & Transport
  • Nigeria
  • 19 June 2019

Wrecks pose a real danger to navigational safety and the marine environment and their expeditious removal, control and management is therefore a key concern. The issue of wreck control in Nigeria has been the subject of an increasingly fierce conflict between the Nigerian Inland Waterways Authority, the Nigerian Maritime Administration and Safety Agency and the Nigerian Ports Authority.

Court upholds issuance of NON-W letter and cancellation of reconsideration process for Apotex
Smart & Biggar/Fetherstonhaugh
  • Healthcare & Life Sciences
  • Canada
  • 19 June 2019

The Federal Court of Appeal recently affirmed the Federal Court's dismissal of Apotex's application for judicial review of a minister of health decision relating to its Apo-Omeprazole (omeprazole magnesium) delayed-release tablets. The minister had issued a Notice of Non-Compliance – Withdrawal letter in respect of Apotex's abbreviated new drug submission on the basis that the tablets were not bioequivalent to the relevant Canadian reference product.

Often overlooked competition law aspects of restrictive covenants in contracts
  • Employment & Benefits
  • Guernsey
  • 19 June 2019

The perennial conversations around restrictive covenants in employment contracts and service contracts of a similar nature are familiar. Employers want maximum restriction on employees who leave but must be careful not to overstep the mark as covenants which are unduly restrictive risk being struck out by the courts.

Supreme Court rules on threshold for amendment terminations
Homble Olsby | Littler
  • Employment & Benefits
  • Norway
  • 19 June 2019

The Supreme Court recently ruled in a case concerning the validity of an amendment termination. In its decision, the court commented on the difference between the threshold for amendment terminations and that for ordinary complete terminations of employment. Although the matter at hand was regulated by the Ship Employee Act, the Supreme Court's judgment is relevant for amendment terminations under the Working Environment Act.

Court of Appeal rules on liability of overseas co-workers for whistleblowing
Lewis Silkin
  • Employment & Benefits
  • United Kingdom
  • 19 June 2019

In an unusual case of whistleblowing detriment brought by an overseas employee against two co-workers (also based overseas), the Court of Appeal has ruled that the employment tribunal in question had no jurisdiction to hear the claim in relation to personal liability of the co-workers because they were outside the scope of UK employment law. The decision may have implications for other types of claim brought by employees posted overseas where similar personal liability provisions apply.

To compete or not to compete – that is the question
Shardul Amarchand Mangaldas & Co
  • Employment & Benefits
  • India
  • 19 June 2019

Non-compete restrictions are the tool most commonly used by employers to protect their proprietary interests following the end of an employment relationship, particularly in the case of C-suite employees. However, non-compete restrictions which apply beyond the term of an employment relationship are generally unenforceable in India. That said, this does not mean that employers have no recourse whatsoever.

Irrevocable power of attorney as additional security
Fenech & Fenech Advocates
  • Shipping & Transport
  • Malta
  • 19 June 2019

If an event of default occurs, a power of attorney executed by the mortgagor will allow the mortgagee to apply for the immediate closure of the vessel's Maltese register on the mortgagor's behalf and to pay all fees, make all declarations and receive all certificates, including the deletion certificate. While not essential for enforcement, registration of the irrevocable power of attorney is nevertheless an option for mortgagees and provides the added benefit of allowing for swifter enforcement in cases of default.

Government reopens negotiations on overflight fees and airspace management
Callenders & Co
  • Aviation
  • Bahamas
  • 19 June 2019

The Bahamas' flight information region airspace comprises tens of thousands of miles and is subject to significant overflight activity. Moreover, it is one of the most important airspaces and is worth millions in revenue. To further enhance the civil aviation sector, the government is seeking to create a self-funded and sustainable management programme in order to collect overflight fees, while paying the US Federal Aviation Administration a fee for the management of its airspace.

Canada's Air Passenger Protection Regulations coming into force
Bersenas Jacobsen Chouest Thomson Blackburn LLP
  • Aviation
  • Canada
  • 19 June 2019

Following several rounds and many months of consultations, the government recently announced that the Air Passenger Protection Regulations (APPRs) developed by the Canadian Transportation Agency have been finalised. The APPRs apply to all flights within, from or to Canada, whether operated by a Canadian or foreign airline. Once in effect, the regulations will impose obligations on carriers in cases of tarmac delays, denied boarding and delayed and cancelled flights.

FDFA opens consultation procedure on CLNI 2012
ThomannFischer
  • Shipping & Transport
  • Switzerland
  • 19 June 2019

The Federal Department of Foreign Affairs (FDFA) recently opened a consultation procedure on the Strasbourg Convention on the Limitation of Liability in Inland Navigation 2012 and its implementation (ie, an amendment to the Swiss Maritime Navigation Act). The FDFA's proposal has been welcomed and is considered a necessary step towards Switzerland ensuring a level playing field for the inland navigation industry.

Federal Court dismisses Servier's application for order of prohibition regarding salt patent
Smart & Biggar/Fetherstonhaugh
  • Healthcare & Life Sciences
  • Canada
  • 19 June 2019

The Federal Court recently dismissed Servier's application for a prohibition order under the pre-amended Patented Medicines (Notice of Compliance) Regulations for Canadian Patent 2,423,825 regarding a perindopril arginine/amlodipine product (Servier's Viacoram). Apotex had alleged that the patent was invalid for obviousness, overbreadth, inutility and insufficiency.

Norway prepares for ratification of Nairobi Wreck Removal Convention
Wikborg Rein
  • Shipping & Transport
  • Norway
  • 19 June 2019

Parliament recently decided that Norway will ratify the Nairobi Wreck Removal Convention and that the convention will be given effect not only in Norway's exclusive economic zone, but also in its territorial waters. Parliament also adopted legislation to implement the convention into Norwegian law once ratified. The legislation will introduce a dual system where the national rules on wreck removal will continue to be in effect and the convention rules will be introduced as a parallel set of rules.

Quiet enjoyment letters – benefit to lenders?
Wikborg Rein
  • Shipping & Transport
  • International
  • 19 June 2019

Quiet enjoyment letters are often used where a ship, rig or other unit being financed is subject to a long-term charterparty to govern the interrelationship between the owner, its financiers and the charterer. They provide the charterer with a right to the undisturbed use and enjoyment of the ship, independent of whether the owner in its capacity as borrower is in default of its obligations towards its lender under the loan agreement. But do quiet enjoyment letters have any benefit for lenders?

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