Latest updates
Classification of stablecoins under Swiss law: FINMA publishes amended guidelines
Meyerlustenberger Lachenal- Banking
- Switzerland
- 11 October 2019
The Swiss Financial Market Supervisory Authority (FINMA) has published a supplement to its Guidelines on Initial Coin Offerings which outlines how it plans to apply provisions of Swiss supervisory law to projects involving so-called 'stablecoins'. The supplement was prompted by a steady increase in the number of stablecoin projects submitted to FINMA since 2018, including a submission from the Geneva-based Libra Association for an assessment of its Libra project under Swiss supervisory law.
Illinois amnesty programmes now underway
McDermott Will & Emery- Corporate Tax
- USA
- 11 October 2019
The Illinois Department of Revenue has begun a new amnesty programme, which is running from 1 October 2019 to 15 November 2019. All taxes paid to the Illinois Department of Revenue for taxable periods ending after 30 June 2011 and before 1 July 2018 are eligible for amnesty with relief from penalties and interest. In light of the phase-out of the corporate franchise tax by 1 January 2024 (enacted by Public Act 101-9), participants in the amnesty programme should proceed with extreme caution.
CFIUS 2.0: real estate as a platform for foreign espionage against the government?
Arent Fox LLP- International Trade
- USA
- 11 October 2019
The Committee on Foreign Investment in the United States (CFIUS) is finalising its draft regulations to implement the Foreign Investment Risk Review Modernisation Act 2018 (FIRRMA). FIRRMA overhauled the operations and jurisdiction of CFIUS, but one aspect of the new law that has received little attention is the expansion of CFIUS's jurisdiction to cover a broader range of real estate transactions.
Results are in: modest changes to CCPA await governor's signature
Hogan Lovells- Tech, Data, Telecoms & Media
- USA
- 11 October 2019
The California legislature recently debated several amendments to the California Consumer Privacy Act, eventually passing five bills which now await the governor's signature. Collectively, these bills do not provide the sweeping changes sought by businesses. Instead, the amendments make minor tweaks and postpone for one year some of the more challenging requirements. The passed bills address a range of topics, including providing for a partial, temporary one-year exception for applicant and employee data.
Email addresses and location information likely to fall within scope of 'personal information'
AnJie Law Firm- Tech, Data, Telecoms & Media
- China
- 11 October 2019
The draft Civil Code was recently submitted to the Standing Committee of the 13th National People's Congress for a third reading. Compared with the first and second drafts, the third draft expands the scope of the definition of 'personal information' to cover email addresses and location information.
Enforcement of foreign arbitral awards
- Arbitration & ADR
- Bermuda
- 10 October 2019
A recent Supreme Court judgment has once again confirmed Bermuda's status as a sophisticated, arbitration-friendly jurisdiction. It is a classic example of the Bermuda courts' robust approach when asked to enforce foreign arbitral awards against award debtors in Bermuda, even in circumstances where the award in question is being challenged by the award debtor in the courts of the seat, or legal place, of the arbitration.
Hart-Scott-Rodino annual report confirms likelihood of challenge for transactions subject to second requests
Norton Rose Fulbright US LLP- Competition & Antitrust
- USA
- 10 October 2019
The Federal Trade Commission and the Department of Justice's Antitrust Division recently released the Hart-Scott-Rodino Annual Report for Fiscal Year 2018, covering 1 October 2017 to 30 September 2018. This report is the first opportunity to review data regarding the merger challenges issued exclusively during Trump's administration. The data underscores the importance and benefit of advance planning and strategy to avoid a second request investigation whenever possible.
Singapore Convention: update on enforcing mediated settlement agreements
- Arbitration & ADR
- International
- 10 October 2019
The United Nations Convention on International Settlement Agreements Resulting from Mediation (Singapore Convention) has been signed by 46 states and will come into force six months after being ratified by at least three state parties. The convention responds to the demand from a growing body of mediation users for an enforcement mechanism applicable to mediated settlement agreements in cross-border disputes. However, its language has created some uncertainties.
Enforcement of foreign arbitral awards
Carey Olsen Bermuda- Private Client & Offshore Services
- Bermuda
- 10 October 2019
A recent Supreme Court judgment has once again confirmed Bermuda's status as a sophisticated, arbitration-friendly jurisdiction. It is a classic example of the Bermuda courts' robust approach when asked to enforce foreign arbitral awards against award debtors in Bermuda, even in circumstances where the award in question is being challenged by the award debtor in the courts of the seat, or legal place, of the arbitration.
New measures to combat rising costs in public healthcare sector
Walder Wyss- Healthcare & Life Sciences
- Switzerland
- 09 October 2019
The Federal Council recently adopted new measures to combat rising costs in the public healthcare sector. With this first set of measures, the Federal Council intends to provide all stakeholders with the instruments needed to reduce costs and expects to save several hundred million Swiss francs annually.
If it looks like a farm and acts like a farm... it's a farm: farm worker exemption
Fasken- Employment & Benefits
- Canada
- 09 October 2019
Ontario's Divisional Court recently found that a farm's employees were exempt from the overtime provisions of the Employment Standards Act 2000. The court's decision is now the leading authority on the farm exemption and provides critical clarity to the farming community, which often relies on overtime work to produce agricultural products. It also provides guidance on the interpretation of employment standards legislation.
DOJ defends Medicare Advantage upcoding claims against Sutter
Sidley Austin LLP- Healthcare & Life Sciences
- USA
- 09 October 2019
The US government recently filed a brief in opposition to Sutter Health's motion to dismiss the Department of Justice's (DOJ's) complaint in intervention in a False Claims Act suit alleging that Sutter had knowingly submitted and caused the submission of unsupported diagnosis codes for Medicare Advantage organisation patients in order to inflate Medicare reimbursement. The brief reinforces the DOJ's increasingly aggressive enforcement of the Medicare Advantage space under the False Claims Act.
Challenges of providing telemedicine services
Sanchez DeVanny Eseverri SC- Healthcare & Life Sciences
- Mexico
- 09 October 2019
Technology is developing rapidly and it generally takes the legislature years to catch up. This is particularly true in the healthcare industry, where regulations are struggling to keep up with the development of health-related technology. This situation has put Mexico in a difficult position. On the one hand, health-related technology is widely available to the general population. However, Mexico also faces numerous challenges, as it cannot quickly and efficiently regulate the use of emerging technologies.
Court recognises employees' right to disconnect when on leave
Castegnaro- Employment & Benefits
- Luxembourg
- 09 October 2019
As new information and communication technologies continue to be developed, employees are increasingly connected to their business phones or computers outside their working hours. As such, the line between employees' private and professional lives has become blurred. Within this context, the Luxembourg courts recently recognised, for the first time, the existence of employees' right to disconnect.
Labour Party announces plans for new Workers' Protection Agency and Ministry for Employment Rights
Lewis Silkin- Employment & Benefits
- United Kingdom
- 09 October 2019
During the Trades Union Congress conference in early September 2019, the Labour Party announced plans for a new Workers' Protection Agency and Ministry for Employment Rights. In particular, Labour Party Leader Jeremy Corbyn promised the biggest ever extension of employment rights in the United Kingdom, designed to put power in the hands of workers. Other Labour Party proposals include expanding 'worker' status to everybody except genuinely self-employed persons.
DOL finalises updated overtime pay regulations
Dentons US LLP- Employment & Benefits
- USA
- 09 October 2019
In the three-year saga over anticipated changes to the minimum salary threshold for overtime exemptions under the Fair Labour Standards Act, the latest – and probably final – development occurred on 24 September 2019, when the US Department of Labour issued its new final rule updating the regulations in this regard. The new regulations will become effective on 1 January 2020. As such, employers must evaluate their workforces to identify positions that will need to be reclassified or modified.
TSA adopts alternative approach to enforcement against airlines and other regulated entities
Cozen O'Connor- Aviation
- USA
- 09 October 2019
The Transportation Security Administration's (TSA's) new Action Plan Programme (APP), which recently went into effect, details an alternative framework for addressing security compliance issues. Rather than relying on traditional, penalty-focused civil enforcement action, the APP focuses on achieving a universally desired outcome – namely, increased aviation security. While the APP could prove beneficial to both the TSA and industry, it raises some areas of concern for airlines and other regulated parties.
Modernisation of private M&A transactions and PACTE: part two
AyacheSalama- Corporate Finance/M&A
- France
- 09 October 2019
The Action Plan for Business Growth and Transformation was recently adopted. This ambitious law introduces (among other things) a new arsenal for the French state to monitor foreign investment in sensitive industries. It has also brought with it several answers, clarifications and improvements to existing rules applicable to the preferred shares and free share allocation plans regimes, which will undoubtedly be useful to investors and companies undertaking private M&A transactions.
100% FDI in insurance intermediaries: a welcome change
Tuli & Co- Insurance
- India
- 08 October 2019
Since 2015, foreign investment in insurers and insurance intermediaries has been capped at 49%. However, many felt that this parity in the foreign direct investment (FDI) limits was unfair, as – unlike insurers – insurance intermediaries are not custodians of policyholders' money. Thus, the recently notified Indian Insurance Companies (Foreign Investment) Amendment Rules 2019 have effectively increased the limit on FDI in insurance intermediaries to 100%.
Tortious claims against third party may trigger anti-suit injunction
RPC- Litigation
- United Kingdom
- 08 October 2019
A party's attempt to circumvent a jurisdiction clause by bringing tortious claims against a third party has been thwarted by the High Court. In granting an anti-suit injunction, the court explored the substance of the claims and found them to be vexatious and oppressive and designed to evade the exclusive jurisdiction clause. This case demonstrates the courts' willingness to look into the substance of an impugned foreign claim in order to assess whether it is a tactic designed to evade an exclusive jurisdiction clause.
