On 4 May 2022, the UK government announced a ban on UK persons or entities exporting certain professional services to Russia, prohibiting Russian businesses from benefitting from these services. The amendments to the UK sanctions regime have not yet been implemented, and a timetable for their introduction is not currently known. It remains to be seen whether and how this ban might impact intracompany services (such as accounting and management consulting) provided by a UK parent company to its Russian subsidiary, or will it instead be limited to arms-length non-affiliated service providers. In light of the tone of the announcement, however, the ban is expected to restrict the provision of such services, directly or indirectly, to persons connected with Russia or in Russia.
As Russia continues to escalate its military operations in Ukraine, the European Union (EU) and the United Kingdom (UK) unveiled details of new sanctions against Russia. This alert summarises the proposed restrictions.
In a hearing yesterday, 6 April 2022, the High Court considered an application of the directors of VTB Capital PLC (VTB UK) for the appointment of Teneo Financial Advisory Limited as administrators.
Tradition Financial Services Limited (TFS) was a defendant in proceedings brought by five English companies (all in liquidation), together with the liquidators of these companies.
The London Interbank Offered Rate (LIBOR), one of the pillars of modern finance, will be phased out after the end of 2021. As of January 1, 2022, no new U.S. dollar LIBOR loans may be made. Existing legacy loans that bear interest based on one-, three- or six-month LIBOR may continue until June 30, 2023, and then they too will have to switch to an alternative reference rate (ARR). Among the many questions that U.S. borrowers have been, or should be, asking is whether the change from LIBOR to another rate will subject them to adverse U.S. tax consequences.
On December 17th, 2021, Australia and the United Kingdom signed a new free trade agreement marking the most comprehensive and ambitious free trade agreement that Australia has enacted to date (outside of its relationship with New Zealand).
Current forecasts in the UK are that electricity demand will double in the next 30 years, due in large part to the proliferation of electric vehicles powered from the grid instead of from fossil fuels. Alongside this, the recent shortages of gas and the resultant skyrocketing of gas prices have highlighted to both the UK government and the public at large the vulnerability of the UK’s gas supply, as well as the potential for exploitation by less friendly foreign governments.
The UK’s Financial Conduct Authority (FCA) has just ended its consultation (CP21/29) on whether and how to permit the legacy use of one-, three- and six-month sterling LIBOR from 1 January 2022 to ensure limited market disruption for certain tough legacy loans that link to LIBOR but expire after LIBOR is discontinued. The FCA will require the LIBOR benchmark administrator to publish a “synthetic” LIBOR for the duration of 2022, beyond the cessation of LIBOR panels on 31 December 2021.
The National Labor Relations Board (NLRB) General Counsel’s office issued a memorandum reiterating the rights of immigrant workers under the National Labor Relations Act (NLRA). Continuing its aggressive approach to expanding legal protections for workers and labor unions, the General Counsel’s office of the NLRB issued Memorandum OM 22-09, reiterating NLRB policy on workers’ rights to access the NLRB collective bargaining and remedial procedures regardless of immigration status, without fear of reprisals from their employers or the federal government.
Effective January 1, 2023, Washington employers with at least 15 employees must affirmatively disclose the wage scale or salary range and a general description of all benefits and other compensation being offered when posting job openings, regardless of whether such information is requested by the applicant.
While the United States awaits the Supreme Court’s ruling in Dobbs v. Jackson, which may overturn Roe v. Wade and eliminate the federal standard for abortion access, some states are considering setting their own standards that would ban or protect the medical procedure.
As volatility in the cryptocurrency market has increased, regulators in the United States and around the world have indicated a willingness to impose tougher compliance requirements related to crypto assets. As a result, there is an increasing likelihood that companies that hold or deal in crypto assets may be subject to additional regulations in the coming years.
Manufacturers in the U.S. should take note of a new request for comment from the United States Trade Representative as a lack of support may lead to removal of the tariffs and surge in unfairly priced imports.
On May 18, 2022, the U.S. Court of Appeals for the Fifth Circuit issued its decision in Jarkesy v. Securities and Exchange Comm’n, in which it examined the constitutionality of an agency civil money penalty enforcement proceeding.
From changing regulatory to employment issues, get practice advisories designed just for In-House Counsel. Subscribe for free.Subscribe Now
Unlock even more great content and insights by subscribing now. It's Free!Sign Up
Already have an account? Sign In.