The Legal 500

Legal Developments worldwide

• BRIBERY ALLEGATIONS IN MORE THAN ONE JURISDICTION: THE IMPORTANCE OF ENSURING A JOINED-UP DEFENCE AP

  Aziz Rahman considers the Ericsson bribery investigation and outlines how best to respond if you are investigated by more than one law enforcement agency
  - Rahman Ravelli Solicitors

• Sulphur Cap Ahead - Regulatory

  Sulphur Cap Ahead - Regulatory
  - Mulla & Mulla & Craigie Blunt & Caroe

• GTDT Shipping - India

  Mr Shardul Thacker heads the shipping, oil and gas and banking practice group at Mulla & Mulla & Craigie Blunt & Caroe. Lloyd’s List ranked him third in their top 10 lawyers stating: “Highly regarded for his work in the liquefied natural gas sector, particularly for interesting and highly geared finance deals in relation to infrastructure projects, energy, ports and ships.” india_-_gtdt_shipping_
  - Mulla & Mulla & Craigie Blunt & Caroe

• BVI'S NEW ECONOMIC SUBSTANCE LEGISLATION

  The British Virgin Islands are rushing to pass by the end of December the new economic substance legislation to avoid the EU’s blacklist of tax haven jurisdictions.
  - Stelios Americanos & Co

• Chambers Guides - Insurance 2018 - India

  India is a common-law jurisdiction. In general, Indian laws borrow heavily from, and are based on, English law. However, insurance law in India has certain unique features that deviate from English insurance law. The primary legislation of insurance law in India is the Insurance Act, 1938 (the “Insurance Act”) and the Insurance Rules, 1939 (the “Insurance Rules”).
  - Mulla & Mulla & Craigie Blunt & Caroe

• AVELLUM advised largest Ukrainian brick manufacturer on restructuring and refinancing of its debt

  AVELLUM acted as the Ukrainian legal counsel to Private Joint Stock Company with Foreign Investments “Slobozhanska Budivelna Keramika” (“SBK ”) in connection with the restructuring and refinancing of SBK’s debt, valued at approximately EUR20 million. Atlas Advisors, an independent investment banking firm, acted as the exclusive financial advisor to the SBK’s shareholders in connection with the restructuring of the credit portfolio, attraction of financing for the debt’s refinancing, and buy-out of SBK’s shares.
  - Avellum

• AVELLUM advises on Ukraine’s USD2 billion Eurobond issue

  AVELLUM acted as the Ukrainian legal counsel to the Ministry of Finance of Ukraine on the USD2 billion sovereign Eurobond issue consisting of two tranches with 5.5 and 10-year tenor. J.P. Morgan Securities, Goldman Sachs, BNP Paribas, and Citigroup acted as joint lead managers on the transaction.
  - Avellum

• New Anti-Money Laundering Law

  The new anti-money laundering ( AML ) law of the UAE took effect at the end of October 2018. Containing features recommended by the Financial Action Task Force ( FATF ), the new law introduces subtle but important changes to the AML landscape in the UAE. 
  - Afridi & Angell

• Confidentiality Under Renewed Focus

  The UAE federal government has recently issued a raft of important legislation, addressing and in many ways updating areas of law that are key to businesses in the jurisdiction. Amongst this legislation is Federal Decree-Law 14 of 2018 concerning the central bank and the organisation of financial institutions and activities (the New Banking Law ) and Federal Decree-Law 20 of 2018 concerning anti-money laundering and anti-terrorism financing (the New AML Law ). Both the New Banking Law and the New AML Law repeal and replace the previous legislation on their respective subjects. Importantly, the New Banking Law and the New AML Law have together enhanced the protection afforded to confidential information under UAE law, in particular where financial and legal service providers and their customers and clients are concerned. 
  - Afridi & Angell

• Israel Chapter in The Virtual Currency Regulation Review

  Earlier this year, the Israel Tax Authority (ITA) issued two circulars, one on the taxation of digital tokens and the second addressing the taxation of utility tokens in initial coin offerings (ICOs). Additionally, in March, the Israel Securities Authority (ISA) released a detailed interim report by the Committee for the Regulation of Public Offerings of Decentralized Cryptocurrency Coins (Report) (with a follow-up report due to come out around October 2018). Moreover, it is expected that before the end of 2018, legislation will come into force that for the first time will see Israeli primary legislation define virtual currencies as financial assets and mandate licensing for related services, as is later discussed in detail.
  - Yigal Arnon & Co