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Press releases and law firm thought leadership

This page is dedicated to keeping readers informed of the latest news and thought leadership articles from law firms across the globe.

If your firm wishes to publish press releases or articles, please contact Shehab Khurshid on +44 (0) 207 396 5689 or shehab.khurshid@legalease.co.uk

 

Legal Developments Worldwide

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

December 2018 - Crime. Legal Developments by Rahman Ravelli Solicitors.

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

Sulphur Cap Ahead - Regulatory

December 2018 - Projects, Energy & Natural Resources. Legal Developments by Mulla & Mulla & Craigie Blunt & Caroe.

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Sulphur Cap Ahead - Regulatory

GTDT Shipping - India

December 2018 - Litigation & Dispute Resolution. Legal Developments by Mulla & Mulla & Craigie Blunt & Caroe.

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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_

BVI'S NEW ECONOMIC SUBSTANCE LEGISLATION

December 2018 - Corporate & Commercial. Legal Developments by Stelios Americanos & Co.

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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.

Chambers Guides - Insurance 2018 - India

December 2018 - Litigation & Dispute Resolution. Legal Developments by Mulla & Mulla & Craigie Blunt & Caroe.

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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”).

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

December 2018 - Corporate & Commercial. Legal Developments by Avellum.

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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.

The deal covered (1) the restructuring and refinancing of SBK’s debt to an international financial institution (“IFI”) and a number of foreign and Ukrainian banks (“Banks”), and (2) a new refinancing facility from another Ukrainian bank. Following the restructuring, the IFI and the Banks left the deal.

Within the equity part of the deal, SBK’s shareholders repurchased from the IFI and one of the Banks those SBK’s shares that were previously sold to them by way of security.

Founded in 1997, SBK has become one of Ukraine’s largest brick and ceramic block manufacturers. SBK offers the complete production cycle from clay extraction to the shipment of finished goods. The manufacturing facilities of SBK include two plants located in Romny city (Sumy region) and Ozera village (Kyiv region), having the total annual manufacturing capacity of 150 million bricks. SBK has its own raw material base consisting of four quarries located in different Ukrainian regions.

AVELLUM’s partner, Yuriy Nechayev noted the following: “It was a complex and challenging transaction which included both debt and equity aspects. We were delighted to guide our client through each stage of this successful restructuring.

The AVELLUM team was led by partner Yuriy Nechayev, with support from associates Tetiana Mykhailenko, Dmytro Tkachuk, Oleksandr Kulykovskyi, and Anna Mykhalova.

AVELLUM advises on Ukraine’s USD2 billion Eurobond issue

December 2018 - Finance. Legal Developments by Avellum.

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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.

New Anti-Money Laundering Law

December 2018 - Corporate & Commercial. Legal Developments by Afridi & Angell.

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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. 

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Confidentiality Under Renewed Focus

December 2018 - Corporate & Commercial. Legal Developments by Afridi & Angell.

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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. 

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Israel Chapter in The Virtual Currency Regulation Review

December 2018 - Corporate & Commercial. Legal Developments by Yigal Arnon & Co.

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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.

This chapter addresses the applicability of the existing legal framework in Israel to the use and trade of virtual currencies. It further reviews the significant efforts already made by the Israeli regulators to create new, or to adjust existing, legislation and regulations with regard to virtual currencies in an attempt to keep pace with the bustling global virtual currency market, and especially the booming Israeli one (an estimated US$500 million was raised in Israeli-linked ICOs alone in 2017).

  

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