Hall & Wilcox part of partnership, finalist for Pro Bono Partnership Award at 2017 Justice Awards for second year

Hall & Wilcox, six other firms and Justice Connect are part of a partnership that has been nominated for the Pro Bono Partnership Award at the 2017 Justice Awards, presented by the Law and Justice Foundation of NSW.

Hall & Wilcox has been a member of Justice Connect for a number of years and takes part in the Self-Representation Service in NSW for those who are unrepresented in the Federal Court.

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ASIC Enforcement Review – Part 3

Increasing ASIC licensing powers

ASIC has previously raised concerns regarding its powers to regulate AFS and credit licensees, including concern over inconsistencies between the AFS and credit licensing regimes.

As such, it’s proposed to broaden ASIC’s licensing powers, including ASIC being able to refuse a licence application if it is not satisfied the applicant/licensee’s controllers are fit and proper. Note the ability to take licensing action against existing licensees, which is clearly intended to catch those attempting to circumvent the licensing process by acquiring an existing licence.

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New Rules Regarding Liens and Liens on Financial Assets

On August 28, Law No. 13,476 was enacted, establishing that liens and encumbrances, including for publicity and effectiveness purposes, should be carried out on financial assets and securities subject to registration or centralized deposit. , exclusively in the registering entities or central depositaries in which the financial assets and securities are registered or deposited, regardless of the nature of the legal transaction to which they relate.

On the same date, the Central Bank of Brazil (BACEN) promulgated Resolution No. 4,593 of the National Monetary Council (which will come into force 180 days after the date of its publication), regulating the registration and centralized deposit of financial assets and securities by financial institutions and other institutions authorized to operate by the Central Bank of Brazil, as well as on the provision of services for the custody of financial assets.

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BACEN REGULATES THE ISSUE OF GUARANTEED REAL ESTATE LETTERS

The Central Bank published Resolution 4,598 of the National Monetary Council of August 29, 2017, which regulates the issuance of Guaranteed Letters (“LIG”), established by Law 13,097 of January 19, 2015).

LIG, an instrument similar to covered bonds , is registered, transferable and freely negotiable credit issued by financial institutions, guaranteed by a portfolio of assets subject to the fiduciary regime. The issuing institution remains responsible for complying with the obligations arising from the LIG, regardless of the performance of the underlying asset portfolio. The income and capital gain from the investment in the LIG are exempt from income tax when earned by an individual resident in the country or by resident or domiciled abroad (except in a country with favored taxation).

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ILN Today Post

Motivating and rewarding key employees through share-based incentives

There are various ways to motivate and reward key employees through share-based incentives.

The optimum structure for any given company will depend on its specific circumstances and commercial objectives.

Enterprise Management Incentive (EMI) option plans are widely recognised as an attractive and very tax efficient structure and are therefore the first port of call for many of our clients.

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IHT Residence Nil Rate Band: depending on downsizing?

This article is taken from Helena Luckhurst’s blog The Wealth Lawyer UK

HMRC have published new guidance covering the downsizing provisions of the Residence Nil Rate Band (RNRB) (click here for a link to it). This will be of interest to advisers looking for a relatively straightforward introduction to this aspect of the RNRB which may be suitable for forwarding on to clients.

Whenever individuals interested in their IHT planning downsize, gift or sell a property, the impact on the availability of the RNRB should be considered.

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ILN Today Post

The risk of uninsured risks

Almost all leases include an obligation on the landlord to insure the building.  The main reason for this is that the landlord has a capital interest in the building and wants to control its state of repair by way of insurance and service charge rent.  Additionally, where the building has several tenants, it is far simpler for the landlord to arrange the insurance than to leave it to the various tenants.  The lease will list the ‘insured risks’ which the landlord has an obligation to insure against.  These will include the standard risks such as fire, explosion, storm, impact by vehicles or planes, etc.  In a fully repairing and insuring (FRI) lease, the tenant has an obligation to keep the property in good (and substantial) repair and condition, but this will usually exclude any damage caused by an insured risk.  This means that if the property is damaged by an insured risk, the tenant does not need to repair the damage (which is only fair seeing as the tenant is paying the insurance premium and otherwise would effectively be paying twice), the landlord must reinstate and the rent under the lease is suspended until the property has been reinstated.

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ILN Today Post

ASEAN Today – Regional Legal and Business News for August 2017

50 Years of ASEAN
The Association of Southeast Asian Nations (ASEAN) turned 50 this month. In the last half century, the region has become the world’s sixth-largest economy with intra-regional trade totaling US$550 billion in 2015. To date, ASEAN’s greatest economic achievement is tariff reduction. The average percentage of tariff elimination for all ASEAN member countries was 96% in 2016 and is expected to be 98.7% in 2017. However, the growth of non-tariff measures has tripled in the last 15 years. To address the challenges in completing the implementation of the ASEAN Economic Community (AEC), ASEAN will pursue trade liberalization and behind-the-border reforms, policy harmonization, and integration of national single windows for cargo clearance into the ASEAN Single Window.

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Pāvels Tjuševs on current state of arbitration in Latvia

On the 4 September 2017 the daily newspaper Diena published an article by Pavels Tjusevs – an associate in TGS Baltic. The article concerned the current state of arbitration within the legal system of Latvia, as well as the influence and effectiveness of the arbitration reform initiated and completed by Ministry of Justice. The article evaluates both the public opinion in Latvia towards the use of arbitration as an alternative dispute resolution method, as well as the recent amendments to the ICC Rules of Arbitration.

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Inese Rendeniece on amendments to Labour Law

On the 4th of September, 2017, an article was published on the internet journal iTiesibas by Inese Rendeniece – a senior associate in TGS Baltic. The article consisted of an evaluation of the most important changes to the Labour law of Latvia that came into effect on the 16th of August, 2017. The author examines the changes made to areas such as the calculation of hourly wages, compensation for overtime work, changes in prohibition of competition for current and past employees, as well as other significant amendments.

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