Monthly Archives: January 2018

New requirements for digital currency exchange providers

With bitcoin and Initial Coin Offerings (ICOs) dominating the news (see our previous article on ICOs) and backyard BBQ conversation, AUSTRAC is also set to get more involved with Parliament recently passing the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2017 (Amendment Act).

The Amendment Act will impose significant obligations on digital currency exchange providers (Providers) including an obligation to register with AUSTRAC as well as maintaining a compliant Anti-Money Laundering and Counter-Terrorism Financing Program (AML Program). An AML/CTF program establishes the operational framework for reporting entities (such as Providers) to meet their compliance obligations under the AML/CTF Act. An AML/CTF program must specify how the reporting entity identifies, mitigates and manages the risk of its products or services being misused to facilitate money laundering or terrorism financing.

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ILN Today Post

You and your Rights – Sexual Harassment in the Commonwealth of the Bahamas

We have seen a great debate unfold in the United States over the last few months as to the rights of working women on the job. The movement is not gender specific nor is it limited to the dominant campaign which has been led by American women. The movement was started by Alyssa Milano, the “Charmed “actress. She fashioned the hash tag metoo and since, it has become a social media sensation. The purpose of the hash tag was to inform the public how pervasive the problem  of sexual harassment is .Today it is a platform for working men and women  to tell their stories of sexual violation and harassment in the workplace. Started by an actress, the # Metoo movement raises very important issues as to workplace safety and the rights of working women and men to work in a “sexual harassment free “environment. It has been characterized as a campaign which was started to expose the alleged sexual abuses of Hollywood powerful media mogul Harvey Weinstein. It has now morphed into a “heat seeking missile” exposing serial sexual abuse in the workplace. Since the Weinstein story broke the United States has witnessed an explosion of similar complaints across America. What about the Bahamas..?

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Revised edition of RSS’s book on the interpretation of residential insurance policies

January 29, 2018 — RSS is pleased to announce that a revised edition of Residential Insurance Policies, Annotated, published by Éditions Yvon Blais, is now available. The contents and presentation have been completely re-examined to offer a comprehensive and easy-to-use tool.

More specifically, the book, with over 1,100 case law references, was thoroughly reorganised to concentrate the cases around similar clauses or according to the topics related to the interpretation of the insurance policies.

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A Shot in the Arm for Employer Vaccine Requirements for Health Care Workers

The United States is in the midst of an unusually lethal flu season, and health experts agree that despite inconsistencies in their effectiveness, flu shots are among the best ways to fight the spread of the flu. A recent holding from the Third Circuit Court of Appeals provides some good news for health care employers who require that their patient-facing employees receive flu shots, making it more difficult for employees to claim a religious exemption.

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ACCIV and AMIT twinning? Proposed ACCIV tax regime

The release of the proposed tax rules for the new corporate collective investment vehicle (CCIV) is a welcome development for fund managers considering the structuring options for future funds or future conversion of existing funds into CCIVs.

There is a certain familiarity with the proposed tax regime for CCIVs. Unsurprising, given the regime substantially imports and adopts the managed investment trust (MIT) and attribution MIT (AMIT) regimes.

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ASIC consults on regulatory approach to platforms

The Australian Securities and Investment Commission (ASIC)  has released Consultation Paper 176: Review of ASIC policy on platforms: Update to RG 148 (CP 176) and announced that it is reviewing its regulatory approach to platforms as part of broader efforts to promote investor confidence in the sector.

ASIC states in CP 176 that it is reviewing its regulatory approach to platforms due to the trend towards new forms of vertical integration between parties in the product–distribution chain, with dealer groups increasingly restructuring their operations to become platform operators. ASIC considers there is a risk to investors associated with the emergence of less mature and less experienced platform operators, particularly through ‘private labelling’ arrangements in response to the Future of Financial Advice (FoFA) reforms.

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Lidings’ Managing Partner Recognized Among the Best Lawyers in Russia by World Trademark Review

The World Trademark Review, professional publication annually identifying the most prominent lawyers around the world focused on trademark legal issues, lists Lidings’ Managing Partner Andrey Zelenin among the best lawyers in Russia.
Based on the results of the research, Andrey Zelenin heading the firm’s intellectual property practice is recommended in enforcement and litigation practice area. The rating particularly states that he “knows how to make complex legal matters digestible. He has an outstanding attitude and is very responsive, too”.
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ILN Today Post

Hacking and the Charter Aircraft Industry in The Bahamas

The Pilot of the Aztec aircraft that crashed, killing himself and five other people did not have a Pilot’s License to carry passengers. These are the reports coming from a preliminary investigation of the fatal crash of the Piper Aztec plane in Andros Island in the Bahamas. The facts seem to suggest, per crash investigator, Mr. Delvin Major, that Mr. Darren Clarke who was piloting the aircraft was a licensed Private Pilot but purportedly not a licensed Commercial Pilot. Why is this important and is this a distinction with an important difference?

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Antitrust Action Against No-Poaching Agreements: Obama Policy to Be Continued by the Trump Administration

On October 20, 2016—just about three weeks before the presidential election won by Donald Trump—the Department of Justice and the Federal Trade Commission issued a remarkable document, entitled “Antitrust Guidance for Human Resources Professionals,” which outlined an aggressive policy promising to investigate and punish employers, and even individual Human Resources employees, who enter into unlawful agreements concerning recruitment or retention of employees.  As stated in that document, “[a]n agreement among competing employers to limit or fix the terms of employment for potential hires may violate the antitrust laws if the agreement constrains individual firm decision-making with regard to wages, salaries or benefits; terms of employment; or even job opportunities.”

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HHS Moves to Strengthen Conscience Protections for Health Care Workers

Last week, the federal Department of Health and Human Services (HHS) made two announcements aimed at providing additional protections for health care workers who object to providing services on moral or religious grounds.

On January 18, 2018, HHS announced the formation of a new Conscience and Religious Freedom Division in the HHS Office for Civil Rights (OCR).  The stated goal of the new division is to “restore federal enforcement of our nation’s laws that protect the fundamental and unalienable rights of conscience and religious freedom.”

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