Legal Updates

Deal Update: Revfin Services Private Limited Raises Pre-Series A Investment

Ahlawat & Associates’ transactional team has advised Revfin Services Private Limited, a start-up electric vehicles-focused financing company operating a digital lending platform providing financial assistance by partnering with various financial institutions on its Pre-Series A Investment round which was led by LetsVenture Angel Fund along with existing angel investors.

The Delhi-based business platform focuses on consumer lending enabling financing of electric three-wheeler loans in Tier 3 and Tier 4 towns. The target consumer of the business is largely away from the traditionally focused hotspots such as Maharashtra, Karnataka, Hyderabad, and other states.

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FTC Warns That Health Apps May Be Subject to the Health Breach Notification Rule

The Federal Trade Commission (“FTC”) recently issued guidance clarifying protections applicable to consumers’ sensitive personal data increasingly collected by so-called “health apps.” The FTC press release indicated it has approved a policy statement by a vote of 3-2 offering guidance that organizations using “health applications and connected devices” to “collect or use” consumers’ personal health information must comply with the cybersecurity, privacy and notification mandates of the Health Breach Notification Rule (the “Rule”).

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CSA PUBLISHES PROPOSED CLIMATE-RELATED DISCLOSURE REQUIREMENTS

Investor demand for climate-related disclosure, as well as information provided by public companies, has grown dramatically in recent years. This has resulted in incomplete or inconsistent climate-related disclosure. In light of this, on October 18, 2021 the Canadian Securities Administrators (“CSA“) published the proposed National Instrument 51-107 Disclosure of Climate-related Matters (the “Proposed Instrument“) and its companion policy for a 90-day comment period. The Proposed Instrument would introduce disclosure requirements regarding climate-related matters for reporting issuers. This article summarizes the main components of the Proposed Instrument.

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Video: OSHA ETS in Review, Texas Vaccine Mandate Ban, Health Premium Incentives – Employment Law This Week

As featured in #WorkforceWednesday:  This week, we review the status of the Occupational Safety and Health Administration’s (OSHA’s) emergency temporary standard (ETS) requiring employers to mandate vaccines.

Employers Await White House Decision on OSHA ETS

Last week, OSHA sent to the White House its draft emergency temporary standard, which will require employers with 100 or more employees to ensure that their employees are vaccinated or provide a negative COVID test at least weekly. The Office of Information and Regulatory Affairs will now review OSHA’s ETS, holding meetings with business groups, worker groups, and other interested parties. Meanwhile, further clarification has been released on the mandatory safety protocols and vaccination requirements federal contractors must implement.

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The Ransomware Plague Continues, but the Response Model Is Changing

Ransomware is a term that has entered popular speech as it has echoed across the front pages of newspapers and the internet. While most people might not understand exactly how ransomware works, or how it might be launched by a “Zero Day” exploit, they understand it locks the holder out of computers that store highly sensitive information ranging from a company’s intellectual property to the private personal information of consumers, medical patients, and others like them. Individuals fear the disclosure of that information and potential identity theft. Government fears the national security impact on our critical infrastructure and electoral politics when state-sponsored or protected actors block access to the data that runs modern society. Read more…

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CHANGES TO THE LAW ON TIPPING

On 24 September 2021 the Government announced that there would be changes to the current laws on staff tips based on its findings from the Consultation on Tipping, Gratuities, Cover and Service Charges in 2016 (All tips to go to staff under government plans to enhance rights of 2 million workers – GOV.UK (www.gov.uk). When the legislation comes into force businesses will no longer be able to take any part of the tips (or service charges) given to staff. A change in the rules has become more urgent after the pandemic spurred a switch to cashless payment with 80% of all UK tipping now happening by card, making it easier for businesses to keep funds. Read more…

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UK GOVERNMENT TO INTRODUCE NEW RESIDENTIAL PROPERTY DEVELOPER TAX

Following the tragedy at Grenfell Tower in London, the UK government have made it a priority to address the issue of unsafe cladding on residential units. In response, the government have announced that it would introduce a new tax levy in 2022 on the profits which large residential property developers make from UK residential development.

Housing Secretary Robert Jenrick said the new taxes would be to “ensure the industry takes collective responsibility for historic building safety defects”. Read more…

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WHAT FINANCIAL SUPPORT, IF ANY, AM I ENTITLED TO FROM MY SPOUSE FOLLOWING OUR SEPARATION?

Following the breakdown of a marriage or civil partnership in Scotland, spouses have an obligation to support each other financially, based on what is reasonable in the circumstances. This form of financial support is known as aliment. Aliment is only payable whilst parties are still married or in a civil partnership. Once decree of divorce, or dissolution of a civil partnership has been granted, financial support in the form of aliment would stop. When determining whether aliment should be paid, or when trying to calculate the level of aliment that is reasonable, the following matters must be considered:

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CFIUS Halts Non-Notified Semiconductor Sale to Chinese Entity: Key Takeaways for Foreign Investment

The Committee on Foreign Investment in the United States (“CFIUS” or “the Committee”), under the U.S. Department of the Treasury (“Treasury”), has the authority to review for national security risks certain foreign investment transactions in U.S. businesses.

As discussed in our previous article, CFIUS Heightens Scrutiny of Non-Notified Transactions, CFIUS has a dedicated team within the Office of Investment Security Monitoring and Enforcement – the so-called “non-notified team” – that focuses solely on searching for and identifying non-notified transactions that may pose national security risks and were not voluntary reported to the Committee. Due to the efforts of this team, non-notified transactions are undergoing heightened scrutiny. In particular, for transactions that involve both the semiconductor industry and foreign investors from the People’s Republic of China (“China”), the likelihood of the non-notified team finding out about the transaction and requesting parties file a notice for CFIUS approval is at an all-time high. Read more…

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FTC Sends Notices of Penalty Offense to More Than 700 Companies

The FTC continues to explore its myriad of enforcement options, most recently by using its Penalty Offense Authority under Section 5 of the Federal Trade Commission Act (FTC Act) to put more than 700 companies on notice that they could incur significant civil penalties (up to $43,792 per violation) for misleading endorsements, including in online reviews and on social media. These companies range from large brands to retail platforms. This wave of notices follows an earlier wave of notices to for-profit higher educational intuitions, concerning misrepresentations about programs, and job and earnings prospects. Read more…

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