ILN Today Post

Proposed New Regime for the Listing of Specialist Technology Companies on the HKEX

On 19 October 2022, the Stock Exchange of Hong Kong Limited (the “HKEX”) published a Consultation Paper on Listing Regime for Specialist Technology Companies (the “Consultation Paper”), which seeks to invite comments on the proposed new regime for listing of Specialist Technology Companies on the HKEX. Read more…

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DOL Extends Comment Period for Proposed New Rule Regarding Independent Contractor Status

On October 25, 2022, the Department of Labor extended the comment period for its new proposed rule regarding independent contractor status under the Fair Labor Standards Act. While the comment period was originally set to expire on November 28, 2022, interested parties will now have until December 13, 2022 to submit comments.

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Claims for Latent Defects: Limits to the Pre-Purchase Inspection Obligation and to the Amounts That Can Be Awarded in the Event of Liability

The recent decision in Nguyen c. Succession de Durand, 2022 QCCS 3224 provides a useful illustration of the legal principles which apply in the event of a claim for damages for latent defects. The Superior Court reiterated that a buyer’s obligation to inspect a residence prior to purchase is limited in scope and that the damages which may be claimed with respect to the reduction of the sale price must be reasonable and determined according to the specific circumstances of each case

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We are Messy and Imperfect…and That’s Okay

There are two sides within me that are constantly at war.

I think it stems from the one and only Barbie outfit I ever really liked (I was a stuffed animal gal – and still am). It was this pink velveteen skirt on one side that was really put-together looking (with a matching suit jacket, of course). And on the other side, it was a hot pink tulle party skirt. You know, so Barbie could go from day to night.

I have never owned anything like that as an adult, but frankly, it sounds really practical for business trips.

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ILN Today Post

New Retirement Plan Limitations Announced by the IRS for 2023

On October 24, 2022, the IRS released IRS Notice 2022-55, providing for the new cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for the 2023 Tax Year. Changes to the limits are based upon the Social Security cost-of-living increases. As there was a significant increase in the cost-of-living during the past twelve months, the applicable pension and retirement limitations have risen dramatically from the rates that have been in place for the 2022 Tax Year. The new rates will significantly increase the amounts that can be contributed for employees and by employees to retirement plans for the 2023 Tax Year.

Click here to see the 2023 plan limits.

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ILN Today Post

Treasury Releases First-Ever CFIUS Enforcement and Penalty Guidelines

On October 20, 2022, the U.S. Department of the Treasury, acting as Chair of the interagency Committee on Foreign Investment in the United States (“CFIUS” or “the Committee”), released the first-ever CFIUS Enforcement and Penalty Guidelines (“the Guidelines”). The Committee, sometimes called a “black box” for its notoriously opaque internal processes, is authorized to review certain transactions involving foreign investment in the United States and certain real estate transactions by foreign persons to determine the effect of such transactions on U.S. national security. CFIUS is tasked with identifying and mitigating certain national security risks, often by entering into agreements or imposing conditions on transaction parties. The Guidelines provide insight into how CFIUS determines whether and in what amount to impose a penalty or take some other enforcement action against a party that fails to comply with CFIUS mitigation agreements or other legal obligations.

To access the full article, click here.

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ILN Today Post

Think Tanks May Need to Rethink FARA Registration

When considering who must register under the Foreign Agents Registration Act (“FARA” or “the Act”), one normally thinks of individuals, law firms, or marketing firms, the typical kinds of agents that must register for lobbying or image-laundering activities on behalf of foreign persons.

But two advisory opinions released earlier this year add another type of entity to the list: so-called “think tanks.” The advisory opinions, while partially redacted, provide valuable guidance on the status of “research and consulting” firms, as they are described in the opinions, with regard to FARA. Read more…

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ILN Today Post

Colorado Privacy Act Draft Rules Issued

The Colorado Attorney General’s Office released Draft Rules for the Colorado Privacy Act (CPA). Issued on September 30, 2022 the Draft Rules address how the CPA will be implemented when it takes effect on July 1, 2023. A public comment period began Oct. 10 and will close Feb. 1, when the Colorado AG’s Office will hold a public hearing. Therefore, we are still months away from seeing the final CPA rules.However, given the upcoming requirements under the California Consumer Privacy Act (CCPA), the California Privacy Rights Act (CPRA), the Virginia Consumer Data Protection Act (VCDPA) and new laws in Utah and Connecticut, companies subject to the CPA should begin assessing their compliance obligations well before the new law takes effect. Read more…

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Law Firm ILN-telligence Podcast | Brendah Mpanga, BNM Advocates

Brendah Mpanga is the founding partner of BNM Advocates in Kampala, Uganda, which is also one of the ILN member firms. In this episode, Brendah and Lindsay discuss the deep gender inequalities that African women are facing, as laid bare by the pandemic, the steps that the government and powerful women leaders have taken to rectify those inequalities, and how Brendah, as a leader herself, of a primarily female firm, has navigated some challenging times. This is a not-to-be-missed episode!

You can listen to the podcast here, or we’ve provided a transcript of the highlights below.
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ILN Today Post

International Oilfield Services Client

Multi-Year Royalty Dispute Victory on Appeal

Akerman represented an international oilfield services client in a high-dollar, multi-year royalty dispute with two owners of wireless pipe recovery technology (used during drilling operations). The owners made millions of dollars in royalties from our client for over seven years. However, after consistently invoicing our client a combined total of 25 percent for seven years, the owners claimed that the 25 percent royalty stated in the two separate agreements (providing for a 25 percent royalty “for you only”) meant for “each” of the owners (i.e., that the royalty was really 50 percent total). When the client stood its ground and stuck to the terms of the contracts, the owners sued, seeking close to $20 million. Among other defenses, Akerman argued that the owners had waived their claims by consistently and unequivocally invoicing the client for years using the exact royalty percentage it had always been paid under the contracts at issue.

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