Published on an ad hoc basis, usually when there is a significant event, legislative change or court judgment which we feel is important to update our clients and contacts about.
Teamwork in digitalisation: Avoiding an intellectual property headache 15/10/2021 Read more about Teamwork in digitalisation: Avoiding an intellectual property headache Collaboration is fundamental to energy projects, but particular care is needed where digitalisation is concerned. Intellectual property rights issues may arise from the early brainstorming stage through to implementation and even afterwards. These need consideration from a legal and contractual perspective.
Energy
Projects
Commercial
Oil and Gas
London
Paris
Dubai
Shanghai
Hong Kong
Singapore
Perth
Houston
Africa
Asia Pacific
Eastern Europe & Russia
Indian Sub-continent
Latin America
Middle East
Scandinavia
USA & Canada
Australia
The voyage to net-zero: what role can ports play? 05/10/2021 Read more about The voyage to net-zero: what role can ports play? With increasing pressure for the shipping and logistics industries to implement low or net zero carbon operations, ports are emerging as key facilitators of the drive to sustainability. This article looks at some of the initiatives which key global ports are implementing in their move towards decarbonisation and the overall trends that are emerging.
Shipping
Logistics
Ports & Terminals
SUSTAINABILITY HUB
Sustainability in transport
Sustainability in infrastructure and construction
Singapore
Hong Kong
Asia Pacific
Time to ask questions - FPSO Digitalisation 27/09/2021 Read more about Time to ask questions - FPSO Digitalisation Floating production storage and offloading ("FPSO") digitalisation promises more reliable data, new key performance indicators and near real time operation efficiency. What this should mean for the future is limitless: new designs and philosophies for operations and maintenance all resulting in improved asset performance. With much more to come, it is now time to ask questions on how all this data will be used.
Energy
Projects
Oil and Gas
Dispute Resolution
Singapore
Asia Pacific
Update on litigation funding regulation in Australia 20/09/2021 Read more about Update on litigation funding regulation in Australia In my article on 12 June 2020, I referred to the Government's plans to require litigation funders to obtain an Australian Financial Services License (AFSL) and to be subject to the managed investment scheme regulatory regime. I supported the reforms as a means of increasing the transparency of litigation funding arrangements, which could potentially alleviate the distrust of funders by corporates and insurers in Australia. So what has happened since then? The short answer is "a lot".
Insurance & Reinsurance
Dispute Resolution
Australia
Melbourne
Sydney
Perth
Arbitration Insights: Australia. Med-Arb 27/08/2021 Read more about Arbitration Insights: Australia. Med-Arb Mediation and arbitration are commonly used dispute resolution methods. Both processes have their pros and cons and this article considers whether it is possible to combine the advantages of both in a “Med-Arb” process.
Construction
Dispute Resolution
Australia
Melbourne
Perth
Sydney
Shanghai Shipyard Co Ltd v Reignwood International Investment (Group) Company Limited [2021] EWCA CIV 1147 12/08/2021 Read more about Shanghai Shipyard Co Ltd v Reignwood International Investment (Group) Company Limited [2021] EWCA CIV 1147 On 23 July 2021 , the Court of Appeal (Sir Geoffrey Vos, Lord Justice Baker and Lord Justice Popplewell) handed down a unanimous judgment in an appeal by Shanghai Shipyard Co Ltd (Shanghai Shipyard) to a first instance decision by Knowles J. The first instance decision followed a preliminary issues trial concerning the proper characterisation of a shipbuilding performance guarantee issued by the parent company of the buyer, Reignwood International Investment (Group) Company Limited (Reignwood). The performance guarantee in this case was for the final instalment under the shipbuilding contract of US$170M, which the buyer failed to pay.
Shipping
Dispute Resolution
Shanghai
Asia Pacific
Keeping up with U.S. Offshore Wind 02/08/2021 Read more about Keeping up with U.S. Offshore Wind The pace of U.S. offshore wind activity is racing forward. The first half of 2021 has seen significant developments at the state and federal levels, which require a comprehensive understanding of the regulatory and legal playing field that apply to offshore projects in the U.S., in particular the Jones Act.
Shipping
Energy
Projects
Logistics
Commercial
Houston
USA & Canada
SUSTAINABILITY HUB
Sustainability in Energy Transition
Sustainability in infrastructure and construction
Sustainability in Regulation
London
Digital transformation of operations but not contracts? 29/07/2021 Read more about Digital transformation of operations but not contracts? The industry press is full of accounts of digitalisation in the offshore oil and gas industry. So it is surprising that contracts do not reflect this. This may be because collaborative working groups of technical, information technology and legal specialists are uncommon. However, they are necessary, so that rights and responsibilities in the digital landscape are clear.
Energy
Projects
Commercial
Oil and Gas
London
Paris
Dubai
Singapore
Shanghai
Hong Kong
Perth
Houston
Working Worldwide
Africa
Asia Pacific
Eastern Europe & Russia
Indian Sub-continent
Latin America
Middle East
Scandinavia
USA & Canada
Australia
Comprehensively Yachts - HFW Yachting Industry Briefing, July 2021 15/07/2021 Read more about Comprehensively Yachts - HFW Yachting Industry Briefing, July 2021 Though the 2021 Mediterranean yacht season may have been a little late in its start, from the volume of new build and sale and purchase transactions we have been engaged with this year, it appears that the idea of yacht ownership is as popular, if not even more popular, than ever. Whether you are new to the industry or an old hand there will be something of interest to you in the following compilation of topical and legal developments to affect the yachting industry.
Shipping
Employment
London
Paris
Monaco
Africa
Sydney
Melbourne
Perth
Asia Pacific
EU adopts adequacy decisions on transfers of personal data to UK 06/07/2021 Read more about EU adopts adequacy decisions on transfers of personal data to UK In this briefing, we consider the recently published EU adequacy decisions on personal data transfers from the EU to the UK (with a focus on the decision under the EU GDPR), as well as the EDPB’s final recommendations on supplementary measures for personal data transfers to third countries.
Data Protection
London
Paris
Brussels
Piraeus
Geneva
Dubai
Shanghai
Hong Kong
Singapore
Melbourne
Sydney
Perth
Riyadh
Abu Dhabi
Kuwait
Houston
Monaco
Time to open skies: ASEAN and the EU agree to historic agreement 18/06/2021 Read more about Time to open skies: ASEAN and the EU agree to historic agreement On 2 June 2021, the Association of Southeast Asian Nations (ASEAN) and the European Union (EU) and its Member States concluded negotiations on the world's first bloc-to-bloc air transport agreement. In this briefing, we look at what the ASEAN-EU Comprehensive Air Transport Agreement (AE CATA) means for the two blocs as well as the potential impact on freedoms of the air for the carriers involved.
Aerospace
EU, Competition and Trade Regulatory
International Trade Regulation
London
Paris
Brussels
Singapore
Asia Pacific
GDPR turns three years old - Our top tips moving forward 17/06/2021 Read more about GDPR turns three years old - Our top tips moving forward The General Data Protection Regulation (GDPR) entered into force three years ago. Looking back we consider how the GDPR has shaped data protection regimes worldwide and shown its teeth by imposing large and often high profile fines. Looking forward, we set out our top tips to maintain compliance and report on the European Commission’s adoption of new Standard Contractual Clauses (SCCs), respectively for use between controllers and processors in the EEA and for the transfer of personal data to third countries outside the EEA.
Data Protection
London
Paris
Brussels
Geneva
Piraeus
Dubai
Shanghai
Hong Kong
Singapore
Melbourne
Sydney
Perth
Riyadh
Abu Dhabi
Kuwait
Houston
Monaco
Shipping
Unjust Enrichment by Prepayment - A Recent English Decision 16/06/2021 Read more about Unjust Enrichment by Prepayment - A Recent English Decision BP Oil International Ltd v Vega Petroleum Ltd and another involved successful restitutionary claims for millions of US dollars that BP Oil International Ltd (BPOI) had paid to the Defendants for crude oil that was never delivered. The Commercial Court's judgment contains helpful analysis of the law on restitution for total failure of consideration (now more commonly referred to as failure of basis).
Commodities
Energy
Commercial
Dispute Resolution
Electronic Bills of lading - is this time different? 10/06/2021 Read more about Electronic Bills of lading - is this time different? Digitisation is the buzzword of the year for those in the trade industry. Following several large-scale frauds in the trade finance space, there is growing concern over the authenticity (and therefore, the value) of traditional paper bills of lading as a form of security. Further, in light of ongoing disruption to the trade cycle and the movement of documents due to the impact of Covid-19 restrictions across different jurisdictions, the digitisation of physical shipping documents is becoming much more significant.
Commodities
Shipping
Logistics
Commercial
National Security and Investment Act 2021 01/06/2021 Read more about National Security and Investment Act 2021 The National Security and Investment Act 2021 (the ‘Act’) received Royal Assent on 29 April 2021, granting the UK Government new powers to scrutinise investments on national security grounds. The Act is expected to come into force by the end of 2021. In this briefing we recap the Act, review its entry into force including retrospective provisions and consider the Government’s proposed revised definitions of three of the Act’s 17 sectors for mandatory notification: transport, energy and defence.
London
Aerospace
Shipping
Energy
Oil and Gas
International Trade Regulation
EU, Competition and Trade Regulatory
RESTRUCTURING HUB
HFW Freeports Series | Freeports: Know Your Customs 27/05/2021 Read more about HFW Freeports Series | Freeports: Know Your Customs In our last article we introduced the UK's new Freeports, due to be developed at eight sites in England (East Midlands Airport, Felixstowe & Harwich, the Humber region, Liverpool City, Plymouth, Solent, the Thames and Teeside).
London
Aerospace
Construction
Commodities
Energy
Shipping
EU, Competition and Trade Regulatory
Corporate
Logistics
Ports & Terminals
Government Services
International Trade Regulation
HFW Freeports Series | Freeports: Back in business? 20/05/2021 Read more about HFW Freeports Series | Freeports: Back in business? Over the coming weeks, HFW will be launching a series of articles on the reintroduction of Freeports in the UK. We'll be looking at the implications for businesses operating within these Freeports, focusing on a number of industry sectors including Shipping, Construction, Energy & Resources, Aviation and Commodities.
London
Aerospace
Construction
Energy
Commodities
Shipping
EU, Competition and Trade Regulatory
Corporate
Ports & Terminals
Logistics
International Trade Regulation
Government Services
What happens when the wheels come off in a commodities supercycle? 18/05/2021 Read more about What happens when the wheels come off in a commodities supercycle? The press is full of speculation as to whether we are entering a commodities “supercycle”, a period when the market sees prices rise higher than the long-term trend for more than ten years, followed by a downturn of similar length as supply catches up with demand. In this briefing, we consider what commodities traders should bear in mind as they negotiate contracts now, in the midst of a boom, so that they are better protected when demand and prices fall.
Commodities
Energy
Mining
Commercial
London
Geneva
And the award should go to… 06/04/2021 Read more about And the award should go to… In such a strange year, and in light of the Oscars® stepping away from having a single host, we think it is only appropriate to recognise not one, but two contributions during these challenging times: the evolution of the common law in the hands of the UK Supreme Court and the land of Zoom – even if the Oscars® don’t wish to utilise the latter.
Dispute Resolution
London
Working Worldwide
Maritime Boundaries: Outlook in 2021 26/03/2021 Read more about Maritime Boundaries: Outlook in 2021 As the dust settles on 2020 we highlight two current issues in the sphere of maritime boundaries as examples as to how these issues and disputes may impact on businesses operating or considering operating in maritime areas subject to boundary disputes.
Shipping
London
Contract Certainty and Policy Renewals: Underwriters' reliance on brokers' 11/03/2021 Read more about Contract Certainty and Policy Renewals: Underwriters' reliance on brokers' In a recent article, "Insurance brokers' E&O duties regarding unusual policy terms – is there a duty to nanny?"1 we discussed the insured bank's claim in negligence against its insurance broker ("Edge") in ABN AMRO Bank –v-- [Underwriters] and Edge Brokers (London) [2021] EWHC 442 (Comm), a recent English Commercial Court decision which raises some novel arguments about the duty (if any) to disclose unusual policy terms to Underwriters.
Insurance & Reinsurance
Dispute Resolution
London
Rare success in challenging arbitration awards 05/03/2021 Read more about Rare success in challenging arbitration awards Following a successful challenge pursuant to section 67 of the Arbitration Act 1996 (the 1996 Act), the English High Court has set aside two GAFTA awards on the basis that there was no arbitration agreement between the parties.1 In doing so, the Court rejected the argument that a GAFTA arbitration agreement was implied into the alleged contract by trade custom or usage.
Commodities
Dispute Resolution
Autonomous Ships: MASS Mutations 10/02/2021 Read more about Autonomous Ships: MASS Mutations Our bulletin published in September
2020 last year
1 considered the developments of Maritime Autonomous Surface Ships (MASS) as the shipping industry continued to suffer the impacts of the global spread of coronavirus disease 2019 (COVID-19).
Shipping
London
SUSTAINABILITY HUB
Sustainability in transport
Cyber Owl
English high court limits quincecare duty in app fraud cases 04/02/2021 Read more about English high court limits quincecare duty in app fraud cases In its recent judgment, the English High Court has confirmed that a bank’s Quincecare duty (i.e. the duty to act with reasonable care and skill when executing a customer’s payment instructions) does not extend to authorised push payment (“APP”) frauds involving individual customers. The ruling, which reflects the growing judicial trend in APP frauds, and on which we have previously written1, has important ramifications for individual and corporate customers alike.
Dispute Resolution
Fraud and Insolvency
London
Increase in Shipping Rates and Legal Issues Facing Shippers 01/02/2021 Read more about Increase in Shipping Rates and Legal Issues Facing Shippers The knock-on effects of the Covid-19 pandemic are continuing to impact the global shipping market, with a shortage of containers coupled with a rebound in demand for goods driving freight costs to unprecedented levels. In this article we consider the root causes of the increase in freight rates and some of the legal issues that shippers are now having to adjust to.
Shipping
Logistics
Ports & Terminals
International Trade Regulation
“UK261”? Passenger rights after the Brexit transition period 15/01/2021 Read more about “UK261”? Passenger rights after the Brexit transition period Although the UK formally left the European Union a year ago, air carriers will know that European Union Regulation (EC) 261/2004 on denied boarding, cancellation and long delay (EU261) has continued to have force in the UK throughout 2020 as though Brexit had never happened. This is because the UK has been in a transition period agreed with the EU as part of the terms of withdrawal, during which EU law has continued to apply.
Aerospace
London
Cyber Risk Adaptability and Responsibility 15/12/2020 Read more about Cyber Risk Adaptability and Responsibility For years, service providers to the shipping industry have warned of the industry’s increased reliance on cyber technologies and their potential vulnerabilities. Yet, until recently, this perceived threat had not been addressed by lawmakers and, to some degree, operators.
Shipping
Cyber Security
Cyber Owl
Workplace Relations Update (Australia), December 2020 11/12/2020 Read more about Workplace Relations Update (Australia), December 2020 Look out for some big changes to the Fair Work Act 2009 (Cth) in 2021.On 9 December 2020, the Coalition Government introduced the much anticipated Fair Work Amendment (Supporting Australia's Jobs and Economic Recovery) Bill 2020. The Bill must now make its way through the Parliament, and there might be some tweaks in the process, but for now, the six most important things for employers to know about the Bill are –
Employment
Australia
Asia Pacific
Collateral management and stock monitoring agreements - The cast iron solution for lenders? 10/12/2020 Read more about Collateral management and stock monitoring agreements - The cast iron solution for lenders? 2020 has been a year of upheaval and no less so than in transactional commodity finance, which has witnessed a series of major frauds. The significant losses suffered have caused some lenders to exit the sector completely and others to refocus on specific clients or sectors while tightening their KYC (know your client) and KYT (know your transaction) procedures. In this article we re-examine two important tools available to a lender to mitigate the risks associated with inventory financing: collateral management agreements (CMAs) and stock monitoring agreements (SMAs).
Commodities
Geneva
Seafarers' Continuous Service – Ships Calling At Australian Ports - Update 20/11/2020 Read more about Seafarers' Continuous Service – Ships Calling At Australian Ports - Update
In a briefing in October 2020, we set out AMSA's special extension to the maximum period of time that seafarers could serve on board ships calling Australian ports1. In short, due to the unique circumstances facing international shipping during the COVID-19 pandemic, AMSA extended the maximum period of continuous service from 11 to 14 months. Accompanying this change was a framework for closer scrutiny of seafarer workplace arrangements and repatriation plans should the period of continuous service be extended past 11 months.
Shipping
Employment
Australia
Asia Pacific
Eligible for ship leasing tax concessions in Hong Kong? Check here. 12/11/2020 Read more about Eligible for ship leasing tax concessions in Hong Kong? Check here. On 19 June 2020, the Inland Revenue (Amendment) (Ship Leasing Tax Concessions) Ordinance 2020 introduced a concessionary profit tax regime for ship leasing businesses. While the scheme is now more familiar, it is not without its complexities. Are you clear on if/how you can benefit? This article aims to provide some practical assistance by setting out various questionnaires to guide an interested corporation.
Shipping
Hong Kong
Asia Pacific
Responsible business, sustainable finance and ESG 21/10/2020 Read more about Responsible business, sustainable finance and ESG Over the past few years, environmental protection and human rights have moved centre stage in political and economic arenas. The development of a business market which is sensitive to both human rights and impact on the environment is now a recognised objective at all levels, across sectors and institutions.
Commodities
Geneva
Finance
SUSTAINABILITY HUB
Sustainability in Finance
Arbitration Insights: Australia. Drafting Arbitration Clauses 16/10/2020 Read more about Arbitration Insights: Australia. Drafting Arbitration Clauses The second briefing in our Arbitration Insights series provides a simple guide to drafting arbitration clauses. Arbitration clauses are often the last clauses to be negotiated once all the other terms are agreed. Drafted at sunset, negotiators are both tired and pleased that the substantive terms are agreed and ultimately would prefer to take in the view, than continue negotiations.
Dispute Resolution
Australia
Asia Pacific
ESG at the LME 16/10/2020 Read more about ESG at the LME In August 2020, the London Metal Exchange (LME) issued a discussion paper on "LME Sustainability"1, a new and wide-ranging initiative proposing, among other things, new contracts and a new spot trading platform. According to the exchange, LME Sustainability builds upon the success of its responsible sourcing policy2 (LME Responsible Sourcing), which was rolled out in October 2019.
Commodities
Seafarers' Continuous Service – Ships Calling Australian Ports 08/10/2020 Read more about Seafarers' Continuous Service – Ships Calling Australian Ports We continue to see ships calling at Australian ports with crew on board that have served lengthy periods at sea, in some cases, seafarer contracts have been extend well past 12 months' continuous service on board. The issue of prolonged time at sea, materially exacerbated by COVID-19 travel restrictions, has not escaped the vigilant attention of the Australian Maritime Safety Authority (AMSA).
Shipping
Australia
Asia Pacific
Ports & Terminals
Autonomous Ships: A Pandemic Vaccine? 30/09/2020 Read more about Autonomous Ships: A Pandemic Vaccine? Since our article in January of this year1, we have been gripped by the COVID-19 global pandemic. Despite this there have been a number of developments in the autonomous vessel space. In this briefing we discuss the impact of the pandemic on shipping and the opportunities it presents for Maritime Autonomous Surface Ships (MASS), the Maritime Autonomous Systems Regulatory Conference (MASRC), as well as some of the more recent developments in relation to MASS, such as data collection and sharing.
Shipping
Logistics
SUSTAINABILITY HUB
Sustainability in transport
Cyber Owl
In Memory of Justice Ruth Bader Ginsburg A Champion for Equality 29/09/2020 Read more about In Memory of Justice Ruth Bader Ginsburg A Champion for Equality U.S. Supreme Court Justice Ruth Bader Ginsburg, the second woman to serve on the nation’s highest court, died of pancreatic cancer at the age of 87. Ginsburg spent a lifetime flourishing in the face of adversity and doubt. She was a legal, cultural and feminist icon. In her 80’s, she became known as the “Notorious RBG.” While we mourn this tremendous loss, we honor her as an unwavering pioneer for gender equality.
USA & Canada
Brexit and REACH: What businesses need to know 24/09/2020 Read more about Brexit and REACH: What businesses need to know The end of the Brexit transition period on 31 December 2020 is fast approaching. A ‘no-deal’ scenario – that is, no agreement between the UK and EU on trade and other matters – looks increasingly possible. What does this mean for chemicals regulation in the UK and EEA and what should businesses be doing now to protect themselves?
Commodities
International Trade Regulation
Termination: Contractual Rights to Terminate Curtailed 21/08/2020 Read more about Termination: Contractual Rights to Terminate Curtailed New legislation has been introduced in the UK which restricts the rights of parties to construction contracts to terminate or even suspend work. This means that even if your contract says you can terminate or suspend – for example, for non-payment – you may not in the future be able to exercise this right. These reforms are likely to lead to significant changes to how parties operate their contracts and credit lines.
Construction
London
Transitioning to new border arrangements: EU-UK trade from 1 January 2021 10/08/2020 Read more about Transitioning to new border arrangements: EU-UK trade from 1 January 2021 The UK Government has revealed the border controls that will apply on the UK border between the UK and the European Union following the end of the Brexit transition period (Transition Period), anticipated to be on 1 January 2021. This follows its announcement in June 2020 that import controls on goods moving from the EU to the UK would be introduced in phases over the first six months of 2021, giving importers ‘time to adjust’ and avoiding a cliff edge of regulation.
EU, Competition and Trade Regulatory
London
International data transfers from the EEA and UK: Take care 30/07/2020 Read more about International data transfers from the EEA and UK: Take care The Schrems II judgment, handed down by the Court of Justice of the European Union (CJEU) on 16 July 20201, is significant for any organisation which currently transfers personal data outside of the European Economic Area (EEA) or the United Kingdom (UK). It is especially significant for organisations which currently transfer personal data from the EEA or the UK to the USA.
EU, Competition and Trade Regulatory
London
Insurance Disputes Committees “IDC” 21/07/2020 Read more about Insurance Disputes Committees “IDC” Given the increase in insurance disputes in the Kingdom of Saudi Arabia, it is time to circle around with the dispute mechanisms in the Kingdom. Unlike certain Common law jurisdictions, KSA has a dispute procedure which is given over specifically to insurance: the Insurance Disputes Committee (the IDC).
Insurance & Reinsurance
Riyadh
Middle East
Liberia Updates its Corporate Legislation 17/07/2020 Read more about Liberia Updates its Corporate Legislation The Republic of Liberia recently announced significant revisions to its Business Corporation Act (BCA) and its Limited Liability Company Act (LLC Act). The purpose for the update was to more closely align the nation’s laws with international standards. The revisions also sought to include more modern practices and definitions into law and to remove redundant procedures.
Shipping
Service of proceedings in lockdown 09/07/2020 Read more about Service of proceedings in lockdown We are starting to see a number of cases coming through the English courts dealing with procedural issues caused by Covid-19. The latest of which addresses the issue of service of proceedings on a business premises during lockdown, and gives a clear message that the court will not permit parties to take advantage of the pandemic.
Dispute Resolution
London
UK goes it alone: The UK’s new human rights sanctions regime 08/07/2020 Read more about UK goes it alone: The UK’s new human rights sanctions regime The UK’s exit from the European Union will allow the UK to pursue its own sanctions policy. This development has been hailed by politicians, with Dominic Raab announcing measures targeting those responsible for or involved in serious violations of human rights, and saying that “Global Britain will be an even stronger force for good in the world, in the years ahead”. However, businesses will be forgiven for thinking that another set of regulations just means another set of headaches and compliance challenges.
International Trade Regulation
Australian parliamentary inquiry into the class action industry 16/06/2020 Read more about Australian parliamentary inquiry into the class action industry Class actions financed by litigation funders loom large in the Australian legal landscape. On 5 March 2020, the Morrison government announced a wide-ranging inquiry into the regulation of class actions and the litigation funding industry. The terms of reference were specifically expanded on 13 May 2020 to include “the potential impact of Australia’s current class action industry on vulnerable Australian business already suffering the impacts of the COVID-19 pandemic.”
Dispute Resolution
Asia Pacific
The New Commercial Court Law - Highlights of the new law 16/06/2020 Read more about The New Commercial Court Law - Highlights of the new law The new Commercial Court Law (the Law) issued by Royal Decree No. (M / 93) dated 15/08/1441 AH is considered a “quantum leap” in the development of the commercial judiciary in the Kingdom. It includes provisions that concern investors, traders and their counterparts in commercial transactions, as well as keeping pace with the Kingdom’s 2030 vision, which aims to build a strong and diversified economy for the Kingdom.
Commercial
Middle East
Riyadh
Force Majeure – Now What? A Three-Step Framework for Mitigation 04/05/2020 Read more about Force Majeure – Now What? A Three-Step Framework for Mitigation COVID-19 has led many companies to seek shelter within the force majeure provisions of their contracts, and our earlier briefings on this can be found on our website1. But, having declared force majeure, what should you do next? Can you simply wait until it all blows over? The reality is that there is a continuing duty to mitigate the impacts of force majeure events. Here, we run over the basics and set out a three-step framework to assist you in protecting your position.
Dispute Resolution
When is control too remote? 29/04/2020 Read more about When is control too remote? This briefing looks at the recent English Commercial Court judgment in Pipia v BGEO Group Ltd [2020] EWHC 402 (Comm)1, which gives welcome clarity, for the purposes of disclosure, on the extent to which a parent company would have control over documents held by its subsidiaries.
Dispute Resolution
Can lawyers ever disclose their clients’ privileged documents? 24/04/2020 Read more about Can lawyers ever disclose their clients’ privileged documents? It is well established that under English law Legal Advice Privilege (LAP) can protect the confidentiality of lawyer / client communications where legal advice is being sought. However, a recent decision has confirmed the principle that such privilege does not attach to communications between lawyer and client if the lawyer is instructed for the purpose of furthering crime, fraud or iniquity.
Dispute Resolution
Fraud and Insolvency
RESTRUCTURING HUB
'Negative' oil prices: what traders need to know 22/04/2020 Read more about 'Negative' oil prices: what traders need to know
Oil companies are currently facing a tremendous challenge. With massive oversupply in the market and storage facilities at capacity, the oil price has plummeted. The US has seen a "negative" price (sellers potentially paying buyers to take oil off their hands) for the first time in history. There is also the risk of negative prices arising in trading contracts, where price formulae involve the application of a discount to the already low benchmark price.
Commodities
EU Sanctions Authorities Start to Show Their Teeth 07/04/2020 Read more about EU Sanctions Authorities Start to Show Their Teeth
On 31 March 2020, the UK's Office of Financial Sanctions Implementation (OFSI) announced that the Economic Secretary to the Treasury had upheld the decision to impose two fines on Standard Chartered Bank for breaching EU financial sanctions on Sberbank and its former subsidiary Denizbank A.S.
EU, Competition and Trade Regulatory
International Trade Regulation
Texas Supreme Court addresses insurance coverage and extrinsic evidence 31/03/2020 Read more about Texas Supreme Court addresses insurance coverage and extrinsic evidence The United States Court of Appeals for the Fifth Circuit recently sent a certified question to the Texas Supreme Court asking whether a policy-language exception to the eight-corners rule—i.e., that the eight-corners rule does not apply to policies lacking language requiring an insurer to defend its insured “even if the allegations of the suit are groundless, false or fraudulent”—is a permissible exception under Texas law.
Insurance & Reinsurance
USA & Canada
Asbestos at sea: An unexpected problem 18/03/2020 Read more about Asbestos at sea: An unexpected problem Less than one year remains for the owners of any ships calling at EU ports or anchorages to arrange surveys, required by the EU Ship Recycling Regulation, to identify if hazardous materials including asbestos, are present on board. Will such surveys lead to an unwelcome and unexpected surprise with asbestos estimated to be present on a significant number of ships? Can owners be confident of relying on certification that the vessel is "asbestos free" when built? The answer for some owners may unfortunately be no.
Shipping
SUSTAINABILITY HUB
Sustainability in transport
LME warehouse reforms come into effect 11/03/2020 Read more about LME warehouse reforms come into effect The London Metal Exchange (LME) has been on a path of reform since 2013. Its initial focus was on infrastructure and operational efficiency. More recently, it turned its attention to reducing stock levels in LME-listed warehouses. Its latest reforms came into effect on 1 February 2020.
Commodities
SAMA Actuarial Work Regulation for Insurance 04/03/2020 Read more about SAMA Actuarial Work Regulation for Insurance The Saudi Arabian Monetary Authority (SAMA) announced the issuance of the Actuarial Work Regulation (the Rules) for Insurance on 1 March 2020. This comes after SAMA called for views on the draft regulation in November 2019, and it replaces the previous Regulations for Actuarial Acts of Insurance and/or Reinsurance Companies.
Insurance & Reinsurance
Middle East
Quincecare Duty in the spotlight: more trouble for banks? 04/03/2020 Read more about Quincecare Duty in the spotlight: more trouble for banks? Almost thirty years ago, the English courts found that a bank owes a fiduciary duty to its customer, known as the Quincecare duty of care (the Quincecare Duty). Since then, it has rarely been relied upon by customers seeking to take action against their bank. However, this may be about to change following two recent decisions which have thrust the Quincecare Duty back into the spotlight.
Dispute Resolution
Finance
Financial Institutions
Facial Recognition: Facing the Future 28/02/2020 Read more about Facial Recognition: Facing the Future ‘Facial recognition’ is a technique which uses technology to identify individuals from digital images of individuals’ faces. As use of this technology has grown, so too has the controversy surrounding it, particularly when used ‘live’ (ie. using technology which scans and identifies individuals’ faces in real time).
EU, Competition and Trade Regulatory
And the award goes to… Legal Innovation! 10/02/2020 Read more about And the award goes to… Legal Innovation! The world is not static. Innovation and progress are constant in all areas of society, including economics, technology, and commerce. The law is no different and must adapt to society’s ever-changing needs. In this article we discuss some important areas where the law and practice of law firms is developing or is likely to change in the future.
Legal Advice is Dominant 24/01/2020 Read more about Legal Advice is Dominant In a Court of Appeal judgment published earlier this week, in which Hickinbottom LJ gave the lead judgment, and Patten and Peter Jackson LJJ both agreed, the Court of Appeal in dismissing an appeal on all grounds, gave helpful clarification on the application of legal advice privilege (LAP), finding that the relevant document or communication must have been created for the dominant purpose of giving or receiving legal advice. This clarifies what has, until now, been an uncertain area.
Dispute Resolution
Enforcement of judgments between UAE and India gets easier 20/01/2020 Read more about Enforcement of judgments between UAE and India gets easier By notification just issued on 17 January 2020 (and published on 18 January 2020), the Ministry of Law & Justice in India has declared the UAE to be a reciprocating territory for the purpose of enforcing foreign judgments under the Indian Code of Civil Procedure, 1908. This means that enforcing UAE judgments in India (and vice versa, potentially) has just become much easier and more straightforward.
Shipping
Middle East
Indian Sub-continent
Autonomous ships: Drawing a line in the sand 17/01/2020 Read more about Autonomous ships: Drawing a line in the sand In our first 2020 briefing1 for our series on Maritime Autonomous Surface Ships (MASS), we consider changes to both the UK Code of Practice (COP) on MASS, signs of progress from the IMO in mapping the regulatory framework of autonomous shipping and a host of other exciting projects, vessel developments and events in which HFW has participated.
Shipping
SUSTAINABILITY HUB
Sustainability in transport
Email payment frauds - staying one step ahead 09/01/2020 Read more about Email payment frauds - staying one step ahead Email payment frauds are becoming more elaborate and can have a heavy financial cost for those that fall victim to them. In this briefing, we examine what businesses can do to prevent themselves becoming a victim to these frauds and to recover money paid out if they do fall victim to such a fraud.
Commodities
Dispute Resolution
Fraud and Insolvency
Good Faith in the UAE - An Insurance focus 17/12/2019 Read more about Good Faith in the UAE - An Insurance focus The concept of good faith differs between common law and civil law systems, particularly in relation to insurance and reinsurance contracts. This article highlights the key points
to bear in mind in relation to good faith in the UAE and how this can impact on claims.
Insurance & Reinsurance
Middle East
Airlines vs. claims agencies…the EU261 fight continues! 29/11/2019 Read more about Airlines vs. claims agencies…the EU261 fight continues! In February this year, low-cost carrier Ryanair secured a significant victory for the airline industry when the English Court of Appeal (CA) ruled in its favour in a dispute with solicitors Bott & Co, who specialise in the volume pursuit of compensation claims against airlines under EU Regulation 261/2004 (EU261)1. In November, Bott & Co were granted permission to appeal, paving the way for the UK Supreme Court (formerly the House of Lords) to consider issues arising out of EU261 for the first time in its history2.
Aerospace
KSA Inherent Defects Insurance 27/11/2019 Read more about KSA Inherent Defects Insurance With the number of developments announced recently in Saudi Arabia, the KSA construction industry is going through a dynamic and exciting phase. It may therefore come as no great surprise that the KSA regulatory authorities are taking an increasing interest in insurance in this sector.
Middle East
Insurance & Reinsurance
2019 Hurricane Season 08/11/2019 Read more about 2019 Hurricane Season Hurricane Dorian, which recently devastated the northwestern Bahamas and caused significant damage to the southwestern United States and Atlantic Canada, was the first major hurricane of the 2019 Atlantic hurricane season. Most current projections estimate that something in the region of 2 – 4 further major hurricanes can be expected during the 2019 season, suggesting above average activity.
Insurance & Reinsurance
Cut out the middle man 14/10/2019 Read more about Cut out the middle man Recent high profile news reports demonstrate the difficulties in ensuring that agents do not cause their trading principals to fall foul of anti-bribery and corruption laws. We look at what trading principals can do to manage this risk.
Commodities
Dismantlecon 09/10/2019 Read more about Dismantlecon On 23 September 2019 BIMCO published its first standard form offshore marine services decommissioning agreement "DISMANTLECON". DISMANTLECON is a contract for the dismantling and delivery of offshore structures to an agreed place of delivery. BIMCO hopes that the form will encourage a degree of standardisation and consequent cost savings in a market
anticipated by UK Oil & Gas to be worth £15.3 billion from 2018 to 2027 in the UK alone
1.
Shipping
Oil and Gas
In May 2019, the Journal of Petroleum Technology addressed the exponential growth of digitized processes in upstream oil and gas operations. The Journal cited to Roger Jenkins, Murphy Oil’s President and CEO, who stated, “[T]he adoption of digital technologies will continue to improve offshore operations, including improved well efficiency, real-time directional drilling, lower maintenance costs and safer operations.”
2
Energy
Houston
USA & Canada
Cyber Security
Tackling unruly passengers: Change on the horizon 16/09/2019 Read more about Tackling unruly passengers: Change on the horizon Changes to the international legal framework on the handling of unruly passengers are likely to come into force later this year. Against the backdrop of current legislation, we outline the scope of the Montreal Protocol 2014 (MP14) and highlight some measures that carriers may wish to take to safeguard their businesses.
Aerospace
The New Hague Judgments Convention 28/08/2019 Read more about The New Hague Judgments Convention Dispute Resolution analysis: Sara Sheffield, Partner and Derek Bayley, Associate, both at HFW Dubai, discuss the background to and the details of the new 2019 Hague Convention on the Recognition and Enforcement of Foreign Judgments in Civil and Commercial Matters (the Hague Judgments Convention) – a new international convention aimed at making it easier to enforce court judgments across jurisdictions.
Dispute Resolution
Autonomous ships: MASS – The “Pearl” of an Opportunity 25/07/2019 Read more about Autonomous ships: MASS – The “Pearl” of an Opportunity Since our last article on Maritime Autonomous Surface Ships (MASS) in December 20181, as expected there have been continued developments in technology and demonstrations. In this briefing, we write with an update on the work we have been doing at HFW; the latest news from the International Maritime Organization (IMO) on its Regulatory Scoping Exercise (RSE); and recent developments worldwide.
Shipping
SUSTAINABILITY HUB
Sustainability in transport
Air and Liquid Systems Corp. V. Devries 16/07/2019 Read more about Air and Liquid Systems Corp. V. Devries In Air and Liquid Systems Corp. v. DeVries, the U.S. Supreme Court held that, in the maritime law context, a manufacturer of an asbestos-free product can be liable for injuries caused by parts with asbestos created by third parties that were later incorporated into the manufacturer’s product.
Shipping
Brexit Update - 'No-Deal' Checklist 16/07/2019 Read more about Brexit Update - 'No-Deal' Checklist With both candidates to be the next Prime Minister of the United Kingdom refusing to rule out a ‘no-deal’ Brexit, and the current ‘no-deal’ deadline of 31st October 2019 looming, it is important for UK companies and companies which do business with the UK to ensure that they are ‘Brexit-proof’. In this briefing, we provide a checklist of key items for businesses to consider when planning for a no-deal Brexit.
EU, Competition and Trade Regulatory
The Strait of Hormuz: How can you manage the risks 03/07/2019 Read more about The Strait of Hormuz: How can you manage the risks On 20 June 2019 the US narrowly pulled back from retaliatory military strikes on Iranian targets. This was a move planned in response to Iran’s targeting of a US drone allegedly operating in Iranian airspace. These events follow a series of attacks on vessels in the Gulf of Oman area, most recently on the “Front Altair” and the “Kokuka Courageous”.
Shipping
ISDA Smart Derivatives - The Future? 10/06/2019 Read more about ISDA Smart Derivatives - The Future? For many of our clients, the trading of derivatives is a key element of their trading functions and risk-management processes. In light of increased regulatory requirements and an industry-wide focus on the potential benefits of automation, the International Swaps and Derivatives Association (ISDA) is now developing smart derivatives contracts. While significant progress has been made there are still considerable hurdles to be overcome before we will see smart derivatives contracts in practice.
Commodities
And the award goes to… Collaboration! 22/02/2019 Read more about And the award goes to… Collaboration! With Kevin Hart stepping down, an assortment of Hollywood A-listers worked together to host this year’s Oscars®. In the world of international trade and commerce, despite confrontation dominating the headlines, 2018-19
has in fact been a time of great collaboration, with prominent companies in many industries working together to tackle common challenges and exploit common opportunities. This briefing identifies some emerging trends, explaining why and how more and more companies are collaborating.
A well intentioned debate 28/01/2019 Read more about A well intentioned debate Former Supreme Court Justices Lord Hoffman and Lord Sumption have been debating the extent to which judges should look behind parties' choice of words to determine their intended meaning. We consider the background to this debate and its likely impact on the newly formed Supreme Court.
Dispute Resolution
Defying Convention 24/01/2019 Read more about Defying Convention Giles Kavanagh and Ashleigh Ovland examine whether we have reached the high water mark in relation to the protections offered to airlines by the Montreal Convention, and consider what this means for airlines when choosing which claims to contest.
Aerospace
Navigating a shareholders agreement: ROFR or ROFO? 11/01/2019 Read more about Navigating a shareholders agreement: ROFR or ROFO? In the first of our new series, HFW Insights: Navigating a shareholders agreement, in which we distil common corporate and transactional issues into bite-sized insight, we answer a commonly asked question: What is the difference between a right of first refusal (ROFR) and a right of first offer (ROFO)?
Corporate
Singapore
Middle East
Autonomous Ships: Shipping 4.0 19/12/2018 Read more about Autonomous Ships: Shipping 4.0 The digital shipping revolution is well underway. Significant developments have taken place with Maritime Autonomous Surface Ships (MASS) over the last few months, and the global autonomous shipping industry is predicted to grow into a $136 billion industry by 2030. In this latest briefing, we provide an update on the work we have been doing at HFW; the latest news from the International Maritime Organization (IMO) on its regulatory scoping exercise; and recent developments worldwide.
Shipping
The Geo-blocking Regulation: Is your business compliant? 04/12/2018 Read more about The Geo-blocking Regulation: Is your business compliant? From 3 December 2018, businesses operating in the EEA need to comply with the new Geo-Blocking Regulation1. In general, the Regulation prohibits businesses from unfairly discriminating against consumers or other businesses on the grounds of nationality, place of residence or place of establishment. In particular, the Regulation seeks to prevent the denial or limitation of access to goods and services sold online on these grounds.
EU, Competition and Trade Regulatory
Aerospace: Brexit Update 01/11/2018 Read more about Aerospace: Brexit Update In previous briefings1 we have highlighted the central issues for the aviation and aerospace industries which will need resolution in the run up to the UK's departure from the EU.
Aerospace
EU, Competition and Trade Regulatory
Vietnam ratifies the Montréal Convention 1999 24/10/2018 Read more about Vietnam ratifies the Montréal Convention 1999 Ratification of the Convention for the Unification of Certain Rules for International Carriage by Air, Montréal, 28 May 1999 (MC99) should lead to greater consistency and clarity in the claims handling process (particularly in relation to calculating compensation which, under MC99, uses the SDR as opposed to the Poincaré Franc) and will support the industries' e-freight initiatives. It also marks another significant milestone in the success story of Vietnamese aviation.
Aerospace
Asia Pacific
Brexit – Impact of a 'no deal' scenario on EU cross-border insolvencies 04/10/2018 Read more about Brexit – Impact of a 'no deal' scenario on EU cross-border insolvencies On 13 September 2018, the UK Government published a guidance notice (Guidance) on handling civil disputes, including cross-border insolvencies, in the event that the UK exits the EU without having first agreed a framework for ongoing civil judicial cooperation, and from which time and date (11 pm on 29 March 2019) the UK will not benefit from the EU rules to replace the current arrangements.
Fraud and Insolvency
EU, Competition and Trade Regulatory
Commodities
RESTRUCTURING HUB
IMO 2020: Legal considerations for unprecedented changes 28/09/2018 Read more about IMO 2020: Legal considerations for unprecedented changes The recent spate of vessel bunker contamination cases in the US Gulf and Singapore has brought into sharp focus the unprecedented standards to be affected by MARPOL Annex VI (commonly referred to as "IMO 2020"): the implementation of a global cap of 0.5% sulphur content in marine fuel from 2020. This limit will apply outside designated emission control areas.
Shipping
Singapore
2018 Yachts Market Briefing 25/09/2018 Read more about 2018 Yachts Market Briefing
With the 2018 Mediterranean yacht season fast closing and attention turning to the yacht shows and winter cruising grounds, we publish our latest market briefing covering a range of topical subjects from the transport of yachts, developments in Panama and US flagging, the threat of super storms, clarification of French social security law, our regular casualty focus and the implications of recent high profile casualties for the insurance market.
Shipping
Good Faith in the UAE: an Insurance Focus 19/09/2018 Read more about Good Faith in the UAE: an Insurance Focus Insurance professionals will be familiar with the concept of good faith. There are, however, differences between common law and civil law systems as to the nature of the duty and the time of application. This article highlights the key points to bear in mind in relation to good faith in the UAE and how this can impact on claims.
Insurance & Reinsurance
Middle East
In-House Counsel and Legal Privilege in the Dubai International Financial Centre 10/09/2018 Read more about In-House Counsel and Legal Privilege in the Dubai International Financial Centre Issues surrounding the breadth of legal professional privilege under English law are once again in the spotlight following last week's decision of the Court of Appeal in ENRC v SFO. HFW's briefing on that decision can be found here. But developments in the English law of privilege have broader repercussions outside of the UK. In this briefing, HFW Dubai explores how English legal professional privilege may apply in the Courts of the Dubai International Financial Centre. We also provide practical considerations for members of in-house counsel teams of UAE corporations based outside of the DIFC who may be used to litigating in the local UAE courts, where concepts of disclosure and privilege are significantly less familiar.
Corporate
Dispute Resolution
Dubai
Abu Dhabi
Middle East
ENRC v SFO Court of Appeal Judgment 05/09/2018 Read more about ENRC v SFO Court of Appeal Judgment In a decision handed down today and which will be welcomed by the legal community and clients alike, the English Court of Appeal has allowed Eurasian Natural Resources Corporation's (ENRC) appeal against a highly controversial earlier Commercial Court decision that had threatened to significantly narrow the scope of legal professional privilege (LPP).
Dispute Resolution
Sanctions contre l'Iran : la riposte européenne 31/08/2018 Read more about Sanctions contre l'Iran : la riposte européenne L'annonce par le Président Trump, le 8 mai 2018, du retrait des Etats-Unis du JCPOA1 a placé les Etats-Unis et l'Union européenne sur des chemins divergents à l'égard de l'Iran. Au moment où les Etats-Unis annonçaient que les sanctions qui avaient été suspendues en janvier 2016 seraient remises en place, l'Union européenne déclarait qu'elle entendait s'en tenir aux termes de l'accord sur l'Iran, y compris la levée des sanctions.
International Trade Regulation
Iran Sanctions: Steering a course through difficult waters 30/08/2018 Read more about Iran Sanctions: Steering a course through difficult waters President Trump's announcement on 8 May 2018 that the US would withdraw from the Joint Comprehensive Plan of Action (JCPOA)1 set the EU and US on divergent paths with respect to Iran. At the same time as the US indicated that the US sanctions which had been suspended in January 2016 would be re-imposed, the EU made clear that it intended to uphold the terms of the Iran deal, including the sanctions relief.
International Trade Regulation
Clarification on Admitted Reinsurer Tax Status in Brazil 17/08/2018 Read more about Clarification on Admitted Reinsurer Tax Status in Brazil A recent decision issued by the Brazilian Tax Authority (RFB) has brought some clarity to the tax regime which is applicable to admitted reinsurers operating in Brazil. The decision distinguishes, for the taxation purposes, between those admitted reinsurers who act with "ample powers" (i.e. similar to local reinsurers) and those who act in a limited manner, exercising a service or ancillary activity (i.e. similar to occasional reinsurers).
Insurance & Reinsurance
Brazil
Latin America
Say 'NON' to Strict Liability 10/08/2018 Read more about Say 'NON' to Strict Liability Following the dismissal of the appeal1 against the High Court's decision in Committeri v Club Mediterranee SA2 and Generali IARD SA (July 2016 briefing), we reinforce our advice to any companies providing package holidays to France to ensure that the contracts between them and the buyers of the holidays are governed by English law. They will then avoid the strict liability provisions of the Code de Tourisme for an injury sustained during the holiday.
Shipping
London
Paris
Houston
Brexit Update: Deal or No Deal? 30/07/2018 Read more about Brexit Update: Deal or No Deal? Recent developments – or lack thereof – in Brexit negotiations, have made a ‘no-deal’ Brexit a significant possibility. All companies likely to be affected by Brexit should now be putting in place contingency plans to safeguard their business in the event that no agreement is reached.
EU, Competition and Trade Regulatory
Hong Kong prepares for a drone invasion 25/07/2018 Read more about Hong Kong prepares for a drone invasion In April this year, Hong Kong’s Civil Aviation Department (the CAD) launched a public consultation into proposals to further develop regulations for the use of Unmanned Aerial Systems (UAS) in and above Hong Kong. We submitted a paper setting out our own views before the consultation closed on 3 July. Given the growing popularity of this new technology in Hong Kong and worldwide, it will be interesting to see what other responses the CAD receives.
Aerospace
Hong Kong
Asia Pacific
Autonomous Ships: Successfully navigating through the shallows? 16/07/2018 Read more about Autonomous Ships: Successfully navigating through the shallows? In this, the latest in our series on Maritime Autonomous Surface Ship (MASS), we provide an update on news from the International Maritime Organization (IMO) on its regulatory scoping exercise; take a look at some of the insurance issues arising as the use of MASS becomes more widely recognised; and consider the recent developments worldwide, including how the technology used in MASS is being trialled to assist the situational awareness in conventional vessels.
Shipping
London
Paris
Brave New World: International Cryptocurrency Regulation 10/07/2018 Read more about Brave New World: International Cryptocurrency Regulation Cryptocurrencies and blockchain technology have hit the headlines in recent months. Governments and policymakers from key jurisdictions are drafting and publishing guidance to govern the issuance and regulation of Initial Coin Offerings (ICOs) and cryptocurrencies. These have included Switzerland, with Zug now expected to become a key hub for cryptocurrency issuance and being commonly referred to as "Crypto Valley" within the industry.
Commodities
London
OFAC Sanctions on Russia and Iran 10/07/2018 Read more about OFAC Sanctions on Russia and Iran Global aluminium trader United Company RUSAL PLC ("Rusal") and several other Russian tycoons, companies and allies of President Vladimir Putin1 were the target of blocking sanctions by OFAC on 6 April 2018 ("April 2018 Sanctions"), following Treasury's reports to Congress in January 2018 in the US government's efforts to counter its adversaries through sanctions2.
Commodities
Second Editions of the FIDIC Rainbow Suite 04/07/2018 Read more about Second Editions of the FIDIC Rainbow Suite On 5th December 2017, the International Federation of Consulting Engineers (FIDIC) launched the Second Editions of the three major forms of contract in the FIDIC Rainbow Suite at the FIDIC International Users’ Conference in London. This bulletin provides a summary of the key changes in the Second Editions.
Construction
Iran sanctions: Aerospace focus 29/05/2018 Read more about Iran sanctions: Aerospace focus Stakeholders within the aviation sector will be impacted by the reimposition of US sanctions against Iran. Further to HFW's earlier update on President Trump's decision to withdraw from the Joint Comprehensive Plan of Action (JCPOA) and reinstate the Iran sanctions, this briefing considers the likely impact on the aviation sector.
Aerospace
Middle East
Retour sur l'obligation d'information Mai 2018 23/05/2018 Read more about Retour sur l'obligation d'information Mai 2018 En septembre dernier, nous vous présentions la nouvelle obligation faite à l'ensemble des sociétés immatriculées auprès du Registre du Commerce et des Sociétés (à l'exception des sociétés dont les titres sont admis aux négociations sur un marché réglementé) de déposer auprès de ce Registre du Commerce et des Sociétés, une déclaration relative à l'identité de leur(s) bénéficiaire(s) effectif(s).
Corporate
Paris
FOSFA arbitration rules simplified 04/05/2018 Read more about FOSFA arbitration rules simplified The FOSFA Rules of Arbitration and Appeal (the Rules) have been revised to simplify the time limits for bringing claims; to provide for a three person tribunal where a sole arbitrator is not selected; and to introduce a requirement for payment of a deposit. The revised rules will affect contracts incorporating the FOSFA terms entered into on or after 1 April 2018.
Commodities
Incendie volontaire : la faute intentionnelle réduite à portion congrue, Avril 2018 05/04/2018 Read more about Incendie volontaire : la faute intentionnelle réduite à portion congrue, Avril 2018 Un laboratoire d’analyse réputé, spécialisé en matière d’incendie, a rendu une intéressante étude apportant des données statistiques sur les incendies étudiés par son laboratoire. Sur les 4.500 incendies analysés, il en ressortait un taux de 52% d’incendie volontaire avec des différences importantes selon les types d’activité et bâtiments. Les statistiques de ce laboratoire devraient conforter les assureurs dans leur extrême prudence lorsqu’il s’agit d’accepter de garantir certains risques comme les manèges, les parkings souterrains, les discothèques, les bars-tabacs etc…où des taux d’incendie volontaire supérieurs à 80% sont recensés.
Insurance & Reinsurance
Paris
Is there a notable initiative in a market that can be developed into a Pan-Arab initiative? April 2018 02/04/2018 Read more about Is there a notable initiative in a market that can be developed into a Pan-Arab initiative? April 2018 To a great extent banks and insurers are the “yin and yang” of operational risk. Banks have to deal with operational risk on a daily basis. Banks attempt to manage and mitigate these risks; and when they cannot, banks may attempt to transfer these risks to the insurance and reinsurance market. Insurers, for their part, attempt to understand and price the risk and then, in effect, remove that risk from the bank’s balance sheet. The premise of this paper is that banks and insurers have much more in common than meets the eye and that new developments in their respective markets can significantly enhance the financial strength of the Pan-Arab region.
Insurance & Reinsurance
Middle East
And the Oscar goes to... Freedom of Contract! March 2018 05/03/2018 Read more about And the Oscar goes to... Freedom of Contract! March 2018 Morality clauses are back in the spotlight after a spate of high-profile scandals in Hollywood. Many studios are questioning how best to protect themselves from the financial and reputational damage done when claims are levied against their leading lights. After Kevin Spacey's fall from grace, Netflix may still have to pay him a significant sum after terminating his contract for House of Cards.
Dispute Resolution
Commercial
New LFSA Guidelines, February 2018 13/02/2018 Read more about New LFSA Guidelines, February 2018 On 1 January 2018, the Labuan Financial Services Authority (LFSA) issued Guidelines on the Establishment and Operations of Labuan Leasing Business (the Guidelines). The Guidelines seek to clarify the requirements for Labuan companies carrying out leasing business in Labuan International Business and Financial Centre.
Aerospace
Adam & Eve & Arbitration, February 2018 12/02/2018 Read more about Adam & Eve & Arbitration, February 2018 There are still arbitration clauses that contain arcane language requiring arbitrators to be "commercial men". In this article we examine how the English courts have interpreted this "commercial men" wording and consider whether this could ever serve to restrict the appointment of women arbitrators. We suggest that there is no objective justification for such wording, which undermines the efforts being made to improve gender diversity in arbitration. Private practice and in-house lawyers drafting bespoke arbitration clauses, as well as trade associations drafting standard form clauses, should adopt more modern language.
Dispute Resolution
Merger control – dodge a regulatory bullet: avoid gun jumping, December 2017 11/12/2017 Read more about Merger control – dodge a regulatory bullet: avoid gun jumping, December 2017 The competition and regulatory clearance process for mergers, acquisitions and joint ventures has become more onerous and lengthy for many transactions. More than 140 countries have adopted some version of a merger control regime, adding a layer of complexity to international deals. It is not unusual for the clearance process to take up to a year or more. During this period parties will often want to begin planning for future integration. The authorities meanwhile are looking closely at potential “gun jumping” violations.
EU, Competition and Trade Regulatory
MOSCOW STARS: Sale of a cargo under a Charterparty lien, November 2017 07/11/2017 Read more about MOSCOW STARS: Sale of a cargo under a Charterparty lien, November 2017 The Court in Dainford Navigation Inc v PDVSA Petroleo SA1 considered an application pursuant to section 44 of the Arbitration Act 1996 (the Act) for the sale of a crude oil cargo onboard the “MOSCOW STARS” that was the subject of a charterparty lien exercised by Owners in respect of sums outstanding under the Charterparty. This is the first judgment handed down by the Commercial Court on a defended application for the sale of a cargo under lien.
Shipping
Dispute Resolution
Intra-EU BITs, compatible with EU law? October 2017 24/10/2017 Read more about Intra-EU BITs, compatible with EU law? October 2017 In a somewhat surprising development but one that will be warmly welcomed by the international arbitration community, the Advocate General of the Court of Justice of the European Union (AG), Mr Wathelet, has issued an opinion stating that the bilateral investment treaty (BIT) between the Kingdom of the Netherlands and the Czech and Slovak Federal Republic is compatible with EU law. This is the first time that the compatibility of an intra-EU BIT with EU law has been considered by the AG and Court of Justice of the European Union, (CJEU).
EU, Competition and Trade Regulatory
Dispute Resolution
UK Government releases Code of Practice - Cyber Security for Ships, September 2017 22/09/2017 Read more about UK Government releases Code of Practice - Cyber Security for Ships, September 2017 On 16 June 2017, the IMO adopted Resolution MSC.428(98) which encourages administrations to ensure that cyber risks are appropriately addressed in safety management systems no later than the first annual verification of shipping companies' DOCs after 1 January 2021. It has never been more important to have effective cyber security and crisis management plans in place, as highlighted by the recent NotPetya ransomware incident which effected Maersk. Cyber attacks can harm and damage crew, vessels and cargo and cause business disruption, loss of sensitive information and damage to the company's image. The UK Government's new Code of Practice – Cyber Security for Ships provides further (non-binding) guidance to shipping companies, complementing last year's code of practice for ports and port systems.
Shipping
Texas Federal Court Dismisses 30 Month Late Hail Damage Claim, August 2017 07/08/2017 Read more about Texas Federal Court Dismisses 30 Month Late Hail Damage Claim, August 2017 In Certain Underwriters at Lloyd’s of London v Lowen Valley View LLC1, the Insured attempted to bring counterclaims against Underwriters for breach of contract and Texas Insurance Code violations. The Honorable Jane Boyle, US District Judge for the Northern District of Texas, granted summary judgment in favor of Underwriters on all claims and dismissed them with prejudice. Judge Boyle’s decision was based, in part, on the Hamilton Opinion in which the Fifth Circuit affirmed Judge Boyle’s grant of summary judgment in favor of an insurer on the insured’s breach of contract and extra-contractual claims.2
Insurance & Reinsurance
Houston
USA & Canada
LITIGATION HUB
Countering America's Adversaries Through Sanctions Act, August 2017 31/07/2017 Read more about Countering America's Adversaries Through Sanctions Act, August 2017 On Thursday 27 July, the US Senate passed the Countering America's Adversaries Through Sanctions Act, H.R. 3364 almost unanimously (98 to 2). If formally signed into law by the President, the Bill will tighten sanctions against Russia, Iran and North Korea. President Trump has indicated that he will sign the Bill, but only after negotiating critical elements of it with US Congress. The Bill looks likely to become US law, given its majority support from Congress.
USA & Canada
New Bimco Cyber Security Guidelines, July 2017 06/07/2017 Read more about New Bimco Cyber Security Guidelines, July 2017 Cyber security has been a recurring theme in maritime publications and industry conferences over recent years. At one end of the spectrum are those who have dismissed it as the latest "millennium bug" whilst commentators at the other extreme raise the possibilities of malicious actors taking over vessel operations. Whatever your views on cyber security, the recent ransomware attack shows that the shipping industry is not immune and that issues of cyber security need to be taken seriously.
Shipping
Insurance & Reinsurance
Sulphur emissions in the Baltic Sea: two years on, June 2017 30/06/2017 Read more about Sulphur emissions in the Baltic Sea: two years on, June 2017 As many readers will know, since 1 January 2015 vessels operating in the Baltic Sea have had to comply with sulphur oxide (SOx) emissions limits. As an Emissions Control Area (ECA) along with the North Sea, North American coastline and Caribbean, vessels operating in the Baltic Sea are obliged to burn bunkers with a maximum of 0.10% m/m SOx content under regulation 14 of the IMO’s MARPOL Annex VI.
Shipping
The Iran deal: challenges ahead, June 2017 05/06/2017 Read more about The Iran deal: challenges ahead, June 2017 On the campaign trail it was described as “the dumbest deal ever” and that “horrible, disgusting, absolutely incompetent deal with Iran” by President Trump. Even though this rhetoric has been toned down slightly since Trump took office, there are concerns that the Iran nuclear deal in its current form now hangs in the balance. So what are the potential threats to the survival of the deal: can businesses confidently do business in Iran and what should they be doing to protect their interests?
Middle East
USA & Canada
Set-off under the UAE Insolvency Law, May 2017 24/05/2017 Read more about Set-off under the UAE Insolvency Law, May 2017 The new United Arab Emirates (UAE) Insolvency Law (Federal Law No.9 of 2016) (Insolvency Law) was published in the UAE Gazette on 29 September 2016 and came in to force three months later on 29 December 2016. The Insolvency Law is a federal law that applies to all seven emirates comprising the UAE. The initial view from market participants is that by replacing the old insolvency law, which placed a greater emphasis on creditor protections and formal bankruptcy proceedings alongside criminal penalties, the Insolvency Law is an overdue but welcome development.
Finance
Middle East
Dubai
RESTRUCTURING HUB
First oil and gas licensing round: the future of oil and gas in Lebanon, May 2017 17/05/2017 Read more about First oil and gas licensing round: the future of oil and gas in Lebanon, May 2017 With more than 100 trillion cubic feet of recoverable natural gas in the East Mediterranean Sea, the Levant Basin is a new attractive area for the oil and gas industry. In particular in Lebanon, the Government is actively committed to developing the oil and gas sector and has gained some momentum in its work to exploit the reserves. In 2012, the Lebanese Petroleum Administration (LPA) was established as a regulatory body in charge of managing the petroleum sector and putting in place the petroleum activities regulations required to launch the first Lebanese offshore licensing round.
Energy
Oil and Gas
Cyber security – the increasing threat to your business, May 2017 15/05/2017 Read more about Cyber security – the increasing threat to your business, May 2017 At the last count, it was estimated that Friday’s cyber attack impacted upon 200,000 victims in at least 150 countries. The attack used “WannaCry” malware to disable computer systems and present users with a ransom demand. The systems which suffered the attacks are said to have been vulnerable as they were operating outdated legacy software and because security upgrades had not been properly installed. At the time of writing this article, there is concern that the actual scale of this attack may not yet be known.
Shipping
The OCEAN VICTORY – l'ultima parola dei giudici in merito alla sicurezza del porto di Kashima, Maggio 2017 15/05/2017 Read more about The OCEAN VICTORY – l'ultima parola dei giudici in merito alla sicurezza del porto di Kashima, Maggio 2017 Più di dieci anni dopo l'affondamento e la conseguente perdita totale della OCEAN VICTORY nel porto giapponese di Kashima, l'ultima parola sulla sicurezza del porto ai sensi del charterparty è stata data dalla Suprema Corte lo scorso 10 maggio. Ribadendo la decisione della Corte d'Appello, la Suprema Corte ha ritenuto all’unanimità che il porto di Kashima non fosse "unsafe" e che non vi fosse alcuna violazione della garanzia di porto sicuro (“safe port warranty”) da parte dei noleggiatori. La corte ha analizzato anche come le disposizioni sulla copertura assicurativa contenute nel contratto di noleggio a scafo nudo incidano sui diritti delle parti, nonché la possibilità, in capo al noleggiatore a tempo, di limitare la sua responsabilità.
Shipping
Recovering exchange rate losses in a post-Brexit economy, May 2017 15/05/2017 Read more about Recovering exchange rate losses in a post-Brexit economy, May 2017 Many of our clients are working hard to manage the impact of fluctuating currency rates on their business. This has become a particular challenge in the wake of the UK’s decision to leave the EU in June 2016. Two recent, and apparently conflicting, decisions in the English High Court mean that the position remains unclear whether it is possible for non-UK litigants to recover currency exchange losses on legal fees paid in pounds sterling. However, some lessons can be drawn from the judgments and until a higher court resolves the conflict, our view is that it is still worth claiming for currency exchange losses.
Dispute Resolution
EU, Competition and Trade Regulatory
Eastern Europe & Russia
The OCEAN VICTORY – the final word on the safety of Kashima Port, May 2017 11/05/2017 Read more about The OCEAN VICTORY – the final word on the safety of Kashima Port, May 2017 More than 10 years after the grounding and subsequent total loss of the OCEAN VICTORY at Kashima port Japan, the final word on the safety of the port was given by the Supreme Court on 10 May 2017. Affirming the Court of Appeal decision1, the Supreme Court unanimously found that Kashima Port was not unsafe and that there was no breach of the safe port warranty by the charterers. The court went on to consider the insurance provisions in the demise charter and how they affect the rights of parties and issues relating to the limitation of liability.
Insurance & Reinsurance
Shipping
The 457 visa: being removed, reinvented or reborn? May 2017 26/04/2017 Read more about The 457 visa: being removed, reinvented or reborn? May 2017 On 18 April 2017, the Turnbull government announced that the 457 visa will be removed and replaced by a new scheme for skilled migrants. The changes are intended to “better meet Australia’s skills needs” and provide safeguards that prioritise Australian workers. The changes envisage a phasing out of the 457 visa by March 2018 and its replacement with the Temporary Skills Shortage (TSS) visa.
Shipping
Employment
Australia
Asia Pacific
Autonomy at sea – the future? April 2017 25/04/2017 Read more about Autonomy at sea – the future? April 2017 Maritime Autonomous Systems (MAS) technology in the marine and oil and gas sector has advanced rapidly in the last 20 years. Indeed a report prepared by the energy consultants, Douglas-Westwood1, suggests the demand for autonomous underwater vehicles (AUVs) is expected to grow by 49% in the next four years. The military sector will remain the greatest user of AUVs (73% of total demand), however, the commercial sector, including oil and gas, is expected to see the greatest growth in usage.
Shipping
Corporate governance under the spotlight, April 2017 24/04/2017 Read more about Corporate governance under the spotlight, April 2017 Recent scandals affecting businesses in the UK have put the spotlight on corporate governance and Theresa May has made it clear she intends to crackdown on unacceptable boardroom behaviour. A recent report published by the Business, Energy and Industrial Strategy Committee1 suggests that the current law does not require revision but a number of measures are being recommended including a voluntary code of corporate governance for large private companies, which have hitherto not been subject to the UK Corporate Governance Code that applies to listed companies.
Corporate
Eastern Europe & Russia
London
DIAC to change its default seat of arbitration, March 2017 28/03/2017 Read more about DIAC to change its default seat of arbitration, March 2017 The Dubai International Arbitration Centre (DIAC) is proposing to change the default of seat of arbitrations conducted under its rules of arbitration to the Dubai International Financial Centre (DIFC). The move is intended to take advantage of the pro-arbitration approach adopted by the DIFC courts and the DIFC’s international-standard arbitration law. It is a further step by DIAC to position itself as the arbitral institution of choice in the region and cement Dubai’s reputation as a Middle East arbitration hub.
Dispute Resolution
Dubai
Middle East
Indonesia ratifies Montréal Convention 1999, March 2017 27/03/2017 Read more about Indonesia ratifies Montréal Convention 1999, March 2017 On 20 March 2017, Indonesia deposited its instrument of accession to the Convention for the Unification of Certain Rules for International Carriage by Air, Montréal, 28 May 1999 (MC99) with the International Civil Aviation Organisation (ICAO) in Montréal (please click here to see tweet from the Indonesia Embassy in Ottawa). MC99 is expected to come into force formally in Indonesia on 19 May 2017. This development has come off the back of significant lobbying of the Indonesia State by the International Air Transport Association (IATA) who continue to push for global ratification and adoption of MC99.
Aerospace
Asia Pacific
Can root cause analysis reports and witness statements be protected from discovery? March 2017 14/03/2017 Read more about Can root cause analysis reports and witness statements be protected from discovery? March 2017 In our experience, more and more safety conscious businesses have established written policies and procedures that require an investigation and analysis of the root causes of an incident involving personal injury or property damage. Incidents occurring in connection with business operations, that are not caused by uncontrollable factors such as tropical storms, are generally considered to be the consequence of human errors. In addition to work stoppages or delays and the associated economic losses, damage to safety records, and potential loss of prospective business opportunities, on-the-job incidents often lead to permanent life-changing disabling injuries or loss of life for which the company could face civil liability.
Insurance & Reinsurance
Employment
Houston
Investment Funds Update, February 2017 20/02/2017 Read more about Investment Funds Update, February 2017 In the wake of the Brexit referendum, Theresa May and others in the UK business community adopted the slogan “open for business”. Proposed changes to UK partnership law, amongst other initiatives, suggest that the UK government is putting its money where its mouth is.
Corporate
Right to disconnect: what impact on companies? January 2017 26/01/2017 Read more about Right to disconnect: what impact on companies? January 2017 On 1 January 2017, the employment law dated 8 August 20161 related “to work, to the modernisation of the labour relations and the securing of professional life” entered into force. This new regulation requires companies employing more than 50 employees to start negotiations with the employees’ representative bodies in order to define the rights of employees to disconnect, to ‘forget’ about their smart phones and other equivalent devices out of working hours. What are the concrete consequences for employers?
Corporate
Employment
Paris
Amendments to the Construction Contracts Act 2004 (WA) come into effect, December 2016 14/12/2016 Read more about Amendments to the Construction Contracts Act 2004 (WA) come into effect, December 2016 If you are a keen student of infrastructure and construction, this December 15 you will be celebrating the 100th anniversary of the opening of the Great Northern, Piccadilly and Brompton Railway in London. It is hard to imagine it now but at the time the line was a flop; in its first twelve months of operation it carried just half of the projected passengers. Of course, construction industry participants in Perth, Western Australia probably won’t get excited about the centenary of a failed railway tunnel on the other side of the planet this December. But they might get excited about the latest local development; the operation of the amendments to the Construction Contracts Act 2004 (WA) (Act).
Construction
Australia
Cyber security – time to change the locks? December 2016 12/12/2016 Read more about Cyber security – time to change the locks? December 2016 The EU's Directive on Security of Network and Information Systems1 (the NIS Directive) obliges Member States to improve national cyber security and reporting. In addition to obligations imposed on digital service providers, the NIS Directive also imposes obligations on businesses defined as "operators of essential services" which could include ports, terminals, airports and banks as well as other businesses in energy, transport, health, IT, telecommunications, water, food and finance.
EU, Competition and Trade Regulatory
Case update: cross-border insolvency, November 2016 29/11/2016 Read more about Case update: cross-border insolvency, November 2016 In The Joint Provisional Liquidators of BJB Career Education Company Limited (In Provisional Liquidation) v Xu Zhendong1, the Court of First Instance considered the Hong Kong courts' common law powers to recognise and assist foreign courts and insolvency practitioners overseeing non-Hong Kong insolvency proceedings.
Hong Kong
Dispute Resolution
EU electronic signature regulation, November 2016 23/11/2016 Read more about EU electronic signature regulation, November 2016 The eIDAS Regulation1, directly effective in EU Member States, aims to ensure that electronic measures, such as e-Signatures and e-Seals, are mutually recognised between Member States and have the same legal status and validity as their traditional paper-based equivalents. The Regulation is one of the 12 initiatives proposed in the Commission’s Single Market Act Communication of 20112. As explained below, the impact of the Regulation will depend on the uptake of Qualified Electronic Signatures, which are equivalent to handwritten signatures and must be recognised in all EU Member States
EU, Competition and Trade Regulatory
The Corporate Veil, porous or impenetrable? November 2016 16/11/2016 Read more about The Corporate Veil, porous or impenetrable? November 2016 The leak of the “Panama Papers” in April 2016 led to a great deal of interest in the ownership structures behind many companies. It could be assumed that in the light of the additional information becoming easily available it would be more likely that there would be a flurry of cases attempting to “pierce the corporate veil.” The reality is that three recent decisions have highlighted that the Courts will not easily be persuaded.
Shipping
Dispute Resolution
Trading after Brexit: navigating WTO rules, November 2016 03/11/2016 Read more about Trading after Brexit: navigating WTO rules, November 2016 If the UK formally exits the EU at the end of the Article 50 process without a free trade agreement with the EU in place, trade between the UK and the EU will have to rely on WTO rules. This article provides an introduction to those rules for exporters and importers of goods and services, and clarifies what Brexit might actually mean for them, including the possibility of increased tariffs, increased customs formalities and other challenges.
EU, Competition and Trade Regulatory
International Trade Regulation
Is there a notable initiative in a market that can be developed into a Pan-Arab initiative? October 2016 25/10/2016 Read more about Is there a notable initiative in a market that can be developed into a Pan-Arab initiative? October 2016 To a great extent banks and insurers are the “yin and yang” of operational risk. Banks have to deal with operational risk on a daily basis. Banks attempt to manage and mitigate these risks; and when they cannot, banks may attempt to transfer these risks to the insurance and reinsurance market. Insurers, for their part, attempt to understand and price the risk and then, in effect, remove that risk from the bank’s balance sheet. The premise of this paper is that banks and insurers have much more in common than meets the eye and that new developments in their respective markets can significantly enhance the financial strength of the Pan-Arab region.
Insurance & Reinsurance
Middle East
Dubai
Brexit: the effect on cross-border insolvencies, September 2016 13/09/2016 Read more about Brexit: the effect on cross-border insolvencies, September 2016 At first glance, it seems that cross-border insolvencies between the UK and EU are likely to become more time-consuming, complex and expensive post-Brexit. However, the situation may not be as dire as it first appears due to the existence of alternative legislation and the exemptions to the EU legislation. As with other areas of law, when it comes to insolvencies much will depend on what steps are taken to maintain the current arrangements with the EU or whether they fall away altogether.
Fraud and Insolvency
EU, Competition and Trade Regulatory
Faillite d’Hanjin : quelles actions pour les intérêts cargaison ? Septembre 2016 08/09/2016 Read more about Faillite d’Hanjin : quelles actions pour les intérêts cargaison ? Septembre 2016 Le 1er septembre 2016 la compagnie Hanjin Shipping Co Ltd (“Hanjin”) première compagnie coréenne de transport maritime par conteneur a sollicité la protection de la loi coréenne sur les faillites et une procédure collective, dite de “réhabilitation”, a été ouverte par les tribunaux de Séoul. Cette faillite, qui concerne le septième transporteur mondial de conteneurs, est de nature à avoir des conséquences immédiates très importantes s’agissant des relations d’Hanjin, tant avec les autres opérateurs du transport maritime mondial (armateurs, affréteurs, compagnies maritimes partenaires au sein de THE Alliance etc.) qu’avec les ayant-droit des marchandises transportées.
Shipping
Staying Adjudications – when your contractor is becoming insolvent, September 2016 01/09/2016 Read more about Staying Adjudications – when your contractor is becoming insolvent, September 2016 In Hakea Holdings Pty Limited v Denham Constructions Pty Limited; BaptistCare NSW & ACT v Denham Constructions Pty Limited (16 August 2016)1 the Supreme Court of New South Wales stayed the enforcement of an adjudication award because there were significant counterclaims against the contractor and a real risk that the contractor would be wound up and unable to repay the money received - if the counterclaims were successful. The case demonstrates that courts will stay enforcement where there is evidence that the financial circumstances of the contractor mean that it is unlikely to be able to repay the adjudication award and where there are strong and substantial counterclaims, even if the contractor is not actually in liquidation.
Construction
Asia Pacific
Australia
Hanjin in rehabilitation: what next? August 2016 31/08/2016 Read more about Hanjin in rehabilitation: what next? August 2016 The insolvency of Hanjin Shipping (Hanjin), the world's seventh largest container line, is likely to have a significant impact throughout the maritime sector. In this briefing we provide an overview of some of the potential consequences of Hanjin's insolvency and which parties will be most affected by this development.
Shipping
New SIAC rules 2016: key changes apply from 1 August 2016, July 2016 21/07/2016 Read more about New SIAC rules 2016: key changes apply from 1 August 2016, July 2016 This year, the Singapore International Arbitration Centre (SIAC) celebrated its 25th anniversary and the SIAC congress held in May 2016, which HFW attended as a gold sponsor, was a testament to SIAC’s achievements during its 25 years. SIAC continues to play a key role in the city-state’s growth as a major international arbitration hub. Despite only releasing the previous edition of its rules in 2013, SIAC has recently released the 6th edition of its Arbitration Rules.
Dispute Resolution
Singapore
Asia Pacific
Holidays in France - always strict liability? July 2016 11/07/2016 Read more about Holidays in France - always strict liability? July 2016 In accordance with the High Court’s decision in Committeri v Club Mediterranee SA1, it is in the interest of any companies that provide package holidays to France to ensure that the contracts between them and the buyers of the holidays are governed by English law. This will ensure that travel companies will not be strictly liable to provide compensation in the event of an injury during the holiday.
Travel, Cruise & Leisure
Dispute Resolution
North Korea sanctions update, June 2016 08/06/2016 Read more about North Korea sanctions update, June 2016 Amid continuing frustration at the activities of North Korea, including allegations of a link between North Korea and cyber attacks against banks in Bangladesh and elsewhere which resulted in the theft of more than $80 million, the EU and US have now imposed still further sanctions against North Korea.
Dispute Resolution
International Trade Regulation
Asia Pacific
L’impact de la réforme du droit des contrats en France en matière de construction, Mai 2016 26/05/2016 Read more about L’impact de la réforme du droit des contrats en France en matière de construction, Mai 2016 L’Ordonnance n° 2016-131 du 10 février 2016 portant réforme du droit des contrats, du régime général et de la preuve des obligations a été publiée au Journal Officiel du 11 février 2016 (l’“Ordonnance”). Il faudra attendre le 1er octobre 2016 pour que cette réforme entre en vigueur. Les contrats de construction de droit privé sont de fait impactés. Toutefois, si l’Ordonnance modifie le régime général des contrats elle ne touche pas aux règles spéciales applicables en matière de construction d’ouvrages, marchés à forfait, garanties décennales et autres responsabilités spécifiques des constructeurs. Les aspects clés de l’Ordonnance en la matière concernent notamment la période de négociation du contrat, le déséquilibre contractuel, la consécration de la violence par abus de dépendance, la consécration de la théorie de l’imprévision et la clarification des remèdes à l’inexécution contractuelle.
Construction
Paris
ASEAN liberalisation: open skies achieves full ratification, May 2016 10/05/2016 Read more about ASEAN liberalisation: open skies achieves full ratification, May 2016 Without much fanfare, it was confirmed last month that Indonesia and Laos have now ratified the Association of South East Asian Nations (ASEAN) open skies agreement (the Agreement). This means that the Agreement has now achieved full ratification by all ten ASEAN Member States (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam). Whilst the announcement garnered little media attention, the importance of this development for the future liberalisation of aviation in South East Asia cannot be underestimated.
Aerospace
Asia Pacific
Hong Kong
Shanghai
Singapore
Indonesia: what’s new? April 2016 28/04/2016 Read more about Indonesia: what’s new? April 2016 Since September 2015 until early April 2016, the Indonesian government has issued 11 economic stimulus packages. As part of these economic stimulus packages the government has issued 169 regulations so far, whilst a few others are still in the process of further deliberation.
Commercial
Asia Pacific
International Trade Regulation
Logistics
Commodities
Energy
Finance
Pesée des conteneurs : nouvelle réglementation SOLAS, Avril 2016 21/04/2016 Read more about Pesée des conteneurs : nouvelle réglementation SOLAS, Avril 2016 Face à la multiplication des incidents causés par les fausses déclarations du poids des conteneurs, l’Organisation Maritime Internationale (OMI) a adopté en 2014 un amendement à la Convention internationale sur la Sauvegarde de la vie en mer (SOLAS) afin d’apporter des réponses à cette problématique. Cet amendement, qui entrera en vigueur le 1er juillet 2016, rendra obligatoire la pesée de chaque conteneur avant le début du chargement afin de permettre au ship planner d’établir un plan de chargement tenant compte du poids réel des conteneurs.
Ports & Terminals
Shipping
Logistics
A victory for insurers: the YUSUF CEPNIOGLU, April 2016 20/04/2016 Read more about A victory for insurers: the YUSUF CEPNIOGLU, April 2016 Many jurisdictions around the world have legislation granting a victim the right to sue a defendant’s insurer directly and without first suing the insured. Such “direct action statutes” have been used in a number of recent cases to sue P&I clubs directly. The issue for clubs, and insurance companies generally, is not only that such claims potentially circumvent the choice of law and jurisdiction within the contract of insurance, but also that contractual defences, most notably the pay to be paid rule, can often be declared unenforceable by the local courts.
Logistics
Shipping
Insurance & Reinsurance
North Korea sanctions update, April 2016 15/04/2016 Read more about North Korea sanctions update, April 2016 Following the nuclear test conducted by North Korea on 6 January 2016 and the rocket launch conducted on 7 February 2016, the UN, the US and EU have significantly expanded the scope of sanctions against North Korea. Other UN members, including China, are also reported to have imposed their own new set of sanctions against North Korea, in line with the new UN sanctions.
Asia Pacific
Dispute Resolution
International Trade Regulation
Changes to the Saudi Arabian labor laws, April 2016 14/04/2016 Read more about Changes to the Saudi Arabian labor laws, April 2016 The new amendments to the Saudi Arabian labor laws (initially announced in a Royal Decree No. M/46 of 05/05/1436H) came into force on 18 October 2015. The reforms follow the Saudi Ministry of Labor’s ongoing efforts to strike a balance between the creation of a dynamic marketplace for foreign businesses and protection and development of the local workforce.
Employment
Middle East
Tales of offshore contract terminations, April 2016 05/04/2016 Read more about Tales of offshore contract terminations, April 2016 The state of the global oil and gas market is such that owners of rigs or offshore support vessels face the realistic prospect of terminations by their charterer. The industry is well aware of a number of recent terminations, which are an unfortunate reality arising from the drive to save costs. Many of these termination disputes are confidential, either being subject to arbitration or negotiated by way of commercial settlement. We discuss below a recent and well publicised case which provides a useful and timely insight into the legal hurdles that these terminations raise. We also briefly address key issues, from an English law perspective, detailing how the validity of a typical termination is likely to be assessed during a dispute.
Energy
Dispute Resolution
Safe Harbour 2.0: will the EU-US Privacy Shield stand up to scrutiny? February 2016 08/02/2016 Read more about Safe Harbour 2.0: will the EU-US Privacy Shield stand up to scrutiny? February 2016 A last minute deal was struck on 2 February 2016 between the European Commission and the United States, in an attempt to fill the void in EU-US data transfer created by the Schrems1 decision in October 2015. The political agreement creates a new framework for transatlantic data flows, labelled the “EU-US Privacy Shield”. The name implies robust protection for EU citizens’ data, but the level of protection offered by the framework is already being called into question by critics across Europe.
EU, Competition and Trade Regulatory
USA & Canada
Eastern Europe & Russia
The new Saudi companies law and its implications for KSA companies, January 2016 21/01/2016 Read more about The new Saudi companies law and its implications for KSA companies, January 2016 On 9 November 2015, the Kingdom of Saudi Arabia’s Council of Ministers approved the long awaited new companies law 1437H/2015G (the New Law) which will come into force in May 2016 and is set to modernise the current framework under the law enacted in 1965 (the Current Law). This follows the accession of Saudi Arabia to the World Trade Organization (the WTO) and the commitment of the Kingdom to modernise its legal and regulatory environment in line with international trends and standards.1
Commercial
Insurance & Reinsurance
Corporate
Riyadh
Middle East
Why are we weighting? Time to act, January 2016 23/12/2015 Read more about Why are we weighting? Time to act, January 2016 The implications of the verification of the gross mass of containers — a relatively modest change to the International Maritime Organization (IMO) Safety of Life at Sea Convention (SOLAS) that in essence reiterates the existing responsibility of shippers to declare gross mass accurately — are reverberating through the container supply chain.
Ports & Terminals
Shipping
Logistics
Mongolia: what’s new? December 2015 11/12/2015 Read more about Mongolia: what’s new? December 2015 It is no secret that the fall in global commodity prices and Chinese demand has hurt the Mongolian economy. In addition, the Mongolian government is facing a number of imminent debt repayments and the prospect of having to restructure its sovereign and parastatal debt remains very real.
Corporate
Asia Pacific
Challenges en cascade pour l’Afrique, Novembre 2015 20/11/2015 Read more about Challenges en cascade pour l’Afrique, Novembre 2015 Avec la chute des prix des matières premières et le ralentissement de la demande chinoise, un certain nombre de gouvernements africains vont faire face à la nécessité de restructurer leur dette souveraine et parapublique. Ils ne peuvent l’ignorer et les exemples récents démontrent que plus l’approche adoptée est proactive, meilleurs sont les résultats à long terme.
Commodities
Africa
Asia Pacific
Corporate
Finance
Misery loves company, November 2015 19/11/2015 Read more about Misery loves company, November 2015 With the fall in global commodity prices and slowdown in Chinese demand for commodities, a number of African governments may face the imminent prospect of having to restructure their sovereign and parastatal debt. They should not be ignoring this and recent examples have shown that the more proactive an approach that can be taken, the better the long term results.
Commodities
Corporate
Africa
Asia Pacific
Finance
Extension of the French continental shelf, November 2015 17/11/2015 Read more about Extension of the French continental shelf, November 2015 On 25 September, France adopted four decrees redefining the external limits of the French continental shelf, with a gain of 579,000 km2 in surface area off the coast of Martinique and Guadeloupe, New Caledonia, French Guiana and the Kerguelen Islands. France, which already controls the second largest Exclusive Economic Zone worldwide, with 11.03 million km2, just behind the USA with 11.35 million km2, and before Australia with 8.15 million km2, intends to increase its submarine domain by 1 million km2.
Energy
Paris
Eastern Europe & Russia
Latin America
Global developments in LNG trading, November 2015 17/11/2015 Read more about Global developments in LNG trading, November 2015 This article is the second in a three part series and covers the ascent of the United States to becoming the world’s largest producer of natural gas, its transition from a net importer historically to a net exporter for the foreseeable future, and finally the important role of shipping in facilitating that transition to being a key player in the global LNG market. We also discuss the latest developments from three key areas of Asia – Japan, Singapore and Indonesia.
Energy
Asia Pacific
Singapore
Commodities
Shipping
Ports & Terminals
Time bars: miss them at your peril, November 2015 02/11/2015 Read more about Time bars: miss them at your peril, November 2015 On 15 October 2015, the English Court of Appeal handed down judgment in the matter of Stolt Kestrel BV v Sener Petrol Denizcilik Ticaret AS (STOLT KESTREL c/w NIYAZI S). At the same time the Court of Appeal also heard an application by the claimant in the matter of CDE S.A. v Sure Wind Marine Limited (SB SEAGUARD c/w ODYSSÉE) for permission to appeal to the Court of Appeal from a decision of the Admiralty Registrar, Mr Jervis Kay QC (see previous update: http://www.hfw.com/Beware-of-time-bars-April-2015).
Shipping
Dispute Resolution
Insurance & Reinsurance
Bollettino Marittimo – Edizione Speciale: Sentenza d’Appello nel caso OW Bunker, Ottobre 2015 26/10/2015 Read more about Bollettino Marittimo – Edizione Speciale: Sentenza d’Appello nel caso OW Bunker, Ottobre 2015 La Corte d’Appello inglese ha emesso giovedì scorso la sentenza d’appello [2015] EWCA Civ 1058 nella recente saga OW Bunker, rigettando all’unanimità l’appello degli Armatori, al solo fine di considerare che il mancato trasferimento del titolo di proprietà dei carburanti da parte di OW non avrebbe sollevato gli Armatori dal loro obbligo di predisporne il pagamento. In altre parole, la decisione pone le proprie basi, seppur limitate, sul fatto che il Sale of Goods Act non permetterebbe agli Armatori di porre in essere una difesa contro un reclamo da parte di OW per il pagamento del prezzo, ai sensi del contratto di fornitura.
Shipping
Ports & Terminals
Dispute Resolution
London
Insurance regulation in the ADGM and the DIFC: a comparative guide, November 2015 20/10/2015 Read more about Insurance regulation in the ADGM and the DIFC: a comparative guide, November 2015 The Abu Dhabi Global Market (ADGM), located on Al Maryah Island, Abu Dhabi, was established in 2013 as Abu Dhabi’s financial services free trade zone. The ADGM ultimately intends to be a broad financial services hub for local, regional and international entities seeking to do business in the Gulf and the wider region. Its initial focus is on the private banking, wealth management and asset management sectors, reflecting Abu Dhabi’s particular economic strengths.
Insurance & Reinsurance
Dubai
Middle East
EU, Competition and Trade Regulatory
Corporate
Competition law update: Draft Leniency Policy, October 2015 19/10/2015 Read more about Competition law update: Draft Leniency Policy, October 2015 The Hong Kong Competition Ordinance (Ordinance) was enacted on 14 June 2012 and its operative provisions finally come into full force on 14 December 2015. The Ordinance will apply to all sectors of Hong Kong's economy including the aviation, construction, insurance and shipping sectors (to name a few).
Construction
EU, Competition and Trade Regulatory
Hong Kong
Insurance & Reinsurance
Aerospace
Shipping
Coastal trading update, October 2015 14/10/2015 Read more about Coastal trading update, October 2015 Our previous briefings on the Coastal Trading (Revitalising Australian Shipping) Act 2012 (the Coastal Trading Act)1 set out in detail the proposed reforms to the current cabotage regulations contained in the Shipping Legislation Amendment Bill 2015 (Bill). The proposed reforms which effectively dismantle the previous Labor Government’s cabotage legislation to open up the Australian coast to international shipping have been subject to a concerted attack by the Maritime Union of Australia and the Labor opposition. Australian industry is strongly supportive of the proposed reform.
Shipping
Asia Pacific
Melbourne
Sydney
Perth
Logistics
Ports & Terminals
Indonesia: what’s new? October 2015 09/10/2015 Read more about Indonesia: what’s new? October 2015 Following the first two economic stimulus packages introduced by the Indonesian President Joko Widodo’s administration in September 2015, in October this year the government launched the much anticipated third phase of the stimulus package. These measures are intended to bolster the weakening Rupiah (IDR) and boost investment in the industrial sector.
Asia Pacific
International Trade Regulation
Logistics
Commodities
Energy
Commercial
Finance
Dubai court issues landmark judgment recognising and enforcing a foreign arbitral award, September 2015 03/09/2015 Read more about Dubai court issues landmark judgment recognising and enforcing a foreign arbitral award, September 2015 In a recent landmark judgment handed down by the Dubai Court of Appeal, Holman Fenwick Willan’s (HFW) Middle East shipping team, including Partner Yaman Al Hawamdeh and Associate Anas Al Tarawneh, has successfully obtained a judgment ordering the recognition and enforcement of a London arbitration award in the UAE. This judgment is of particular significance as it confirms that UAE courts should consider the validity of the underlying arbitration clause in the context of the New York Convention and the foreign law governing the contract. The judgment is also the first of its kind ordering the recognition and enforcement of a foreign arbitral award made on the basis of an unsigned charterparty.
Shipping
Dubai
Middle East
Hong Kong
London
Middle East
Eastern Europe & Russia
Dispute Resolution
Bunkers International Corporation, September 2015 02/09/2015 Read more about Bunkers International Corporation, September 2015 The latest reports that Bunkers International Corporation have filed for Chapter 11 protection for itself and affiliated companies once again highlights the risks that owners and charterers face of having to potentially pay twice for the same bunkers, that is paying both to the head contractor, Bunkers International, and any sub-contractors, as the physical supplier.
Shipping
Ports & Terminals
London
Paris
Brussels
Geneva
Piraeus
Dubai
Shanghai
Hong Kong
Singapore
Melbourne
Sydney
Perth
Brazil
Alliance Offices
Asia Pacific
Eastern Europe & Russia
USA & Canada
The role of LNG in the global energy sector and shipping’s role in that market, August 2015 24/08/2015 Read more about The role of LNG in the global energy sector and shipping’s role in that market, August 2015 This is the first in a series of three articles on the rapidly developing global LNG market. Every region of the globe will participate as either a supplier or consumer in the LNG market, and substantial amounts of investment are necessary to properly build out the midstream infrastructure, with the most interesting opportunities being in floating liquefaction and regasification.
Energy
Shipping
London
Paris
Brussels
Geneva
Piraeus
Dubai
Shanghai
Hong Kong
Singapore
Melbourne
Sydney
Perth
Brazil
Alliance Offices
Africa
Asia Pacific
Eastern Europe & Russia
Indian Sub-continent
Latin America
Middle East
Scandinavia
USA & Canada
Philippines ratifies Montreal Convention 1999, August 2015 18/08/2015 Read more about Philippines ratifies Montreal Convention 1999, August 2015 On 10 August 2015, the Philippine Senate ratified the Convention for the Unification of Certain Rules for International Carriage by Air, Montreal, 28 May 1999 (MC99). MC99 is expected to come into force formally in the Philippines within the next year. The move will be welcomed by airlines and the International Air Transport Association (IATA) who have lobbied for global ratification and adoption of MC99 to bring an end to the patchwork of liability regimes that continue to exist around the world.
Aerospace
Asia Pacific
Hong Kong
Singapore
Tianjin Port explosion, August 2015 14/08/2015 Read more about Tianjin Port explosion, August 2015 The huge explosion at Tianjin Port, which led to an enormous fire that affected a substantial part of the port, could lead to massive supply chain disruption. This briefing provides an overview of some of the potential consequences.
Ports & Terminals
Shipping
Logistics
Insurance & Reinsurance
Asia Pacific
London
Paris
Brussels
Geneva
Piraeus
Dubai
Shanghai
Singapore
Hong Kong
Melbourne
Sydney
Perth
Brazil
Alliance Offices
Brazilian regulatory changes good for international reinsurers, August 2015 07/08/2015 Read more about Brazilian regulatory changes good for international reinsurers, August 2015 35 out of 40 of the world’s largest reinsurers have a licence to write business in Brazil. It will therefore be of great interest to the local and international market that on 20 July 2015, in a sudden move that was unexpected by most players, the Brazilian National Council of Private Insurance (CNSP) issued resolution 322, which provides a five year timeframe for the step-by-step relaxation of the mandatory cession rule and the intra-group prohibition. This article examines the genesis of the changes, describes the new rules, provides some commentary on how they are being received and speculates on why they came about.
Insurance & Reinsurance
EU, Competition and Trade Regulatory
Brazil
Latin America
Aviation regulatory update, July 2015 27/07/2015 Read more about Aviation regulatory update, July 2015 In this regulatory round-up, we highlight the forthcoming changes to EU legislation in the package travel sector – long-awaited and the first significant amendments to the law in this area for 25 years.
Aerospace
EU, Competition and Trade Regulatory
Eastern Europe & Russia
Nigeria bans 113 tankers, July 2015 23/07/2015 Read more about Nigeria bans 113 tankers, July 2015 On 15 July 2015, Nigeria’s state oil company, Nigerian National Petroleum Corporation (NNPC) issued a list of 113 tankers prohibited, with immediate effect, from “engaging in crude oil/gas ... activities in any... terminals within...Nigerian territorial waters...”. The directive further provides that “the affected vessels have also been barred from movements within ... Nigerian territorial waters”.
Energy
Shipping
Ports & Terminals
Africa
Australian cabotage update – July 2015 17/07/2015 Read more about Australian cabotage update – July 2015 In our March1 and May2 2015 updates on Australian coastal trading reform we reported on the government’s intention to scrap the existing coastal trading regime which was introduced by the previous (Labour) Government through the Coastal Trading (Revitalising Australian Shipping) Act 2012 (CTA).
Shipping
Logistics
Ports & Terminals
Melbourne
Sydney
Perth
Asia Pacific
Approach agreed on new Data Protection Regulation, July 2015 13/07/2015 Read more about Approach agreed on new Data Protection Regulation, July 2015 On 15 June 2015, the EU Council agreed a general approach to the new data protection legislation. This means that the Council has a basis on which to negotiate with the European Parliament. The updated regime will be brought into law by a Regulation; therefore when it becomes law it will be directly effective in all Member States simultaneously. There is expected to be a two year transitional period.
EU, Competition and Trade Regulatory
Eastern Europe & Russia
The UK Insurance Act 2015, June 2015 10/06/2015 Read more about The UK Insurance Act 2015, June 2015 On 12 February 2015, the Insurance Act 2015 (the Act) received Royal Assent. The Act will come into force on 12 August 2016 and will make reforms in areas such as disclosure by policyholders and their agents in business insurance, warranties and an insurer’s remedies for fraudulent claims. The Act will introduce new law (replacing the existing common law) and, significantly, will also amend parts of the Marine Insurance Act 1906 (the MIA 1906). The MIA 1906 states the English common law for all classes of non-life insurance.
Insurance & Reinsurance
Dispute Resolution
Eastern Europe & Russia
Australian coastal trading update, May 2015 21/05/2015 Read more about Australian coastal trading update, May 2015 Further to our previous Briefings on coastal trading1 in which we have commented on the Australian Federal Government’s proposed changes to the current cabotage scheme administered under the Coastal Trading (Revitalising Australian Shipping) Act 2012, at an industry luncheon yesterday, Deputy Prime Minister Warren Truss, Minister for Infrastructure and Regional Development, provided some further details on the proposed reforms which he said were part of the Governments broader reform agenda.
Shipping
Asia Pacific
Melbourne
Sydney
Perth
Commodities
Logistics
Ports & Terminals
Wind farm design risk: landmark decision, May 2015 18/05/2015 Read more about Wind farm design risk: landmark decision, May 2015 In April 2014 the English courts issued a judgment in the case Højgaard v. E.ON concerning the contractor’s responsibility for the construction and design of the monopiles and transition pieces on the Robin Rigg wind farm. Despite the fact that Højgaard had followed the DNV standard it was found liable for design failures. Højgaard appealed the “first instance” court judgment of Mr Justice Edwards-Stuart, a move which has now been vindicated by the Court of Appeal, which has reversed the original finding.
Construction
Energy
Dispute Resolution
Australian coastal trading market update, May 2015 05/05/2015 Read more about Australian coastal trading market update, May 2015 Since its introduction in 2012, the Coastal Trading (Revitalising Australian Shipping) Act 2012 (Cth) (the CTA) has been the subject of criticism by the shipping industry. In particular, the manner in which coastal trading is being regulated has caused difficulties for both foreign and Australian based shipowners and charterers seeking flexible and cost effective coastal trading services.
Shipping
International Trade Regulation
EU, Competition and Trade Regulatory
Logistics
Commodities
Ports & Terminals
Asia Pacific
Melbourne
Sydney
Perth
Thailand adopts new International Carriage by Air Act, May 2015 23/04/2015 Read more about Thailand adopts new International Carriage by Air Act, May 2015 From 14 May 2015 the International Carriage by Air Act B.E. 2558 (the Act) comes into force in Thailand. The significance of this legislative development cannot be underestimated. The Act will end the application of the Thai Civil and Commercial Code (the Thai CCC) to both aviation cargo and passenger claims. Whether this is a stepping stone to Thailand becoming a fully fledged state party to the Montreal Convention 1999 (MC99) remains to be seen.
Aerospace
Asia Pacific
Beware of time bars, April 2015 22/04/2015 Read more about Beware of time bars, April 2015 Q: What is the time limit for bringing a collision claim?
A: Section 190(3) of the Merchant Shipping Act 1995 (MSA 1995) provides that it is two years from the date the damage or loss was caused.
Shipping
Insurance & Reinsurance
Dispute Resolution
Dealing with the changing sanctions landscape, February 2015 23/02/2015 Read more about Dealing with the changing sanctions landscape, February 2015 The sanctions landscape has surely never been more complex and volatile, with escalating sanctions against Russia (and threats of more measures to follow), the ongoing Iran suspension (with uncertainty about the status after 30 June 2015) and mixed messages from the United States about a softening of the American position on Cuba.
London
Paris
Brussels
Geneva
Piraeus
Dubai
Shanghai
Hong Kong
Singapore
Melbourne
Sydney
Perth
Brazil
Alliance Offices
Financial Institutions
Insurance & Reinsurance
Energy
International Trade Regulation
Eastern Europe & Russia
USA & Canada
Shipping insolvencies: a Hong Kong perspective, February 2015 23/01/2015 Read more about Shipping insolvencies: a Hong Kong perspective, February 2015 As the bankruptcy of OW Bunker has shown, insolvency in a shipping context can cause significant, far reaching and immediate legal uncertainty. The interaction of insolvency procedures, jurisdictional issues, and the complex web of contractual relationships involved in shipping insolvencies creates unique practical and legal challenges. In this Briefing, we consider from a Hong Kong perspective some of the practical issues that commonly arise.
Shipping
Hong Kong
Asia Pacific
Home Building Act amendment: decreased liabilities or fairer playing field? January 2015 19/01/2015 Read more about Home Building Act amendment: decreased liabilities or fairer playing field? January 2015 Home Building Amendment Act 2014 (HBAA) contains significant amendments that will affect all participants in the home building construction industry. Most amendments are effective from 15 January 2015, however, some amendments relating to contracts for residential building work will not take effect until 1 March 2015.
Construction
Sydney
London
Paris
Brussels
Geneva
Piraeus
Dubai
Shanghai
Hong Kong
Singapore
Melbourne
Perth
Brazil
Alliance Offices
Africa
Asia Pacific
Eastern Europe & Russia
Indian Sub-continent
Latin America
Middle East
Scandinavia
USA & Canada
New corruption convictions in the UK and the USA, January 2015 14/01/2015 Read more about New corruption convictions in the UK and the USA, January 2015 Following our Briefing of 19 December 2014, which focussed on the UK Government's new Anti-Corruption Plan and the conviction of two individuals in December for offences under the Bribery Act 2010 (Bribery Act), we discuss below further convictions obtained by the SFO. We also review some recent convictions under the extra-territorial legislation of the United States of America (US), where we see an example of a company's global liability and the reach of national regulators.
Sulphur Emissions: A New Year’s Resolution, January 2015 06/01/2015 Read more about Sulphur Emissions: A New Year’s Resolution, January 2015 As has been widely reported, 1 January marked the commencement date of new emissions regulations for vessels operating in Emissions Control Areas (ECAs). Following regulation 14 of the IMO’s MARPOL Annex VI, vessels will be obligated to burn bunkers with a maximum 0.1% sulphur content by mass within ECAs, which currently cover the North Sea, Baltic Sea, North American coastline and US Caribbean. Operators who fail to conform with this limit (and cannot demonstrate a defence or mitigating factor under the regulations1) will face financial penalties and possible vessel detention by ECA states.
The Damages Directive and Private Enforcement, December 2014 17/12/2014 Read more about The Damages Directive and Private Enforcement, December 2014 On 5 December 2014, the European Union Directive 2014/104 on rules governing actions for damages (the Directive) was published in the Official Journal. The Directive seeks to provide a right of full compensation for any natural or legal person who has suffered loss due to an infringement of competition law.
London
EU, Competition and Trade Regulatory
London
Paris
Brussels
Geneva
Piraeus
Eastern Europe & Russia
Financial Services Regulation
EU sanctions against Russia and Iran 09/12/2014 Read more about EU sanctions against Russia and Iran On Thursday 4 December, the EU adopted Council Decision 2014/872/CFSP and Council Regulation (EU) No 1290/2014 (the "Amending Regulation"), which amends the sanctions currently in force against Russia. The intention is to clarify the scope and application of the current sanctions against Russia, not to increase them.
London
Paris
Brussels
Geneva
Piraeus
Dubai
Shanghai
Hong Kong
Singapore
Melbourne
Sydney
Perth
Brazil
Eastern Europe & Russia
International Trade Regulation
Energy
Financial Institutions
Insurance & Reinsurance
UK Counter-Terrorism and Security Bill: ransom payments, November 2014 24/11/2014 Read more about UK Counter-Terrorism and Security Bill: ransom payments, November 2014 On Monday 24th November 2014, the Home Secretary, Theresa May, announced the Government's new "Counter-Terrorism and Security Bill" (the Bill), which will be put before Parliament on Wednesday 26th November 2014. The Government hopes to fast-track the Bill through Parliament and enact it into law prior to the next general election (i.e. before May 2015).
Shipping
Insurance & Reinsurance
London
Paris
Brussels
Piraeus
Geneva
Dubai
Shanghai
Hong Kong
Singapore
Melbourne
Sydney
Perth
Brazil
Dispute Resolution
Hijacked by Somali pirates: additional liabilities for cargo interests, November 2014 12/11/2014 Read more about Hijacked by Somali pirates: additional liabilities for cargo interests, November 2014 In October 2014, the English High Court handed down an unfavourable judgment for cargo owners and their insurers in the context of Somali piracy 1. Stephen Hofmeyr QC, sitting as Deputy High Court Judge, ruled that additional classes of expense – beyond that typically allowed by current General Average adjusting practice, could be recovered by shipowners from cargo interests. This included wages paid to crew and bunkers consumed during the period of a Somali hijack.
Shipping
Dispute Resolution
London
Paris
Brussels
Geneva
Piraeus
Dubai
Shanghai
Hong Kong
Singapore
Melbourne
Sydney
Perth
Brazil
Regulations for secondary listings relaxed by SGX, November 2014 12/11/2014 Read more about Regulations for secondary listings relaxed by SGX, November 2014 Following a public consultation in June this year, on 3 November 2014 the Singapore Exchange (SGX) introduced a new regulatory framework governing secondary listings. The new approach removes the requirement for additional oversight and continuing listing obligations for companies applying for a secondary listing who have their primary listing in a developed jurisdiction (the definition of this phrase is discussed below).
Hong Kong
Asia Pacific
Corporate
Singapore
London
Construction
Commodities
Energy
Financial Institutions
Logistics
Mining
Shipping
Terrorism on the high seas, November 2014 05/11/2014 Read more about Terrorism on the high seas, November 2014 A recent on-line Al Qaeda propaganda publication has once again highlighted the potential threat posed to global shipping by terrorism. The inaugural edition of “Resurgence” contains an article ominously entitled “On targeting the Achilles Heel of Western Economies”.
Shipping
Energy
Commodities
Market volatility driving oil prices, November 2014 30/10/2014 Read more about Market volatility driving oil prices, November 2014 Crude oil prices have fallen to their lowest point in recent years due to weak demand and rising supply. Brent crude is in the mid-US$80s, which is roughly a 25% fall from US$115 in June 2014. Meanwhile, West Texas Intermediate (WTI) is hovering in the low-US$80s, having briefly dipped below the US$80 mark in mid-October 2014.
Energy
Commodities
USA & Canada
Dispute Resolution
London
Mediation: time for something new, October 2014 28/10/2014 Read more about Mediation: time for something new, October 2014 The International Cotton Association (ICA) has announced that it will soon offer a mediation service. It is hoped that this new offering will help ICA members reach amicable settlements of their claims. Ultimately, the ICA hopes that this will not only lead to fewer unfulfilled awards but will also, in the long run, reduce the number of claims resorting to arbitration.
Commodities
Dispute Resolution
Proposed joint ventures in Indonesia, October 2014 16/10/2014 Read more about Proposed joint ventures in Indonesia, October 2014 A joint venture (JV) arrangement with an Indonesian partner is an effective and, from a regulatory perspective, often the most straightforward method of developing operations in Indonesia. In particular, a JV helps to restrict, as far as possible, the application of the Indonesian cabotage laws to a company’s business.
Corporate
Finance
Shipping
Asia Pacific
Commercial
Energy
Financial Institutions
Ebola causing a headache for airlines, October 2014 13/10/2014 Read more about Ebola causing a headache for airlines, October 2014 With the rapid spread of the deadly Ebola virus bringing people out in a cold sweat, airlines may be concerned about their potential exposure to claims. Drawing on our experience of previous worldwide
health threats, such as Swine Flu, SARS and tuberculosis, we consider the real extent of airlines’ exposure.
Aerospace
Dispute Resolution
Insurance & Reinsurance
London
Paris
Brussels
Dubai
Hong Kong
Singapore
Sydney
Brazil
Africa
Proposed overhaul of Australian competition law in the shipping liner trade, September 2014 25/09/2014 Read more about Proposed overhaul of Australian competition law in the shipping liner trade, September 2014 In 2011, the Australian Government ushered in a raft of changes to the country’s competition and consumer laws culminating in the renaming of the Trade Practices Act 1974 (Cth) (TPA) as the Competition and Consumer Act 2010 (CCA) and the enactment of the new Australian Consumer Law (ACL). At the time, Part X of the TPA – which in broad terms exempted shipping lines from most of the anti-competitive provisions of the TPA – was carried over into the CCA and therefore remained intact. That was so despite recommendations made by the Australian Productivity Commission in 2005 and later in 2012 for Part X to be repealed1. The current exemption may soon be wound back following publication this week of a Draft Report by the Review Panel constituted under The Australian Government Competition Policy Review recommending the repeal of Part X.
Shipping
Ports & Terminals
Commodities
EU, Competition and Trade Regulatory
Asia Pacific
Melbourne
Sydney
Perth
International Trade Regulation
Australian Government to overhaul coastal cabotage regime, September 2014 18/09/2014 Read more about Australian Government to overhaul coastal cabotage regime, September 2014 In an interview with The Australian newspaper yesterday (Wednesday 17 September 2014), Australia's Deputy Prime Minister and Minister for Infrastructure and Regional Development, Mr Warren Truss, indicated that there will be a streamlining of the cabotage regime introduced under the previous (Labour) Government's coastal shipping reforms in order to introduce greater flexibility for the carriage of cargo around the Australian coast on internationally flagged vessels.
Asia Pacific
Melbourne
Sydney
Perth
Shipping
Commodities
London
Paris
Brussels
Geneva
Piraeus
Dubai
Shanghai
Hong Kong
Singapore
Coal trade: the impact of the changing regulatory framework in Asia-Pacific, September 2014 17/09/2014 Read more about Coal trade: the impact of the changing regulatory framework in Asia-Pacific, September 2014 New regulations on Indonesian coal exports and PRC coal imports are due to come into force in the coming months. These new regulations will impose tighter restrictions on traders who export coal out of Indonesia and/or import coal into the PRC. Traders should carefully consider the impact of the more onerous licensing requirements imposed on coal exporters by the Indonesian government from 1 October 2014 onwards, as well as how their business may be affected by the new import quality restrictions imposed by the Chinese government from 1 January 2015 onwards.
Mining
Commodities
Shipping
International Trade Regulation
Dispute Resolution
Singapore
Asia Pacific
Energy
London
Hong Kong
Shanghai
Melbourne
Sydney
Perth
Geneva
Paris
Sanctions: more pressure on Russia 12/09/2014 Read more about Sanctions: more pressure on Russia As widely anticipated, further EU sanctions were adopted today, and businesses with trading or other links with Russia need to check carefully that the latest restrictions do not affect them.
International Trade Regulation
London
Energy
Financial Institutions
Insurance & Reinsurance
Paris
Brussels
Geneva
Piraeus
Dubai
Shanghai
Hong Kong
Singapore
Melbourne
Sydney
Perth
Brazil
Alliance Offices
Eastern Europe & Russia
EU sanctions related to Ukraine: tightening the screw 01/08/2014 Read more about EU sanctions related to Ukraine: tightening the screw In a sign that governments in the EU and US are increasingly losing patience with the situation in Ukraine, and that they see sanctions and other trade restrictions as a useful tool to put pressure on Mr Putin and others, three sets of further EU restrictions were imposed this week – two on 30 July and one on 31 July.
International Trade Regulation
London
Paris
Brussels
Geneva
Piraeus
Dubai
Shanghai
Hong Kong
Singapore
Melbourne
Sydney
Perth
Brazil
Alliance Offices
Africa
Asia Pacific
Eastern Europe & Russia
Indian Sub-continent
Latin America
Middle East
Scandinavia
USA & Canada
Energy
Financial Institutions
Insurance & Reinsurance
Shipping
Treatment of PCASP under the Maritime Labour Convention, July 2014 16/07/2014 Read more about Treatment of PCASP under the Maritime Labour Convention, July 2014 The Maritime Labour Convention 2006 (the MLC) came into force on 20 August 2013. The UK became the 41st International Labour Organisation (ILO) Member State to ratify the MLC, having done so on 7 August 2013. The UK’s ratification brought with it Bermuda, Cayman Islands, Gibraltar and the Isle of Man, and will become law in the UK and those territories on 7 August 2014.
Shipping
London
Latin America
USA & Canada
Middle East
Africa
Asia Pacific
Paris
Geneva
Piraeus
Dubai
Shanghai
Hong Kong
Singapore
Melbourne
Sydney
Perth
The Insurance Bill, July 2014 01/07/2014 Read more about The Insurance Bill, July 2014 On 17 July 2014, the Insurance Bill (the Bill) was introduced into the UK Parliament. The Bill proposes to reform areas such as disclosure in business insurance, warranties and an insurer’s remedies for fraudulent claims. The Bill will introduce new law (replacing the existing common law) and will also amend parts of the Marine Insurance Act 1906 (the MIA 1906).
Insurance & Reinsurance
Eastern Europe & Russia
Asia Pacific
Dispute Resolution
Ukraine: sanctions still on the agenda, June 2014 30/06/2014 Read more about Ukraine: sanctions still on the agenda, June 2014 On 24 June 2014, the EU demonstrated its willingness to impose further measures as a result of continuing developments in Crimea and Ukraine. Whilst the economic impact of these measures may be limited (see below), they do show that sanctions are very much still on the political agenda, and they emphasise the need for businesses with significant trading or commercial relationships with Crimea, Ukraine or Russia, to continue carefully to monitor the situation.
Ports & Terminals
Financial Institutions
Commodities
Ports & Terminals
Insurance & Reinsurance
International Trade Regulation
London
Paris
Brussels
Geneva
Piraeus
Dubai
Shanghai
Hong Kong
Singapore
Melbourne
Perth
Sydney
Brazil
Alliance Offices
Rioting our way to a change in the law…, June 2014 20/06/2014 Read more about Rioting our way to a change in the law…, June 2014 In the recent case of Mitsui Sumitomo Insurance Co (Europe) Ltd & Ors. v Mayor’s Office for Policing and Crime1, the English Court of Appeal considered the question of whether or not the Mayor of London’s Office for Policing and Crime (MOPC) was liable under the Riot Damages Act 1886 for losses suffered by the victims and their insurers as a result of a fire deliberately caused at a warehouse during the 2011 London riots by a gang of approximately 20-25 people. In particular, the issues for the court to consider on appeal were: (i) whether or not the original trial judge had been correct in his finding that the incident was within the scope of the 1886 Act; and (ii) whether or not liability under the 1886 Act extends to consequential losses and not just to the direct physical damage to the property in question.
Insurance & Reinsurance
London
Dispute Resolution
GA security: pay now, argue later, June 2014 13/06/2014 Read more about GA security: pay now, argue later, June 2014 The recent case of St Maximus Shipping Co. Ltd v A.P. Moller-Maersk A/S1 is the latest in a run of judgments regarding the effect of guarantee instruments. In the context of general average (GA), the decision will be of particular interest to adjusters, owners, insurers and admiralty practitioners alike, and should be borne in mind when negotiating the wording of GA security.
Shipping
Insurance & Reinsurance
Dispute Resolution
The new Indonesia Investment Negative List 27/05/2014 Read more about The new Indonesia Investment Negative List Is it really positive and how will it affect maritime, mining and energy businesses?
At the end of April1, the Indonesian Government enacted the new investment Negative List (also known as Daftar Negatif Investasi) specifying business activities which are either entirely closed or conditionally open to foreign investment.
Asia Pacific
Commercial
Energy
Shipping
Ports & Terminals
Mining
Singapore
To stay or not to stay? 21/05/2014 Read more about To stay or not to stay? Federal Court of Australia revisits 'forum non conveniens' principles in collision cases
Shipping
Ports & Terminals
Insurance & Reinsurance
Dispute Resolution
Asia Pacific
USA & Canada
Container detention: back on the agenda? 08/04/2014 Read more about Container detention: back on the agenda? Following the High Court of Australia decision in Andrews v ANZ Banking Group Limited1 (Andrews), on 5 February 2014, Justice Gordon of the Federal Court of Australia delivered a judgment in Paciocco v ANZ Banking Group Limited2 (Paciocco) which may have implications for the shipping industry with respect to container detention fees.
Dispute Resolution
Shipping
Ports & Terminals
Asia Pacific
Melbourne
London
Paris
Brussels
Geneva
Piraeus
Dubai
Shanghai
Hong Kong
Singapore
Sydney
Perth
Brazil
Alliance Offices
Financial Institutions
India applies modified Montreal Convention 1999 to domestic carriage 04/04/2014 Read more about India applies modified Montreal Convention 1999 to domestic carriage Since the Montreal Convention 1999 (MC99) came into force in India on 30 June 2009, clarity on whether its provisions would also apply to domestic carriage within India has been awaited. Following the publication of an official Gazette Notice on 17 January 2014, the Indian government has confirmed that, as from the date of that Gazette Notice, a modified version of MC99 will apply to domestic carriage within India.
Aerospace
Singapore
Indian Sub-continent
Insurance & Reinsurance
Dispute Resolution
A propos du nouveau règlement du CEFAREA 28/03/2014 Read more about A propos du nouveau règlement du CEFAREA Le Centre Français d’Arbitrage de Réassurance Et d’Assurance (CEFAREA), vient de se doter d’un nouveau règlement d’arbitrage qui intègre la refonte du droit français de l’arbitrage résultant de l’entrée en vigueur du décret du 13 janvier 2011 et qui opte, délibérément, pour l’amiable composition.
Paris
Insurance & Reinsurance
Ukraine-related sanctions: what comes next? 27/03/2014 Read more about Ukraine-related sanctions: what comes next? With limited signs of diplomatic progress in Ukraine, despite the imposition of multiple phases of sanctions by the EU, US and other countries, including Switzerland, Australia and Canada, businesses which trade with Russia or Ukraine need to plan against the risk that further sanctions could be imposed if there is any escalation of the current crisis.
International Trade Regulation
Commodities
Shipping
Financial Institutions
Insurance & Reinsurance
London
Paris
Brussels
Geneva
Piraeus
Dubai
Shanghai
Hong Kong
Singapore
Melbourne
Sydney
Perth
Brazil
Alliance Offices
Eastern Europe & Russia
Implications of breaching an employment agreement 25/03/2014 Read more about Implications of breaching an employment agreement In the matter of Bayley & Associates Pty Ltd v DBR Australia Pty Ltd (2013) FCA 1341, the Court served to emphasise that the contractual obligations of an employment agreement are important and that an employee’s conduct which breaches the common law duties of fidelity and confidence won’t be tolerated.
Commercial
Employment, Immigration and Personal Injury
London
Paris
Brussels
Geneva
Piraeus
Dubai
Shanghai
Hong Kong
Singapore
Melbourne
Sydney
Perth
Brazil
Alliance Offices
Asia Pacific
EU ETS update: the compliance conundrum 10/03/2014 Read more about EU ETS update: the compliance conundrum The EU’s Emissions Trading Scheme (ETS) continues to be one of the most controversial topics on the regulatory agenda, particularly so as the April 2014 deadline for surrendering allowances looms large amid persistent uncertainty over how the scheme operates at present and what further amendments are expected in the near future. This Briefing gives an overview of recent developments at ICAO, the Commission’s proposal to further amend the ETS (including international reaction to it) and then considers what carriers should be doing now in order to comply with their regulatory obligations.
Aerospace
EU, Competition and Trade Regulatory
London
Paris
CyberOwl - London
Brussels
Geneva
Piraeus
Dubai
Shanghai
Hong Kong
Singapore
Melbourne
Sydney
Perth
Brazil
Alliance Offices
Africa
Asia Pacific
Eastern Europe & Russia
Indian Sub-continent
Latin America
Middle East
Scandinavia
USA & Canada
Dispute Resolution
Ukraine: the latest on sanctions 07/03/2014 Read more about Ukraine: the latest on sanctions Our Briefing earlier this week alerted readers to the possibility of targeted sanctions being imposed by, amongst others, the EU and the US against individuals and interests in Ukraine, and possibly Russia.
International Trade Regulation
London
Paris
Brussels
Geneva
Piraeus
Dubai
Shanghai
Hong Kong
Singapore
Melbourne
Sydney
Perth
Brazil
Alliance Offices
Eastern Europe & Russia
Venezuela: airlines required to sell travel insurance 06/03/2014 Read more about Venezuela: airlines required to sell travel insurance On 5 February 2014, Regulation 008 from the Venezuelan Ministry of Popular Power for Tourism (MPPT) was published in the Venezuelan Official Gazette. It obliges airlines (and other transportation companies) to “request and offer” all passengers travelling to and from Venezuela a compulsory insurance plan covering medical expenses, loss, theft and robbery of baggage.
Aerospace
Latin America
Brazil
London
Insurance & Reinsurance
Travel, Cruise & Leisure
Ukraine: what sanctions might be imposed? 03/03/2014 Read more about Ukraine: what sanctions might be imposed? As the situation in the Ukraine continues to deteriorate, all eyes are focused on how governments around the world will react. While the primary focus is of course on the unfolding political and humanitarian developments, those commercial organisations with trading links to the Ukraine should be aware that the situation could impact on their operations in the country, depending on how it develops.
International Trade Regulation
Ports & Terminals
Shipping
Insurance & Reinsurance
Commodities
Energy
Logistics
Financial Institutions
London
Paris
Brussels
Geneva
Piraeus
Dubai
Hong Kong
Shanghai
Hong Kong
Singapore
Melbourne
Sydney
Perth
Brazil
Alliance Offices
Eastern Europe & Russia
Financial Ombudsman Service 24/02/2014 Read more about Financial Ombudsman Service The Court of Appeal has recently resolved inconsistencies as to whether awards made by the Financial Ombudsman Service were final such that complainants could not issue further legal proceedings for amounts in excess of the maximum award permitted.
Financial Services Regulation
Dispute Resolution
Financial Institutions
Insurance & Reinsurance
Finance
London
Directors' defence costs: New Zealand Supreme Court allows Bridgecorp appeal 03/02/2014 Read more about Directors' defence costs: New Zealand Supreme Court allows Bridgecorp appeal We have previously reported on the high profile Bridgecorp decisions of the High Court and Court of Appeal of New Zealand. The NZ Supreme Court (the country’s highest court) has recently provided the latest instalment of this saga in a decision1 which was an unwelcome Christmas present for directors and officers (and other professionals insured under defence costs-inclusive liability policies) in New Zealand who, as a result, may not be able to access defence costs cover where the amounts claimed exceed the limits in combined limit policies.
Melbourne
Sydney
London
Asia Pacific
Eastern Europe & Russia
Dispute Resolution
Insurance & Reinsurance
Perth
Indonesian mining - get your smelter ready 31/01/2014 Read more about Indonesian mining - get your smelter ready Three newly enacted regulations1 implementing a ban on exporting raw or unprocessed minerals have hit the Indonesian mining sector. These new mining regulations originate from the Indonesia mining law passed in 2009, which required raw minerals or ores to be processed and purified domestically prior to export with the object of increasing the value of raw/unprocessed minerals before sale overseas or export.
London
Paris
CyberOwl - London
Brussels
Geneva
Piraeus
Dubai
Shanghai
Hong Kong
Singapore
Melbourne
Sydney
Perth
Brazil
Alliance Offices
Asia Pacific
Mining
Commodities
Suspension of Iran sanctions - a golden opportunity? 30/01/2014 Read more about Suspension of Iran sanctions - a golden opportunity? The announcement on 20 January 2014 of a suspension of some of the EU and US sanctions against Iran demonstrated the tangible results of many hours of highly-charged diplomacy, and showed that some form of deal with Iran was possible.
International Trade Regulation
Energy
Financial Institutions
Commodities
Insurance & Reinsurance
Ports & Terminals
Shipping
London
Paris
CyberOwl - London
Brussels
Geneva
Piraeus
Dubai
Shanghai
Hong Kong
Singapore
Melbourne
Sydney
Perth
Brazil
Alliance Offices
Are you a 'professional'? 17/01/2014 Read more about Are you a 'professional'? The recent Australian Federal Court decision of 470 St Kilda Road v Robinson1 has significant implications for insurers and insureds alike, in relation to the coverage of project managers for professional liability.
Dispute Resolution
Construction
Melbourne
Sydney
Perth
Good faith and (re)insurance contracts in the United Arab Emirates 21/11/2013 Read more about Good faith and (re)insurance contracts in the United Arab Emirates Holman Fenwick Willan recently acted on behalf of an insurer in a landmark case in the UAE courts concerning breaches of the duty of good faith1:
the insurer successfully counter-claimed against an assured in the Abu Dhabi Courts for rescission of a marine hull insurance policy on the grounds that the assured failed to properly disclose and/or misrepresented its previous claims history in the proposal form at the time of placement.
London
Paris
Brussels
Geneva
Piraeus
Dubai
Hong Kong
Singapore
Melbourne
Sydney
Perth
Brazil
Alliance Offices
Insurance & Reinsurance
Middle East
Shipping
Dispute Resolution
Tightening the reins on case management 20/11/2013 Read more about Tightening the reins on case management In-house counsel will need to be aware of this latest decision of the High Court which requires legal advisers to think carefully before launching interlocutory applications.
London
Paris
CyberOwl - London
Brussels
Geneva
Piraeus
Dubai
Shanghai
Hong Kong
Singapore
Melbourne
Sydney
Perth
Brazil
Alliance Offices
Asia Pacific
Dispute Resolution
English Commercial Court decision erodes State immunity defence 20/11/2013 Read more about English Commercial Court decision erodes State immunity defence In a case set to have significant impact for international traders seeking to rely on immunity defences, the English Commercial Court has held that Iraq’s national oil trading company, SOMO, has a separate corporate status from the Iraqi State and is therefore not entitled to rely on State immunity to avoid payment of a final arbitration award of US$9 million.
London
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Geneva
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Dubai
Shanghai
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Melbourne
Sydney
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Brazil
Alliance Offices
Eastern Europe & Russia
Middle East
Dispute Resolution
Energy
China’s future Market Economy Status: recent developments 14/11/2013 Read more about China’s future Market Economy Status: recent developments On 7 November 2013, Commissioner De Gucht announced in a speech before the European Parliament that China will receive Market Economy Status in 2016. This statement came in the aftermath of a judgment issued by the EU’s General Court in Rusal Armenal ZAO v Council of the European on 5 November 2013, concerning the EU’s practice of treating some WTO members as non-market economies. Both developments are important since some commentators have in recent years cast doubts about China’s future Market Economy Status.
London
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Geneva
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Shanghai
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Singapore
Melbourne
Sydney
Perth
Brazil
Alliance Offices
International Trade Regulation
EU, Competition and Trade Regulatory
Asia Pacific
Effective use of insurance policies for capital mitigation 04/11/2013 Read more about Effective use of insurance policies for capital mitigation For the purpose of Basel II and III (and the First Pillar), banks are required to calculate their minimum capital requirements for credit risk, operational risk and market risk.
London
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Shanghai
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Singapore
Melbourne
Sydney
Perth
Brazil
Insurance & Reinsurance
Finance
Financial Institutions
Corporate
International Trade Regulation
Commercial
Sanctions Update: dealing with changes to the landscape 23/10/2013 Read more about Sanctions Update: dealing with changes to the landscape Keeping abreast of sanctions against Iran has never been more difficult, with a host of changes over the past few weeks, and more anticipated in the weeks ahead. This Briefing focuses on two recent changes which relate to the EU asset freeze and which will have an impact on companies worldwide that are engaged in any direct or indirect trade with Iran.
International Trade Regulation
Energy
Financial Institutions
Commodities
Insurance & Reinsurance
Ports & Terminals
Shipping
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CyberOwl - London
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Alliance Offices
Indonesia oil and gas - time for (another) reformation 07/10/2013 Read more about Indonesia oil and gas - time for (another) reformation Another corruption scandal in Indonesia has shocked the international oil and gas industry. On 13 August 2013, the head of Indonesia’s upstream oil and gas regulator (or the Special Task Force for Upstream Oil and Gas Business Activities (SKKMigas)), Rudi Rubiandini, was arrested by the Corruption Eradication Commission (or the KPK) for allegedly accepting a bribe worth more than US$700,000 from Kernel Oil, a Singapore-based oil trading company.
Energy
Commercial
International Trade Regulation
Singapore
Asia Pacific
Trouble in Suez? What if...? 17/09/2013 Read more about Trouble in Suez? What if...? Following the heightening of tensions in the Sinai region and the recent terrorist attack on the “Cosco Asia” whilst transiting the Suez Canal, it has been reported that some 80,000 Egyptian troops have been deployed to ensure that Canal security remains tight and transits remain unaffected.
Shipping
Insurance & Reinsurance
Middle East
London
Ports & Terminals
Actualité – L’ Annexe environnementale au bail 17/09/2013 Read more about Actualité – L’ Annexe environnementale au bail L’article L.125-9, 1° du Code de l’environnement instauré par la loi n°2010-788 du 12 juillet 2010 dite “loi Grenelle II” a rendu obligatoire l’établissement d’une annexe environnementale pour les baux portant sur des locaux de plus de 2000 mètres carrés à usage de bureaux ou de commerces.
Paris
CyberOwl - London
Construction
Corporate
Révision de la directive sur les voyages à forfait 05/09/2013 Read more about Révision de la directive sur les voyages à forfait Par un communiqué du 9 juillet 2013, la Commission européenne a annoncé la révision en cours de la Directive européenne de 1990 (Directive 90/314/CEE du Conseil, du 13 juin 1990), concernant les voyages, vacances et circuits à forfait transposée par la France par la loi du 13 juillet 1992 aujourd’hui codifiée sous les articles L 211-1 et suivants du Code du tourisme.
Travel, Cruise & Leisure
Paris
CyberOwl - London
Kenya Mining Update 04/09/2013 Read more about Kenya Mining Update Recent events in Kenya have the potential to impact not only the mining sector but wider natural resources, including oil and gas.
Africa
Corporate
Commercial
Mining
Singapore
Bribery Laws in Singapore – are you compliant? 28/08/2013 Read more about Bribery Laws in Singapore – are you compliant? Governments around the world are increasingly clamping down on all forms of bribery. Companies and their employees must now be concerned not only with the laws of the country in which they work, but also additional international laws which may apply to them
Corporate
Commercial
Singapore
Asia Pacific
USA & Canada
New regulations for AIFM 16/08/2013 Read more about New regulations for AIFM On 22 July 2013, new Regulations were enacted in the UK which regulate Alternative Investment Fund Managers (AIFMs). The Regulations are intended to form one coherent rule book, which will result in smooth and efficient passporting arrangements between countries for AIFMs and the funds under their administration.
Insurance & Reinsurance
EU, Competition and Trade Regulatory
London
Paris
CyberOwl - London
Brussels
Geneva
Piraeus
Constitution of Limitation Fund 16/08/2013 Read more about Constitution of Limitation Fund The English High Court was recently asked to rule on whether a Limitation Fund in England could be constituted by way of an International Group Protection & Indemnity Club Letter of Undertaking (IG P&I Club and P&I Club LOU) in Kairos Shipping Limited v Enka & Co LLC1.
Shipping
Insurance & Reinsurance
London
Paris
CyberOwl - London
Brussels
Geneva
Piraeus
Dubai
Shanghai
Hong Kong
Singapore
Melbourne
Sydney
Perth
Maritime Labour Convention comes into force 14/08/2013 Read more about Maritime Labour Convention comes into force The Maritime Labour Convention 2006 (MLC) comes into force next week on 20 August 2013. The UK has become the 41st International Labour Organisation (ILO) Member State to ratify the MLC, having done so on 7 August 2013. The UK’s ratification brings with it Gibraltar and the Isle of Man, and will come into force in those countries on 7 August 2014.
Shipping
Employment, Immigration and Personal Injury
EU, Competition and Trade Regulatory
Ports & Terminals
London
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Geneva
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Brussels
Arbitration in Australia 12/08/2013 Read more about Arbitration in Australia Significant changes have been made to domestic arbitration legislation in Australia since 2010, in the form of the new Commercial Arbitration Acts (CAAs)1. Essentially, the CAAs bring domestic arbitration laws in line with Australian international arbitration laws, which are provided for in the International Arbitration Act 1974 (Cth) (IAA).
Melbourne
Sydney
Perth
Dispute Resolution
Commodities
Central European Floods 24/07/2013 Read more about Central European Floods The recent severe flooding experienced in Central Europe has had a significant cost for businesses in the affected area.
Insurance & Reinsurance
Logistics
London
Eastern Europe & Russia
Dispute Resolution
The Southern Gas Corridor 11/07/2013 Read more about The Southern Gas Corridor The recent decision of The State Oil Company of the Azerbaijan Republic (SOCAR) and its consortium partners to transport the Shah Deniz gas through Southern Europe via the Trans Adriatic Pipeline (TAP) is a key milestone in the creation of the Southern Gas Corridor.
Energy
Corporate
Piraeus
London
Paris
Eastern Europe & Russia
Projects
Commodities
European Commission's Review of European Ports Policy 28/06/2013 Read more about European Commission's Review of European Ports Policy Europe is highly dependant on its ports to facilitate trade, both internationally and within the Internal Market. It is expected that ports will play a significant role in supporting economic recovery across Europe in the coming years. However, European Commission (the Commission) statistics have revealed a number of concerns over the ability of ports to meet increasing market demands. In 2011, EU ports handled around 3.7 billion tonnes of cargo and the Commission has predicted that by 2030 this figure will have doubled, making expansion and development an imperative.
Ports & Terminals
EU, Competition and Trade Regulatory
Piraeus
Paris
Brussels
London
The Law of Privilege 21/06/2013 Read more about The Law of Privilege Privilege has long been recognised as a fundamental principle of English law. For several hundred years, the law of privilege has protected the right of clients to communicate with their lawyers in confidence, without fear that those communications will later be disclosed to third parties during the course of litigation. However, the modern commercial context has generated numerous challenges to the law of privilege, most notably for areas in which it is common practice for non-lawyers to advise on legal matters.
Dispute Resolution
Corporate
Aerospace
Commodities
Construction
Energy
Financial Institutions
Insurance & Reinsurance
Logistics
Mining
Ports & Terminals
Shipping
Space
Yachts
Travel, Cruise & Leisure
London
The Astra - Appeal Status and Update 13/06/2013 Read more about The Astra - Appeal Status and Update Further to our April 2013 Briefing regarding Mr Justice Flaux’s decision in Kuwait Rocks Co v AMN Bulkcarriers Inc (The mv Astra) [2013] EWHC 865 (Comm) we now provide an update on the status of that decision.
Shipping
Dispute Resolution
London
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CyberOwl - London
Brussels
Piraeus
Geneva
Dubai
Shanghai
Hong Kong
Singapore
Melbourne
Sydney
Perth
Brazil
Major New Derivatives Regulation – The Science of Compliance 04/06/2013 Read more about Major New Derivatives Regulation – The Science of Compliance Around the world, new derivatives laws and regulations are being adopted and now implemented to give effect to a 2009 agreement among G20 leaders on measures to increase transparency and reduce risk in the huge global derivatives business.
International Trade Regulation
London
Paris
CyberOwl - London
Brussels
Geneva
Piraeus
Dubai
Shanghai
Hong Kong
Singapore
Melbourne
Sydney
Perth
Brazil
Eastern Europe & Russia
USA & Canada
Singapore - the new player in the global LNG market 01/05/2013 Read more about Singapore - the new player in the global LNG market Already well-established as a major centre for global oil trading, Singapore seems on track to become the leading Asia-Pacific trading hub for LNG. With its first LNG terminal set to open later this year, Singapore’s strategic location and proenterprise environment will enable the country to take advantage of the projected future growth in demand for LNG in Asia and establish itself as the key player in the global LNG market.
Energy
Corporate
Singapore
Asia Pacific
An update on LIBOR claims: An alternative judicial view: Deutsche Bank v Unitech 21/03/2013 Read more about An update on LIBOR claims: An alternative judicial view: Deutsche Bank v Unitech We reported in January 2013, on the continuing developments on LIBOR manipulation and the litigation which has been generated. As readers will be aware interest rate swap (IRS) mis-selling litigation had commenced sometime before LIBOR manipulation came to the fore. However, as a result of the latter, claimants sought to amend their claims to allege LIBOR manipulation in their mis-selling actions. As previously reported, Mr Justice Flaux in Graiseley Properties Ltd v Barclays Bank [2012] EWHC 3093 in proceedings involving IRS mis-selling permitted amendments pleading LIBOR manipulation. However, when the defendants in Deutsche Bank and Others v Unitech Global and Another [2013] EWHC 471 sought to plead similar amendments a different outcome resulted.
Insurance & Reinsurance
London
Paris
CyberOwl - London
Brussels
Geneva
Piraeus
Dubai
Shanghai
Hong Kong
Singapore
Melbourne
Sydney
Perth
Brazil
Africa
Asia Pacific
Eastern Europe & Russia
Indian Sub-continent
Latin America
Middle East
Scandinavia
USA & Canada
New proposals for air passenger rights announced 15/03/2013 Read more about New proposals for air passenger rights announced The obligations of carriers to provide assistance and compensation to passengers in the event of delay, denied boarding and cancellation of flights has been a topic of much contention in recent years.
Aerospace
London
Paris
CyberOwl - London
Brussels
Geneva
Piraeus
Dubai
Shanghai
Hong Kong
Singapore
Melbourne
Sydney
Perth
Brazil
Africa
Asia Pacific
Eastern Europe & Russia
Indian Sub-continent
Latin America
Middle East
Scandinavia
USA & Canada
Hong Kong SFC recommends civil and criminal liability for sponsors 13/03/2013 Read more about Hong Kong SFC recommends civil and criminal liability for sponsors The Hong Kong Securities and Futures Commission (SFC) has concluded a public consultation by recommending that the current law be amended. The intention is to make it clear, amongst other things, that sponsors are liable for untrue statements published in prospectuses. This recommendation forms part of the new rules for sponsors which will apply from 1 October 2013.
Corporate
London
Hong Kong
Singapore
Melbourne
Perth
Asia Pacific
The new Competition Ordinance in Hong Kong – issues for the transport & commodities industries 07/03/2013 Read more about The new Competition Ordinance in Hong Kong – issues for the transport & commodities industries After many years of negotiation and much deliberation, the Hong Kong Competition Ordinance has been enacted. Parts of the Ordinance with respect to the establishment of the new Competition Commission commenced operation on 18 January 2013. The key operative provisions of the legislation are expected to come into effect some time in the next 12-18 months.
EU, Competition and Trade Regulatory
London
Paris
CyberOwl - London
Brussels
Geneva
Piraeus
Dubai
Shanghai
Hong Kong
Singapore
Melbourne
Sydney
Perth
Brazil
Africa
Asia Pacific
Eastern Europe & Russia
Indian Sub-continent
Latin America
Middle East
Scandinavia
USA & Canada
The Law of Privilege: how it relates to P&I and Defence Clubs 18/02/2013 Read more about The Law of Privilege: how it relates to P&I and Defence Clubs Privilege has long been recognised as a fundamental principle of English law. For several hundred years, the law of privilege has protected the right of clients to communicate with their lawyers in confidence, without fear that those communications will later be disclosed to third parties during the course of litigation. However, the modern commercial context has generated numerous challenges to the law of privilege, most notably for industries in which it is common practice for non-lawyers to advise on legal matters.
Shipping
Commercial
London
Dispute Resolution
EU ETS update - “stopping the clock” - where do we go from here? 11/02/2013 Read more about EU ETS update - “stopping the clock” - where do we go from here? On 12 November 2012, the EU Commission announced that it is temporarily suspending the application of its controversial Emissions Trading Scheme as regards flights into and out of the European Union. Pressure had steadily mounted on the EU since the extension of the scheme to aviation in January 2012, but intensified as the planned April 2013 deadline for the first submission of allowances approached.
Aerospace
International Trade Regulation
Dispute Resolution
London
Brussels
Dubai
Asia Pacific
USA & Canada
Africa
Eastern Europe & Russia
Indian Sub-continent
Latin America
Middle East
Scandinavia
Twin Towers - how many events? 08/02/2013 Read more about Twin Towers - how many events? The horrific events of 11 September 2001 and in particular the attacks on the Twin Towers of the World Trade Center, when flights AA11 and UA175 were hijacked by terrorists and used as guided missiles to destroy WTC1 and WTC2, have spawned a massive amount of litigation.
Insurance & Reinsurance
Dispute Resolution
London
USA & Canada
Directors’ defence costs: Bridgecorp decision overturned 29/01/2013 Read more about Directors’ defence costs: Bridgecorp decision overturned In our November 2011 briefing, we advised that a New Zealand High Court decision (Steigrad v Bridgecorp (Steigrad v BFSL 2007 Ltd & Ors, HC Auckland CIV-2011-404-611, 15 September 2011)) raised the spectre that “combined limit” D&O policies in New Zealand and in Australian States & Territories with equivalent legislation may not make funds available for defence costs in certain circumstances where the amount claimed against the directors exceeds the policy limits.
Insurance & Reinsurance
London
Melbourne
Sydney
Perth
Asia Pacific
Basel II: Back on the agenda 29/01/2013 Read more about Basel II: Back on the agenda Following the credit crunch and the banking crisis in 2008, issues surrounding the use of insurance policies to mitigate a bank’s Operational Risk (OpRisk) regulatory capital requirements were placed on the back burner. Now, Basel II is back on the agenda...
Financial Institutions
Insurance & Reinsurance
Finance
London
Limitation of liability: landmark decision in France 17/01/2013 Read more about Limitation of liability: landmark decision in France In an important decision pronounced on 14 January 2013, the Court of Appeal in Bordeaux has finally recognised the right of the owner of the German flagged vessel “Heidberg” to limit its liability for maritime claims - in what was, when it commenced, the first case in France to examine the right to limit liability under the terms of the 1976 London Convention.
Shipping
Dispute Resolution
Paris
Africa
USA & Canada
Iran Sanctions Update: the EU implements new restrictive measures 10/01/2013 Read more about Iran Sanctions Update: the EU implements new restrictive measures The EU continues to impose new sanctions against Iran. The latest measures significantly increase the range of goods which cannot be traded (directly or indirectly) with Iran, increase the number of persons and entities which are subject to the asset freeze, and impose new restrictions on EU banks which bring them more in line with the domestic restrictions which already apply to UK banks.
International Trade Regulation
Commodities
Energy
Financial Institutions
Shipping
London
Middle East
Scotland
