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.
RED III comes into force 23/11/2023 Read more about RED III comes into force A further revision to the Recast Renewable Energy Directive (RED III) promoting the use of renewable energy has come into force. London Partners Judith Prior and Michael Buffham give an overview of the key changes.
Commodities
Working Worldwide
SUSTAINABILITY HUB
National Crime Agency issues a Red Alert on Russian gold 20/11/2023 Read more about National Crime Agency issues a Red Alert on Russian gold On 8 November 2023, the UK's National Crime Agency issued a Red Alert warning financial institutions and those in regulated sectors that Russia is using gold to undermine the UK sanctions regime.
Commodities
London
Geneva
Middle East
Eastern Europe & Russia
Global Investigations and White Collar Defence
EU, Competition and Trade Regulatory
Corporate
Dispute Resolution
Finance
Financial Institutions
Mining
Financial Services Regulation
Commercial
Employment
Fraud and Insolvency
Oil and Gas
Digital Trade
Cyber Security
ICO Publishes Guidance on Monitoring Workers 15/11/2023 Read more about ICO Publishes Guidance on Monitoring Workers On 3 October 2023, the UK’s Information Commissioner’s Office (ICO) published guidance for employers across both the public and private sectors on how to monitor workers in accordance with data protection law. Against the backdrop of technological developments and a rise in remote working, the guidance aims to provide “greater regulatory certainty; protect workers’ data protection rights; and help employers to build trust with workers, customers and service users”.1
Data Protection
Employment
EU, Competition and Trade Regulatory
Shipping
Commodities
Aerospace
Shipping
Energy
Projects
Construction
Commercial
International Trade Regulation
Corporate
Logistics
Ports & Terminals
Digital Trade
Cyber Security
London
Brussels
Paris
Piraeus
Geneva
UAE Insurance Claims: A Jurisdictional Conundrum 13/11/2023 Read more about UAE Insurance Claims: A Jurisdictional Conundrum In the recent decision of the DIFC Court in Union Insurance PJSC v International Precious Metals Refiners LLC the DIFC Court has further reenforced the DIFC Court's jurisdiction to hear insurance claims which are subject to jurisdiction clauses referring to the "Courts of the UAE" or similar, even where there are ongoing onshore proceedings. We examine the impact of that decision on UAE insurance claims.
Insurance & Reinsurance
Dispute Resolution
Dubai
Competition law as a sword 02/11/2023 Read more about Competition law as a sword A business may consider using competition law as a sword if it is struggling to break into or expand in a market, it is concerned that it does not operate in a level playing field, or if it is seeking damages as compensation for losses suffered by the actions of a cartel or a dominant operator.
EU, Competition and Trade Regulatory
BVI removed from the EU ‘blacklist' 25/10/2023 Read more about BVI removed from the EU ‘blacklist' On 17 October 2023, the BVI was removed from the EU's 'blacklist' of non-cooperative jurisdictions for tax purposes following a meeting of the EU's Economic and Financial Affairs Council.
EU, Competition and Trade Regulatory
Corporate
Dispute Resolution
Finance
Projects
Financial Institutions
Financial Services Regulation
Commercial
BVI
Hong Kong
Shanghai
Asia Pacific
Latin America
Good Practice For Data Protection Compliance 09/10/2023 Read more about Good Practice For Data Protection Compliance In July 2023, the UK’s Information Commissioner’s Office (ICO) published three lessons to be learned from the reprimands that it issued in Q1 (April-June 2023).1 The ICO expects the targeted organisations to improve their practices as set out in its reprimands, and also expects other organisations to learn from such enforcement actions so as to handle personal data appropriately.
Data Protection
EU, Competition and Trade Regulatory
Shipping
Commodities
Aerospace
Insurance & Reinsurance
Energy
Projects
Construction
Commercial
International Trade Regulation
Corporate
Logistics
Ports & Terminals
Employment
Digital Trade
Cyber Security
London
Brussels
Paris
Piraeus
Geneva
Biomass - Carbon Capture and BECCS 05/10/2023 Read more about Biomass - Carbon Capture and BECCS This is the second of our articles on biomass, which form part of our bioenergy series. It offers an introduction to the use of biomass as energy in combination with carbon capture and storage, known as BECCS, and considerations affecting the development of BECCS projects.
Commodities
Energy
Working Worldwide
SUSTAINABILITY HUB
Sustainability in Energy Transition
ICO publishes draft guidance on biometric data 05/09/2023 Read more about ICO publishes draft guidance on biometric data On 18 August 2023, the UK’s Information Commissioner’s Office (ICO) published draft guidance on biometric data and opened a public consultation seeking responses to its draft guidance1.
EU, Competition and Trade Regulatory
Data Protection
Shipping
Commodities
Aerospace
Insurance & Reinsurance
Energy
Projects
Construction
Commercial
International Trade Regulation
Corporate
Logistics
Ports & Terminals
Employment
Digital Trade
Cyber Security
London
Brussels
Paris
Piraeus
How Crypto Exchange Disputes Are Shaping The Future Of Consumer Arbitration Agreements 01/09/2023 Read more about How Crypto Exchange Disputes Are Shaping The Future Of Consumer Arbitration Agreements As cryptocurrencies and non-fungible tokens (NFTs) gain in popularity and adoption globally, it is inevitable that we will see a corresponding increase in disputes arising between consumers, and major exchanges facilitating the sale and purchase of cryptocurrencies and NFTs. Cryptocurrency and NFT exchanges (collectively, Exchanges) are largely unregulated in many jurisdictions. These Exchanges do not solely offer services to a limited group of sophisticated investors but make their services available to retail consumers (Consumers) from multiple global jurisdictions – often with very limited, or no, "Know Your Customer" due diligence.
Commodities
Dispute Resolution
Cyber Security
Does the Singapore carbon tax help facilitate demand for international carbon credits in Singapore? 01/09/2023 Read more about Does the Singapore carbon tax help facilitate demand for international carbon credits in Singapore? The forthcoming amendments to the carbon tax rate(s) set out in the Singapore Carbon Pricing Act 2018 create an arbitrage opportunity for Registered Persons.1 Specifically, Registered Persons will be able to procure and surrender eligible ‘international carbon credits’ at a lower price than the carbon tax rate for an emissions year and if the price of the ICCs in the then-spot market is significantly higher than the carbon tax rate, sell those ICCs and use the proceeds to pay the carbon tax instead.
Commodities
Finance
Commercial
SUSTAINABILITY HUB
Sustainability in Energy Transition
Sustainability in Finance
Sustainability in Regulation
Singapore
Asia Pacific
Insurers - Do you know what you know? 30/08/2023 Read more about Insurers - Do you know what you know? The Commercial Court has delivered a noteworthy decision which deals with, among other things, whether "knowledge" held by a claims team can also be said to be in the "knowledge" of the relevant underwriters. The judgment considered this in the context of policy construction and potential rectification of the definition of "Insured" in a policy wording, and the case provides a useful discussion of estoppel by convention. The decision is also of interest in the context of the duty of fair presentation under the Insurance Act 2015.
Insurance & Reinsurance
London
Harmful Design in Digital Markets 24/08/2023 Read more about Harmful Design in Digital Markets On 9 August 2023, the UK’s Information Commissioner’s Office (ICO) and the Competition and Markets Authority (CMA) published a joint position paper1 discussing harmful design in digital markets. The paper, which was accompanied by a joint blog2 post between the ICO and CMA, explores how “Online Choice Architecture” (OCA) practices can undermine consumer choice and control over personal information.
EU, Competition and Trade Regulatory
Data Protection
Shipping
Commodities
Aerospace
Insurance & Reinsurance
Energy
Projects
Construction
Commercial
International Trade Regulation
Corporate
Logistics
Ports & Terminals
Employment
Digital Trade
Cyber Security
London
Brussels
Paris
Piraeus
Remote Driving – the Future becoming Reality? 15/08/2023 Read more about Remote Driving – the Future becoming Reality? In February 2023, the Law Commission set out its advice to the UK Government on remote driving (the "Report"). The Report considers the current law surrounding situations where a person outside of a vehicle uses wireless connectivity to control a vehicle on a public road (or "remote driving" for the purposes of this briefing).
Logistics
Energy
London
European Commission adopts EU-US data privacy framework 08/08/2023 Read more about European Commission adopts EU-US data privacy framework On 10th July 2023, an agreement between the European Commission (the “Commission”) and the United States was completed to facilitate transfers of personal data from the European Economic Area (EEA) to the United States of America (US). The agreement, known as the EU-US Data Privacy Framework1 (the “Framework”), follows a backdrop of uncertainty between the two jurisdictions which had arisen due to privacy concerns from an EU law perspective over the use and storage of personal data in the US.
EU, Competition and Trade Regulatory
Shipping
Commodities
Aerospace
Insurance & Reinsurance
Energy
Construction
Projects
Commercial
International Trade Regulation
Corporate
Logistics
Ports & Terminals
Employment
Digital Trade
Cyber Security
London
Houston
Brussels
Paris
USA & Canada
Landmark WELCAR decision: A matter of Principal 01/08/2023 Read more about Landmark WELCAR decision: A matter of Principal The Court has handed down judgment in Technip Saudi Arabia Limited v The Mediterranean and Gulf Cooperative Insurance and Reinsurance Company (Medgulf). This is the first court decision on the construction of the Damage to Existing Property Endorsement within the WELCAR standard form policy which will be of significant interest to the energy insurance market and no doubt will spark debate and discussion.
Insurance & Reinsurance
London
Middle East
Mass Update Part 1 - Regulations: Catching up with technology 12/07/2023 Read more about Mass Update Part 1 - Regulations: Catching up with technology With Maritime Autonomous Surface Ships’ (MASS)-related developments being announced on an almost weekly basis, autonomous vessels cannot now be overlooked. New collaborations, projects and products are being launched at an increasing pace. The race for regulators to, firstly, keep up with the technology involved and, secondly, cautiously consider the introduction of new or amended legal instruments that will integrate that technology, becomes even more challenging.
Shipping
Cyber Owl
European Commission adopts updated Block Exemption Regulations and Guidelines on agreements between competitors 12/07/2023 Read more about European Commission adopts updated Block Exemption Regulations and Guidelines on agreements between competitors On 1 June 2023 the European Commission (the “Commission”) adopted its revised Horizontal Block Exemption Regulations comprising the Research and Development Agreements (“R&D”) Block Exemption Regulation and Specialisation Agreements Block Exemption Regulation and updated Horizontal Guidelines on co-operation agreements between competitors (Guidelines) including a new chapter on sustainability agreements and an updated chapter on information exchange agreements with a focus on algorithms and conduct of meetings.
Commodities
Aerospace
Shipping
Insurance & Reinsurance
Construction
Energy
EU, Competition and Trade Regulatory
Projects
Commercial
Logistics
SUSTAINABILITY HUB
Sustainability in Regulation
Working Worldwide
London
Brussels
3-Month Limit on Non-compete Clauses to Boost the Economy 27/06/2023 Read more about 3-Month Limit on Non-compete Clauses to Boost the Economy As part of recent proposals to introduce "Smarter regulation to grow the economy", the UK Government may introduce a three-month cap on non-compete clauses in employment contracts. This revolutionary measure could impact an estimated five million workers currently bound by these clauses. This article offers an insightful exploration into the current types of post-termination restrictions and the potential effects of this pioneering change on the job market, recruitment challenges, and competition.
Employment
London
Implications for employers of the seafarers wages act 2023 27/06/2023 Read more about Implications for employers of the seafarers wages act 2023 In this article, we explore the comprehensive implications of the Seafarers Wages Act 2023 for employers with vessels frequently visiting UK ports. We examine the government's drive to ensure wage parity, detailing the reach and exclusions of the Act, potential enforcement difficulties, and consequences of non-compliance. As the maritime legislative landscape continues to evolve, operators must stay informed of upcoming changes, including the prospect of pan-European seafarers’ minimum wages. This article offers an essential guide to navigate this complex and shifting legal framework.
Shipping
Employment
London
Delivery and Redelivery Notices - Simple, Right? 07/06/2023 Read more about Delivery and Redelivery Notices - Simple, Right?
Most charterparties will require the owners on delivery, and the charterers on redelivery, to provide notices of the intended date of delivery/redelivery. The commercial purpose of such notices is clear – to give the parties time to plan ahead when the actual start and end dates of a charter are not fixed.
Shipping
Commodities
Dispute Resolution
Sunset clause of retained EU law bill is ditched but government pushes ahead with employment law changes 06/06/2023 Read more about Sunset clause of retained EU law bill is ditched but government pushes ahead with employment law changes Post-Brexit changes to UK employment law are on the horizon. While the controversial prospect of mass revocation of EU-derived law has been avoided, the Government's Retained EU Law (Revocation and Reform) Bill is set to reshape key aspects of employment regulation. Amid these changes, we will see modifications to holiday entitlement, a resurgence of 'rolled-up' holiday pay, alterations to weekly working hours record-keeping requirements, and amendments to the TUPE information and consultation process for smaller businesses all aimed at reducing regulatory burdens on employers. In this article, we'll dive into the intricacies of the proposed changes and what they mean for the future of UK employment law.
Employment
London
Duties Owed By Directors Of BVI Companies In Liquidation 01/06/2023 Read more about Duties Owed By Directors Of BVI Companies In Liquidation In Greig William Alexander Mitchell & Ors v Sheikh Mohamed Bin Issa Al Jaber & Ors1 the English High Court considered whether the duties owed by directors of BVI companies persist after the company is placed in liquidation. This is the first reported decision on this question of BVI law and provides useful guidance to directors, shareholders and liquidators.
Commodities
Corporate
Dispute Resolution
Commercial
Fraud and Insolvency
BVI
Hong Kong
Asia Pacific
The Back to Back Presumption in Proportional Reinsurance - the US 2nd Circuit Goes Awry 31/05/2023 Read more about The Back to Back Presumption in Proportional Reinsurance - the US 2nd Circuit Goes Awry How far does the presumption a proportional reinsurance is back to back with the underlying go, when such presumption is inconsistent with the terms of the reinsurance? Specifically, can the clear meaning of the fundamental reinsuring clause be changed by reference to the foreign law of the underlying, even where that law did not exist or has changed since the reinsurance contract was concluded. This question, presently unanswered by the English Courts, has now been addressed by the United States Court of Appeals for the 2nd Circuit. In this briefing we discuss the judgment and how the decision has gone awry.
Insurance & Reinsurance
USA & Canada
London
Houston
The ISDA EU ETS Annex and its use with Article 25 linked ETS systems 25/05/2023 Read more about The ISDA EU ETS Annex and its use with Article 25 linked ETS systems The International Swaps and Derivatives Association ("ISDA") has amended its template form of Part 7 to the ISDA Master Agreement Schedule, relating to EU emissions allowance transactions for Phase 4 delivery (the "ISDA Part 7") in 2021, to take into account the EU Emissions Trading Systems ("EU ETS") linkages with other non-member state emission trading systems via Article 25 of the EU ETS Directive ("Linking Agreements"). Although there is potential for a future Linking Agreement between the EU and the United Kingdom, at present, the only Linking Agreement in force is the agreement between the emissions trading systems of Switzerland ("Swiss ETS") and the EU ETS (the "Swiss-EU Linking Agreement") which came into force on 1 January 2020.
Commodities
SUSTAINABILITY HUB
Ship Recycling Back in the Spotlight 22/05/2023 Read more about Ship Recycling Back in the Spotlight The commitment made by Bangladesh, a leading ship recycling nation, to ratify the Hong Kong Convention for the Safe and Environmentally Sound Recycling of Ships 2009 (the HKC) in the coming weeks is a seminal moment for the HKC.
Shipping
International Trade Regulation
Finance
Commercial
Working Worldwide
Tipping the scales in favour of hospitality sector employees 18/05/2023 Read more about Tipping the scales in favour of hospitality sector employees In the wake of Covid-19 and Brexit, the hospitality sector is navigating numerous challenges. Key among them is fair remuneration for staff, particularly in the arena of tips and service charges. Enter the "Tipping Act", groundbreaking legislation set to revolutionize pay practices from 2024. For employers, the stakes are high: hefty penalties, reputational risk, and potential legal disputes. In this article, HFW Employment Partner Michelle Chance dissects the Act, its implications, and the preparation needed for compliance.
Employment
London
Case Note - Roberts v Goodwin Street Developments Pty Ltd 2023 NSWCA 5 15/05/2023 Read more about Case Note - Roberts v Goodwin Street Developments Pty Ltd 2023 NSWCA 5 A recent NSW Court of Appeal decision held that the retrospective statutory duty of care under the Design and Building Practitioners Act 2020 (NSW) (the 'DBPA') extends beyond class 2 residential buildings, to all buildings as defined in the Environment Planning and Assessment Act 1979 (NSW) (the 'EPAA'). This significantly broadens the application of the DBPA. Construction companies should ensure that their insurance is adequate to cover their potential exposure.
Insurance & Reinsurance
Sydney
Emiratisation, Contributions and Incentives 09/05/2023 Read more about Emiratisation, Contributions and Incentives The Ministerial Decision No. 279/2022 issued in June 2022 represented a major development in the UAE Emiratisation initiative. In this article, Tania De Swart and Adela Motyckova consider the new Emiratisation requirements introduced and their impact as seen in the first quarter of 2023.
Shipping
Employment
Abu Dhabi
Dubai
Middle East
CMA Publishes Draft Guidance on Environmental Sustainability Agreements and Competition Law 09/05/2023 Read more about CMA Publishes Draft Guidance on Environmental Sustainability Agreements and Competition Law The UK’s Competition and Markets Authority (CMA) has published its long-awaited draft Guidance on the application of the Chapter 1 prohibition of anti-competitive agreements in the Competition Act 1998 to environmental sustainability agreements1. The draft Guidance, when finalised, is intended to provide more certainty surrounding antitrust risk for businesses entering into agreements with positive environmental objectives.
London
Brussels
Singapore
EU, Competition and Trade Regulatory
Shipping
Commodities
Aerospace
Insurance & Reinsurance
Logistics
Projects
Construction
Energy
Commercial
SUSTAINABILITY HUB
Toxic Workplace Cultures - Prevention is better than cure 27/04/2023 Read more about Toxic Workplace Cultures - Prevention is better than cure Discover how to prevent and combat toxic workplace cultures in Michelle Chance's latest article. Dive into practical steps for dealing with bullying, harassment, and discrimination - from top-down approaches to updated policies, training, and support systems - while learning how to create a positive, safe work environment. Don't let your workplace suffer; act now to foster a respectful and inclusive atmosphere for all employees.
Employment
London
Seaworthiness and (un)safe ports in London Arbitration 13/04/2023 Read more about Seaworthiness and (un)safe ports in London Arbitration In London Arbitration 2/23 (2023) 1129 LMLN 2, an arbitral tribunal determined that a pilot’s one-off error which caused the grounding of the vessel (negligent navigation) did not render a port unsafe. The tribunal also found the Vessel to be unseaworthy due to a defective passage plan that could not have considered the most detailed and appropriate paper chart for the disport, although this was not found to be causative of the grounding.
Shipping
London
Dispute Resolution
Commercial
Court of Appeal Update - BCC V Thera Agri 30/03/2023 Read more about Court of Appeal Update - BCC V Thera Agri The New South Wales Court of Appeal recently dismissed an appeal brought by Insurers in a trade credit insurance dispute. This represents another example of a common law court ruling in favour of policyholders following the non-payment by Phoenix, a global commodities trader which collapsed in 2020. The judgment provides useful guidance on how instances of alleged fraud may be interpreted in trade credit insurance policies.
Insurance & Reinsurance
Commodities
Dispute Resolution
Fraud and Insolvency
Dubai
Geneva
Australia
Autonomous vessels: the momentum is building 22/03/2023 Read more about Autonomous vessels: the momentum is building In this briefing we look to capture a vast array of updates within the Maritime Autonomous Surface Ships (MASS) arena from the past few months. While only a short amount of time has passed since our last briefing in November 2022, multiple notable developments have taken place, highlighting this sector's potential and the increasing need for regulation. Competition is expected to rise and new collaborations to be established. Sustainability as well as cyber-security considerations remain at the forefront.
Shipping
Cyber Security
London
Cyber Owl
Price Cap: Russian Petroleum Products 01/03/2023 Read more about Price Cap: Russian Petroleum Products As of 5 February 2023 additional price caps have been adopted for Russian refined petroleum products. The new price caps expand UK, EU and US restrictions on the transport of seaborne Russian refined petroleum products to third countries, as well as the provision of finance, brokerage, shipping, or insurance services for such transport.
Shipping
Insurance & Reinsurance
EU, Competition and Trade Regulatory
International Trade Regulation
London
Geneva
Eastern Europe & Russia
Piraeus
USA & Canada
Middle East - Court of Appeal decides Covid BI claim cannot be heard in England 28/02/2023 Read more about Middle East - Court of Appeal decides Covid BI claim cannot be heard in England In Al Mana Lifestyle Trading LLC & Ors v United Fidelity Insurance Company PSC & Ors1, the Court of Appeal has held, overturning a decision by the Commercial Court, that the English court does not have jurisdiction to hear BI claims brought under various multi-risk insurance policies issued in the Middle East. In doing so, the Court of Appeal emphasised that initial impressions can be important when interpreting ambiguously worded contractual provisions. However, as this case illustrates, this is not always a helpful approach given that initial impressions may differ.
Insurance & Reinsurance
London
Dubai
Abu Dhabi
Riyadh
Sanctions: A victory for common sense 22/02/2023 Read more about Sanctions: A victory for common sense A team of HFW lawyers, led by William Gidman, secured a victory in the English High Court in a summary judgment application confirming that an “innocent” EU bareboat charterer could discharge their obligations to obtain title to vessels by paying in a non-contractual currency and into a frozen account when its counterparts are subject to international sanctions. The case endorses the Court of Appeal's view in Mur Shipping v RTI [2022] EWCA Civ 1406.
Shipping
Commodities
Dispute Resolution
Commercial
Working Worldwide
Market abuse: FCA targets firms’ surveillance failures 16/02/2023 Read more about Market abuse: FCA targets firms’ surveillance failures Tackling market abuse is one of the Financial Conduct Authority’s strategic priorities, and recent focus has been on firms’ compliance failures. This article will consider the regulatory framework for market abuse offences and steps firms should take to reduce the risk.
Global Investigations and White Collar Defence
Corporate
Dispute Resolution
Finance
Financial Institutions
Financial Services Regulation
International Trade Regulation
Fraud and Insolvency
Government Services
Data Protection
Cyber Security
London
Paris
Brussels
Geneva
Piraeus
Monaco
TANGO - US Action 14/02/2023 Read more about TANGO - US Action An examination of extraterritorial action taken by OFAC against Richard Masters (a UK national) in relation to attempts to hide the identity and ownership of the TANGO yacht.
Shipping
London
International Trade Regulation
Monaco
The EU's Foreign Subsidies Regulation 13/02/2023 Read more about The EU's Foreign Subsidies Regulation The Foreign Subsidies Regulation1 (“FSR” or the “Regulation”), which will apply from the second half of 2023, will allow the EU to address subsidies granted by non-EU countries (“foreign subsidies”) which distort the internal market and fair competition. Although subsidies granted by EU Member States are strictly regulated by the EU’s state aid regime and imports of subsidised goods can be restricted by anti-dumping measures, the EU currently has no mechanism to regulate foreign subsidies.
EU, Competition and Trade Regulatory
Corporate
Projects
London
Working Worldwide
RESTRUCTURING HUB
Revised QFII Scheme Broadens Market Access to PRC Exchange-Traded Commodity Futures and Options Contracts 09/02/2023 Read more about Revised QFII Scheme Broadens Market Access to PRC Exchange-Traded Commodity Futures and Options Contracts The QFII scheme went through a major overhaul in November 2020 which substantially relaxed its qualification and regulatory requirements, opening it up to a broader class of offshore investors, including offshore commodities traders. Since 2 September 2022, it has offered an alternative path for offshore investors to trade commodity futures and options on the main Chinese commodity futures exchanges. Offshore commodities traders may wish to consider this new access path to commodity futures and options products that were previously only accessible to on-shore Chinese entities. QFII licence holders may wish to consider extending their services to potential new commodity clients.
Commodities
Financial Services Regulation
Corporate
Commercial
Singapore
Asia Pacific
Shanghai
Spoofing: What it is and our top 5 tips for prevention 09/02/2023 Read more about Spoofing: What it is and our top 5 tips for prevention We take a deep dive into the practice of spoofing, what it looks like, and how we can prevent it from happening.
Global Investigations and White Collar Defence
Commodities
Corporate
Dispute Resolution
Finance
Financial Institutions
Financial Services Regulation
International Trade Regulation
Fraud and Insolvency
Government Services
Data Protection
Cyber Security
Sustainability Series – Part 6 – Warehousing 30/01/2023 Read more about Sustainability Series – Part 6 – Warehousing In the first parts of this Sustainability Series, we have considered the pressures the transport sector is facing globally to reduce greenhouse gas emissions in light of the global climate crisis. However, changes need to be made across the supply chain in order to effect a profound difference.
Logistics
SUSTAINABILITY HUB
Sustainability in transport
Montreal Convention comes into force in Bangladesh 19/01/2023 Read more about Montreal Convention comes into force in Bangladesh Bangladesh has become one of the last major trading nations to implement the Montreal Convention1 (also known as “MC99”), which sets out a modern liability framework in relation to international carriage by air. This is a positive development, but some uncertainties do remain.
Aerospace
Working Worldwide
Dispute Resolution
Logistics
International Trade Regulation
National Security and Investment Act 2021 One Year On 19/01/2023 Read more about National Security and Investment Act 2021 One Year On The UK’s National Security and Investment Act 2021 (the “Act”) entered into force on 4 January 2022. In this briefing, we review the impact of the Act one year on, what we can take away from decisions made under the Act to date, and the implications of this for transactions.
Working Worldwide
RESTRUCTURING HUB
EU, Competition and Trade Regulatory
Corporate
Ports & Terminals
Projects
Commercial
International Trade Regulation
Digital Trade
Oil and Gas
Cyber Security
The Register of Overseas Entities: Your Questions Answered 21/12/2022 Read more about The Register of Overseas Entities: Your Questions Answered The Register of Overseas Entities (ROE) was brought into being under the Economic Crime (Transparency and Enforcement) Act 2022 (the Act) and was introduced to address concerns regarding a lack of transparency around who ultimately owns land in the UK. The ROE, which will be kept at Companies House, will hold details of the beneficial owners of overseas entities which own “qualifying estates” in UK land.
Corporate
London
Australia: Pay Secrecy Clauses No Longer Allowed 20/12/2022 Read more about Australia: Pay Secrecy Clauses No Longer Allowed The Fair Work Legislation Amendment (Secure Jobs, Better Pay) Act 2022 (Cth) amends the Fair Work Act 2009 (Cth) (Act) by introducing, among other things, measures to secure equal pay objectives for employees, including to address the gender pay gap by prohibiting pay secrecy in Australia. The amendments prohibiting pay secrecy became law on 7 December 2022.
Employment
Russian oil price cap 15/12/2022 Read more about Russian oil price cap Since 5 December 2022, UK, EU, and U.S. restrictions on the maritime transport of Russian crude oil to third countries have come into effect. This includes a ban on providing finance, brokerage, shipping, or insurance services. Only Russian crude oil bought at or below the recently announced 'price cap' is exempt from these restrictions.
Commodities
Shipping
Comprehensively Yachts - HFW Yachting Industry Briefing, December 2022 12/12/2022 Read more about Comprehensively Yachts - HFW Yachting Industry Briefing, December 2022 HFW’s yacht team is, as ever, busy dealing with a range of transactions, commercial disputes, regulatory matters and marine insurance claims, with our work reflecting the spread of issues and opportunities faced by the yachting industry at this time. In the same way, in this packed edition of Comprehensively Yachts, HFW’s yacht team brings you commentary on a range of important and topical issues currently impacting the yachting industry.
Shipping
International Trade Regulation
Insurance & Reinsurance
Fraud and Insolvency
EU, Competition and Trade Regulatory
Trade Finance and Greenwashing 21/11/2022 Read more about Trade Finance and Greenwashing As ‘green’ and sustainability-linked trade finance has surged in the past two years, so too have risks of greenwashing.
Commodities
SUSTAINABILITY HUB
Finance
Financial Institutions
Geneva
Financial Services Regulation
Sustainability in Finance
One Step Closer to Wind Energy in the Gulf of Mexico 16/11/2022 Read more about One Step Closer to Wind Energy in the Gulf of Mexico The Gulf of Mexico is now one step closer to becoming a major player in the clean energy game. The Bureau of Ocean Energy Management designated the first two Wind Energy Area's in the Gulf of Mexico Outer Continental Shelf. BOEM's announcement marks the first step for the Gulf of Mexico region to become a significant player for OCS wind energy projects.
Commodities
Shipping
Commercial
Oil and Gas
Houston
USA & Canada
Les sanctions De l'UE en lien avec la situation en Ukraine 17/10/2022 Read more about Les sanctions De l'UE en lien avec la situation en Ukraine La présente note couvre le nouveau paquet de sanctions adopté ce mercredi 6 octobre 2022 en réponse à la poursuite de l'invasion russe en Ukraine et à la tenue par les autorités russes de référendums d'annexion dans les régions occupées.
Aerospace
Construction
Commodities
Energy
Insurance & Reinsurance
Shipping
EU, Competition and Trade Regulatory
Finance
Financial Institutions
Logistics
Commercial
International Trade Regulation
Oil and Gas
Paris
Critical Raw Materials: Regulatory Initiatives 14/10/2022 Read more about Critical Raw Materials: Regulatory Initiatives In this briefing we discuss regulatory initiatives by the European Commission, the United States and the UK on the security of supply of critical raw materials.
EU, Competition and Trade Regulatory
Commodities
International Trade Regulation
London
Paris
Geneva
Brussels
Houston
Singapore
Shanghai
Africa
Latin America
USA & Canada
Eastern Europe & Russia
Australia
SUSTAINABILITY HUB
Sustainability in Regulation
A new anti-discrimination bill and human rights bill 11/10/2022 Read more about A new anti-discrimination bill and human rights bill On 27 September 2022, the Anti-Discrimination and Human Rights Legislation Amendment (Respect at Work) Bill 2022 (Bill) was introduced to the House of Representatives. The Bill is a response to the recommendations of the 2020 Respect@Work Report (Report) and is yet to be passed. It seeks to implement a further seven of the Report's recommendations (with some recommendations having already been implemented). The Bill is expected to significantly strengthen Australia's regulatory framework in respect of sex discrimination, and in particular, sexual harassment.
Employment
Asia Pacific
Australia
Bankruptcy in the UAE 23/09/2022 Read more about Bankruptcy in the UAE In this article, we examine preventive composition as means to implement a successful restructuring strategy and related key concepts.
Dispute Resolution
Dubai
Middle East
How deep do you need to dive to mitigate against a FM event? 21/09/2022 Read more about How deep do you need to dive to mitigate against a FM event? The Russian invasion of Ukraine has turned the spotlight onto two particular types of clause in commodities contracts: sanctions and force majeure (“FM”). The avalanche of global sanctions imposed in response to the invasion created huge challenges for commercial parties and many found themselves having to put sanctions related contractual wording to the test as a result.
Commodities
Working Worldwide
Subsidy Control Act 2022: An Update 13/09/2022 Read more about Subsidy Control Act 2022: An Update Following the Subsidy Control Bill 20211 receiving Royal Assent on 28 April 2022, the UK government and Competition and Markets Authority have published draft guidance on the new UK subsidy control regime.
EU, Competition and Trade Regulatory
London
LNG Bunkering: Long term contracts for a transitional fuel 07/09/2022 Read more about LNG Bunkering: Long term contracts for a transitional fuel With the EU and IMO (amongst others) moving full steam ahead with emissions trading schemes, many ship owners are considering dual-fuelled LNG ships. Whilst LNG is often viewed as a ‘transitional fuel’ it still has around 30% to 50% less CO2 and limited sulphur compared to other fossil fuels and therefore may help owners satisfy emissions regulations (and perhaps also their own internal environmental policies).
Shipping
Commodities
Dispute Resolution
Commercial
London
Working Worldwide
Sustainability Series: Part 5 – Inland Waterways 05/09/2022 Read more about Sustainability Series: Part 5 – Inland Waterways Inland waterway transport plays a vital role within the sustainable transport and logistics sector, particularly within the EU. There are over 200 inland ports in Europe with more than 37,000 kilometres of waterways and many of the important European industrial centres can be reached by inland navigation1.
Logistics
SUSTAINABILITY HUB
Sustainability in transport
Energy
Shipping
Corporate
Ports & Terminals
London
Paris
Brussels
Geneva
Piraeus
EU Emissions Trading System: Current status and key issues 26/07/2022 Read more about EU Emissions Trading System: Current status and key issues The planned inclusion of maritime transport in the EU Emissions Trading System is moving forward rapidly,
and the legislative text could be
finalised in Q4 of 2022. As part of the legislative process, both the European Parliament and the European Council have very recently proposed their own respective amendments to the proposals originally put forward by the European Commission back in 2021. In our factsheet, we set out the key issues arising that have the potential to impact all the parties in the physical transport chain, and which could give rise to risks and disputes in the future.
Shipping
Commodities
Dispute Resolution
Logistics
Commercial
International Trade Regulation
London
SUSTAINABILITY HUB
Sustainability in Regulation
Sustainability in transport
Ensuring integrity in the global gold supply chain 21/07/2022 Read more about Ensuring integrity in the global gold supply chain The London Bullion Market Association (LBMA) and the World Gold Council recently announced their collaboration on the new Gold Bar Integrity (GBI) initiative. The GBI initiative aims to monitor the movement of gold through the global supply chain, including provenance and chain of custody.
Commodities
Working Worldwide
SUSTAINABILITY HUB
Karis v Digital CC Management Pty Ltd [2022] FCA 685 15/07/2022 Read more about Karis v Digital CC Management Pty Ltd [2022] FCA 685 The Federal Court of Australia recently granted an anti-suit to restrain the taking of steps in proceedings in the United States District Court in Massachusetts. The application was made by Mr Karis, who had separately commenced proceedings in the Federal Court against two Australian incorporated companies for misleading and deceptive conduct.
Dispute Resolution
Asia Pacific
Melbourne
Sydney
Perth
The Big (Shipping) Short: Recession Proofing Charters 06/07/2022 Read more about The Big (Shipping) Short: Recession Proofing Charters You don’t have to be Christian Bale in The Big Short to see that there is a real possibility of a recession in the near future. Food and energy prices are spiralling, interest rates rising (hitting a 13 year high at 1.25% in the UK on 16 June 2022), and banks are becoming more cautious lenders. This all follows (in part) from the perfect storm of the Russia/Ukraine crisis and the longer-term pandemic effects.
Shipping
Dispute Resolution
Ports and digitalisation: what next? 05/07/2022 Read more about Ports and digitalisation: what next? A look at the forthcoming changes to the IMO Convention on Facilitation of International Maritime Traffic and the legal, operational and technical issues arising from increased digitalisation of ports.
Shipping
Logistics
Ports & Terminals
Digital Trade
London
Singapore
Support your environmental claims: Advertising Standards Authority ruling: Tesco Stores Ltd t/a Tesco 29/06/2022 Read more about Support your environmental claims: Advertising Standards Authority ruling: Tesco Stores Ltd t/a Tesco On 8 June 2022, the Advertising Standards Authority (ASA) handed down a ruling on Tesco Stores Ltd t/a Tesco, in which it decided that Tesco had made unsubstantiated claims that its Plant Chef products were better for the planet than meat-based alternatives. In light of this ruling, we analyse the key considerations for businesses when making environmental claims for their products or services and reflect on the importance of conducting due diligence, holding sufficient evidence to substantiate claims and ensuring that the basis of any environmental claim is made clear.
EU, Competition and Trade Regulatory
Commodities
Commercial
International Trade Regulation
London
SUSTAINABILITY HUB
Autonomous ships: MASS for the MASSes 20/06/2022 Read more about Autonomous ships: MASS for the MASSes Since our last bulletin in January 2022, further promising developments have taken place around the world in the field of autonomous shipping.1 We have seen an increase in activity in this sector of the maritime industry as various Maritime Autonomous Surface Ships (MASS) projects continue to come online and are fast becoming more widely adopted into mainstream shipping. Competition among players in this field is becoming fierce, with new developments being reported on a nearly daily basis.
Shipping
Logistics
Ports & Terminals
Digital Trade
London
Comprehensively Yachts - HFW Yachting Industry Briefing, June 2022 16/06/2022 Read more about Comprehensively Yachts - HFW Yachting Industry Briefing, June 2022 In this edition of Comprehensively Yachts we focus on some of the key issues affecting the yachting industry including the burning issue of Russian sanctions, an analysis of the new MYBA memorandum of agreement, an update on the effect of Brexit on insurances, insight into new Brazilian tax rules and the establishment of a new international shipping registry for the US.
Shipping
Insurance & Reinsurance
London
Latin America
USA & Canada
Sustainability: Developments in Agriculture 01/06/2022 Read more about Sustainability: Developments in Agriculture The UN IPCC Report 2022 on the Mitigation of Climate Change has reemphasised the importance of rapid climate reform to reach net zero emissions by 2050. Below we outline some of the key developments affecting the agriculture sector in Australia and globally.
Commodities
Australia
SUSTAINABILITY HUB
CBP issues key ruling on U.S. offshore wind operations 31/05/2022 Read more about CBP issues key ruling on U.S. offshore wind operations Significant new ruling from the U.S. Customs and Border Protection provides Jones Act guidance for U.S. offshore wind energy projects.
Energy
Shipping
Projects
Logistics
Commercial
Ports & Terminals
Oil and Gas
Construction
Houston
USA & Canada
SUSTAINABILITY HUB
Sustainability in Energy Transition
Sustainability in Regulation
Sustainability in infrastructure and construction
Sustainability Series: Part 4 – Air Freight 16/05/2022 Read more about Sustainability Series: Part 4 – Air Freight Over the last few weeks, we have explored the way that road, rail and sea freight operators are gearing up to tackle climate change. We turn now to the air freight sector, which faces some unique challenges on the path to net zero.
Logistics
Aerospace
SUSTAINABILITY HUB
Sustainability in transport
Energy
London
Brexit dividend - Free Trade Agreement with India? 12/05/2022 Read more about Brexit dividend - Free Trade Agreement with India? Negotiations for a Free Trade Agreement between the UK and India are currently under way, with negotiations expected to conclude by the end of 2022 and potentially by October 2022. In light of the UK’s exit from the European Union (Brexit), we analyse the prospects for UK-India trade and identify key considerations for Indian and UK businesses.
International Trade Regulation
Paris
Indian Sub-continent
Electronic trading documents: possession is 9/10ths of the law 20/04/2022 Read more about Electronic trading documents: possession is 9/10ths of the law The UK Law Commission has published its much anticipated report and draft Bill on electronic trade documents. At just seven sections long, the Bill is very short. However if it becomes law, it could herald a seismic shift in international trade because it will enable trade documents in electronic form to be used in the same way as their paper equivalents under English law.
Commodities
Finance
Digital Trade
London
Working Worldwide
GAFTA: Assessment of damages for non-acceptance under the default clause 17/03/2022 Read more about GAFTA: Assessment of damages for non-acceptance under the default clause The GAFTA Default Clause governs what is the measure of damages payable in default of fulfilment of the contract by either party. The recent decision in Sharp Corp Ltd v. Viterra BV [2022] EWHC 354 (Comm) concerned an appeal to the High Court on the GAFTA Board of Appeal's decision on the quantum of damages payable under the Default Clause in GAFTA Contract No. 24. It was held that the "actual or estimated value of the goods, on the date of default" is to be assessed on the basis of a notional substitute contract on the same terms, rather than the value of the relevant goods in the market at the discharge port.
Commodities
What the evolving landscape of ESG means for fraud and insolvency practitioners 07/03/2022 Read more about What the evolving landscape of ESG means for fraud and insolvency practitioners The recognition of ESG issues, and the establishment of a coherent ESG strategy, are increasingly important for businesses and government bodies alike. Reputational considerations and the threat of court litigation will require organisations to embed ESG into their operations in order to survive and stay competitive. However, a failure to consider ESG issues may lead to the restructuring or demise of a company. And the rise of ESG on the corporate agenda and the pressure that entails will mean that instances of ESG-related fraud will inevitably increase.
Commodities
Construction
Aerospace
Energy
Insurance & Reinsurance
Shipping
EU, Competition and Trade Regulatory
Corporate
Dispute Resolution
Finance
Projects
Financial Institutions
Logistics
Mining
Ports & Terminals
Financial Services Regulation
Commercial
International Trade Regulation
Employment
Fraud and Insolvency
Oil and Gas
Government Services
Data Protection
Digital Trade
Cyber Security
Global Investigations and White Collar Defence
London
Houston
SUSTAINABILITY HUB
Sanctions de l'UE en lien avec la situation en Ukraine (sythese au 28 Fevrier 2022) 07/03/2022 Read more about Sanctions de l'UE en lien avec la situation en Ukraine (sythese au 28 Fevrier 2022) A la suite de la décision russe de reconnaître comme des entités indépendantes les zones des oblasts de Donetsk et de Louhansk et d'attaquer unilatéralement l'Ukraine, l'Union européenne a institué de nouvelles mesures restrictives les 23, 25 et 28 février 2022, pour renforcer l'arsenal de sanctions contre la Russie.
EU, Competition and Trade Regulatory
International Trade Regulation
Aerospace
Construction
Commodities
Energy
Insurance & Reinsurance
Shipping
Finance
Financial Institutions
Logistics
Commercial
Oil and Gas
Paris
Eastern Europe & Russia
The renewable energy CfD and international trade: is the supply chain plan the weakest link? 02/03/2022 Read more about The renewable energy CfD and international trade: is the supply chain plan the weakest link? The media coverage of the latest UK allocation round for renewables contracts for differences (CfDs) takes for granted that a subsidy is involved, as do government statements. But these statements also publicise the record-low prices and the fact that the scheme protects (rather than is funded by) the UK energy consumer.
Energy
EU, Competition and Trade Regulatory
Finance
Projects
Commercial
International Trade Regulation
London
SUSTAINABILITY HUB
Sustainability in Regulation
Sustainability in Energy Transition
Sustainability in Finance
Sustainability in infrastructure and construction
UK Aviation Consumer Policy Reform: What airlines need to know 01/03/2022 Read more about UK Aviation Consumer Policy Reform: What airlines need to know On 31 January 2022 the UK Government opened a consultation1 entitled “Reforming aviation consumer policy: protecting air passenger rights”. This briefing sets out its key points and comments on how airlines might wish to consider responding.
Aerospace
Dispute Resolution
London
Paris
Brussels
Dubai
Hong Kong
Singapore
Houston
Working Worldwide
Africa
Asia Pacific
Eastern Europe & Russia
Indian Sub-continent
Latin America
Middle East
Scandinavia
USA & Canada
Australia
Has Putin torn up your contracts? 24/02/2022 Read more about Has Putin torn up your contracts?
Matters have been moving at pace in the Ukraine in recent weeks, culminating in the movement of Russian troops into Donetsk and Luhansk on 22 February 2022. Whilst the conflict does not, at the moment, directly involve the USA or other western powers, there has certainly already been support behind the scenes and it is unknown how matters might develop. A direct declaration of war by a Western power against Russia is unlikely, but there are enough examples over the years of countries having "undeclared" wars i.e. wars without a formal declaration. If the situation continues to deteriorate in the coming weeks, greater involvement of the UN, NATO or a coalition of western forces acting outside of the UN or NATO may well be within the realms of possibility. If this were to happen, what does this mean for your contracts?
Shipping
Commodities
Insurance & Reinsurance
EU, Competition and Trade Regulatory
Logistics
Commercial
The New Commercial Court Guide 09/02/2022 Read more about The New Commercial Court Guide This briefing examines the changes brought in by the 11th edition of the English Admiralty and Commercial Court Guide, which has just been published, with a focus on the changes to the Commercial Court practice.
Dispute Resolution
London
LITIGATION HUB
Automated Vehicles - No time to be asleep at the wheel 01/02/2022 Read more about Automated Vehicles - No time to be asleep at the wheel On 26 January 2022, the Law Commission of England and Wales, and the Scottish Law Commission (together, the 'Commissions') published a joint report (the 'Report') on their proposed legal reforms required for the safe and responsible introduction of automated vehicles ('AVs') on UK roads. The Report is the result of a wide-ranging three round consultation process, incorporating feedback from hundreds of relevant stakeholders.
Energy
Logistics
London
Putin in the sanctions cross-hair 28/01/2022 Read more about Putin in the sanctions cross-hair As troops amass on Ukraine's borders, Western powers are attempting to change Russia's calculus of risk. Boris Johnson has threatened 'unprecedented sanctions', the EU has warned of 'massive consequences and severe costs', while the US has committed to 'respond decisively.'
Aerospace
Construction
Commodities
Energy
Insurance & Reinsurance
Shipping
EU, Competition and Trade Regulatory
Projects
Mining
International Trade Regulation
Oil and Gas
London
Geneva
Houston
Eastern Europe & Russia
Sanctions against Russia: are you prepared? 25/01/2022 Read more about Sanctions against Russia: are you prepared? The escalating situation on the border between Ukraine and Russia has already led to calls for international trade sanctions to be imposed. So what might those sanctions look like and how can businesses prepare?
International Trade Regulation
Aerospace
Construction
Commodities
Energy
Insurance & Reinsurance
Shipping
EU, Competition and Trade Regulatory
Projects
Mining
Oil and Gas
London
Geneva
Houston
Eastern Europe & Russia
Sustainability Series: Part 1 – Road Freight Transport 18/01/2022 Read more about Sustainability Series: Part 1 – Road Freight Transport As the world is facing a global climate crisis pressure is building on industries to do what they can to reduce emissions1. Today, the transport sector accounts for around 21% of global greenhouse gas emissions, 64% of all global oil consumption, 27% of all energy use and 23% of the world’s energy related carbon dioxide emissions2.
Logistics
Sustainability in transport
SUSTAINABILITY HUB
Energy
Spire v RSA - Round 4: Court of Appeal considers aggregation wording 18/01/2022 Read more about Spire v RSA - Round 4: Court of Appeal considers aggregation wording
The Court of Appeal has given judgment on the wording of an aggregation clause found commonly in many types of policy wordings (Spire Healthcare Limited v Royal & Sun Alliance Insurance Limited). The effect of the clause was to aggregate "all claims consequent on or attributable to one source or original cause". The judgment confirms existing case law that this wording will aggregate claims on a wide basis, and permits a broad search for a unifying factor.
Insurance & Reinsurance
London
Unfair prejudice petitions - Its not personal 13/01/2022 Read more about Unfair prejudice petitions - Its not personal In a recent judgment, the Court of Appeal has confirmed that, for personal actions to be pleaded in support of an unfair prejudice petition, there must be a causal link between these actions and the company's affairs. The judgment, from England and Wales's second highest court, provides important guidance to potential claimants on the scope of unfair prejudice petitions
Commodities
Corporate
Dispute Resolution
London
LITIGATION HUB
Comprehensively Yachts - HFW Yachting Industry Briefing, December 2021 20/12/2021 Read more about Comprehensively Yachts - HFW Yachting Industry Briefing, December 2021 The yachting industry continues to boom on all fronts and the volume of new building contracts, design contracts and sale and purchase transactions handled by the HFW yacht team shows no sign of abatement. We have been involved in a significant proportion of the largest new building and sale and purchase projects to come to market in 2021 and, though there are concerns in some quarters as to the sustainability of the current market, for now at least it remains all hands on deck to service demand.
Shipping
SUSTAINABILITY HUB
Sustainability in transport
Monaco
London
Paris
Piraeus
Dubai
Hong Kong
Shanghai
Sydney
Melbourne
Singapore
Middle East
Asia Pacific
Built in the USA? Coast Guard Issues Determination on US Built Offshore Wind Vessel 26/11/2021 Read more about Built in the USA? Coast Guard Issues Determination on US Built Offshore Wind Vessel Significant expansion of the offshore wind energy industry in the United States is expected to fuel a variety of commercial sectors. The U.S. shipbuilding industry is a key sector that is poised for growth due to Jones Act requirements that coastwise qualified vessels be built in a U.S. shipyard. To meet the anticipated requirements for installing and servicing U.S. offshore wind farms, coastwise qualified vessels will be needed. A recent decision by the U.S. Coast Guard's National Vessel Documentation Center (NVDC) provides insight on how stakeholders can comply with the Jones Act's U.S. built requirement.
Shipping
Houston
Quincecare duty applied by the DIFC Courts 25/11/2021 Read more about Quincecare duty applied by the DIFC Courts Justin Whelan (Partner, Abu Dhabi) and Thomas Neighbour (Senior Associate, Dubai) recently successfully acted for a claimant company before the DIFC Courts, in what we believe is the first DIFC judgment on these points, the court examined both business email compromise and Quincecare for the first time. The judgment will be of interest to financial institutions and their customers.
Cyber Security
Dispute Resolution
Fraud and Insolvency
Dubai
Abu Dhabi
Middle East
COP 26: Article 6 and its impact on voluntary markets 24/11/2021 Read more about COP 26: Article 6 and its impact on voluntary markets After 5 years of trying, COP26 delivered the final piece of the jigsaw for the operationalisation of the Paris Agreement. The final verdict requires for corresponding adjustments to be applied regardless of whether an abatement activity falls inside a country’s national determined contribution (NDC) or outside of its NDC, for both Article 6.2 and Article 6.4 transactions. However, the Paris Agreement does not mandate for voluntary carbon units issued by voluntary standards to be subject to a corresponding adjustment.
Commodities
Energy
Finance
SUSTAINABILITY HUB
New Director Identification Number Requirements 16/11/2021 Read more about New Director Identification Number Requirements
From 1 November 2021, all Australian Directors will now need to apply for a Director Identification Number (DIN). This applies if you're a director, or alternative director acting in that capacity, of a company, registered Australian body, registered foreign company under the Corporations Act or Aboriginal and Torres Strait Islander corporation registered under the CATSI Act.
Corporate
Australia
Asia Pacific
Lack of enforceability: a freight-ening prospect 10/11/2021 Read more about Lack of enforceability: a freight-ening prospect The relationship between Shippers and Carriers when it comes to sea freight agreements has often been adversarial. The lack of a standardised, reliably enforceable sea freight agreement, which does not rely on the honesty of both parties, has left a gap that has often been filled by inadequately drafted agreements.
Logistics
Shipping
Energy
London
COP 26: Article 6, Nationalisation Risk and what it means for voluntary markets 27/10/2021 Read more about COP 26: Article 6, Nationalisation Risk and what it means for voluntary markets Will COP26 finally deliver Article 61? Without it, the Paris Agreement is not fully operational. Article 6 is an important tool to enable countries to raise their Paris Agreement ambitions through market mechanisms and engage the private sector. If the next COP in Glasgow in November 2021 (COP26), fails to deliver on these long awaited Article 6 Guidelines, this meeting will be likely be considered a resounding failure. Why is this?
Commodities
Energy
Singapore
Africa
Asia Pacific
Eastern Europe & Russia
Indian Sub-continent
Latin America
Middle East
Scandinavia
USA & Canada
Australia
SUSTAINABILITY HUB
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
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
