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Streamsowers & Köhn | Nigeria | 23 Aug 2021

Updated guidelines on obtaining ministerial consent to assign interest in oil and gas assets

In March 2021 the Department of Petroleum Resources issued updated guidelines on the assignment of interests in oil and gas assets. The guidelines establish the procedure for obtaining the prior written consent of the minister of petroleum resources that is required for the assignment of a participating interest in upstream oil and gas assets, in accordance with the primary legislation, the......
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RPC | United Kingdom | 16 Apr 2019

Should fraud unravel all? The Supreme Court thinks so

According to a recent Supreme Court decision, if a claimant applies to have a judgment set aside due to fraud, they need not attempt to uncover that fraud before the judgment, even where it is suspected. The case indicates that fraud should unravel judgments in order to safeguard against injustices. Further, the court has made clear that innocent parties should not be burdened with an......
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Arent Fox LLP | USA | 12 Apr 2019

US Customs and Border Protection proposes social compliance programme to combat forced labour

As part of its response to the changes regarding forced labour enforcement brought about by the Trade Facilitation and Trade Enforcement Act 2015, US Customs and Border Protection is proposing to compel members of the Customs Trade Partnership Against Terrorism to maintain a social compliance programme to help to combat forced labour in supply chains.
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Ogier | Jersey | 4 Apr 2019

Asset protection trusts – why the recent interest?

It is fair to say that the term 'asset protection trust' has developed as an informal description of a trust, the primary purpose of which is to safeguard trust assets from claims made by creditors and others usually against the settlor or beneficiaries of a trust. This article discusses what an asset protection trust is and what, over and above a normal trust, it is seeking to achieve. It......
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Fieldfisher | United Kingdom | 2 Apr 2019

Be careful of 'non-reliance' clauses in franchise agreements

In a recent Court of Appeal case, a landlord was unsuccessful in its appeal against a first-instance decision that a 'non-reliance' clause in a lease had attempted to exclude liability for misrepresentation. The decision, which will have ramifications for franchise agreements, demonstrates that such clauses must be fair and reasonable and have regard to the circumstances which were or ought......
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Forsters LLP | United Kingdom | 22 Mar 2019

Statement of changes to immigration rules – implications for Tier 1 (Investor) visa applicants and holders

The Home Office recently released its statement of changes setting out proposed changes to UK immigration rules. The statement contains the long-awaited details of changes to the Tier 1 (Investor) visa, which were announced in December 2018 shortly after the Home Office backtracked from its announcement that the visa was about to be suspended. The proposed changes are significant and clarity......
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Hogan Lovells | Mexico | 8 Mar 2019

Fintech and innovation bring potential amendments to bank AML rules

In March 2018 the Fintech Law, which aims to mitigate the risk of money laundering and terrorist financing, was published in the Federal Official Gazette. Subsequently, in January 2019 the National Commission for Regulatory Improvement published draft amendments to the anti-money laundering rules which apply to the traditional banking industry in order to incorporate the new concepts created......
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Lander & Rogers | Australia | 27 Feb 2019

Overdue diligence: recent officer prosecutions

The end of 2018 saw a flurry of officer prosecutions finalised in New South Wales (NSW) and Victoria, including the first recorded sentence of imprisonment for reckless endangerment in Victoria. The cases illustrate an increasing willingness on the part of SafeWork NSW and WorkSafe Victoria to pursue company officers personally for work health and safety breaches, particularly sole directors......
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Wikborg Rein | Global | 20 Feb 2019

Ship and rig recycling: frequently asked questions

International conventions and local regulations combine to create a complex legal regime, which is often overlooked. The sale of a ship or rig to an intermediate buyer, which then sells the asset on to a shipbreaking facility, will not necessarily insulate the original owner from future liability or reputational damage. This article addresses a number of frequently asked questions which......
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Carey Olsen | Bermuda | 31 Jan 2019

Update on Bermuda private trust companies

This article considers how recent changes to the regulation of financial services in Bermuda have affected private trust companies. Among other requirements, directors and administrators of private trust companies should determine whether they fall within the definition of an 'anti-money laundering/anti-terrorist financing regulated financial institution' and ensure that they comply with the......
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