The session on third-party funding of class actions at the IBA Annual Litigation Forum in April 2024 was run by Robert Johnston, Chair of the IBA Class Action Committee and Head of Litigation at JWS lawyers in Sydney, Australia. The panellists included Henry Warwick KC, one of the leading silks involved in the historic group litigation on behalf of 555 UK sub-postmasters against the Post Office, the success of which was only possible because of litigation funding. Representing the defence side of the bar was Justyna Niemczyk, a lawyer from De Brauw, one of the Netherlands’ leading corporate law firms and a specialist in the new Act on Collective Damages in Class Actions (Dutch acronym WAMCA) class action laws introduced in 2020. The funders were represented by Patrick Moloney, CEO of litigation ‘financier’ LCM listed in Australia and the UK, and active also in Asia. Patrick bought a broader, more global view to the panel.
Released on Nov 29, 2024
On 14 June 2024, the IBA Litigation Committee and IBA Asia Pacific Regional Forum presented the first of the Litigation Asia Pacific Webinar Series, entitled ‘Litigating in China: domestic proceedings and cross-border enforcement’. It provided insights into strategies for international parties seeking to litigate against Chinese counterparts under the latest legal framework.
Released on Nov 29, 2024
Every judgment creditor has the right to enforce measures against a judgment debtor if the debtor fails to comply with a judgment voluntarily. The legal framework in Dubai for the enforcement of civil and commercial judgments, as well as in other parts of the UAE, has undergone significant change over the past two years. These changes have eliminated certain harsh measures against debtors and revised the legal dynamics between debtors and creditors.
Released on Nov 29, 2024
As France faces significant economic challenges characterised by mounting public debt and a record-high deficit, the draft Finance Bill for 2025 is currently being discussed before the French Parliament. The Bill seeks to reduce the public deficit from seven per cent to five per cent of gross domestic product through a €19bn revenue increase, introducing new taxes targeted at high-income individuals and large corporations. The legislative process is complicated by a hung parliament and social crises. Despite the government’s efforts to address all the issues at stake, ongoing political instability raises questions about the efficacy and stability of France’s economic policies.
Released on Nov 25, 2024
This panel session on individual accountability for directors and managers in banks and other financial institutions explored the benefits and drawbacks in terms of individual accountability laws and regulations, which aim to prevent misconduct by financial institutions by holding directors and managers responsible for failures in their area of responsibility. The speakers discussed the different approaches and challenges in their respective jurisdictions, as well as the best practices to minimise liability.
Released on Nov 22, 2024
Various changes were made to the Turkish tax system via Act No 7524, which was published in the Official Gazette on 2 August 2024. This article describes some of the important changes resulting from the Act.
Released on Nov 22, 2024
This article provides an overview of the Incentive Regime for Large Investments (RIGI) established by Law 27742 in Argentina, which offers a comprehensive framework of tax, customs and foreign exchange incentives aimed at promoting significant investments in key business sectors. This article explores the main features, eligibility requirements and benefits of the RIGI, highlighting its potential to attract substantial foreign and domestic investments in Argentina.
Released on Nov 21, 2024
Commercial paper is a short-term debt instrument issued by companies. It’s typically used to raise funds quickly for various purposes, such as financing working capital needs, funding short-term projects or covering temporary cash flow shortages to finance short-term liabilities, such as augmenting working capital, fulfilling temporary cash flow gaps and addressing immediate financial obligations. Investors seeking a safe and short-term investment option often find commercial paper attractive due to its relatively low risk and competitive returns compared to other short-term investments.
Released on Nov 20, 2024
A review of Ghana’s role in interoperable payment systems integration in Africa, at the point that the country has joined the Pan-African Payment and Settlement System.
Released on Nov 20, 2024
In the US, numerous federal, state and local laws require banks to run criminal background and credit checks on employees and applicants for employment. These include the Federal Deposit Insurance Act, the Securities and Exchange Act, the Secure and Fair Enforcement for Mortgage Licensing Act, the Truth in Lending Act and various Financial Industry Regulatory Authority rules.
Released on Nov 20, 2024
Legislative Decree No 1623, enacted on 4 August 2024, has introduced significant changes to Peru’s framework on value-added tax, extending its application to digital services and intangible goods acquired by Peruvian consumers from foreign providers. This reform addresses the expanding digital economy, imposing new tax obligations on non-resident providers and payment intermediaries, particularly financial institutions.
Released on Nov 18, 2024
A session report from the joint session of the IBA Regional Fora at the IBA Annual Conference 2024 in Mexico City.
Released on Nov 14, 2024
A session report from the diversity and inclusion session at the IBA Annual Conference in Mexico City.
Released on Nov 14, 2024
A session report from the diversity and inclusion session at the IBA Annual Conference in Mexico City.
Released on Nov 14, 2024
Highlights from the IBA Annual Conference 2024.
Released on Nov 14, 2024
Italy’s digital services tax could undergo its most significant transformation since its introduction in 2020. Initially conceived as a tax targeted at large multinational technology companies, the 2025 Draft Italian Budget drastically broadens the tax's scope, extending its application to resident and non-resident digital enterprises irrespective of their revenue.
Released on Nov 13, 2024
Since the end of 2019, Greece has been on list of countries that have enacted favourable tax regimes, designed to attract individuals to move their tax residence to the country. These regimes are the non-dom tax regime, the foreign pensioner’s tax regime and the employee and self-employed regime, known as 5A, 5B and 5C regimes, respectively, as per the corresponding articles in the Income Tax Code, which introduced them. This article provides an overview of the most important features of each of these tax regimes, considering the most recent amendments and administrative interpretations since their enactment.
Released on Nov 13, 2024
In the view of the authors, the Australian Taxation Office (ATO) persists in adopting a method for attributing profits to permanent establishments (PEs) that is misaligned with international standards. This divergence may result in foreign taxpayers encountering a tax burden in Australia that is considerably more substantial than they might have anticipated. In this article, we examine the ATO’s methodology and explain why it can often culminate in an unusually high tax imposition on PEs within Australia.
Released on Nov 13, 2024
As a measure to tackle the informal economy and tax evasion and to promote fair trade, Law No 21,713 on Compliance with Tax Obligations, enacted on 25 October 2024, incorporates relevant changes on the tax treatment applicable to the international business to consumer digital trade of goods. As a result, the responsibility for value-added tax collection on imports of low-value goods is shifted from customs authorities to the digital intermediation platforms facilitating such transactions. The specifics of these new regulations are set out in this article.
Released on Nov 13, 2024
This article discusses the current situation in regard to withholding tax in Poland and recent precedent-setting judgments by the administrative courts regarding the exemption of Luxembourg reserved alternative investment funds from withholding tax in Poland.
Released on Nov 13, 2024
The draft Finance Bill for 2025 was released on 11 October 2024 and is due to be examined by Members of the French Parliament from 21 October 2024. The merger tax regime for corporate restructurings is to be adapted (Article 17 of the draft Finance Bill) following the Ordinance 2023-393 of 24 May 2023 and Decree No 2023-430 of 2 June 2023, which transposed EU Directive 2019/2121 and reformed the legal regime in regard to company law. This article examines these developments.
Released on Nov 13, 2024
Brazil is taking significant steps towards becoming a leading country in projects related to the energy transition. The second half of 2024 saw the enactment of important laws on hydrogen and biofuels/green fuels, which delivers a clear message: Brazil is committed to playing a key role in the energy transition.
Released on Nov 13, 2024
In a ruling dated 11 November 2024, the Hague Court of Appeal upheld Shell’s appeal against the Dutch NGO/campaign group Milieudefensie, overturning a 2021 ruling that had ordered Shell to reduce its carbon dioxide emissions by 45 per cent by 2030 relative to 2019 levels. For the reasons set out below, the Court of Appeal quashed the 2021 judgment, denied the claims of Milieudefensie and ordered it to pay costs. This judgment provides key considerations on the linkages between the climate crisis and the corporate responsibility to respect human rights.
Released on Nov 12, 2024
As the LGBTQI+ Law Committee Scholar, I had the privilege of attending the International Bar Association (IBA) Annual Conference in Mexico, where I attended multiple sessions related to diversity, equity and inclusion (DE&I), LGBTQI+ rights and immigration (the area in which I work). This report outlines some of the key sessions attended, critical takeaways and proposed next steps for ongoing collaboration and advocacy in these areas.
Released on Nov 7, 2024
John Vellone, Newsletter Editor of the IBA Power Law Committee introduces the latest collection of articles from Committee members.
Released on Nov 6, 2024
Nigeria’s abundant sunlight presents a significant opportunity for distributed solar power (DSP) to address its energy challenges. This article analyses the regulatory framework governing DSP projects in Nigeria, focusing on policies, incentives, and challenges affecting project development and investment. By identifying key opportunities and barriers, this article offers practical recommendations to optimise the regulatory environment for stimulating DSP growth, enhancing grid integration, and promoting sustainable energy development.
Released on Nov 6, 2024
This short article analyses the legal and regulatory challenges and opportunities of distributed energy generation in Portugal. It focuses on the implications of Decree-Law No 15/2022, which enables consumer participation in a decentralised energy model, and addresses regulatory complexities, licensing delays, financial barriers, and the impact on grid infrastructure. Additionally, it highlights legislative and public policy initiatives aimed at facilitating distributed energy resources, emphasising the need for effective action to leverage Portugal’s renewable energy potential.
Released on Nov 6, 2024
Switzerland is introducing a new legal structure the local electricity community (LEC) in 2024 as part of its energy transition. The aim of is to enable groups of individuals or legal entities to become collectively involved in projects for the production and consumption of renewable electricity, such as solar, wind or biomass. This article looks at this new legal structure in terms of how it works in practice, its relevance and its implications for Switzerland’s energy transition.
Released on Nov 6, 2024
This article explores the opportunities and challenges of distributed energy sources, emphasising legal issues and their resolutions. Distributed energy systems are designed to generate electricity close to consumption points, optimising network efficiency and reducing transmission losses. While various primary sources can be utilised, solar energy stands out due to its widespread availability, scalability, and decreasing costs. The article discusses key challenges, including spatial limitations for solar installations and the impact of network transmission requirements on the core principles of distributed generation. It also examines legal and financial obstacles, including expropriation restrictions and financing complexities, offering innovative regulatory and financial solutions.
Released on Nov 6, 2024
Structural deficiencies in the operation of the bulk power system coupled with anticipated growth in electricity demand are resulting in the emergence of new technologies and business structures to address immediate and forecasted needs. The regulatory landscape is adapting quickly in order to address new and emerging realities in the power sector. As policies and regulations vary on a state and local level, practitioners must remain up to date with regulatory and technological developments in order to advise their clients properly.
Released on Nov 6, 2024