Background In response to the financial crisis and recession in the United States that began in 2007, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (now commonly known as “Dodd-Frank”). Dodd-Frank created a vast array of new financial regulations, including the new and independent Bureau…
In previous posts (Proposed Changes to UK’s TUPE will impact outsourcing deals, The UK Government consults on proposed changes to the TUPE regulations) we highlighted the UK Government’s proposed changes to the Transfer of Undertakings (Protection of Employment) Regulations 2006 (“TUPE 2006“). The UK Government has now finalised these changes,…
The High Court of England and Wales has recently decided that a contract can, in principle, be made in two separate jurisdictions at the same time if the contract does not include choice of law and jurisdiction clauses. In this situation, either party could seek to enforce the contract in…
Procurement says SAS70; Finance says SSAE 16; Audit says SOC 2; IT says ISO27001; Supplier says pay, pay, pay. But there’s one fact That no one knows . . . WHAT DOES THE SOX SAY? Any negotiation for cloud and outsourced services undoubtedly ends up in a debate over what…
As many who have struggled to find a clear way to comply will know, an important change to the EU E-Privacy Directive (implemented by many EU states late 2011/2012) meant that, in summary, websites which target/monitor/profile Europeans have been obliged to seek consent to use cookies via an opt in…
We previously reported on the Massachusetts computer services tax that became effective on July 31st after the legislature overturned Governor Deval Patrick’s veto of An Act Relative to Transportation Finance. Facing strong opposition from the state’s technology sector the Massachusetts legislature retroactively repealed the tax by passing An Act Repealing…
The Transfer of Undertakings (Protection of Employment) Regulations 2006 (“TUPE”) is in the spotlight as part of the UK Government’s Employment Law Review. Launched in 2011, the purpose of the review is to reform employment law in order to achieve a fair, effective and flexible labour market in the UK[1].…
There are a number of important reforms being made to UK employment law this year, largely due to the enactment of the Enterprise and Regulatory Reform Act 2013 (“ERRA”). Many of the reforms under ERRA are being implemented over a period of time from 2013 and beyond, following a period…
Today the European Commission unveiled its legislative package to adapt the EU payments market to the opportunities of the single market and to support EU economic growth . The package includes a proposal for a cap on multilateral interchange fees (MIFs) for card-based payment transactions. MIFs are set by credit-card…
Although reconciliation of the key terms has been a best practice for over-the-counter derivative trades for some time (particularly with collateralised trades), the scale of the reconciliation exercise imposed by forthcoming regulations in the EU and U.S. has caused many market participants to undertake a fundamental review of the systems…