Civil Law

The in duplum rule does not apply to late payment interest on arrear pension fund contributions owed by participating employers

Since 2020, most retirement funds have been faced with a situation where participating employers have failed to comply with section 13A of the Pension Funds Act, 1956 (PFA), by either underpaying employer or member contributions or not paying at all. The non-payment of contributions attracts late payment interest in terms of section 13(7) of the PFA.

It is against this background that the Financial Sector Conduct Authority (FSCA) repealed Regulation 33, which governed payment of pension fund contributions and … Read the rest

Civil Law

No Breach Too Small: OFSI Reports First Breach of UK’s Russian Sanctions Regulations

On 31 August 2023 the UK’s Office of Financial Sanctions Implementation (OFSI) issued a “Disclosure” against Wise Payments Limited, a UK-registered company, regulated by the Financial Conduct Authority, for breaching Regulation 12 of The Russia (Sanctions) (EU Exit) Regulations 2019 by making funds available to a company owned or controlled by a designated person.

Continue reading the full GT Alert.

LexBlog… Read the rest

Civil Law

Oh Dear!  Does Whitetail Spell the End of Reactive Power Rates for DERs in PJM?

PJM has long permitted generators to collect revenues for the provision of reactive power and voltage support (reactive power) under Schedule 2 of the PJM Tariff. Innumerable generating facilities have availed themselves of this opportunity. Nearly every such reactive revenue requirement case has settled. Although the vast majority of PJM transmission owners (TOs), whose ratepayers pay the majority of the reactive power rates, have divested their generation, few Transmission Owners (TOs), and fewer state commissions/consumer advocates representing such retail ratepayers, … Read the rest

Civil Law

US NAIC Summer 2023 National Meeting Highlights: ESG

At the Summer 2023 National Meeting of the US National Association of Insurance Commissioners (“NAIC”), a number of sessions were focused on environmental, social and governance (“ESG”) initiatives, led by the Special (EX) Committee on Race and Insurance (the “R&I Committee”) and the Climate and Resiliency (EX) Task Force (“C&R Task Force”), both of which report to the NAIC Executive (EX) Committee. While neither the C&R Task Force nor the R&I Committee announced any … Read the rest

Civil Law

Failure Is Just The Cost Of Success

Matthew Homan has what he tongue-in-cheek describes as “Idea Surplus Disorder.”  He’s never short of good ideas. Here is one of his better LinkedIn posts. Paralysis due to fear is one of the leading impediments to productive innovation.

Leaders, start reframing failure as “tuition.”

Tell your teams you’re happy to pay tuition to learn a lesson, but make it clear that you’re not willing to pay to take the same class twice. 

It will encourage your team to experiment and

… Read the rest
Civil Law

PRC Court Pierced the Veil of Co-insurance and Found Reinsurance Relationship Established Between the Insurers

By Jia WAN

In a recent case published by Beijing Financial Court (the “BFC”), which was represented by AnJie Broad and classified as one of the typical financial cases for the year of 2022, the BFC pierced the veil of “co-insurance”, and confirmed that reinsurance legal relationship was established between two insurers.

The dispute arose out of the “co-insurance agreement” entered by PICC and China Life where the two insurance companies had disagreement as to the amount that PICC should … Read the rest

Civil Law

Julien Gracq pour la rentrée

La forme d’une œuvre, c’est une exposition épatante consacrée à Julien Gracq par la Bibliothèque nationale de France (site Tolbiac, jusqu’au 3 septembre). L’ermite de Saint-Florent-le-Vieil (1910-2007) qui n’aimait pas « faire visiter les cuisines aux invités » a légué un fonds de quinze mille feuillets à la BnF. On admire moult manuscrits, l’écriture appliquée du bon élève (professeur, normalien, agrégé) des photographies, témoignages. Dernières volontés obligent, il faudra attendre 2027 pour connaitre les secrets de trente cahiers inédits de notules. A … Read the rest

Civil Law

Three Arrows Capital Co-Founder Avoids Contempt and Sanctions in United States, But Bankruptcy Court Previews Worldwide Enforcement Options

On June 27, 2022, Three Arrows Capital (“3AC”), a crypto hedge fund, commenced liquidation proceedings in the British Virgin Islands and thereafter filed recognition proceedings in, among other countries, the United States and Singapore.  As we discussed earlier this year, on December 2, 2022, the bankruptcy court presiding over 3AC’s chapter 15 proceeding pending in the Southern District of New York held that the 3AC joint liquidators (the “JLs”) could serve a subpoena (the “U.S. Subpoena”) upon a 3AC cofounder, … Read the rest