Established in 2015 as a trusted neutral forum to meet increasing demand for effective transnational dispute resolution, the Singapore International Commercial Court (the "SICC") is a division of the General Division of the...more
Creditors involved in cross-border restructuring or insolvency proceedings of corporate groups will find that the approach of the Singapore courts to questions of cross-border insolvency provides the assurance of an orderly...more
This August, a working group sponsored by the National Association of Insurance Commissioners (the "NAIC") unanimously approved revisions to the NAIC's Unfair Trade Practices Act Model #880 (the "Model Law") to restrain...more
The next item in McGlinchey's Deep Dive into Payments Series is a podcast on money transmission by attorneys Jeff Barringer, Amy Greenwood-Field, and Aaron Kouhoupt. Their discussion centers around the impacts of money...more
The next item in McGlinchey’s Deep Dive into Payments Series is on money transmission by attorneys Jeff Barringer, Amy Greenwood-Field, and Aaron Kouhoupt. Their discussion centers around the impacts of money transmission...more
The model law aims to maximise group-wide recoveries in an insolvency through cooperation and efficient administration. The UK government has announced its intention to legislate to implement the UNCITRAL Model Law on...more
On July 7, 2022, the UK Insolvency Service, an executive agency of government responsible for a variety of roles in administering the UK insolvency regime, published a consultation on the UK’s proposed adoption of two...more
In two successive decisions, the Hong Kong Court of First Instance has refused applications for extensions of time to set aside arbitral awards, in one case suggesting that there would need to be legislation to grant the...more
The Court of Appeal of Singapore considered that a “manifestly incoherent” arbitral award would mean parties have not been accorded a fair hearing and a remission would not be appropriate where it is objectively assessed that...more
The North Carolina General Assembly recently approved Senate Bill 507 (the “Act”), which makes a number of significant changes to the North Carolina Business Corporation Act (“NCBCA”), and the governor signed the Act into law...more
The automatic stay under the version of the UNCITRAL Model Law on Cross-Border Insolvency adopted by Singapore ("Singapore Model Law") is an accessible and powerful tool for protection under the Singapore restructuring regime...more
Insurers and reinsurers navigating the increasingly complex rules on reciprocity for collateral requirements should consider recent guidance from the leading U.S. standard-setting body. On June 17, 2021, the Reinsurance...more
The National Association of Insurance Commissioner (NAIC)’s model data security law (“Model Law”) was recently adopted by Maine and North Dakota. This addition brings the total number to states that have joined the NAIC...more
Two more state governors, those of Maine and North Dakota, have signed bills into law that adopt the National Association of Insurance Commissioners (NAIC) data security model law (Model Law). Maine and North Dakota join...more
Pharmacy benefit managers (PBMs) should consider the implications of a model law making its way through the National Association of Insurance Commissioners (NAIC) that would establish a licensure requirement and rules of...more
The Situation: On 1 February 2021, Parliament passed the Electronic Transactions (Amendment) Bill (Bill No. 1/2021) ("Bill"). The Bill enables the creation and use of electronic transferable records ("ETRs") and expands the...more
Although the Trade and Cooperation Agreement (TCA) arrived in time to prevent a wholesale “no deal Brexit,” issues of cross-border cooperation and recognition in relation to insolvency and restructuring proceedings were not...more
The recent case of A v D (HCCT 52/2020) reinforces the pro-arbitration and pro-enforcement approach of Hong Kong courts. Under Article 34 (3) of the Model Law (adopted by section 81 of the Arbitration Ordinance...more
The Situation: On August 11, 2020, a Credit Derivatives Determinations Committee for EMEA ("DC") unanimously determined that the Chapter 15 filing by British retailer Matalan triggered a Bankruptcy Credit Event under standard...more
In a recent decision, the Ontario Superior Court of Justice recognised the English law schemes of arrangement of the Syncreon group under the Companies’ Creditors Arrangement Act, RSC 1985, c C-36 (“CCAA“). ...more
Since July 1, 2019, Delaware, New Hampshire and Connecticut have enacted laws imposing new cybersecurity requirements on insurers. These laws follow similar statutes already operating in at least six other states: Alabama,...more
The National Association of Insurance Commissioners (NAIC) Reinsurance (E) Task Force has approved proposed revisions to the Credit for Reinsurance Model Law (Model Law) and the Credit for Reinsurance Model Regulation (Model...more
On a May 15 conference call, the Reinsurance Task Force of the National Association of Insurance Commissioners (NAIC) advanced model legislation on reciprocal treatment for reinsurers as between the United States, on the one...more
In July 2018, both Argentina and Uruguay passed new arbitration laws governing arbitrations seated in the respective countries, WilmerHale counsel Rina See and visiting foreign lawyer Tomas Ambrosini offer a comparison on the...more
In March of 2017, the New York Department of Financial Services (DFS) implemented 23 NYCRR §500 (NY Reg. 500). In doing so, it became the first state regulatory authority to impose regulations that address cybersecurity...more