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Using the trendy but woefully inaccurate term "oversight" when it means supervision ( see why here), ASIC "urges companies to apply a greater focus and sense of urgency to the oversight and management of non-financial risk..particularly compliance risk. Boards cannot afford to ignore the oversight of non-financial risks." The thing is that ASIC's findings show a failure of awareness of the legal position of directors in Australian companies.

CoNet Section: 

Following consultation on a number of proposed legislative changes that were set out in Consultation Paper No. 124 the Dubai Financial Services Authority Board, after due consideration of consultees’ comments, made amendments to the DFSA Rulebook as described below. The amendments come into force on 1 July 2019.

BIScom Subsection: 

The Board of Supervisors for the City and County of San Francisco are a long, long, long way down the pecking order when it comes to legislation. Unlike the US Congress, where Members can pass motions that amount to comment not law, the Board of Supervisors can pass law - but it may well have no practical effect. So exactly what is the newly announced law and how much weight will it carry?

There's much about law enforcement around the world that is a far cry from the image presented in TV series, no matter how "authentic" the producers claim them to be. Here are five things you probably didn't know about the realties behind the stories.

It would be far more sensible if the UK scrapped its money laundering laws, wrote something comprehensible and properly structured and kept it all in one place. But no, that would make life far too simple. So, we have the latest Act that has to be read in the light of, and which makes amendments to, other legislation. But it's important and so no one can simply say "stuff it" and delete it. As it comes into force, there is a hint as to at least some of the priorities in relation to international financial crime.

The irony should escape no-one. In order to work towards the development of on-line courts, the UK will play host to delegates and speakers from "over 20 countries." So, video conferencing is expected to work for court proceedings but not for meetings, then?

CoNet Section: 

An Israeli software company, LawGeex, has released a report which it says establishes the principle that its software can analyse contracts faster and more accurately (and therefore much cheaper) than lawyers specialising in the specific field under review. Using the trendy tags "artificial intelligence" and "deep learning," the methodology of the test and its results show good reason for lawyers to think the future might be about to become ultra-tough. Or provide new opportunities to improve revenue per junior fee earner.

CoNet Section: 

A post on LinkedIn recently * says "In the line of duty as a Compliance, I always said to my friend and subordinate; "Never ever say can not until the regulation really declare can not"."

Is this a safe policy?

...Continued from yesterday

A McKenzie Friend cannot be the representative of record that is he cannot provide a "firm" or an address for service. He cannot be the agent of a litigant in person and so he cannot e.g. issue proceedings on his behalf. He does not have a right of audience, that means he cannot address the court directly, unless, in exceptional cases, the court might grant, on a one-off basis, a right to address the court and to examine witnesses. However, more McKenzie Friends are making applications for rights of audience and are being granted.

CoNet Section: 

 


 

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