Latest Briefings

Voluntary disclosures program update – The new normal

The Canada Revenue Agency voluntary disclosures program (VDP) has been around for decades. While the VDP has changed periodically, perhaps the most significant change occurred when the new Information Circular IC00-1R6, initially published on December 15, 2017, became effective on 1 March 2018.

Section 160 liability – Damis Properties Inc. v. The Queen

In Damis Properties Inc. v. The Queen, the Tax Court of Canada (TCC) found subsection 160(1) of the Income Tax Act inapplicable because the appellants and their former subsidiaries were dealing at arm’s length at the time of the transfer of the subject property. The TCC further concluded that, even if subsection 160(1) applied, the liability of the appellants under paragraph 160(1)(e) was nil because they gave fair market value consideration.

Private wealth – the potential for impact

“It is good to have money and the things money can buy, but its good too to check up once in a while and make sure you haven’t lost the things money can’t buy.” – George Lorimer

Nitrate neutrality

Developments on hold, trips to the High Court, nutrient credit schemes… Ever since a European Court of Justice ruling in November 2018, being nitrate neutral has caused headaches and blockages for developers and planners.

Bermuda: Three-day registration for special purpose insurers issuing bonds

Bermuda has always provided an efficient process for insurance submissions of all classes, with applications being approved in under two weeks. On 20 August 2021, the Bermuda Monetary Authority issued a notice announcing that enhancements have been made to allow further streamlining of the registration process for Restricted Special Purpose Insurers (“R-SPI”). Now, the licensing and registration processes of R-SPI registrants whose business model is to issue bonds (e.g. catastrophe bonds and mortgage bonds) will be consolidated and registrants can be fully registered within three business days.

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Alex Smith

Reed Smith innovation supremo exits for AI platform

Reed Smith innovation manager Alex Smith is leaving the firm to join artificial intelligence services provider RAVN, as startups and alternative legal services providers keep attracting talent from private practice. Smith will become global product lead of the technology that was bought by US document management specialist iManage in 2017. Smith has led the innovation […]

Reed Smith’s recovery continues as turnover rises 5 per cent

Reed Smith’s global revenue has risen for the second consecutive year, exceeding levels recorded in 2015 for the very first time. Despite the 5 per cent uptick, the firm’s revenue continues to be around the $1.1bn mark. Over 2018, Reed Smith’s turnover increased from $1.119bn to $1.175bn. This compares to Reed Smith’s financials four years ago […]

Exit sign

MoFo to hire second Reed Smith partner for City real estate venture

Morrison & Foerster is set to recruit another partner from Reed Smith to help with the launch of its London real estate practice, The Lawyer understands. Private equity real estate partner Luke Mines will join partner Oliver s’Jacob at MoFo as the firm’s first two City real estate lawyers. s’Jacob’s move was announced last week. The […]

Offices

Reed Smith prioritises the US in firm’s largest-ever promotions round

Reed Smith has announced its largest-ever round of promotions, in a move that beefs up its US offices with 30 new partners out of 43 globally. The latest string of promotions outnumber last year‘s figures, when the firm promoted 23 partners worldwide. The largest proportion of the promotions this year went to the US (30), […]

Aldgate

Mayer Brown hires fourth new London partner this year

Mayer Brown is to expand its oil and gas capabilities in London, hiring a partner from CMS Cameron McKenna Nabarro Olswang. Bob Palmer is joining Mayer Brown, becoming a partner in its corporate and securities team. He focuses on domestic M&A, joint ventures and project development for energy clients across Europe, Russia, the Middle East, […]

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