OFAC revokes so-called U-turn authorization for Cuba-related financial transactions
OFAC published a final rule that modifies the Cuban Assets Control Regulations to revoke the so-called "U-turn" authorization.
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In December, 2014 the Department for Business, Innovation & Skills (BIS) published and requested responses to “Nullification of Ban on Invoice Assignment Clauses”, a consultation paper and draft regulations proposing to nullify contractual clauses prohibiting the assignment of receivables (the right to payment of an amount under a contract). The Small Business, Employment and Enterprise Act 2015 includes a power to nullify bans on assignment and the aim of the measure is to make it easier for businesses to access invoice finance. For some businesses, and particularly for small businesses, the only assets against which they can borrow will be invoices for payment due to them. However, a supplier’s commercial customers are currently able to contractually bar this kind of invoice assignment. On August 9, 2015, BIS published its response to the consultation paper, having taken into account all the feedback they received.
Having considered the views received, the Government has concluded that the nullification of a ban on invoice assignment clauses should:
BIS aims to begin the Parliamentary process after the summer break in order to commence these proposals as soon as possible.
On August 20, 2015 Companies House published an updated schedule of implementation of the Small Business, Enterprise and Employment Act 2015 which received Royal Assent in March 2015. Changes to the implementation schedule may occur as the associated secondary legislation passes through Parliament, but the latest schedule is as follows:
On 5 September 2019, Professor John McMillan AO’s Final Report (Report) on the operation of the Narcotic Drugs Act 1967 (ND Act) was tabled in Parliament. Section 26A of the ND Act required the Minster to cause a review of the operation of the ND Act to be undertaken.