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The End Of Proxy Wars?
TSMP Law Corporation, March 2017

Have you ever fought in a war? Chances are, you have. Participated in a proxy war that is. Harassing and coercing are some common tactics used in the attempt to obtain as many proxies as possible to wrest majority control. There has even been a situation where an individual held 250 proxies – effectively being able to make every decision solely...

New UAE Funds Regime
Afridi & Angell, March 2017

The UAE has embarked on an ambitious undertaking by introducing new business friendly mutual funds regulations to stimulate the UAE funds industry and provide the foundation for a more developed regional funds regime in the Gulf Cooperation Council (the “GCC”)...

Gorenje Zagreb Fined For Resale Price Maintenance
Karanovic & Nikolic, March 2017

Resale price maintenance and price-fixing has been and still is under scrutiny by the Croatian Competition Agency (the "Agency"). Carrying on from a number of high-profile cases, in February 2017 the Agency fined Gorenje Zagreb, a subsidiary of Slovenia's premier manufacturer of household appliances for HRK 1,557,000 (approximately EUR 206,000)...

Major Belgian Company Law Reforms – What To Expect
ALTIUS/Tiberghien, March 2017

At the end of 2015, the Belgian Minister of Justice gave an overview of planned reforms of Belgian company law. These major reforms are scheduled to be passed by the Belgian parliament in the second half of 2017. Even though the relevant legislative texts are not yet available, details of the envisaged reforms are becoming clearer. In this news flash, we will describe some of the planned changes...

Karanovic & Nikolic Wins the Award for Law Firm of The Year in Eastern Europe and the Balkans by The Lawyer
Karanovic & Nikolic, March 2017

The Lawyer Magazine, a weekly British magazine for top commercial lawyers and in-house counsel, has named Karanovic & Nikolic Law Firm of the Year for Eastern Europe and the Balkans during their annual European Awards ceremony on March 16, 2017 in London. The awards, now in their eighth year, were the first initiative of their kind to reward and celebrate excellence across the European legal market...

SyCipLaw TMT Bulletin: Philippine Central Bank Issues New FinTech Rules
SyCip Salazar Hernandez & Gatmaitan, March 2017

The Bangko Sentral ng Pilipinas (BSP) (the Philippine Central Bank) has issued two new circulars that will be of interest to companies engaged in remittance services, e-money, digital currency, and other fintech businesses. Both circulars amend portions of the BSP Manual of Regulations for Non-Bank Financial Institutions. BSP Circular No...

Employer Compliance in an Era of Heightened Immigration Enforcement: The IMAGE Program
Haynes and Boone, LLP, March 2017

In February 2017, Secretary of Homeland Security John Kelly issued two memoranda providing guidance on the recent Executive Order entitled "Border Security and Immigration Enforcement Improvements." This Executive Order established new policies regarding effective border security and immigration enforcement...

Legal Regulation of Incorporation and Activity of Commercial Organizations with Participation of Foreign Investors in the Republic of Belarus
VMP Vlasova Mikhel & Partners, March 2017

Incorporation of Commercial Organizations Types of commercial organizations Regulation of incorporation and functioning of organizations is carried out on the basis of the following acts of legislation: the Civil Code of the Republic of Belarus dated 07.12.1998 with further changes and amendments (hereinafter - the “Civil Code”), Law of the Republic of Belarus “On Companies” in the wording of 10.05...

You Can't Stifle Consumer Reviews: Complying with the Consumer Review Fairness Act
Haynes and Boone, LLP, March 2017

As of March 14, 2017, the recently enacted Consumer Review Fairness Act (the “Act”)1 will prohibit “gag clauses” – contract provisions that prohibit or restrict a consumer's ability to write negative reviews of products and services. While enforcement by the Federal Trade Commission (“FTC”) and state attorneys general is set to begin on December 14, 2017, businesses should act now to ensure compliance...

New Serbian Data Protection Law In 2017?
Karanovic & Nikolic, March 2017

After having prepared the first draft of the new data protection law back in 2014 (which was ignored by the Government in the meantime, and even dismissed by the Ministry of Justice's introduction of a separate draft law in 2015), the Serbian Data Protection Commissioner ("Commissionaire")1 published the second draft of the new law on March 6th, 2017 ("Draft")...

IFLR: “Philippines: Foreign Equity Ownership Decision”
SyCip Salazar Hernandez & Gatmaitan, March 2017

The March issue of the International Financial Law Review (IFLR) includes an international briefing article by SyCipLaw Partner Jose Florante M. Pamfilo entitled “Philippines: Foreign equity ownership decision”. The article discusses the Philippine Supreme Court decision on the case of Roy v. Herbosa (GR no. 207246) to invalidate the Securities and Exchange Commission (SEC) Memorandum Circular no...

Termination Due to Actions of Employee Constituting Criminal Act
Karanovic & Nikolic, March 2017

Amending the Labour law in July 2014 raised some arguable and sensitive issues regarding termination of the employment contract when employee's behaviour represents criminal act. In fact, it was the employer who decided if an employee's behaviour represent a criminal act...

Bollywood: a little too much inspiration
ENSafrica, March 2017

In the 21st century, cinema and film play a major role not only in our social activities, but also as a tool for learning about our history, addressing the issues faced in society and imagining what the future of a more innovative world would look like. However, the legal implications of telling a story through film, the cinema and television, go far deeper. Issues of copyright infringement, particularly within the Hollywood and Bollywood context, have found their way to the court room...

Federal budget and capital gain: Time for tax planning
Lavery, de Billy, March 2017

There is currently speculation in the media that Liberal Finance Minister Bill Morneau's next federal budget will increase the capital gain inclusion rate from 50% to 75%. The combined marginal tax rate on capital gains is currently 26.7% for a resident of Québec. This rate would reach nearly 40% if the budget was to increase the capital gain inclusion rate to 75%. A $1,000,000 capital gain would thus generate approximately $133,000 in additional taxes...

Copyright: The Right to Exploit vs the Right Not to Exploit
ENSafrica, March 2017

The background can be summarised simply: South Africa’s state broadcaster, the SABC, commissioned a filmmaker to make an investigative documentary for its factual genre TV channel. The filmmaker made the documentary and the SABC paid the fee (thus making it the owner of the copyright in the documentary under South African law). However, the SABC decided against airing the documentary...

Fund Finance Global Legal Insights 2017 Released, Haynes and Boone Authors Investor Issues Chapter
Haynes and Boone, LLP, March 2017

We are pleased to inform you that Ellen McGinnis and Erin England have co-authored a chapter in a book recently published in connection with the Fund Finance Association’s 2017 Global Fund Finance Symposium. Their chapter in the Global Legal Insights publication is titled “Historical Perspective and Evolution of Investor Issues in Subscription Financing – From Credit Analysis to Enforcement...

Important Constitutional Court Judgment on the Extension of Collective Agreements to Members of Minority Unions
ENSafrica, March 2017

An important case between the Association of Mineworkers and Construction Union (“AMCU”) and the Chamber of Mines of South Africa acting on behalf of Harmony Gold, AngloGold Ashanti and Sibanye Gold, has finally been decided by the Constitutional Court. The case concerns the extension of a 2013 wage collective agreement to AMCU members in terms of section 23(1)(d) of the Labour Relations Act, 1995 (“LRA”)...

Alrud Real Estate Practice Specialists Prepared an Article for IBA Newsletter: "Don’t be Trapped in Lease Agreements"
ALRUD Law Firm, March 2017

ALRUD Real Estate practice Specialists, Andrey Zharskiy, ALRUD Partner, Stanislav Veselov, ALRUD Senior Associate, Galina Kulikova and Ksenia Bondarenko, ALRUD Attorneys, prepared an Article for the Newsletter of the Real Estate Section of the International Bar Association Legal Practice Division. The article, “Don’t be Trapped in Lease Agreements” covers main pitfalls that tenants in Russia may face while terminating a commercial real estate lease agreement...

The Importance of Asserting Rights in a Water Crisis
ENSafrica, March 2017

2016 was the driest year in South Africa since rainfall records began in 1904‚ with the current drought predicted to continue well into 2017. Climate variables resulting in such devastating droughts are giving rise to increased competition for dwindling water resources in parts of South Africa. When water is critical to the ongoing operation of a business, it is important to establish precisely what right a business has to water and how to protect this right...

2016 Reminders and Planning Ideas for 2017
Haynes and Boone, LLP, March 2017

2016 Follow-Up Payments on Promissory Notes and Guarantees. If you sold property (for example, real estate, stock, or an interest in a family limited partnership or other closely-held entity) to a family member or a trust for a promissory note in the past, the purchaser should make the proper interest payments. Also, if the transaction involved a guarantee of any part of debt, the guarantor should receive the proper guarantee fees. Gift Tax Returns...

Companies Registered in Tanzania: Comply with Annual Filing Obligation or Face Deregistration and Penalties
ENSafrica, March 2017

 In terms of the Companies Act, 2002 (Cap RE 212) (the “Act”), every company incorporated or registered in Tanzania as a branch of a foreign company has an annual filing obligation with the Registrar of Companies, also called the Business Registrations and Licensing Agency (“BRELA”)...

Law N°21,000 Establishes the National Financial Market Commission of Chile
Carey, March 2017

On February 23, 2017, Law N°21,000 (the “Law”) was published in the Official Gazette of Chile, creating the Commission for the Financial Market (the “Commission”), a professional body and technical entity that will replace the current Superintendency of Securities and Insurance (“ SVS “). The Law will enter into force in August 2018, or at an earlier date if the Commission becomes operational sooner...

The 2017 South African Budget Review: Cross-border IP Transactions
ENSafrica, March 2017

Government has proposed that companies and individuals no longer need the South African Reserve Bank’s approval for “standard intellectual property transactions” and that the “loop structure restriction for all intellectual property transactions” be lifted, provided that such transactions are arm's length and at a fair market price...

Amendments to the Gas Service Law in Chile and Other Legal Provisions Enter Into Force
Carey, March 2017

The Law that “Amends the Gas Service Law and other legal provisions” (hereinafter, the “New Law” ) entered into force on February 9, 2017. The purpose of the New Law is to fill in the legal gaps existing in a market that, according to the parliamentary discussion, needs to improve the level of competition among their different actors...

Extending Your Trade Marks’ Protection Online
ENSafrica, March 2017

In addition to registering your trade mark with the Companies and Intellectual Property Commission (“CIPC”), brand owners should also ensure that their trade marks are protected online. One way of doing so, is by registering a domain name. What is a domain name? A domain name allows a party to establish its identity on the internet. It assists internet users to easily identify you on the internet and to access your site on the web...

Doing Business 2017: Equal Opportunity for All
SyCip Salazar Hernandez & Gatmaitan, February 2017

The World Bank Group has released its Doing Business 2017: Equal Opportunity for All report. This is the 14th in an annual series of reports providing objective measures of business regulations and their enforcement in 190 economies...

What the 2017 South African Budget Review Means for Pension Funds
ENSafrica, March 2017

The 2017 South African Budget Review, published on 22 February 2017, contained several statements (summarised below) that may be of interest to pension funds, their investment managers and administrators. Tax Preservation of benefits after reaching normal retirement dates: In 2014, amendments were made to the Income Tax Act, 1962 to allow individuals to elect to retire...

Bureau of Ocean Energy Management Withdraws Contentious Sole Liability Orders for More Review
Haynes and Boone, LLP, February 2017

On February 17, 2017, the Bureau of Ocean Energy Management (“BOEM”) withdrew its December 2016 orders requiring sole liability properties to provide additional security in the form of supplemental bonds for plugging, abandoning, and decommissioning Outer Continental Shelf (“OCS”) wells, platforms and other facilities...

Proposed Rule from HHS Changes Standards for ACA Individual and Small Group Marketplaces by Neil Krugman on the Waller Healthcare Blog
Waller, February 2017

In one of the first concrete developments related to Affordable Care Act (ACA) changes following Dr. Thomas E. Price’s approval as Secretary of the Department of Health and Human Services (HHS), a Notice of Proposed Rule making was released by HHS on February 15, 2017, with the stated goal of helping to stabilize the individual and small group marketplaces established by the ACA...

UPDATE: U.S. Prudential Regulators and EU (EMIR) Relief Guidance Issued on March 1st Variation Margin Deadline
Haynes and Boone, LLP, February 2017

U.S. Prudential Regulators and European Supervisory Authorities Follow CFTC in Issuing Regulatory Guidance Regarding March 1, 2017 Variation Margin Deadline, But Relief is “Risk” Based Last week we issued an alert advising of No-Action Letter 17-11 issued on February 13, 2017 by the U.S...

The CJEU Decides: It is Lawful to Exclude Turkish Agents from the Belgian Agency Act’s Scope
ALTIUS/Tiberghien, February 2017

In the context of a dispute between a Turkish agent and a Belgian principal, the Commercial Court of Ghent (Belgium) referred a request to the Court of Justice of the EU (CJEU) concerning the legal protection of a Turkish agent under Belgian/EU law. The agent and principal had expressly agreed that their agency agreement was subject to Belgian law...

Karanovic & Nikolic Employment Team Contributes to the Shepherd and Wedderburn’s European Employment Law Update For 2017
Karanovic & Nikolic, February 2017

Karanovic & Nikolic employment team has assisted Shepherd and Wedderburn in the development of The European Employment Law Update for 2017. The European Employment Law Update for 2017 provides an overview of the vital reforms being introduced to European employment law over the next year, including areas such as seconding employees, increased protections for whistleblowers, and legislation changes related to increased work-life balance...

"How to De-stress a Distressed Senior Living Company" Co-Authored by Jeffery D Parrish and John C Tishler
Waller, February 2017

External pressures, such as lower reimbursement rates and an overall shift in policy by the Centers for Medicare and Medicaid Services (CMS) and state Medicaid agencies have put significant financial and operational pressure on skilled nursing and other senior living operators in the United States...

CHCI: A Path to a Rewarding and Deeply Personal Career
Lowenstein Sandler LLP, February 2017

The morning we arrived at the U.S. Citizenship and Immigration Services office in Newark, New Jersey, the line stretched around the block. I was 11 years old, the son of Cuban immigrants and the grandson of a former political prisoner who had sought refuge in the United States—part of the first generation of my family born in this country...

IFLR: “Philippines: Promoting foreign investment”
SyCip Salazar Hernandez & Gatmaitan, February 2017

The February issue of the International Financial Law Review (IFLR) includes an international briefing article by SyCipLaw partner Aaron Roi B. Riturban entitled “Philippines: Promoting foreign investment”. The article focuses on Republic Act no. 10881, which lifts the foreign investment limitations found in laws governing adjustment companies, lending companies, financing companies, and investment houses. Read the article online at the IFLR website...

The OSHA Compliance Data Challenge – The Next Steps to Meet the Requirement of the Electronic Recordkeeping Rule
Haynes and Boone, LLP, February 2017

July 1, 2017 is swiftly approaching and companies need to electronically upload information related to injuries and illnesses on OSHA’s Injury Tracking Application (ITA) website. The ITA website is scheduled to go live this month (February 2017) and all covered establishments must complete Form 300A by the July 1 deadline...

Sparking Discussion and Adding Fuel to the Fire: FDA Discussion Paper On Laboratory Developed Tests (LDTs)
Lowenstein Sandler LLP, February 2017

On January 13, 2017, the U.S. Food and Drug Administration (FDA) released a discussion paper on laboratory developed tests (LDTs)1 that outlines a substantial lessening of the level of regulation proposed in a pair of 2014 draft guidances2 that, in late November, FDA announced it would not be finalizing...

Social Media: When The Court Declares The Evidence Inadmissible
Lavery, de Billy, February 2017

Social media sites, like Facebook, are inexhaustible sources of personal information which can constitute evidence in the context of employer-employee disputes. In matters related to evidence, the general rule is that any relevant evidence is admissible...

CFTC Variation Margin Rule No Action Relief
Haynes and Boone, LLP, February 2017

CFTC Issues No-Action Relief to September 1, 2017 for Variation Margin Rule for Uncleared Swaps, But for Swap Dealers under Prudential Regulators’ VM Rule the March 1, 2017 Deadline Remains On February 13, 2017, the Staff of the U.S. Commodity Futures Trading Commission (“CFTC”) issued time-limited no-action relief (Letter No...

Scottish Corporate Restructuring and Insolvency Update
Shepherd and Wedderburn LLP, February 2017

Political uncertainty dominates the headlines, with the fallout from Brexit continuing, leadership changes in the USA and further elections soon to take place across Europe. The legal landscape in Scotland also continues to change...

Protection of Persons Informing of Corruption Offences
ALRUD Law Firm, February 2017

The Ministry of Labour has prepared a draft law providing for protection of persons informing of corruption offences...

Automatic Termination of Employment in South Africa: Allowed But Not Always Clear-Cut
ENSafrica, February 2017

In this matter, the employer, Enforce Security Group (“Enforce”), was a private security services provider contracting out security officers to its clients. The security officers were employed on the basis that their period of employment would endure until the termination of the service contract between Enforce and the client whose premises the employee would be assigned to. This type of provision is commonly referred to as an “automatic termination clause”...

Russian Arbitration Law Reform
ALRUD Law Firm, February 2017

Russia has significantly revised its arbitration laws by adopting two Federal Laws (hereinafter referred to as “Arbitration Laws”)1, which came into effect on September 01, 2016. The main aim of the arbitration reform in Russia was elimination of so-called “pocket” arbitration institutions and improvement of overall quality of arbitration process in Russia...

Pursuing Political Risk Insurance Coverage In 2017
Haynes and Boone, LLP, February 2017

If 2016 is memorable as a year of immense political upheaval, 2017 may offer more of the same. Already, in the first months of 2017, significant domestic political events have transpired, with the promise of more to come. These are events of significant consequence to specific companies, discrete industries and America’s global trading partners...

The Latest News from the Canadian Infrastructures Market / Major Trends in the Infrastructures Market for 2017
Lavery, de Billy, February 2017

The Latest News from the Canadian Infrastructures Market Defense Construction Canada Issues AaRequest for Expressions of Interest for Energy Performance Contract Defense Construction Canada (DCC) has issued a Request for Expressions of Interest, dated December 20, 2016, for improvements in energy efficiency contracts covering nine military facilities across Canada (Québec, Ontario, Alberta, Nova Scotia and New Brunswick)...

Three Myths Holding Women Back from Career Advancement
Lowenstein Sandler LLP, February 2017

Marketing. Networking. Business Development. Two words and one phrase that most lawyers dread, but accept, as part of the reality of practicing law today. Some embrace the reality and find ways to fit these activities into their busy practices. Many others however, and women in particular, identify barriers that prevent them from pursuing these crucially important career-enhancing activities...

Enabling the Business of Agriculture 2017
SyCip Salazar Hernandez & Gatmaitan, February 2017

The World Bank Group has released Enabling the Business of Agriculture 2017. The report presents data on legal barriers for farmers, entrepreneurs and businesses operating in agriculture in 62 countries and across the topics of land, seed, fertilizer, machinery, water, livestock, finance, markets, transport, and information and communication technology (ICT). SyCipLaw's Rose Marie M. King-Dominguez, Alan C. Fontanosa, Franco Aristotle G. Larcina and Ruben P...

Membership Substitution Transactions – Why Are They So Misunderstood? By Ken Marlow in Bond Buyer
Waller, February 2017

Membership substitution transactions are the most common form of business combination transaction in the nonprofit hospital industry. They are also widely misunderstood and the source of many mistakes. Many large 501(c)(3)s have become more acquisitive as a result of economic pressures of the ACA. Nonprofit health systems have been getting much better at participating in and winning competitive sale processes, resulting in an increased use of this business combination form. http://www...

Amendments To The Montenegrin Tax Laws
Karanovic & Nikolic, February 2017

Montenegrin Parliament adopted the amendments to the Corporate Income Tax Law ("CIT Law") and Value Added Tax Law ("VAT Law"). Below is a brief description of the main amendments. Corporate Income Tax Law The most important change to the CIT Law is the introduction of the obligation for a non-resident tax payer to file the tax return for capital gains it generates in Montenegro. The non-resident will have to file the tax return within 30 days after the income was generated...

Updates and Highlights in the Mexican Energy Sector, December 2016-January 2017
Haynes and Boone, LLP, February 2017

As part of the implementation of the Mexican energy reform of 2013, several new regulations and administrative guidelines affecting the hydrocarbons and power industries were issued during December 2016 and January 2017. These are of particular importance to oil and gas producers, power generators and others looking to invest or expand operations in Mexico’s dynamic energy sector. I. Hydrocarbons December 2, 2016. Open season exemptions for natural gas pipelines...

 

 

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