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Is a Benefit Corporation Right for You?
Verrill, November 2019

The “benefit corporation” is a relatively new type of business entity. In 2010, Maryland became the first state in the U.S. to enact a statute recognizing and providing for the organization of this form of entity. In September, Maine joined 30 other states that have enacted benefit corporation legislation over the past nine years, and such legislation is currently pending in several more states...

Pollution of the Solution?
TSMP Law Corporation, November 2019

Amid the noise, vitriol and spectacle, the real debate that we need to have about climate change has been drowned out.   In the past few weeks, I have followed with much interest a Swedish child activist’s barely concealed yearning for the Nobel Peace Prize...

IRS Issues New Guidance on Cryptocurrency: Hard Forks and Other Utensils Are Taxable
Hanson Bridgett LLP, November 2019

After sending cryptocurrency enforcement letters in the summer of 2019, the IRS recently issued Revenue Ruling 2019-24 and an accompanying frequently asked questions (FAQs) with additional guidance on the taxation of cryptocurrency. The Revenue Ruling addresses the tax treatment of cryptocurrency "hard forks", where one version of the currency is split from its original ledger and a new version of the currency is created with a new ledger...

SEC Clarifies Federal Fiduciary Duties of Investment Advisers
Lowenstein Sandler LLP, October 2019

  The Securities and Exchange Commission (the SEC) recently sought to clarify its position on federal fiduciary duties of investment advisers with an interpretation.1 The interpretation emphasized how client sophistication and the scope of an advisory relationship affect the fiduciary duties owed to particular clients. Determine Scope of Relationship All advisers owe fiduciary duties under the Investment Advisers Act of 1940, as amended (the Advisers Act)...

The Importance of Having a Data-Protection Compliance Program
Morgan & Morgan, October 2019

In 2013, Virginia Ginni Rometty - CEO of IBM, said “I would like you to think of big data as the next natural resource that can be to our era what steam, electricity and oil were for the Industrial Age."   Probably, you have read or heard: Data is the new oil! Data is the new bacon! Data is the new currency! These analogies have become very popular because data is now considered one of the most important commodities...

New EU Directive on Cross-border Online Distribution of Television and Radio Programmes
Heuking Kühn Lüer Wojtek, October 2019

Almost at the same time as the much-noticed and controversially discussed Directive on Copyright in the Digital Single Market (see Update IP No. 12: Agreement on the Reform of the Digital Copyright Law) and barely noticed by the public, another European Directive on copyright law was adopted...

The Insolvency Law in Panama
Morgan & Morgan, October 2019

On May 19, 2016, the concept of a “Bankruptcy,” as the legal term was defined, ceased to exist under Panamanian law. Law 12 of 2016 (the “Insolvency Law”) entered into force on that date and introduced new proceedings into our legal system. These proceedings are referred to as Reorganization and Liquidation...

Starting A Company? 3 Key Corporate Secretarial Services You Will Need
BoardRoom Limited, October 2019

Whether you are starting a new company or expanding your presence to Singapore with a new office, there are certain sets of rules and regulations that need to be followed. One of the key requirements of new companies in Singapore is the need to appoint a qualified corporate secretary within 6 months of registration with the Accounting and Corporate Regulatory Authority (ACRA)...

Good Tax News for the Cannabis Industry: California Repeals 280E Limitation for Personal Income Tax
Hanson Bridgett LLP, October 2019

Existing law, the Medicinal and Adult-Use Cannabis Regulation and Safety Act (MAUCRSA), among other things, consolidates the licensure and regulation of commercial medicinal and adult-use cannabis activities and authorizes persons to conduct specified commercial cannabis activities, as defined, in the state. The objectives of the new law are as follows: To provide tax equity to the cannabis industry...

Warranty & Indemnity (W&I) Claims - Some Lessons to be Learned So Far
Simonsen Vogt Wiig AS, October 2019

According to the recent insurance broker's Transactional Risk Insurance Claims Study1, the number of W&I claims have increased by 293% between 2016 and 2018 in Europe, the Middle East and Africa (the EMEA-region). One explanation is of course the triple increase W&I policies issued over the same period. The W&I market have become more mature than what it was just some few years back...

IBM Wins Dismissal of FCA Qui Tam Suit Alleging It Used Faked Audit to Pressure IRS to Renew Software License
Dinsmore & Shohl LLP, October 2019

On Sept. 30, IBM won dismissal of a federal False Claims Act (FCA) qui tam suit, Cimino v. IBM, No. 13-cv-00907 (APM), 2019 U.S. Dist. LEXIS 168059 (D.D.C. Sept. 30, 2019). In the suit, Relator Paul A. Cimino alleged IBM, assisted by Deloitte LLP, fabricated audit findings regarding Internal Revenue Service (IRS) usage of IBM-licensed software to coerce IRS into renewing its software enterprise license...

Subtel Initiates Public Consultation Processes and calls for New National Fiber Optic Project Bidding
Carey, October 2019

Two public consultation processes have been initiated recently by the Undersecretary of Telecommunications of Chile (SUBTEL), which also called for a public tender for a national fiber optic project that will be awarded in March 2020...

EU Removes UAE from Tax Blacklist
Afridi & Angell, October 2019

The European Union (EU) has removed the UAE from the EU’s blacklist of non-cooperative jurisdictions for tax purposes. The EU Blacklist The EU maintains a blacklist of non-cooperative jurisdictions for tax purposes. The EU has published criteria on tax transparency, fair taxation and implementation of anti-BEPS measures that EU Member States undertake to promote...

UAE Ministry of Finance Issues Guidance on Economic Substance Regulations
Afridi & Angell, October 2019

A previous in Brief dated 7 July 2019 discussed UAE Cabinet Resolution 31 of 2019 Concerning Economic Substance Regulations (the UAE Economic Substance Regulations or the Regulations). The UAE Economic Substance Regulations designated the UAE Ministry of Finance as the Competent Authority...

Facebook May be Required to Seek and Erase Illegal Content Worldwide
Heuking Kühn Lüer Wojtek, October 2019

The Court of Justice of the European Union (ECJ) has ruled, upon submission by the Austrian Supreme Court (Oberster Gerichtshof, OGH), with the decision of 3 October 2019 (Case C-18/18), that hosting providers, in this case Facebook, may be required by a court to seek and erase content which is identical or, under certain circumstances, equivalent to information previously found to be unlawful...

How to Boost Business - and Employee Morale - by Partnering with Your Law Firm
Dykema, October 2019

CHEAT SHEET Investment. Implementing a mentorship program between a corporation and a law firm does not require significant monetary investment, rather a considerable time investment. Diversify activities. After identifying and understanding the needs and profiles of participants, create activities that include trainings, CLEs, social events, and facility and firm visits. Benefits...

CJEU: Pre-checked consent to the use of cookies is inadmissible
Heuking Kühn Lüer Wojtek, October 2019

On October 1, 2019 the Court of Justice of the European Union (CJEU) ruled that pre-ticked boxes do not constitute a valid consent by web users prior to storing cookies on their devices (Verbraucherzentrale Bundesverband e.V. and Planet49 GmbH; Case C-673/17). The decision follows a challenge by the German Federation of the Consumer Organisations against the use of a pre-ticked checkbox which had, by default, consented to cookies on behalf of the user...

Sustainability Reporting: To What End?
TSMP Law Corporation, October 2019

Activists and government leaders are sounding the death knell for our planet unless something is done about climate change. But while sustainability is important, sustainability reporting may not be the answer. In a headline-hogging speech at the UN last month, 16-year-old environmental activist Greta Thunberg berated politicians and business people for doing too little to arrest climate change, ruining the globe for future generations. High-profile scandals back up her claim...

Countries Can Order Facebook to Take Down Content and Restrict Worldwide Access
Simonsen Vogt Wiig AS, October 2019

On 3 October 2019, the European Court of Justice (ECJ) published its groundbreaking ruling in case C-18/18 establishing that the EU enables national courts to order information societies such as Facebook to remove defamatory information. This also encompasses equivalent versions of previously declared illegal information. In doing so, the ECJ effectively held that EU law does not preclude injunctions issued by national courts from producing worldwide effects...

Competition Law Implications of Search Engine Advertising and Agreed Negative Listing Between Competitors
Simonsen Vogt Wiig AS, October 2019

There is an ongoing controversy relating to search engine advertising. In particular regarding the legality of purchasing search terms incorporating third-party trademarks. In seeking a reasonable legal standard, this article discusses the latest legal development in trademark, unfair trading practices, marketing, and competition Law...

Indonesia: Regulating the Sale and Provision of Digital Content through Mobile Cellular Networks
Makarim & Taira S., September 2019

With the continuous and rapid advancement of technology and the increase in the use of digital technology, the provision and sale of digital content has become more and more appealing. This is evident from the emergence of a plethora of businesses the activities of which include engaging in the sale of digital content such as video games, ring back tones, music and videos as well as the rise in the demand for digital content sold through mobile phones...

Presumption of Urgency of Section 12 (2) UWG (Presumably) Not Applicable to Proceedings Under the GeschGehG
Heuking Kühn Lüer Wojtek, September 2019

In its decision of 8 August 2019 (Ref.: 29 W 940/19), the Munich Higher Regional Court commented for the first time on the German Act on the Protection of Business Secrets (GeschGehG). In court proceedings in which claims arising from the law which came into force at the end of April 2019 are asserted, urgency should not be presumed pursuant to Section 12 (2) German Law against unfair competition (UWG) (analogously)...

The Private Equity, Venture Capital, and Start-up Ecosystem in the UAE: Recent Developments
Afridi & Angell, September 2019

In the lead up to the Expo 2020, the UAE government has taken a number of measures to promote economic diversification, foster growth, and stimulate the region’s innovation environment. The government’s push to develop the private equity, venture capital, and start-up eco-system is a central component of this agenda...

Panama Seeks to Adopt a Framework Law for Public-Private Partnerships
Morgan & Morgan, September 2019

For the past few decades, Panama has established public-private partnerships (“PPPs”) in projects as diverse as toll roads, water treatment plants, ports, telecommunications networks and the generation and distribution of electricity...

Top 5 Challenges with Employee Share Option Plan (ESOP) Implementation and How to Conquer Them
BoardRoom Limited, September 2019

Employee Share Option Plans or Employee Stock Ownership Plans (ESOP) are gaining popularity in today’s market. The driving force behind this is a competition for top talent and the need to incentivise and or boost productivity among our workforce, not to mention incentivise and reward staff for staying with your company long term...

 

 

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