One of the significant issues in the past has been that most international banks have not conducted direct banking transactions with Myanmar banks. This was at least partially due to Myanmar being on an international black list that discourages banks from countries that are a “member” from transacting business with banks from countries on the list ...
The venture capital industry has one goal: making startups incredibly lucrative and, thus, maximizing returns to venture capital investors. For the venture capital investor these outstanding returns are generally materialized 5 or 6 years after the Series A investment round, when the investor makes an exit and the startup either performs an initial public offering of its shares (IPO) or is sold to a strategic acquirer or a private equity fund ...
We would like to inform you that the draft Federal Law № 1015753-6 “On Amendments to the Code of Administrative Offences of the Russian Federation (hereinafter - the “Administrative Code”) for prevention of illegal engagement of foreign nationals to work on construction projects” (hereinafter - the “Draft Law”) is currently under consideration by the State Duma at the first reading ...
Significant international sport and cultural events like Euro 2016 may, in some cases, result in conflict between employers and even the most disciplined and professional employees. So what is it like for employers? Obviously, football euphoria cannot stay outside the work place: plenty of discussions on victories and defeats of national teams during working hours, applications to work from home or leave, watching broadcasts on corporate devices and so on ...
The June 2016 issue of the International Financial Law Review (IFLR) included an international briefing article entitled “Employees in corporate reorganisations.” The article was contributed by SyCipLaw partner Ronald Mark C. Lleno and senior associate Easter Princess U. Castro.Read the article online at the IFLR website ...
Contrary to Anglo-Saxon and Northern European countries, French financial institutions have not used asset based lending, both because French security law was perceived as debtor friendly in insolvency proceedings and because French banks usually lend against balance sheets.In the context of credit restrictions, the French government was challenged to foster a reform aimed at facilitating the mobilisation of assets, in particularby SMEs, which have no credit rating ...
According to recent reports, the European Bank for Reconstruction and Development (EBRD) has plans of investing more than EUR 3 billion in the Western Balkans region, of which approximately EUR 300 million is assigned to Serbia ...
One may say that Russian migration procedures are overly complicated but is it really so, especially for foreign nationals falling into the category of highly qualified specialists (the HQS)? In reality, the procedure is not so complicated. Its main peculiarity is that it is quite formalistic and requires attention to details of both the employer and the employee. Under the general rule, a foreign national planning to work in Russia shall have a work permit and work visa ...
One of the innovations introduced by the Companies Act, 71 of 2008 (“Companies Act”) is the mechanism of business rescue proceedings in South Africa. In particular, chapter 6 of the Companies Act was inserted to “provide for the efficient rescue and recovery of financially distressed companies, in a manner that balances the rights and interests of all relevant stakeholders” (see section 7(k)) ...
Last week's news reports from Slovenia are letting us know that the Slovenian state holding company (SDH) decided to privatise Nova Ljubljanska Banka (NLB), the country's biggest bank, through initial public offering (IPO) ...
Martine Samuelian and Virginia Barat, JEANTETSince July 22, 2013, investment fund managers (?managers?) in Canada who wish to raise funds from investors located in member states of the European Union (the ?EU?) have had to consider Directive 2011/61/EU1 (the ?Directive?), dealing with managers of alternative investment funds (?AIFs?) ...
The Defend Trade Secrets Act of 2016 (DTSA) - arguably the most significant change to U.S. intellectual property laws in the past decade - was signed into law by President Obama on May 11, 2016. The DTSA creates a federal, civil remedy for misappropriation of a trade secret that is related to a product or service used in, or intended for use in, interstate or foreign commerce ...
There’s no longer a basis to speculate or read or ignore the rumors. The Department of Labor (DOL) has finalized its changes to the regulations governing who may be exempt from being paid overtime. The changes will still be dramatic in terms of the number of employees impacted, but employers’ worst fears as to what they might contain did not quite materialize. Last Summer’s Proposed Regulations Early last summer, the DOL published its proposed changes to the overtime regulations ...
On May 11, 2016, OSHA issued a final rule, which is slated to go into effect January 1, 2017. This requires certain employers to electronically submit information regarding workplace injuries and illnesses. As with any new rule-making by OSHA, presumably legal challenges to the rule are on the way. Nonetheless, here are the relevant new provisions. Read the full alert ...
It has been announced last week that the European Commission (EC) has published a report on the EU crowdfunding sector, as part of its Capital Markets Union Action Plan. In doing so, the EC has recognised the growing importance of crowdfunding platforms – websites that allow fundraisers to interact with investors and donors – for the improved economic growth and job creation in Europe ...
The March 2016 issue of the International Financial Law Review (IFLR) included an international briefing article entitled “New securities regulations.” The article was contributed by SyCipLaw partner Melyjane G. Bertillo-Ancheta.Read the article online at the IFLR website ...
In a recent case, the Labour Court needed to consider the interplay between section 136 of the Companies Act, 2008 and section 189 of the Labour Relations Act, 1995 (“the LRA”). The latter section enables an employer to terminate an employee’s employment based on operational requirements. Section 136(1)(a) of the Companies Act provides that, during business rescue proceedings, employees will continue to be employed by the employer on the existing terms and conditions of employment ...
On 22 April 2016, the Financial Services Board (“FSB”) released a set of proposed amendments to the Johannesburg Stock Exchange (“JSE”) Derivatives Rules in Board Notice 49 of 2016. Historically, margin has been provided in cash and paid by the client to the JSE member who then pays the JSE. The proposed amendments would allow market participants to post collateral directly to the JSE by pledging securities in accordance with section 39 of the Financial Markets Act, 2012 (“section 39”) ...
Karanović & Nikolić recently organised a workshop in cooperation with the Faculty of Law, under the title of "Managing Emotions in Labor Disputes – More than Law", as part of the Trial Simulation and Case Studies course ...
Obesity was not a disabilityThe judgment in the obesity case - which has caused quite a stir both in Denmark and the rest of the world - has finally been delivered.The case involved a Danish childminder who for more than 15 years had worked for a municipalitywhere he had provided childcare services in his own home. On 22 November 2010, the childminder was dismissed due to a decreased number of children in the municipality ...
According to the Danish Supreme Court's judgment of 17 March 2016, an employer's summary dismissal of an employee was justified due to the employee's use of his company mobile phone for the purchase of train tickets by means of an app, after which the expense was paid over the phone bill. The case involved an employee who - by virtue of his position as system developer - had been provided with a company mobile phone ...
This question was addressed by the Danish Board of Equal Treatment in its decision of 3 March 2016. The Board found that a provision in the staff manual - stipulating the termination of the employment relationship when the employee had reached the age of 70 - could not, as a matter of course, be considered to form part of the specific employment relationship ...
One of the issues an employer is obliged to consult on during a potential retrenchment process is the selection criteria to be applied when determining which employees will be dismissed and which will be retained. In doing so, the employer should aim to reach agreement with the other consulting party/parties on what the selection criteria should be ...
