Introduction The Competition Commission of India (‘CCI’), has recently issued the Competition Commission of India (Competition Assessment of Legislations and Bills) Guidelines, 2015 (‘Guidelines’)[1]. The Guidelines will come into effect on 1 January 2016. This article intends to provide a brief overview of the Guidelines, as proposed by the CCI ...
The U.S. Securities and Exchange Commission recently adopted a final rule to implement Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act with respect to chief executive officer pay-ratio disclosures. Under the Final Rule, a public company must disclose the ratio of the annual total compensation of its chief executive officer to the median of the annual total compensation for all of that company’s other employees ...
TYPES OF LIMITED COMPANIES AND SHARES1. What are the main types of companies with limited liabilityand shareholders? Which is the most common? Which typedo foreign investors most commonly use?The most common types of companies that enjoy limited liabilityare the Sociedad Anónima (SAs) and the Sociedad deResponsabilidad Limitada (SRLs), and these are the main types ofcompanies with limited liability. Joint stock companies (Sociedaden Comandita por Acciones) are also common ...
This Q&A gives an overview of the key factors affecting inward investment, including information on the jurisdiction's legal system; key laws and regulatory authorities; investment restrictions; and details of international treaties, customs and monetary unions ...
As the US diplomatic relationship with Cuba continues on itspath of normalization and the possibility for increased economic opportunitiesfor US companies with the island increase with the potential further looseningof restrictions prohibiting engaging in business in Cuba, US businesses lookingat the Cuban market have begun taking steps to register their trademarks inCuba ...
In a continued effort to implement the policy changesannounced by President Obama on December 17,2014, OFAC and BIS have announced additional amendments tothe CACR and EAR, respectively, which will be published and effective on Monday,September 21, 2015.The regulatory changes discussed below are more in the lineof significant changes made to the regulations since December 17, 2014.Overall, the regulatory changes loosen restrictions on travel to and businessand investment in Cuba ...
With the enactment in May 2014 of the Organic Law for Strengthening and Optimization of the Corporate and Securities Sectors (OLSOCSS), the role of the Corporate, Securities, and Insurances Superintendence (CSIS) were modified. Previously, the CSIS has the assignment of approving ex ante all of the corporate acts that a company wanted to make. However, with the enactment of the OLSOCSS the CSIS went on to have only assignment of monitoring and have ex post control ...
The Philippines recently enacted Republic Act 10667 or the Philippine Competition Act which defines, prohibits and penalizes anti-competitive agreements, abuse of dominant position, and anti-competitive mergers and acquisitions. It also creates the Philippine Competition Commission, which has original and primary jurisdiction to deal with cases involving violations of the Act. The Act was published on July 24, 2015 and took effect on August 8, 2015 ...
This year’s amendment of the Waste Act is forcing changes in the scheduling of incinerator projects. Target load start-up tests must be postponed until after the integrated permit is issued. This may give rise to claims by contractors for prolonging the project completion period because of a change in the law. In Poland there are currently six communal waste incineration plants under construction with EU funding ...
In commemoration of the firm’s 70th anniversary, SyCip Salazar Hernandez & Gatmaitan (SyCipLaw) produced a publication about the general guidelines in doing business in the Philippines. It aims to showcase the Philippines as an attractive venue for business ventures and to also guide the businessmen and lawyers alike in their business decision making ...
The government's stated approach to transparency in the supply chain provisions is to strike a balance between improving transparency in the supply chain whilst ensuring that businesses take appropriate and proportionate action to tackle modern slavery. The government's response provides useful definitions which are encompassed within the term 'modern slavery' for the purposes of the Modern Slavery Act 2015 ...
SyCip Salazar Hernandez & Gatmaitan contributed the Philippines chapter of Herbert Smith Freehills’ Guide to anti-corruption regulation in Asia Pacific 2015. The Guide provides a practical approach to applicable anti-bribery legislation and enforcement regimes. Contributed by managing partner Rafael A. Morales, partner Russel L. Rodriguez, and associate Vera Marie H ...
Moving faster than many expected, the National People’s Congress of China promulgated the amended Food Safety Law (“2015 Food Safety Law”) on April 24, 2015. The 2015 Food Safety Law will be effective on October 1, 2015. The 2015 Food Safety Law is regarded as the most stringent food safety regulation in the history of China ...
The Ecuadorian Civil Code is based in the code that made the great Chilean jurist Andrés Bello. The majority Civil Codes in Latin America are based in the Andres Bello Civil Code´s, which is based on the Civil Code of Napoleon Bonaparte. It has had several reforms over the time, on which attempt has been made to update to the reality and circumstances of each time. The Ecuadorian Civil Code is divided in four books: i) Persons; ii) Goods; iii) Succession upon death; and, iv) Obligations ...
Since the FDA issued the final menu labeling rule last December, franchisors have been asking what their role and liability is within the framework created by the FDA. In spite of years of FDA consideration and extensive input from industry, food establishments that are subject to the rule remain uncertain about how to comply with its requirements. In addition, the FDA has said very little about how it will enforce the rule To read the full alert, click here ...
Heightened concerns over recent National Labor Relations Board (“NLRB”) complaints authorized against McDonald’s, USA, LLC—which threaten to undermine the common understanding of a franchisor-franchisee relationship and expand the definition of “employer”— caught the eye of Texas legislators during the recently concluded 84th Regular Texas Legislative Session ...
A wave of settlements with municipal underwriting firms under the SEC’s Municipalities Continuing Disclosure Cooperation (MCDC) Initiative has brought renewed attention to continuing disclosure obligations in municipal offerings. But, it also raises questions about the initiative’s purportedly favorable settlement terms. On July 18, 2015, the SEC announced settlements with 36 municipal underwriters for willfully violating Section 17(a)(2) of the Securities Act ...
Directors’ liability for payroll withholding taxes Due diligence: An evolving standard To what risks of liability or being found guilty are directors exposed? Environmental liability of directors and officers DIRECTORS’ LIABILITY FOR PAYROLL WITHHOLDING TAXES Luc Pariseau and Audrey Gibeault
The Swedish Association of Landowners has called for a modernisation of the rules concerning agricultural land leasing. As a result, the work to renew the legislation, which is over forty years old, is now underway. Above all, two issues have come into focus: the lateral leaseholder’s security of tenure and the possibility of a “results-based rent” ...
Ecuador is no stranger to the “State Capitalism” economic stream which prevailed in South America in the last two decades. This way to directly involve the central government to the country’s economy has triggered deep changes to the commercial relationships ...
Recently adopted regulations from the Securities and Exchange Commission (the “SEC”) came into effect on June 19, 2015, facilitating qualifying companies’ access to capital and providing investors with additional investment choices. Commonly referred to as Regulation A+, the regulations amend and expand the exemption for smaller public offerings under Regulation A (Rules 251 to 263 under the Securities Act of 1933, as amended (the “Securities Act”)) ...
Internal investigations conducted by enterprises in-house when irregularities are suspected offer many advantages to businesses compared to initiatives undertaken by public law enforcement authorities ...
Following President Obama’s announcement on December 17, 2014 of a policy to normalize relations with Cuba,the Department of Commerce’s Bureau of Industry and Security (BIS) amended its Export Administration Regulations (EAR) and the Department of the Treasury’s Office of Foreign Assets Control (OFAC) amended its Cuban Assets Control Regulations (CACR) on January 16, 2015, to implement the policy change ...
On April 21, 2015, the State Council of China (i.e. the central government) adopted the proposed draft of Administrative Measures on Concession of Infrastructure and Public Utilities Projects (the “Infrastructure Measures”) ...
Merger control in Ukraine: overviewRegulatory framework1. What (if any) merger control rules apply to mergers and acquisitions in your jurisdiction? What is the regulatory authority?Regulatory frameworkMergers and acquisitions, as well as establishment of an undertaking and appointments to corporate positions under certain circumstances, are subject to merger control in Ukraine ...
