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 ...
Background The UK referendum held on 23 June 2016 has resulted in a majority voting in favour of the UK leaving the EU. As of now the UK is still a part of the EU notwithstanding the vote on 23 June. It is now up to the UK parliament to decide if, and if so when, to formally start the process to leave the EU. The exit of a member state from the EU is dealt with in Article 50 of the Treaty on European Union (TEU) which has only existed since 1 December 2009 ...
In the short term, the vote to leave the European Union doesn’t signal an immediate change. It’s business as usual for the UK and the EU. The EU Treaties and laws continue to apply without exception in the UK – as does the obligation to comply. The process of the UK exiting from the EU will, however, be the focus over the next few months ...
In a decision issued last May 20,1 the Québec Court of Appeal affirmed a judgment2 of the Superior Court of Québec rendered on October 28, 2013, which dismissed the action in damages for more than $7 million brought by a former representative in insurance of persons and in group savings plan brokerage, Mr. Alan Murphy, against the Autorité des marchés financiers (?AMF?).FactsMr ...
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 ...
The Central Bank of Montenegro has recently published a report on foreign direct investments (FDI) that have been made in Montenegro during the first three months of this year. This FDI total has amounted to EUR 223 million, thus presenting proof of noticeable growth in this sense when compared to last year's EUR 100 million over the same period of time ...
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 ...
The government recently announced that a bill will be submitted to Congress to modify the Chilean Data Privacy Law N° 19,628 (“DPL”). In connection with the future bill (yet to be presented before Congress), the Ministry of Finance sent to several members of Congress a set of informal minutes outlining the structure and core aspects of the bill.The following is a summary of the minutes, and an initial legal analysis prepared by Carey ...
At the recently held coordination meeting of IPA (Instrument for Pre Accession Assistance) multi-beneficiary programs in Herceg Novi, the main focus was put on announcing the importance of EU funds for the implementation of important internal reforms and the progress of the Western Balkan countries towards membership in the European Union ...
Guatemala is experiencing an unprecedented and well-deserved offensive against corruption. An Ex-President and Vice-President along with many ex-Cabinet members are currently being prosecuted for a growing array of crimes including passive graft, money laundering and tax fraud, among others. The indictments are being brought through the efforts of a UN-sponsored commission which, until recently, had limited success in dismantling “organized crime”, its principal mandate ...
The Indonesian Government has released the long-awaited revision to the Negative List (“DNI”). The revised regulation (Presidential Regulation No. 44/2016) was promulgated on 18 May 2016 and circulated to the public on 24 May. The DNI regulates the sectors which are closed, open, or conditionally open to investment. The DNI revision is keenly awaited as it stipulates, amongst other matters, restrictions on foreign participation in various business activities in Indonesia ...
Further to our client alert of 25 May, we include here the full list of changes to the 2014 Negative List (DNI), as contained in Presidential Regulation No. 44/2016 and its attachments. Note, again, that existing investors’ licensing will be grandfathered. ASEAN investors have preferential arrangements in many cases ...
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) ...
The latest activity update regarding the Serbian Competition Commission has been the Decision brought by the Commission's President to initiate ex officio proceedings for suspected price fixing against 26 undertakings operating in the field of geodetic services.The proceedings come following a complaint by the Belgrade Land Development Public Agency, delivered to the Commission in April this year ...
The implementation process for the three new European directives (i.e. Directive 2014/24/EU of the European Parliament and of the Council of 26 February 2014 on public procurement. Directive 2014/23/EU of the European Parliament and of the Council of 26 February 2014 on the award of concession contracts ...
The second edition of The Public-Private Partnership Law Review has been published. Each jurisdiction chapter contains information on general framework, bidding and award procedure, contract, finance, recent decisions, and outlook. The Philippine chapter was contributed by the SyCipLaw Partners Marievic G. Ramos-Añonuevo and Arlene M. Maneja ...
Last May 10, the Minister of Municipal Affairs and Land Occupancy, Martin Coiteux, announced the tabling of several amendments to Bill 83 dealing with various legislative provisions on municipal matters. These amendments pertain to the recommendations contained in the report of the Charbonneau Commission ...
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 ...
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 ...
Slovenia has amended the Financial Operations, Insolvency Proceedings and Compulsory Dissolution Act (ZFPPIPP or the Insolvency Act) again, following amendments in 2013, amending preventive restructuring, simplified compulsory settlement and personal bankruptcy proceedings. Amendments to the Insolvency Act, which were adopted by the National Assembly on 31 March 2016, will come into force on 26 April 2016 ...
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 ...
Poland did not manage to implement the EU’s new procurement directives on schedule, but contracting authorities are required to conduct proceedings in full compliance with EU law. “In Principle”: The deadline for implementation of the new procurement directives into national law passed in April, but the old act is still in force in Poland ...
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”) ...
Another piece of news related to our competition team in Serbia are the recent signings of a Memorandum of Understanding and Agreement of Cooperation in the field of forensics between the Commission for the Protection of Competition and the Ministry of Internal Affairs (MIA) ...
