The reform of French law of obligations implemented by the French ordinance No 2016-131 of 10 February 2016 (the “Ordinance”), conducted after public consultations and high quality working papers, constitutes the deepest overhaul of French contract law since the Civil Code of 1804. The Ordinance applies to contracts entered into as from 1st October 20162, including amendment agreements, tacit renewals and novated contracts executed or occurring after such date ...
On October 26th, 2016, Law No. 20,950, otherwise known as the “Law to Boost Productivity” (the “Law”), was published in the Official Gazette, introducing various modifications to different laws and regulations in order to enhance the country’s productivity through the expansion of the financial system and the promotion of the exportation of services. Main measures for the expansion of the financial system: Several legal provisions of Law Decree No ...
Law No 20,590 (the “Law”), that authorizes the issuance and operation of pre-funded payment methods or any other similar system (the “Prepaid Cards”), by non-banking entities, when these systems involve that the issuer or the operator regularly engages in monetary obligations with the general public or to specific sectors or groups thereof, was published and came in force on October 29, 2016 ...
We are pleased to announce that Karanovic & Nikolic team, together with Freshfields Bruckhaus Deringer, has supported UniCredit S.p.A. (Italy) in a recently closed take-over of the CEE business of UniCredit Bank Austria AG including shareholdings in 13 banks in Southern Europe and CEE as well as a relevant loan portfolio ...
The September issue of the International Financial Law Review (IFLR) included an international briefing article entitled “Facilitating Creditor-Debtor Dealings”. The article was contributed by SyCipLaw partner Russel L. Rodriguez, senior associate John Christian Joy A. Regalado, and associate Jo Margarette W. Remollo ...
This article is originaly published in IBA International Real Estate News. During 2015, one major acquisition of real estate property occurred in the Serbian real estate market. What happened was that a major international bank purchased over 8,000 sqm of space in two office buildings located in the Serbian capital, Belgrade. In fact, the buyer only acquired the parts of the buildings, while it already owned a significant part of this property ...
? The reform of the French law of obligations implemented by the French ordinance No 2016—131 of 10 February 2016 (the Ordinance), conducted after public consultations and high quality working papers, constitutes the deepest overhaul of French contract law since the Civil Code of 1804. The Ordinance applies to contracts entered into as from 1 October 2016,2 including amendment agreements, tacit renewals and novated contracts executed or occurring after that date ...
With the public comment period closing in a few days, the New York Department of Financial Services (DFS) “first in the nation” cybersecurity regulation is one step closer to becoming law ...
The United States has been a leader in advocating the removal of barriers to competition in the civil aviation market and to this effect has signed more than 120 bilateral Open Skies Agreements with countries around the world. However, not all of Latin America has embraced this policy, with Mexico and Brazil being two of the largest holdouts ...
SyCipLaw partners Jose Florante M. Pamfilo and Franco Aristotle G. Larcina contributed the Philippine chapter of Herbert Smith Freehills’ 1st edition of Guide to Restructuring, Turnaround and Insolvency in Asia Pacific. The Guide is intended to provide an understanding of the legal framework in different jurisdictions, as well as to address key practical issues commonly encountered when dealing with companies in financial difficulties ...
An interesting news update has recently come up in the media, as the Serbian roads company "Putevi Srbije", and the Ministry of Construction, Transport, and Infrastructure – together with the representatives of the relevant institutions in Romania – announced that a contract on implementing a cross border project of building the Belgrade-Timisoara highway is due to be signed in the next two weeks ...
The Court of Appeals for the Federal Circuit ("CAFC") issued an important ruling today in the ongoing evolution of biosimilar product regulation. In the ruling today, the CAFC in Amgen Inc., Amgen Manufacturing Limited v. Apotex Inc., Apotex Corp. (CAFC Case No. 2016-1308) affirmed the district court ruling and held that the commercial-marketing provision in 42 U.S.C ...
The Minister of Transportation has issued Minister of Transportation Regulation No. PM 32 of 2016 on the Organization of Non-Fixed-Route Public-Transportation Services. This regulation addresses the ongoing dispute between the existing transportation companies and application-based transportation services ...
Karanovic & Nikolic is pleased to have advised on the recent public procurement case in which our client – the seller – provided the City of Belgrade with five new electric buses for the city's public transport system. The team that led the client throughout the process was represented by Marjan Poljak, Partner, and Ana Stankovic, Senior Associate ...
The British Columbia Law Institute published on September 1, 2016 its Consultation Paper on Complex Stratas seeking public comments on proposed reforms to the Strata Property Act and its regulations concerning sections, types, and phases. The BCLI carries out scholarly research, writing and analysis for law reform, collaborating with government and other entities, and providing materials and support for outreach and public information ...
Montenegrin media outlets have recently reported that the initial phase of the tender for the pre-qualification procedure in awarding the concession for the Kotor-Lovcen-Cetinje cableway – announced on 3 August in the Official Gazette of Montenegro – will be open to interested parties until 5 October this year ...
A recent case has demonstrated the importance of inspecting the boundaries of a property before buying it. Solicitors will generally advise a client buying a property to carry out an inspection beforehand, to check that nothing unusual is revealed. Typical issues that might be spotted are boundaries that do not follow the Land Registry's title plan and gaps in a fence suggesting that third parties are using the property as a short cut ...
Last week, the Consumer Financial Protection Bureau ("CFPB") published an informational guide to help settlement professionals navigating the changes that are a part of the Know Before You Owe mortgage initiative. After months of preparation, the TRID Rule became effective last fall, with the promise to help consumers make informed decisions about mortgage choices. Since that time, the CFPB has issued multiple updates and tweaks to the rule and requirements ...
Recently, the Emirates Insurance Authority (the “Insurance Authority”) proposed a regulation in draft form concerning marketing of insurance policies by banks (the “Draft Regulation”). It is intended to regulate local insurance companies that market insurance policies through banks in the UAE ...
Darko JovanovićandMarko Ketler, Partners at Karanović Nikolić, recently commented on the state of the regional NPL market in a View More
News reports are informing us that Belgrade will gain another bridge over the Danube river in the near future – this one at the Ada Huja island and over three kilometres long. The basic purpose of this bridge will be to connect the Pančevo road with the Slanci road, according to the City officials. It is planned for the bridge to be built in four segments, as the initial documentation is expected to be finalised in early 2018 at the latest ...
Effective September 18, 2016, anyone wishing to obtain a general contractor licence will be required to first provide security of at least $40,000. The amount will be $20,000 for specialized contractors. Effective January 21, 2017, the Regulation to amend the Regulation respecting the professional qualification of contractors and owner-builders also amends the description of the work authorized for some contractors specialized in heating, ventilation and refrigeration ...
The Philippine section of Getting the Deal Through: Aviation Finance & Leasing 2015 was contributed by SyCipLaw senior associate Bhong Paulo A. Macasaet with associates Aldous Benjamin C. Camiso, Diana S. Gervacio, and Maricar G. Ramos ...
On 21 July 2016, National Treasury released the third draft of the regulations under the Financial Markets Act, 2012 (the “Third Draft Regulations”). The previous draft of the regulations was released in June 2015. The Third Draft Regulations are, together with pending legislation, aimed at progressing the financial sector reform strategy for South Africa ...
