ANGOLA: Budget Law, 2017 details publishedOn 10 February 2017, the provisions of Budget Law, 2017, enacted on 31 December 2016, were published. In terms of the Budget Law, 2017 the 10% withholding tax on technical services and management fees paid to non-residents for the provision of foreign technical assistance or management services (Contribuição Especial sobre as Operações Cambiais de Invisíveis Correntes), which was introduced by Law No ...
In February, in an article on the 2017 South African budget review, we wrote that the government had proposed that companies and individuals no longer required approval from the South African Reserve Bank (“SARB”) for “standard intellectual property transactions” and that the “loop structure restriction for all intellectual property transactions” be lifted, provided that such transactions are arm's length and at a fair market price ...
In the 2017 South African Budget Review, specific statements were made from a tax and exchange control perspective in relation to fund managers. We briefly consider below whether these statements constitute a relaxation of the exchange control restrictions applicable to South African residents, and the taxes to be considered ...
The recent South African Supreme Court of Appeal (“SCA”) decision of Herbal Zone v Infitech Technologies doesn’t contain ground-breaking law. However, the SCA’s passing-off judgments are rare, so it is a case worth discussing. The lessons to be learnt from this decision are that it’s important to get the basics right – make sure that a trade mark is registered and ensure that there is a clear agreement between the trade mark owner and the distributor ...
There have been some encouraging developments following Mauritius’ announcement that it planned to strengthen the protection of intellectual property rights (“IPR”), amid global concerns. For example, much-awaited amendments to industrial property law, including incorporating international treaties, have been effected. As a result, the government’s vision of an efficient and equitable IP system may come to fruition this year ...
Post-arbitral award procedures in Tanzania are governed by a number of pieces of legislation, including the Arbitration Act, the Arbitration Rules, 1957 and the Civil Procedure Code (the “CPC”). The High Court of Tanzania is the only forum for the enforcement of arbitral awards. Below, we summarise the process for the filing, registration, enforcement and possible challenge to post-arbitral awards ...
The South African Broad-Based Black Economic Empowerment (“B-BBEE”) Commission recently issued a non-binding practice guide regarding the enhanced recognition status for exempted micro-enterprises (“EMEs”) and qualifying small enterprises (“QSEs”) through the application of the modified flow-through principle ...
On 31 March 2017, the Independent Communications Authority of South Africa (“ICASA”) published Government Gazette no. 40759 for comment, a discussion document in relation to equity ownership by historically disadvantaged groups and application of the ICT Sector Code in terms of section 4(b) of the ICASA Act, 2000 ...
On April 17, 2017 the President of the Russian Federation signed a draft law setting a differentiation of penalties for conclusion of anticompetitive agreements. The draft law will come into force on April 28, 2017. The draft law provides different administrative fines for conclusion of different types of anticompetitive agreements depending on degree of social danger: as the social danger of the anticompetitive agreement decreases, the administrative penalty will be reduced ...
As published in international media, Brazil is still facing economic problems related, for example, to economic growth rate and unemployment. However, Brazil remains a country where investment opportunities continue to exist. Brazil has the advantage of having a large internal market due to the size of its population and of being well positioned geographically in South America, so the country can be a platform for the export of products to other countries in the region ...
For several years now, a leniency model exists in Macedonia and it is shaped in line with the EU leniency model. Nevertheless, theMacedonian Competition Commission("Commission") decided to refine the existing rules (contained in the Law on Protection of Competition and the accompanying Leniency Regulation) by recently adopting the Leniency Guidelines ("Guidelines") ...
Residential developers should be aware that agreeing to enter a Land Registry restriction on the title to a property may inhibit their ability to manage it. A positive obligation relating to land will not, as a matter of law, bind future owners of the land. To ensure that it will, the original parties to that land obligation will often agree that any future owner enters into an identical obligation on its purchase of the land ...
A team led by Dr. Guido Hoffmann, LL.M., has been involved in structuring the transaction, corporate, labor and commercial law in a takeover offer for the German wheel manufacturer Uniwheheels Questions and due diligence. The takeover offer is valid for 100 percent of the outstanding Uniwheheels shares and takes place with the consent of the owner of 61 percent of the shares. The takeover is conditional on Superior acquiring at least 75 percent of the shares in Uniwheels AG ...
On March 1, 2017, the Securities and Exchange Commission (the “SEC”) adopted final rules that will require registrants to include a hyperlink to each exhibit identified in nearly all of the registration statements and reports subject to Item 601 of Regulation S-K or under Form F-10 or Form 20-F (the “Final Rule”) ...
Have you ever fought in a war? Chances are, you have. Participated in a proxy war that is. Harassing and coercing are some common tactics used in the attempt to obtain as many proxies as possible to wrest majority control. There has even been a situation where an individual held 250 proxies – effectively being able to make every decision solely ...
When startup founders get together to form a new company, one of the first steps after actually incorporating the entity is to issue the founders their initial equity in the company. This is commonly referred to as “founders stock.” Most initial cap tables target the issuance to founders of around 8 million shares, so that combined with a 2 million share option pool, the initial “fully diluted” capitalization is 10 million shares ...
The UAE has embarked on an ambitious undertaking by introducing new business friendly mutual funds regulations to stimulate the UAE funds industry and provide the foundation for a more developed regional funds regime in the Gulf Cooperation Council (the “GCC”) ...
On the eve of the provisional entry into force of the Canada-Europe Free Trade Agreement, understanding its implications should be a top priority for any company wishing to expand its activities over the course of the next few years. The vote held at the European Parliament in favour of the ratification of the Agreement makes its entry into force imminent ...
The Idea of Using Whistleblowers to Uncover and Combat Anticompetitive Arrangements is Spreading Ever Wider. Recently the European Commission Announced Introduction of Such a Tool. In a press release issued on 16 March 2017, the European Commission announced that it has launched a new tool of antitrust policy. It is an anonymous channel through which individuals can notify the Commission of cartels and other anticompetitive practices ...
At the end of 2015, the Belgian Minister of Justice gave an overview of planned reforms of Belgian company law. These major reforms are scheduled to be passed by the Belgian parliament in the second half of 2017. Even though the relevant legislative texts are not yet available, details of the envisaged reforms are becoming clearer. In this news flash, we will describe some of the planned changes ...
On 8 March 2017, the European Commission adopted a Commission Delegated Regulation, including Annexes (PRIIPs RTS), supplementing the Regulation on key information documents (KIDs) for packaged retail and insurance-based investment products (PRIIPs Regulation). The PRIIPs RTS provide for regulatory technical standards regarding the presentation, content, review and revision of KIDs and the conditions for fulfilling the requirement to provide KIDs ...
