Since the Executive Decree N°1793 that was enacted in June of 2009, the investment regulations in Ecuador suffered a 180 degrees change. The limitations of classification to become a supplier to the state, and the mandatory authorization by the public entity for approving the transfer of the shares of the contractor to another company, limited the participation of foreign investors in the economy ...
Financial institutions are moving forward in their multidistrict litigation (“MDL”) lawsuit against Target following the company’s 2013 payment card breach. Last week, a Minnesota federal district court certified a class of approximately 9,000 banks and credit unions that issued payment cards affected by the breach. The ruling is the first to grant class certification in litigation following a payment card compromise.To read the full alert, click here ...
On 23 January 2015, the Supreme Court delivered a judgment concerning the moderation of an invalid non-competition clause in a business transfer agreement. This judgment arose after the Ghent Court of Appeal had refused to moderate a non-competition obligation lasting for period of 17 years.In line with previous case law, the clause was declared absolutely null and void and the Ghent Court of Appeal ruled that the clause could not be mitigated in any way ...
Although the deadline to transpose the Accounting Directive 2013/34/EU into Belgian law elapsed on 20 July 2015, the Belgian legislator failed to transpose the Accounting Directive on time. Nevertheless, Belgium’s Council of Ministers did approve a preliminary draft Act and a preliminary draft royal decree on 19 June. Subject to the Council of State’s further advice, it is likely that the transposition into Belgian law will take place in the coming months ...
In late August 2015, the Federal Trade Commission (“FTC”) announced a settlement with three investment funds managed by Third Point LLC (“Third Point”) for alleged violations of the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”) involving improper reliance on the “investment only exemption ...
The Fifth Circuit Court of Appeals recently affirmed a district court ruling regarding class certification in a securities class action, Ludlow, et al. v. BP, PLC, et al., stemming from the 2010 Deepwater Horizon explosion in the Gulf of Mexico. The opinion provides several important takeaways for securities class action litigation. To read the full alert, click here ...
Because of the demographic context, the rate of business transfers has been rising steadily in Quebec over the past few years. Whether unexpectedly or as part of a succession plan, certain key employees can show the potential and ambition to take over from the current owner. In this issue ofLavery Business, we look at a number of aspects that are of particular importance when a business is being transferred to its employees or managers ...
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 ...
The financial pressures resulting from the “narrow network” phenomenon are well-known to healthcare providers and payers. Many providers have been eliminated from existing networks in order to allow participating providers access to a greater volume of patients. Those remaining providers have seen lower reimbursement rates and other cost containment measures ...
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 ...
A Texas federal court recently ordered an insurer to reimburse an oil and gas company for costs and expenses incurred while defending against environmental claims. The court found that a duty to defend existed even though the insured failed to immediately notify the insurer of the occurrence, giving rise to the claim as required by the insurance policy, and despite alleged willful miscon- duct that was excluded from coverage under the policy ...
In this article, we provide a brief overview of the most important new rules applicable to Hungarian data protection laws after 1 October 2015. BCRs accepted after 1 October 2015 Binding corporate rules (BCR) have so far not been recognized by Hungarian law and, thus, could not be used whenever personal data were transferred to a non-EEA country ...
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 ...
This is the age of government regulation. Businesses pay millions of dollars each year to comply with ever-increasing regulatory requirements intended to avoid catastrophic loss to persons and property. While corporate America underwrites the lion’s share of the cost associated with enhanced safety, the benefits are realized primarily by consumers, politicians and insurers. Yes, insurers. A dollar spent on preventing loss is a dollar saved by insurance companies ...
Writer, Margaret Rouse, describes a social media policy as “a corporate code of conduct that provides guidelines for employees who post content on the internet, either as part of their job or as a private person”. Underestimating the significance of a sound social media policy may lead to dire consequences for an organisation ...
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 ...
Earlier this year, the UK government launched 'Tech Nation'; an interactive data project that shows the growth of digital businesses within specific areas/regions across the UK. The report is the first of its kind and ranked Belfast as the second highest region in the UK in terms of the highest average company turnover in this sector, with Greater Manchester securing the top spot and Sheffield, Inner London and South Wales coming third, fourth and fifth respectively ...
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 ...
