Africa tax in brief NIGERIA: 2017 Budget presented to National Assembly Highlights of the new treaty include: ANGOLA: Budget Bill, 2017 approved and adopted by National Assembly On 17 November 2016, the National Assembly approved the Budget Bill, 2017. The final version of Budget Law, 2017 was adopted by the National Assembly on 14 December 2016 ...
Occupational Health and Safety Act – important notification of draft Ergonomics Regulations, 2017On Friday, 27 January 2017, a notice (GNR.64) was published in Government Gazette No. 40578, in terms of which the Minster of Labour gave notice of her intention to make Ergonomics Regulations in terms of the Occupational Health and Safety Act, 1993 ...
In December 2016, the South African Supreme Court of Appeal (“SCA”) handed down a rare patent judgment in Pasadena Leather Products CC t/a Pasadena Products and another v Resca and another. In a very measured judgment, the SCA sets out in clear and basic terms how one goes about establishing whether or not a patent has been infringed. This judgment will therefore be very useful for laymen and non-IP specialists ...
Yuppies – do they confuse you? Late last year, the South African Supreme Court of Appeal (“SCA”) handed down an important trade mark judgment in Yuppiechef Holdings (Pty) Ltd v Yuppie Gadgets Holdings (Pty) Ltd. The case dealt with that thorny issue that bedevils so many trade mark cases – confusing similarity. The facts were fairly straightforward. Yuppiechef is an online retail business that specialises in kitchen and household goods ...
The SEC’s Office of Compliance Inspections and Examinations recently announced its 2017 examination priorities for broker-dealers, investment advisers, and investment funds. OCIE, which serves as the “eyes and ears” of the Commission, identified the current staff’s priorities as a focus on (i) matters of importance to retail investors, (ii) risks specific to elderly and retiring investors, and (iii) assessing market-wide risks ...
On 5 December 2016, a new set of draft amendments to the JSE Debt Listings Requirements (the “DLRs”) was posted on the JSE Limited’s (the “JSE”) website and circulated on 13 December 2016. The comprehensive set of proposed amendments will be open for public comment until 30 January 2017 ...
First published in October 2003, the National Code of Corporate Governance for Mauritius (“the Code”) was revised in 2016 to align it with new laws and guidelines in Mauritius, as well as to recognise, learn and apply governance lessons from the global financial crisis, and identify and apply international best practices for Mauritius to remain a jurisdiction of choice with the highest standards of corporate governance in Africa ...
On January 20, 2017, in a case of first impression among the appellate courts, a panel of the Ninth Circuit concluded in Syed v. M-I, LLC (Case No. 14-17186) that an employer violates the Fair Credit Reporting Act (FCRA) when its background check disclosure/authorization document includes a sentence that releases the employer, the consumer reporting agency (the vendor), and their agents from liability for any violations of the FCRA ...
The False Claims Act, 31 U.S.C. §§ 3729, et seq. (FCA) continued to be a significant focus of government and whistleblower activity in 2016. ThisYear in Review highlights several key developments, including: The U.S. Department of Justice is continuing its strong enforcement of the FCA, including recovering more than $4.7 billion in settlements and judgments in FCA cases in 2016, as well as continuing its focus on individual culpability ...
The sixth edition of The International Capital Markets Review is already available. The Philippine chapter outlines governing laws, legislative bodies, and recent jurisprudence, and also contains information on recent developments in relevant laws and regulations, especially those affecting debt and equity offerings and those affecting derivatives, securitizations and other structured products. The chapter was contributed by SyCipLaw partner Maria Teresa D ...
INCREASE OF FINES FOR DATA PROTECTION BREACHES Dear Ladies and Gentlemen, We would like to inform you of the proposed changes to the Russian Code of the Administrative Offences (hereinafter the “Code of Administrative Offenses”). These changes are aimed at increasing and differentiating administrative liability for violation of Russian personal data protection legislation ...
Changes to the UAE Penal Code (Federal Law No. 3 of 1987) (the “Penal Code”) at the end of 2016 have (i) extended the current bribery provisions to include bribery involving a foreign public official or an official of an international organisation, (ii) increased the penalties for committing a bribery-related offence and (iii) criminalised the offering of a bribe in the private sector ...
The Board of Supervisors unanimously approved legislation on December 13, 2016 to provide developers of market rate projects with 24 or fewer dwellings with the option of contributing the required fees for off-site affordable housing (under the Inclusionary Housing Program) to a Small Sites Fund administered by the Mayor's Office of Housing and Community Development ("MOHCD") ...
Overview The new Pledge Law of the UAE was enacted on 12 December 2016 as Federal Law No. 20 of 2016. The Pledge Law was published in the Federal Official Gazette on 15 December 2016 and will become effective on 15 March 2017. The Pledge Law introduces a new regime for registering a pledge over movable assets which are pledged as security for the repayment of a debt ...
Advertising in the Federation of Bosnia & Hercegovina is regulated through a series of laws and regulations (example: Law on Consumer Protection of BiH, Law on Media, Law on Medical Products etc.), but with the new Law on Prohibited Advertising (Official Gazette of FBiH 101 / 16, the "Law"), which entered into force on 31.12 ...
As the American press focuses on the dismantling of the Affordable Care Act, the wheels have been set in motion to implement new health care legislation that enjoys strong bipartisan support. The 21st Century Cures Act (the “Act”), signed by President Obama on December 13, addresses a broad range of health care priorities, including drug innovation, biomedical research, and mental health reform ...
The Law on Financial Operations On the 30th of December 2016, the application of the Law on Financial Operations (Law) will commence in the Federation of Bosnia and Herzegovina. The Law is intended to ensure the proper functioning of the internal market by introducing adequate and systematic risk management measures and solvency measures, as well as to promote the competitiveness of local commercial enterprises by legislating a culture of prompt payment ...
Karanovic & Nikolic is pleased to announce that Rastko Petakovic has been elected as Managing Partner. Rastko takes over the firm's leading position from Dejan Nikolic who served as Managing Partner until 2016.Rastko's dedication and energy was evident from the beginning of his career when he joined the firm as a legal trainee back in 2005 ...
Under the Affordable Care Act (“ACA”), large employers (generally those with 50 or more full-time employees or full-time equivalents) must report annually to the IRS information about the health coverage offered to their full-time employees during the prior year. Employers also must provide copies of the reports to their full-time employees ...
Data can be one of a business’s most valuable assets. Market players such as Facebook, Uber, Airbnb and Twitter were built almost entirely on data. Because of the increase in data tracking techniques, countries, companies, and individuals are more and more concerned with how their data – private or professional – is being collected, stored, processed, and transferred ...
In the post-recession economy, investment managers are looking for increased flexibility and ways to maximise investor returns by minimising set up costs, government fees and other related functionary and advisory costs. That is why many are now “Brexiting” to the British Virgin Islands. For years, the Cayman Islands has held the title of the world’s largest offshore fund domicile. Being the most well-known, it was the safe choice for investment managers ...
(Our crystal balls, that is.) "If you can look into the seeds of time, and say which grain will grow and which will not, speak then unto me … "- William Shakespeare (MacBeth) Happy New Year! 2016 was nothing if not earth-shaking in terms of unexpected developments. The – once unthinkable – departure of Britain from the European Union, was voted in by a legislature feeling increasingly un-homed in its own country ...
The December/January issue of the International Financial Law Review (IFLR) included an international briefing article entitled “Philippines: Competition Law Updates”. The article was contributed by SyCipLaw partners Franco Aristotle G. Larcina and Arlene M. Maneja. The article discussed the new merger form issued by the Philippine Competition Commission on August 31, 2016. Read the article online at the IFLR website ...
Han Kun's 12th Edition 2015 Newsletter provides legal updates and analysis on: illegal pharmaceutical and medical device advertising under the new advertising law, a large wave of income tax incentives coming, and pros and cons of drug price renegotiation. To read the entire newsletter, click here ...
