The much awaited revised new regulations governing who qualifies for the FLSA white collar exemption has finally been revealed by the Department of Labor. It did so on March 8 by publishing anNPRM(“Notice of Proposed Rule Making”). In December of 2016, a Texas federal court entered a nationwide injunction halting the implementation of new regulations which would have dramatically increased the salary threshold for exempting most white collar employees from overtime ...
The most important corporate tax measures concern the reduction of the maximum corporate income tax (“CIT”) rate and the introduction of the option provided by the anti-tax avoidance directive (“ATAD”)[1]. This allows for the application of the interest limitation rules at the level of a fiscal unity: For the time being CIT is levied at a rate of (i) 15% in case the net profits do notexceed EUR 25,000 and (ii) 18% in case the net profits exceed EUR 30,000 ...
On January 19, 2019, federal Magistrate Judge Kandis Westmore of the Northern District of California denied the Government’s application for a search warrant that sought: “all digital devices” present at a California residence; (Order at 3), and “any individual present at the time of the search to press a finger (including thumb) or utilize other biometric features…for the purposes of unlocking the digital devices found in order to permit a search of
Bank Indonesia (“BI”) recently issued Regulation No. 21/2/PBI/2019 on theReporting of Foreign Exchange Flow Activities (Kegiatan Lalu Lintas Devisa)(“Reg. 21/2”) on 7 January 2019, which came into effect on 1 March 2019. Reg. 21/2 partially revokes BI Regulation No ...
In this context, the judgements provide useful guidance on the concepts of abuse and beneficial ownership. Abuse concept According to the CJEU, it is settled case-law that there is, in EU law, a general legal principle that EU law cannot be relied on for abusive or fraudulent ends ...
Goal Is to Improve Accuracy and Reduce Potentially Invalid Registrations On February 14, 2019, the United States Patent and Trademark Office (PTO) issued aNotice of Proposed Rulemaking(“NPRM”) to require foreign domiciled trademark applicants and registrants to be represented by a licensed U.S. attorney at the PTO. The comment period on the NPRM is open until March 18, 2019 ...
At the end of the last year, the Plenum of the Supreme Court of the Russian Federation (the “Supreme Court”) adopted the Ruling dated December 25, 2018 No ...
Issuers and borrowers who enter into continuing disclosure undertakings on or after February 27, 2019 in connection with the offering of municipal securities will be required to report two new material events. The Securities and Exchange Commission (SEC) is implementing the amendment to Rule 15c2-12 of the Securities Exchange Act of 1934 (Rule 15c2-12) by virtue of Release No ...
On 10 January 2019, the Indonesian Government enacted GovernmentRegulation No. 1 of 2019 on Export Proceeds from the Exploitation,Management, and/or Processing of Natural Resources (“GR 1/2019”) ...
On 1 February 2019, the South African Minister of Finance published the Financial Matters Amendment Bill (the “Bill”) containing a long-awaited amendment to section 83 of the Insolvency Act, 1936. Wepreviously discussedthe purpose of the amendment to the Insolvency Act, as well as a number of issues associated with the first draft of the Bill (the “Draft Bill”), which was published on 24 August 2018 ...
The Anton Piller order is an extraordinary thing. It’s essentially an evidence-preserving legal mechanism. It allows a party that feels that their rights are being infringed to approach the court as a matter of urgency and without notice to the alleged wrongdoer for an order sanctioning a raid of the premises of the alleged wrongdoer in order to find and preserve evidence that it believes will otherwise be destroyed ...
A recent judgment in a trade mark opposition in Seychelles is worth a look, not only because it involves a major international brand, but because IP judgments are quite rare in certain African countries. The opposition The facts were that a Seychelles company called Intelvision Limited applied to register the trade mark Intelvision (a stylised version of the word together with an antenna logo) for services in class 38 ...
The Mauritian Government announced in its 2018-2019 budget speech major changes to be brought to the Mauritian Financial Services sector which were then confirmed within the enactment of the Finance (Miscellaneous Provisions) Act, 2018 on 9 August 2018. This was the result of intense pressure in recent years for Mauritius to align itself with global norms and transparency standards ...
What exactly is unlawful competition? Unlawful competition is often lumped together with IP, and indeed there are obvious links: the common law action of passing off (closely related to trade marks) is a species of unlawful competition; and unlawful competition cases often involve technology, trade secrets and the misuse of confidential information, thus potentially bringing them within the scope of patent law and copyright law ...
The Taxation Laws Amendment Act, 2018 (“TLAA”), which was promulgated on 17 January 2018, amended South African tax legislation by overhauling two provisions relating to the reduction of debt, (the “Debt Benefit Rules”), namely section 19 of the Income Tax Act, 1962 (the “ITA”) and paragraph 12A of the Eighth Schedule to the ITA (the “Eighth Schedule”) ...
When a scion of the investment banking world gets into crypto it is probably worth taking notice. JP Morgan Chase, America's largest bank, has just grabbed everyone's attention with the launch of its very own cryptocurrency, the JPM Coin. JP Morgan intends the internally developed crypto asset to be used in its wholesale payment system, which currently sees daily volumes in the region of $6 trillion ...
Introduction The United Arab Emirates (the UAE) promulgated legislation to specifically address the regulation of competition (being Federal Law 4 of 2012, or the Competition Law) several years ago but until recently, it has been the case that the requisite implementing regulations and processes were not in place. This is no longer the case ...
Justice Kavanaugh’s first authored opinion as a Supreme Court Justice inHenry Schein, Inc. v. Archer and White Sales, Inc., No. 17-1272, 586 U.S. ____ (2019) further cements the Supreme Court’s stance on arbitration. Over the years, the Supreme Court has consistently held in favor of arbitration and rejected attempts by parties and the lower courts to ignore binding arbitration clauses. For instance, inAT&T Mobility LLC v. Concepcion, 131 S. Ct ...
What’s happened? After much media coverage, Cabinet Decision 56 of 2018 (the Decision) has been gazetted which introduces new long term residency visas to, amongst others, the following four categories of persons in the UAE:1. investors;2. entrepreneurs;3. individuals with specialised talents and researchers in various fields of science and knowledge; and4. honours students with promising scientific potential ...
One of the biggest challenges that micro, small and medium enterprises face when trying to settle in and achieve success as profitable businesses is to obtain capital and sources of financing ...
The Financial Conduct Authority (FCA) recently launched a consultation on its proposed guidance on cryptoassets (CP19/3) which can be read in fullhere. The move comes as part of the UK Cryptoasset Taskforce's wider look into the regulation of the cryptoasset market. The consultation follows a report published in October 2018 by the Taskforce, which consists of the Bank of England, HM Treasury and the FCA. Our discussion of that report can be readhere ...
Let us draw your attentionthat Russian legal entities are obliged topossessinformation about their ultimate beneficial owners (hereinafter the “UBO”) in accordance with para.1art. 6.1 of the Federal Law No. 115-FZ “On prevention the legalization (laundering) of proceeds of crime and financing of terrorism” ...
Notwithstanding the optics of a healthy U.S. economy, beneath the surface there are many U.S. companies and consumers that have become casualties of the “trade war” with China. The first salvo in this trade war was fired in January 2018, and was followed by additional shots later in 2018 as the United States imposed punishing tariffs that affect hundreds of billions of dollars of trade with China and the rest of the world ...
Digital economy is a system of economic relations new for the Russian markets. It has emerged due to the development of modern information tech-nologies, that increased the role of information as a market-development resource. Currently, all the regulators pay significant attention to digitalization and IT technologies that might influence the market environment in Russia ...
