Regular readers will recall our recent ENSight1 where we reported that a draft agreement had been published which, to a degree, addressed the uncertainty trade mark owners are facing about the impact of Brexit on their trade mark rights. We said that while it had been agreed that Brexit will be implemented in a manner that preserves trade mark rights, discussions on the charges and administrative procedures for the creation of a corresponding UK right were ongoing ...
Over the past year, South Africa has seen some significant changes impacting its commercial financial landscape. On the regulatory front, there has been an overhaul of the financial sector regulatory framework, including the implementation of the “twin peaks” model of regulation, comprising the Prudential Authority and the Financial Sector Conduct Authority (“FSCA”) ...
Every minute of every day, 100 bottles of Scotch whisky make their way to South Africa. The lengths we have to go to get your attention! But this is a fact, and it can be found on the website of the Scotch Whisky Association (“SWA”). If you’re a Scotch drinker, this news will make you very happy, as will the news that the SWA has managed to get the term Scotch Whisky registered as a certification mark in South Africa ...
The legal framework in Mauritius is constantly evolving to keep pace with the rapidly changing economic environment. With the enactment of the latest Finance (Miscellaneous Provisions) Act, 2018 (the “Act”) on 9 August 2018, the government approved amendments to some 68 Acts, with regulations to follow shortly ...
The South African government is determined to ensure that in the country, as in a number of other countries, tobacco products are sold with little or no branding. Yes, the issue of tobacco plain packaging may have gone away for a while, but it is now clearly back on the agenda. The recent publication of the Draft Control of Tobacco Products and Electronic Delivery Systems Bill, 2018 makes that very clear ...
The trade marks Mango and Yango won’t be confused, even if they are used for the same products, so said the hearing officer in a recent trade mark opposition in the UK. On the face of it, this may seem like a strange decision. After all, Mango is a pretty strong and distinctive trade mark. As for Yango, well, that surely looks and sounds pretty similar to Mango? Well...yes and no ...
The General Provisions referred to in Article 58 of the Law to Regulate Financial Technology Institutions (“Fintech Law”), Circular 12/2018 addressed to the Electronic Payment Funds, relative to the general provisions applicable to the operations of the Electronic Payment Funds and the General Provisions applicable to the Financial Technology Institutions (“Fintechs”), were published in the Federal Official Gazette (Diario Oficial de la Federación) on Septembe
On September 10, 2018, the Mexican National Banking and Securities Commission (Comisión Nacional Bancaria y de Valoresor “CNBV”) issued the general provisions applicable to Financial Technology Institutions (“FTIs”) (Disposiciones de Carácter General Aplicables a las Instituciones de Tecnología Financiera) (the “CNBV Provisions”), which, as of March 10, 2018, are regulated by the Law that Regulates Financial Technology Institutions
As we reported in our May 31, 2018 Alert, the California Legislature has been considering legislation to prevent joint powers authority (JPA) member agencies from contracting out of liability for the JPA's pension obligations ...
Earlier this year, the Supreme Court issued its opinion in the matter of Lucia v. SEC, 585 U.S. (2018), which held that administrative law judges of the U.S. Securities and Exchange Commission (SEC) are considered Inferior Officers of the United States, therefore subject to the Appointments Clause (Article II, Sec. 2) of the U.S. Constitution. The Supreme Court ruled in favor of Mr ...
Following the enactment of the Economic Growth, Regulatory Relief, and Consumer Protection Act, the Securities and Exchange Commission (SEC) has adopted an amendment to Rule 701(e) increasing the threshold amount of securities that can be sold during a 12-month period from $5 million to $10 million. Securities sold in excess of the threshold trigger enhanced disclosure obligations for the issuer ...
It’s crazy. It’s real. It’s awry. A secretly, stupendously rich man falls in love with a poor girl. His mother declares her a gold-digger. Much gnashing of teeth ensues. Beyond its simple rom-com plot, however, the film Crazy Rich Asians has a less palatable aspect to its story: inequality and our apparent acceptance of it ...
The Internal Revenue Service has released a Private Letter Ruling ("PLR") allowing a plan sponsor to make contributions to employees' 401(k) accounts if the employees are repaying student loans. This is exciting news for employers sponsoring 401(k) plans who hope to attract and retain employees as student loan debt rises to unprecedented levels. The PLR confirmed that some student loan repayment programs linked to 401(k) employer contributions are acceptable ...
Earlier this year, the OJK issued a new regulation on financial digitalinnovation in financial services (“POJK 13/POJK.02/2018”). This is aregulatory sandbox version of the OJK (please see our Advisory on theregulatory sandbox of Bank Indonesia issued in 2017). Definitions According to POJK 13/POJK ...
In the recent budget exercise completed by the Bahamas Government, certain significant changes to the regime for Real Property Tax in The Bahamas were announced and have received a great deal of focus.It is important to take specific advice regarding the annual real property taxes which may be payable in respect of your property, how and when taxes should be paid, and the exemptions (if any) which might be available to you in respect of your property ...
All employers who were required to publish a Gender Pay Gap Report1 for the financial year 2017-2018 have now done so. A report published by the UK Parliament’s Business, Energy and Industrial Strategy (BEIS) Committee2 has confirmed that 78% of organisations have gender pay gaps that favour men, and that the national gender pay gap median is around 18%. The picture is worse in certain sectors, where it was found that gender pay gaps of over 40% were “not uncommon” ...
On June 28, 2018, the Securities and Exchange Commission (the “SEC”) adopted amendments to expand the definition of a “smaller reporting company” (“SRC”) to include companies with public floats of less than $250 million and higher annual revenues. The staff provided additional guidance on the amended definition on August 10, 2018 through the adoption of a new small entity compliance guide ...
The Israeli legal system is mainly based on common law, but incorporates some aspects of civil law. Israeli business entities include cojmpanies, partnerships, co-operatives and non-profit organisations. Individuals can conduct business without establishing any legal entity ...
The Israeli Securities Law was amended (Amendment No. 63) with a goal of turning the Tel-Aviv Stock Exchange (TASE) into a more competitive, efficient and profitable stock exchange, by outlining an ownership structure change of the TASE. The ownership structure change allows private investors, in addition to institutional investors, to acquire means of control over the TASE ...
Last year Panama joined the list of countries that have established quotas as a mean for reducing the gender gap. Law 56 of 2017 creates a women quota of 30% on corporate boards of public entities and certain private entities. The Law was recently regulated through Executive Decree 241-A of 2018 ...
DJIBOUTI: International Free Trade Zone launchedThe first phase of the Djibouti International Free Trade Zone (“DIFTZ”), expected to be the largest free trade zone in Africa, was launched on 5 July 2018. The DIFTZ will house a variety of manufacturing plants and offer investors various incentives, including tax exemptions ...
Under South African corporate reorganisation rules, tax consequences are deferred and do not crystalise at the time of the transaction, but a carefully planned restructuring transaction may result in hardship due to subsequent events. A recently proposed amendment illustrates this risk.Tax relief under the existing corporate reorganisation rules may be neutralised if assets acquired in terms of these rules are disposed of within 18 months ...
In a previous ENSight, we discussed the decision of the Labour Court in Mtati v KPMG Services (Pty) Ltd. In this case, it was decided that employees may not be disciplined if they have resigned “with immediate effect”. The resignation is regarded as terminating the contract of employment immediately and the consequence is that the employer is denied the opportunity to pursue disciplinary action against the employee. A subsequent dismissal will be null and void ...
