THE POSITION BEFORE THE SEC STATEMENT The Security and Exchange Commission of Nigeria (the “SEC” or the “Commission”) on 14 September 2020, released their Statement on Digital Assets and their Classification and Treatment (the “Statement”) pursuant to the powers conferred on it by the Investment and Securities Act 2007[1](“ISA”) ...
How is taxable income determined in your state? To what extent is the state income tax base aligned with the federal income tax base? Alabama levies a corporate income tax on business entities classified as taxable or “C” corporations that have nexus with the state and are not classified as “financial institutions” or insurance companies subject to a separate premium license tax; and it levies a FIET on business entities classified as financial institutions havin
DataSecurityLaw.com is the firm’s resource for the latest news, analysis, and thought leadership in the critical area of privacy and cybersecurity law. Patterson Belknap’s Privacy and Data Security practice provides public and private enterprises, their leadership teams and boards with comprehensive services in this critical area ...
Part 1 of this series discusses labour law and labour safety issues. What is it that has changed regarding home office and teleworking because of Covid-19? What can we expect in the future? How can employers prepare for the “new normal” and how can employees manage things from their side? Before Covid-19, teleworking and working from home in Hungary represented a percentage of 1.2 among employees aged between 15-64, according to Eurostat ...
A company’s need for substantial amounts of capital is intensified when looking to grow quickly, or develop an innovative product that will disrupt the market in a meaningful way. This is true to any company, and is especially true to innovative and disruptive startups, which aim at creating new markets, revolutionizing existing ones and prevailing over traditional market participants ...
Law 50/2020 of 25 August transposed into Portuguese national law Directive (EU) 2017/828 of the European Parliament and the Council of 17 May 2017 as regards the encouragement of long-term shareholder engagement. This directive is known as the Shareholder Rights Directive II and it amends the previous Directive 2007/36/EC of the European Parliament and the Council of 11 July 2007 ...
I. Portuguese Competition Authority Portuguese Competition Authority publishes final version of its analysis of loyalty policies in telecommunication contracts In April 2020, the Portuguese Competition Authority (PCA) published the final version of its report on "Loyalty policies in telecommunication services" ...
Key Points Governor Newsom signed a new law establishing Brown Act rules for social media communications. Members of a legislative body may communicate on social media without fear of creating a serial meeting in violation of the Brown Act. Members of a legislative body may not respond directly on social media to other members of the same legislative body. On Sept.18, 2020, Governor Newson signed Assembly Bill (AB) 992 into law ...
THE LAW OF 23 SEPTEMBER 2020 REGARDING MEASURES GOVERNING HOW COMPANIES AND OTHER LEGAL ENTITIES ARE PERMITTED TO HOLD MEETINGS HAS BEEN PUBLISHED IN THE LUXEMBOURG OFFICIAL JOURNAL. This law enables companies and other legal entities (such as ASBLs) to hold general meetings and other meetings of the company’s corporate bodies without the need for physical attendance, even where this is not provided for in the company’s articles of association ...
On September 6th, 2020, “Rules for the Consideration and Resolution of Administrative Disputes by the Federal Service for Intellectual Property”, approved by the order of the Russian Ministry of Education and Science and the Ministry of Economic Development (“Rules”) came into force. The Rules were developed jointly with the Federal Service for Intellectual Property (Rospatent) ...
On 13 August 2020, the Ruler of Dubai issued Law 9 of 2020 to regulate family ownership of common property in the Emirate of Dubai (the Law). The Law aims to establish a legal framework for family ownership of common property in Dubai and to facilitate its transmission among successive generations. This concept of undivided family assets introduced by the Law also exists in other jurisdictions. There are many family run businesses in Dubai ...
The issue is not foreign talent but transparency in the process. DBS was last week named world’s best bank – the third consecutive year it has received such accolade. It was thus more than a little ironic that in the same week, its chief executive Piyush Gupta was cited by a Non-constituency Member of Parliament (NCMP) as a disappointing example of a non “home-grown” CEO. Mr Gupta has been a Singapore citizen since 2009 and has helmed DBS for more than a decade ...
Afridi & Angell was pleased to have advised Dubai Tourism on the testamentary and inheritance framework in Dubai in the process leading up to the much-welcomed announcement of the ‘Retire in Dubai’ programme. The announcement, made on Wednesday 2 September 2020 offers resident expatriates and foreigners aged 55 and above an opportunity to retire in the Emirate. As part of the programme, eligible applicants will be provided a Retirement Visa, renewable every five years ...
Cybersecurity will generally be a significant issue for businesses in the years to come. With teleworking, cloud computing and the advent of artificial intelligence, large amounts of data are likely to fall prey to hackers attracted by the personal information or trade secrets contained therein. From a legal standpoint, businesses have a duty to take reasonable steps to protect the personal information they hold ...
Businesses that open their doors to customers, guests, and other visitors during the pandemic must be vigilant, not only to keep their premises safe to those who enter, but also to avoid lawsuits by individuals who claim they contracted COVID-19 on business premises ...
DIFC entities have until 1 October 2020 to ensure that their data processing activities are compliant with the new Data Protection Law (DIFC Law 5 of 2020) (the DP Law). Who is subject to the DP Law? • DIFC entities.• Non-DIFC entities that regularly engage with DIFC entities as part of a “stable arrangement”, which involve data being processed in the DIFC and/or transferred out of the DIFC. Practical Guidance 1. Maintain a record of Personal Data. 2 ...
On Saturday, September 12, 2020, the Internal Revenue Service (“IRS”) updated a marijuana industry frequently asked questions (“FAQ”) page that provides relief to state-legal cannabis businesses. The FAQ announces that state-legal cannabis businesses can reduce their gross receipts by using an alternative accounting method under Section 471 of the Internal Revenue Code (the “Code”) ...
Under section 327 of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32), the Court can exercise its discretion to wind up a foreign-incorporated company. A recent case reaffirms the three core requirements necessary to enable the court to exercise that discretion ...
The world is gradually embracing remote working as an alternative way of work – hosting virtual meetings, supporting customers through online communications, and accessing data remotely from outside the office. In the past, working from home (WFH) had not been popular in Hong Kong even though evolving technologies and improved Internet speed made it possible for digital migration ...
On 12 September 2020, the UAE Ministry of Health and Prevention (MoHAP) reported 1007 new COVID-19 cases in the UAE. With the number of cases rising both within the UAE and in most other countries, the UAE government has reiterated the importance of adhering to preventive guidelines and has further placed safeguards, particularly in Abu Dhabi, to ensure that those traveling to the UAE are confined to prevent the transmission of the virus ...
To create the most favorable environment for the intensive development of the IT industry and pooling resources for the new projects, the Russian Government has adopted a Law introducing a number of changes and tax incentives for the IT and Technology Companies. It will be effective starting from January 1st, 2021. Below, we provide our consolidated analysis of the new rules and recommendations on steps to be taken to prepare for the forthcoming changes ...
Ten years ago, the PPP Law was approved, the regulatory framework that seeks to make the Public Private Partnerships (“PPPs”) viable as a solution to the country's infrastructure deficit. For reasons beyond legal and economic facts, Guatemala has not yet seen its first PPP project born. However, the planets seem to be aligning to propitiate the possible detonation of investment in infrastructure and we see reasons for optimism on the horizon ...
