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On 22 May 2017, the Johannesburg Stock Exchange (“JSE”) announced that it has made amendments to the JSE Listings Requirements in relation to the adoption of the King IV Report on Corporate Governance and other governance arrangements, including a race diversity policy and the publication of a compliance report pursuant to the Broad-Based Black Economic Empowerment (“B-BBEE”) Amendment Act, 2013 ...
In this article we outline 12 key elements that are critical components of a rock-solid compliance program for participants in commodity markets. We start with creating a “culture of regulatory compliance,” which pervades a company from top to bottom, and then work our way through day-to-day policies and steps you can take to minimize your company’s risk of non-compliance ...
In line with international models, South Africa has attempted to incentivize investment into the development and renewal of certain urban areas. One of these incentives is the accelerated tax depreciation allowance, introduced in 2003 by section 13quat of the Income Tax Act, 1962 and is commonly referred to as the Urban Development Zone ("UDZ") allowance ...
An overview of mergers and acquisitions in Poland. The process, structure and parties to M&A deals, legal restrictions and tax aspects, discussed clearly and accessibly. What to bear in mind, and what details require special focus. The M&A practice at Wardynski & Partners has prepared a guide to mergers and acquisitions in Poland. In less than 60 pages, we highlight the issues vital to the success of the deal ...
The Battleground: On one side of the battlefield, positioned on the lofty heights of moral superiority, the asset managers (and academics) lob propaganda leaflets pointing out their greater firepower in the form of smug principle and the dollar value of their total assets under management. Their opponents are a motley crew. There are the Startup Upstarts, whose uniform is expensive sneakers and untidy man-buns ...
As reported previously in a Newsletter to readers, the City in its continuing efforts to increase the housing stock now allows the addition of one or more in-law units in almost all zoning districts that allow residential uses, notwithstanding the density limit of the zoning (such as RH-2 and RH-3 zoning). These in-law units are known as Accessory Dwelling Units (ADU) and they are created within unused or underutilized space entirely within an existing building ...
The recent storm in the UK about Scottish craft brewing company BrewDog’s decision to invoke its trade mark rights against much smaller rivals highlights the difficulties and negative repercussions that can arise when it comes to enforcing trade mark rights. BrewDog has been extraordinarily successful ...
Recent developments in the UK regarding plain-packaging requirements for cigarettes have again shone the spotlight on this contentious issue. A while back, we reported on developments in Australia, where the country’s Tobacco Plain Packaging Act, 2011 requires tobacco companies to sell their products in identical olive green packs, with graphic images reflecting the possible health consequences of smoking, and the brand name (sans logo) in very small script ...
The Decree permits the holder of granted land to mortgage such land subject to certain conditions. It is expected that the Decree will stimulate growth in Dubai by enabling developers, who hold granted land, to obtain finance for their projects by mortgaging the granted land. The Director General of the Dubai Land Department (DLD), Sultan Butti Bin Merjren, has said that the Decree is a key legislative initiative that will have a positive impact on the real estate market ...
Dear Ladies and Gentlemen, We would like to inform you that the Federal Antimonopoly Service (hereinafter - "FAS Russia") proposes to exempt from inspections such companies that have effective antimonopoly compliance systems. FAS Russia also intends to implement a risk-oriented approach and develops criteria for the companies to be included in the list of scheduled inspections. According to the Deputy Head of FAS Russia Mr ...
The Great Recession starting in 2007 hit many new housing developments hard – many having received all their discretionary entitlements (including tentative map approvals) did not proceed to construction, and remain on hold. After the recession hit, there arose a danger that a developer's previously approved subdivision map (tentative map) would expire before construction was started ...
Competition authority imposes fines on ViktoriaOil and Vital, the leading producers of cooking oil in Serbia. The authority stated in its decision that the two companies entered into a joint production agreement that featured restrictive provisions. In particular, the authority claims that the provisions effected the exchange of information and joint production and sales in a way that led to increased prices to end consumers ...
In February, in an article on the 2017 South African budget review, we wrote that the government had proposed that companies and individuals no longer required approval from the South African Reserve Bank (“SARB”) for “standard intellectual property transactions” and that the “loop structure restriction for all intellectual property transactions” be lifted, provided that such transactions are arm's length and at a fair market price ...
The recent South African Supreme Court of Appeal (“SCA”) decision of Herbal Zone v Infitech Technologies doesn’t contain ground-breaking law. However, the SCA’s passing-off judgments are rare, so it is a case worth discussing. The lessons to be learnt from this decision are that it’s important to get the basics right – make sure that a trade mark is registered and ensure that there is a clear agreement between the trade mark owner and the distributor ...
There have been some encouraging developments following Mauritius’ announcement that it planned to strengthen the protection of intellectual property rights (“IPR”), amid global concerns. For example, much-awaited amendments to industrial property law, including incorporating international treaties, have been effected. As a result, the government’s vision of an efficient and equitable IP system may come to fruition this year ...
Post-arbitral award procedures in Tanzania are governed by a number of pieces of legislation, including the Arbitration Act, the Arbitration Rules, 1957 and the Civil Procedure Code (the “CPC”). The High Court of Tanzania is the only forum for the enforcement of arbitral awards. Below, we summarise the process for the filing, registration, enforcement and possible challenge to post-arbitral awards ...
The South African Broad-Based Black Economic Empowerment (“B-BBEE”) Commission recently issued a non-binding practice guide regarding the enhanced recognition status for exempted micro-enterprises (“EMEs”) and qualifying small enterprises (“QSEs”) through the application of the modified flow-through principle ...
On 31 March 2017, the Independent Communications Authority of South Africa (“ICASA”) published Government Gazette no. 40759 for comment, a discussion document in relation to equity ownership by historically disadvantaged groups and application of the ICT Sector Code in terms of section 4(b) of the ICASA Act, 2000 ...
On April 17, 2017 the President of the Russian Federation signed a draft law setting a differentiation of penalties for conclusion of anticompetitive agreements. The draft law will come into force on April 28, 2017. The draft law provides different administrative fines for conclusion of different types of anticompetitive agreements depending on degree of social danger: as the social danger of the anticompetitive agreement decreases, the administrative penalty will be reduced ...
For several years now, a leniency model exists in Macedonia and it is shaped in line with the EU leniency model. Nevertheless, theMacedonian Competition Commission("Commission") decided to refine the existing rules (contained in the Law on Protection of Competition and the accompanying Leniency Regulation) by recently adopting the Leniency Guidelines ("Guidelines") ...
