On April 19, 2016 Association of European Business (hereinafter – “AEB”) and the Russian Federal Antimonopoly Service (hereinafter – the “FAS”) presented the Code of Good Practice in the Pharmaceuticals Industry (hereinafter – the “Code”). The full text of the Code (both in Russian and English) is available at the official web-site of the antimonopoly authority (http://fas.gov.ru/documents/documentdetails.html?id=14513). Below is short outline of the Code. 1 ...
On April 18, the Office of Inspector General (“OIG”) of the U.S. Department of Health and Human Services issued revised guidance regarding exclusions imposed under section 1128(b)(7) of the Social Security Act ...
On April 14, 2016, the International Swaps and Derivatives Association, Inc. (“ISDA”) published a new version of Credit Support Annex to help market participants comply with new margin requirements for uncleared swaps ...
During the first half of March, Miloš Vučković, Partner at Karanović & Nikolić, attended the two-day long Distressed Assets Forum in London, UK. The event was a good opportunity to learn about the latest developments in the field of trading non-performing loans (NPL's) on the European market, with many prominent banking, real-estate, advisory, and legal executives appearing as speakers and panellists ...
On January 4th, 2016, the President of the Republic introduced a series of amendments to the bill of law that, “modifies the Health Code in order to regulate generic bioequivalent pharmaceutical products and prevent the vertical integration of pharmaceutical laboratories and pharmacies”, – Bill No. 9914-11- (“Pharmaceutical Bill II”) ...
Increased deal activity is likely in Australia's health and aged care sector in 2016, driven by:• investment interest from China• Australian players targeting outbound opportunities through joint ventures and partnerships; and• consolidation in the aged and home care services areas.Rapidly ageing populations across our region are driving demand for high quality health care, especially in countries such as China and Japan ...
The Hong Kong Court of First Instance recently considered another claim by a client against a bank arising from the sale of a financial product. The Judgment in Li Kwok Heem John v Standard Chartered International (USA) Limited (formerly known as American Express Bank Limited) was handed down in early January 2016. In a lengthy Judgment, the Court considered a number of issues highly relevant to banks and other institutions engaged in selling financial products ...
Businesses face an increasing number of challenges and one of the most severe and potentially damaging is that of cybercrime. Fallout from a cyber-attack can result in both physical as well as reputational damage and the loss of business and customers. Chilling words - particularly given how much British businesses now rely on their online presence ...
With increasing numbers campaigning for Britain to leave the EU, ever closer union is looking ever more uncertain. Opinion about the positive and negative aspects of Britain remaining within the EU is diverse. Whatever decision is made, companies need to be prepared for the potential outcomes. This article looks at the likely impact of the referendum (whatever its outcome) and provides some positive steps for companies to take ...
The October 2015 issue of the International Financial Law Review (IFLR) included an international briefing article by SyCipLaw partner Maria Jennifer Z. Barreto entitled “Mandatory tender offers.”Read the article online at the IFLR website ...
The Modern Slavery Act 2015 introduces a new area of compliance for commercial organisations. The Act is amongst the toughest anti-slavery and human trafficking legislation in the world. Although legal penalties are restricted, interest from patients, consumers, investors, NGOs, pressure groups and brand risk is expected to enforce compliance ...
This month, the European Bank for Reconstruction and Development (EBRD) traditionally presented their annual transition report at the National Bank of Serbia (NBS) at an event that was attended by Karanović & Nikolić's Banking & Finance partner, Maja Jovančević-Šetka ...
On November 25, 2015, the Investment Industry Regulatory Organization of Canada (IIROC) published a White Paper for consultation. It is seeking comment on two proposals which, if approved and implemented, would change the current structure for distributing mutual funds in Canada. A “restricted practice” policy and a policy involving directed commissions are being proposed ...
After a long wait, on February 12, 2016, the Centers for Medicare & Medicaid Services for HHS (“CMS”) issued a final rule that clarified the obligations of Medicare providers and suppliers to report and return overpayments within 60 days (the “Rule”).1 The Rule becomes effective on March 14, 2016. The Rule, which applies only to Medicare Part A and B providers and suppliers, enforces a statutory requirement from 2010 implemented by the Affordable Care Act (“ACA”) ...
Over the past year, the Tribunal administratif du Québec (TAQ) has issued several rulings dealing with oversight of the medical practice of professionals working in health and social services institutions. Several of these rulings will be of interest to institutions since they set out principles that tend to confirm the existence of a form of management rights over physicians, despite the lack of the traditional relationship of subordination between such institutions and their physicians ...
Introduction In 2015 the Belgian banking and finance law landscape underwent certain changesand numerous modifications continue to be expected in 2016. This newsletter highlightscertain changes in EU and Belgian law in the following practice areas: financetransactions; investment funds (undertakings for collective investment); andfinancial institutions. 1 ...
As part of its effort to eliminate the risk of taxpayer-funded bail-outs of European banks, the European Union undertook a new “bail-in” regime beginning on January 1, 2016, implementing rules which require banks and some other market participants in EU member states to write-down, cancel, convert into equity or otherwise modify certain unsecured liabilities if such steps are required to recapitalize the institution.To red the full alert, click here ...
This past year has seen many changes in the community banking industry. Some of these issues we expected and some had more of an impact than maybe we would have thought. As we reflect and look forward to 2016, we asked several of our colleagues to weigh in regarding what we saw, what we expect and how to best prepare for the coming new year. Timothy R ...
For better or worse, lenders have become increasingly familiar with the strange dynamic that is the post-bankruptcy minefield created by their borrowers filing a bankruptcy petition. Immediately, lenders begin thinking about how they can minimize the write-off, how they can reduce exposure, how they can avoid violations of the automatic stay, whether they can convince a borrower to reaffirm debt, and many other questions that often must be analyzed situationally ...
Virtual currencies are once again at the forefront of discussion about top issues facing community banks and the financial industry as a whole. The Independent Community Bankers of America (“ICBA”), a trade association representing more than 6,500 community banks, recently published its list of top issues for the fourth quarter of 2015. Among them were the risks associated with virtual currencies ...
On 23 January 2015, the Supreme Court delivered a judgment concerning the moderation of an invalid non-competition clause in a business transfer agreement. This judgment arose after the Ghent Court of Appeal had refused to moderate a non-competition obligation lasting for period of 17 years. In line with previous case law, the clause was declared absolutely null and void and the Ghent Court of Appeal ruled that the clause could not be mitigated in any way ...
Cuba’s stated goal of attracting billions of dollars in foreign investment combined with the United States’ effort to re-establish diplomatic ties with Cuba have sparked intensified interest amongst potential investors seeking to enter the Cuban market.As with any emerging market, potential investors must balance the potential risks faced in doing business with the potential return on their investment ...
The Delaware Division of Corporations (the “Division”) recently announced that effective December 1, 2015, its Uniform Commercial Code (“UCC”) filing office will no longer accept paper UCC filings submitted directly to the State of Delaware via regular mail, courier or fax. The Division will instead require that all UCC filings be submitted to the Division electronically.To read the full alert, click here ...
The September 2015 issue of the International Financial Law Review (IFLR) included an international briefing article by SyCipLaw partner Arlene M. Maneja entitled “Competition law enacted.”Download a PDF copy of the article or read the article online at the IFLR website ...
