The pieces of the puzzle are finally falling into place. The long-awaited level 3 and 4 measures have been published earlier this week, half a year before the PRIIPs KID becomes compulsory.On 4 July 2017 the European Supervisory Authorities (ESAs) published a Questions and Answers document related to the PRIIPs KID which reverts to questions linked with the presentation, content and review of the KID, including the methodologies underpinning the risk, reward and costs information ...
Earlier this year, the Grand-Duchy of Luxembourg published the new law on the renewal of aid schemes for research, development and innovation (hereafter, the “RDI”) and on the missions of the national Agency for the promotion of innovation and research. This law amends the Law on the promotion of research, development and innovation.This reformed law aims at exploiting in Luxembourg all the potential offered by the EU rules related to State aid to RDI ...
We write to inform you about a precedent-setting ruling by a District Court in Israel in a case between Gteko, a subsidiary of Microsoft Corporation, and the Israel Tax Authority ("ITA") regarding a transaction for the sale and purchase of intellectual property assets and its valuation.In 2006, Microsoft acquired the entire share capital of Gteko for $90 million (pursuant to a "Share Agreement") ...
Earlier this year the Federal Law " On Amendments to Articles 1252 and 1486 of the 4th part of the Civil Code of the Russian Federation and Articles 4 and 99 of the Arbitrazh Procedural Code of Russia" entered into force.The amendments relate to pre-trial procedure for resolving intellectual property disputes.1 ...
Following an industrial arbitration award in 2012, a teacher in an educational institution became aware that, for a long time, he had been subject to a wrong collective agreement and had therefore not received enough salary. Against this background, a dispute arose regarding, inter alia, adjustment of salary, overtime pay, holiday pay and pension contribution for the period 1 October 2007 - February 2009. Judgment of 30 May 2017 from the Danish Eastern High Court ...
The European Parliament and the Council of the EU have issued statements of non-objection to the revised draft RTS under the PRIIPs Regulation which were endorsed last month by the European Commission. Finally, the long-awaited level 2 measures have been agreed on and further guidance on level 3 as well as level 4 by the ESAs and the European Commission is expected in the near future ...
Earlier this year, the Court of Justice of the European Union (CJEU) reached an important decision in the case Medisanus d.o.o. v General Hospital Murska Sobota (C-296/15) concerning public procurement procedures ...
New Law No 125-FZ amending regulation of overtime and part-time work was signed by the Russian President earlier this year (hereinafter – the “Law”). The Law went into force on June 29, 2017. Highlight below is the most important novelties introduced by the Law. Part-Time Work The parties of labour relations may now agree on any length and frequency of an employee’s working hours ...
The Israeli Tax Authority (the "ITA") has recently published a tax circular (the "Circular") on the tax treatment of holdback payments and of the reverse vesting mechanism in the context of merger and acquisition transactions. According to the Circular, subject to certain conditions, that will be detailed below, the sale of shares to which holdback payments and reverse vesting mechanisms apply would be subject to a capital gains tax rate of 25% (30% in case of controlling shareholders) ...
In recent months, the Knesset Constitution, Law and Justice Committee approved the Protection of Privacy Regulations (Information Security) 5777-2017 (hereinafter: the "Regulations"). The Regulations mark a landmark change in the field of information security in Israel and they impose substantial obligations on database owners ...
Under Israeli law, the employment of a foreign employee who is not a citizen or resident of Israel is a criminal offense, except if the person requesting to employ the foreign employee received a special permit from the Population and Immigration Authority (the "Authority") pursuant to the Foreign Workers Law, 5751-1991 ...
FBC & Co examine the business and legal aspects of investing in one of the world’s most technologically advanced economies. Established in 1948, Israel is the world’s only Jewish state, and the sole democracy in its vicinity. Israel has a diverse open market economy. Being a relatively young state, Israel is recognized as a developed market by many major indices. Israel has been a member of the high-income sector of the OECD since 2010 ...
In May 2017, the Israeli Innovation Authority (the successor of the Office of Chief Scientist), a division of the Israeli Ministry of Economy and Industry (the "Innovation Authority"), issued new rules1 becoming applicable to Israeli companies that receive grants from the Innovation Authority ("Funded Companies") ...
Amongst the numerous topics covered by the Markets in Financial Instruments Directive II (MiFID II), the European Securities and Markets Authority (ESMA) has decided to provide further guidance on the requirements regarding product governance through its guidelines dated 2 June 2017 which focus on the target market assessment by manufacturers and distributors of financial products ...
As expected, Luxembourg has adopted a restrictive approach of the provisions provided for under the MLI and has sought to limit the scope and impacts of this new layer of international legislation to the minimum standards required. However, the new PPT and the impact on structures and the application of tax treaties need to be carefully monitored in the furture for new and existing structures ...
BREAKING NEWSEnforcement of foreign court judgments in Russia: a wind of change June 06, 2017 Dear Ladies and Gentlemen, We would like to inform you on recent precedents of Russian courts in cases concerning enforcement of foreign court judgments, which we believe represents a major step forward towards the goal of creating a favorable investment climate in Russia ...
The French market has been known to be restrictive due to the banking monopoly, which classically restricted the origination of loans and the acquisition of unmatured receivables to credit institutions and financing companies, with small exceptions. Due to the overregulation of credit institutions and financing companies, many transactions were structured abroad ...
Dear Ladies and Gentlemen, We would like to inform you that the Ministry of Finance of the Russian Federation issued a clarification dated March 02, 2017 regarding taxation on the division of matrimonial property after the divorce of the spouses ...
Karanovic & Nikolic attended the 8th View More
The Macedonian Competition Commission imposed a EUR 5.8 million fine on PIVARA SKOPJE AD and EUR 2.7 million on PRILEPSKA PIVARNICA AD, for allegedly entering into restrictive agreements with their distributors. According to the Commission, PIVARA SKOPJE AD entered into sales and distribution agreements which contain resale price maintenance provisions, limiting the distributors to freely set their resale price ...
Those seeking reasons to be optimistic about Ukraine’s judicial system can rejoice: Justice prevailed, or so ruled the High Commercial Court of Ukraine, the likely final arbiter in a dispute between the state Antimonopoly Committee of Ukraine and ACNielsen Ukraine, a market research firm ...
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 Croatian Competition Agency (the "Agency") initiated proceedings against Grand Auto – an authorised dealer of Land Rover and Jaguar cars for Croatia, after an initiative by the Auto Dealership "Karlo", a former authorised repairer of the said cars for Croatia ...
The question of the scope of the cost-sharing VAT exemption, also referred to in the Council Directive 2006/112/EC of 28 November 2006 as amended ("EU VAT Directive") as "Independent Groups of Persons" or "IGPs", is currently being debated at the Court of Justice of the EU ("CJEU") in several cases. Last Thursday marked the first milestone regarding this specific VAT exemption since the CJEU released its judgment in the case Commission v Luxembourg (C-274/15) ...
Created in 2007 with a view to provide French law with a security agent regime in syndicated loans as competitive as the Anglo-saxon security trustee, the provisions of Article 2328-1 of the French Civil Code have been subject to criticism because of the legal uncertainty related to the nature of the security agent''s powers and its too limited scope ...
