A unanimous Supreme Court held on June 5, 2017, that the SEC’s ability to recover funds through disgorgement is subject to a five-year statute of limitations. The SEC routinely seeks disgorgement as an equitable remedy in actions alleging securities law violations and asserted that disgorgement was not a penalty subject to the five year statute of limitations under 28 U.S.C. § 2462 ...
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 ...
The Business Facilitation (Miscellaneous Provisions Act), 2017, enacted on 16 May 2017, aims to give new impetus to investment by creating a more favourable environment to doing business in Mauritius. It seeks to do away with regulatory and administrative constraints (whether at the outset or on an ongoing basis), and promotes a modern and digital business environment by bringing significant amendments and innovations to 26 pieces of legislation ...
We trade mark lawyers like to tell our clients to take their brands seriously: adopt trade marks that are distinctive and therefore easy to protect; do trade mark searches; and register in all the countries where the trade marks are used. Clients sometimes roll their eyes when they hear this. But, fortunately for us lawyers, there’s a constant stream of big name trade mark scare stories in the media ...
Two recent news reports give some useful insight into the commercialisation of trade marks and its relevance to public utilities. The first report was in UK newspaper The Guardian. Entitled "Mine the Gap", it dealt with the fact that Transport for London ("TFL"), the authority that’s responsible for London’s tube and bus network, is involved in an ambitious trade mark licensing project. The authority recognises that it has some very valuable trade marks ...
As anyone who’s interested in trade mark law knows, it is possible to protect product shapes through trade mark registrations, but it isn’t easy. In some countries, it’s particularly difficult, as two recent cases show. Vespa Let's start with the positive news. Piaggio recently secured an important victory in its home country, with an Italian court ruling that a three-dimensional trade mark registration for the shape of the famous Vespa scooter is valid ...
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 ...
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 ...
The Department of State (“DOS”) published in the Federal Register a Notice to implement the presidential initiative for extreme vetting of visa applicants. Emergency review of the DOS proposal has been requested from the Office of Management and Budget (“OMB”). The DOS has requested approval. If granted, the emergency approval would be valid for 180 days, although permanent approval could still be sought ...
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 ...
The Davis Tax Committee (“DTC”) issued a media statement on 25 April 2017, calling for written submissions on the introduction of a possible wealth tax in South Africa. This proposal comes two months after an increase in the top income tax bracket for individuals by 4% to 45%, resulting in an effective capital gains tax (“CGT”) rate for individuals of 18%. This should be seen on the back of the increase the CGT rate by nearly 5% from 13 ...
BENIN: Public Procurement Holders to Benefit from a Tax Regime Derogating from Indirect Taxation The 2017 budget law introduced a derogatory tax regime from which certain public procurement holders may benefit by the Benin tax authorities, assuming indirect taxation. This includes customs duties, internal taxes on turnover (mainly value-added tax ("VAT")) on prices and values of goods and supplies acquired or incorporated into the realisation of the contract ...
In terms of paragraph 19(1)(b) of the Fourth Schedule to the Income Tax Act, 5, 1962 (the "Fourth Schedule"), every company that is a provisional taxpayer shall, during every period within which provisional tax is or may be payable by it as provided in terms of the Fourth Schedule, submit to the Commissioner of the South African Revenue Service ("SARS", a return of an estimate of the total taxable income which will be derived by the company in respect of the year of assessment i
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 ...
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 ...
Two recent developments, one positive and one negative, highlight some of the serious issues that face copyright. The positive development is that UK courts have again shown that they are prepared to deal decisively with difficult copyright issues posed by the electronic age ...
It seems absurd that South Africa’s Supreme Court of Appeal (“SCA”) should be called on to decide what the word “between” means. But that’s exactly what happened in the recent patent case of Orica Mining Services v Elbroc Mining Products. In the process, the SCA very clearly opted for a purposive interpretation of patent claims. The two parties involved, Orica and Elbroc, supply goods to the mining industry ...
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 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) ...
The Internal Revenue Service ("IRS") has issued an update to Publication 5146 (Employment Tax Returns: Examinations and Appeal Rights) which outlines the procedures used to conduct employment tax examinations and employers' rights and responsibilities during and after the examination process ...
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 turmoil within the Croatian retail company Agrokor, which owns Mercator, the largest Slovenian retailer, caused a significant stir in the Slovenian public, with the suppliers and especially in politics ...
