In a recent statement to the press, the Slovenian Minister of Economic Development and Technology, Zdravko Počivalšek, labelled the Serbian spas as great tourism potentials and 'undiscovered gems', before continuing to declare Slovenian interest for investing in them ...
The members of the National Privacy Commission (NPC) have been named. President Benigno Aquino III has appointed Raymond Liboro as the Commissioner of the National Privacy Commission. Prior to his appointment, Liboro was the officer-in-charge of the Department of Science and Technology's Science and Technology Information Institute. The following are the Deputy Privacy Commissioners: Dondi Mapa and Ivy Patdu ...
A company that obtains information from a number of competitors (for example, to create industry statistics or to provide price comparisons) should be careful not to facilitate the flow of confidential information between those competitors. Two recent cases highlight the potential competition law issues. We will then look at some practical considerations to keep in mind ...
On February 1, 2016, the Federal Deposit Insurance Corporation (“FDIC”) published the Winter 2015 issue of Supervisory Insights. Not surprisingly, the first article dealt with the most important issue facing the financial industry today – cybersecurity ...
It is well-known that a solid framework for attracting investment is a key strategy for fostering investments in a sector as big and significant as telecommunications are. As consolidation and M&A activities continue to be looked for in the region, there is an idea that the use of new technology and smart solutions is the best way to gain a competitive advantage over other market participants ...
On March 14, 2016 the Mexican Ministry of Economy published in Official Gazette of the Federation a decree amending the General Corporations Law (Ley General de Sociedades Mercantiles) which will allow the incorporation of Mexican simplified commercial corporations or “SAS” (sociedad por acciones simplificada) within a 24-hour time frame.To read the full alert, click here ...
On December 27th, 2015, Anti-Terrorism Law of People's Republic of China has been passed and promulgated on the eighteenth session of the 12th NPC Standing Committee, whose aim is to combat terrorism, safeguard national security and public safety (hereinafter referred to as "Anti-Terrorism Law "). The Anti-Terrorism Law will take effect since January 1st, 2016. Terrorist activities severely jeopardize public security and it is everyone’s hope to eradicate it ...
On 15.12.2015 EU Commission, Council and Parliament agreed on the final terms of the General Data Protection Regulation (GDPR) in their trialogue negotiations. It is generally expected that the draft will be adopted soon, in any event not later than summer 2016. This ends the uncertainty about the content of the new European Data Protection law which will be directly applicable in all Member States two years after the adoption by Commission, Council and Parliament ...
On February 29, 2016, the European Commission issued a draft of the so-called Adequacy-Decision for the new agreement between the European Union and the USA called EU-US Privacy Shield to facilitate data transfers between the European Union and the USA. It is doubtful whether the Privacy Shield will be a reliable basis for a simplified transfer of personal data ...
The Second Circuit issued an important decision recently in In re Sanofi Securities Litigation applying the Supreme Court’s landmark Omnicare decision. In Omnicare, the Supreme Court held that a statement of opinion, even if honestly believed, could be actionable if the issuer failed to disclose material facts that conflict with what a reasonable investor would, in context, expect about the issuer’s basis for the opinion ...
The Consumer Financial Protection Bureau (“CFPB”) recently announced a settlement with Dwolla, Inc., an online payment processor, for allegedly deceptive statements Dwolla made to consumers regarding the company’s data security practices. In the settlement, Dwolla agreed to pay a $100,000 penalty and take specific actions to improve its data security ...
Since mid-February, there has been an ongoing debate in the public sphere regarding the high profile case that found the global IT giant Apple and FBI on opposite sides of the legal spectrum. The case's background involves the 2015 San Bernardino shooting incident in USA, and the fact that one of the perpetrators was in possession of an iPhone potentially containing relevant information for the ensuing investigation ...
Since mid-February, there has been an ongoing debate in the public sphere regarding the high profile case that found the global IT giant Apple and FBI on opposite sides of the legal spectrum. The case's background involves the 2015 San Bernardino shooting incident in USA, and the fact that one of the perpetrators was in possession of an iPhone potentially containing relevant information for the ensuing investigation ...
Since mid-February, there has been an ongoing debate in the public sphere regarding the high profile case that found the global IT giant Apple and FBI on opposite sides of the legal spectrum. The case's background involves the 2015 San Bernardino shooting incident in USA, and the fact that one of the perpetrators was in possession of an iPhone potentially containing relevant information for the ensuing investigation ...
On 16 February 2016, the Bosnian Competition Council made a ruling in favour of the cable operator and Karanović & Nikolić's client – Telemach – in the case against HD Win, the owner of the sports channel "Arena Sport", and a subsidiary of Telekom Serbia. The authority imposed a fine against HD Win for its abuse of dominant position and ordered it to enter into agreement with Telemach in order to allow its subscribers access to Arena Sport ...
On February 12, 2016, the Securities and Exchange Commission (the “SEC”) issued 18 no-action letters concerning requests to exclude proxy access shareholder proposals from proxy materials pursuant to Rule 14a-8(i)(10) of the Securities Exchange Act of 1934, as amended. Rule 14a-8(i)(10) permits a company to exclude shareholder proposals from its proxy materials if the company has already “substantially implemented” such proposals ...
On February 16, 2016, the recently constituted Philippine Competition Commission (“PCC”), which was created under the Philippine Competition Act (Republic Act 10667 or the “PCA”), issued Memorandum Circular No ...
Karanović & Nikolić is proud to announce the promotion of new Partners and Senior Associates. The following employees have been recognised for their hard work and dedication to our values and goals, and we hope this promotion will only increase their drive and commitment in the future ...
We have news coming from Slovenia, where it has recently been reported that the European Investment Bank (EIB) will be opening its office in the country's capital, Ljubljana, during the summer months. This piece of news does not come as too big of a surprise, since the Slovenian economy has enjoyed EIB's considerable presence over the last couple of years, with its investments during last year alone totaling EUR 798 million ...
On 16 February 2016, the Bosnian Competition Council made a ruling in favour of the cable operator and Karanović & Nikolić's client – Telemach – in the case against HD Win, the owner of the sports channel "Arena Sport", and a subsidiary of Telekom Serbia. The authority imposed a fine against HD Win for its abuse of dominant position and ordered it to enter into agreement with Telemach in order to allow its subscribers access to Arena Sport ...
Further to our previous alert relating to inspections of the Russian Data Protection Authority (‘DPA’) we would like to draw your attention that DPA is also entitled to undertake measures of so-called systematic monitoring in order to supervise compliance of data controllers with the Russian legislation on personal data. These measures mainly cover checking websites and information placed in a public domain ...
Last week, the General Court of the European Union dismissed Coca Cola's request to register its bottle shape without fluting as a Community trade mark, further denying the soft drink giant's intention, five years since the application in question was initially submitted. Back in December, 2011, Coca-Cola filed an application to the Office for Harmonisation in the Internal Market (OHIM) for the registration of its glass bottle without fluting as a Community trademark ...
The legal landscape for doing business in Iran has changed significantly in the past seven months. On July 14, 2015, the P5+1 (the United States, the United Kingdom, Germany, France, China and Russia), the European Union and Iran agreed and signed a Joint Comprehensive Plan of Action (“JCPOA”) contemplating the easing of certain Iran related sanctions ...
In a third and final round of settlements with underwriters, the SEC announced on February 2, 2016 enforcement actions against 14 firms for alleged misstatements and omissions in municipal bond offerings ...
NewLegislation Enables the Public Offering of Foreign Fund Units in Israel for theFirst Time On February 10, 2016, the IsraeliParliamentary Finance Committee approved regulations ("Regulations")which will enable the public offering of foreign mutual fund units inIsrael. The Regulations will take effectwithin six months from the date of publication. Prior to the enactment of theRegulations, the Israeli Joint Investment Trust Law permitted the offering offoreign funds in Israel ...
