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Waller | October 2014

If a Code Section 501(c)(3) organization (501(c)(3)) or State or local government (collectively Exempt Entity) hospital or other facility financed with tax-exempt bonds has “too much” private business use of such facility, the bonds will lose their exempt status. Various arrangements, including partnerships or management agreements with non-exempt persons can constitute private business use ...

Recent press speculation suggests that Entrepreneurs Relief may be a victim of its own success and could be restricted or even removed. For the individual entrepreneur and for SME Britain more generally such a change would be little short of disastrous.Entrepreneurs Relief has been a key source of oxygen for our anaemic economy over recent years ...

The Competition Commission of India (CCI) has conducted India’s first dawn raid. The CCI raided offices of UK-based construction equipment maker JCB, earlier today, in connection with a case of abuse of a dominant position. The Indian Competition Act (Act) accords power to the Director General (DG) to conduct such raids after obtaining a warrant from the chief metropolitan magistrate ...

MinterEllison | September 2014

The Draft Report of the Competition Policy Review released yesterday aims to set the pathway for resuscitating productivity growth in Australia, shining a light on areas of the economy in need of reform. It focuses on what is needed to promote productivity enhancing choice, diversity and innovation and focussing on areas such as health, planning laws, power and road transport. The Draft Report recommends changes to key competition laws that apply to all Australian businesses ...

Haynes and Boone, LLP | September 2014

On August 26, 2014, Judge Robert D. Drain of the Bankruptcy Court for the Southern District of New York issued a bench ruling in In re MPM Silicones, LLC, Case No. 14-22503 (RDD), on several aspects of the plan of reorganization filed by debtor Momentive Performance Materials, Inc., a specialty chemicals manufacturing company, and its affiliated debtors ...

The approval of amendments to the Tax Code and the creation of new taxes have caused upset and criticism among business sectors in El Salvador, accusations that they will affect competitiveness and a better economic performance, and lead to an increased cost of living ...

Lawson Lundell LLP | September 2014

Those words were written nearly a decade ago and described, in brief, the complicated and confusing legal world of wills, estates and succession.  The Report from which that quote comes recommended a wholesale overhaul of this area of the law.  The B.C. Legislature, various interest groups and the legal community have been working on such a revision to this area of the law since ...

Haynes and Boone, LLP | September 2014

Two top officials of the U.S. Department of Justice Antitrust Division have spoken publicly in the last week about corporate compliance programs. Brent Snyder, Deputy Assistant Attorney General for criminal enforcement entitled his remarks to the International Chamber of Commerce in New York as “Compliance is a Culture, Not Just a Policy ...

FISCHER (FBC & Co.) | September 2014

Recently, there have been indications that the Israel Tax Authority (the "ITA") is strengthening its ties with foreign tax authorities and banks in order to obtain information on Israelis who hold unreported bank accounts overseas ...

Haynes and Boone, LLP | September 2014

On August 15, 2014, the Eleventh Circuit entered a Memorandum Opinion in the Wortley v. Chrispus Venture Capital, LLC case (In re Global Energies, LLC, “Global”)1 unwinding a section 363 sale order entered in 2010 by the Bankruptcy Court for the Southern District of Florida based on a finding of bad faith in the filing of an involuntary bankruptcy case in 2010 ...

Waller | September 2014

Yesterday, the SEC announced that it had levied charges against (i) 28 officers, directors and major shareholders of public companies for failing to file timely reports regarding their holdings and transactions in their respective companies’ equity securities and (ii) six public companies for contributing to filing failures by their insiders or failing to report their insiders’ filing delinquencies.  Emphasizing the importance of filing ownership reports in a timely manner, Andrew J ...

Haynes and Boone, LLP | September 2014

On September 3, 2014, the United States Court of Appeals for the Fifth Circuit entered an opinion vacating various orders of the United States Bankruptcy Court and District Court for the Southern District of Texas (the “Bankruptcy Court” and the “District Court”) in the bankruptcy cases of TMT Procurement Corporation and its affiliated debtors (the “Debtors”), including a final order approving the Debtors’ post-petition debtor in possession financing (the “DI

Haynes and Boone, LLP | September 2014

Vice Chancellor Laster of the Delaware Court of Chancery recently applied the business judgment standard of review at the pleading stage to dismiss a complaint challenging a cash-out merger involving a controlling stockholder. This is one of the first decisions applying the Delaware Supreme Court’s recent decision in Kahn v. M&F Worldwide Corp ...

Haynes and Boone, LLP | August 2014

The Texas Supreme Court denied a petition for review stemming from the Houston Court of Appeals’Barzoukas v. Found. Design, Ltd. decision.1 The case is significant because of its application of the economic loss rule (under Texas law) in the context of an owner-subcontractor dispute ...

Waller | August 2014

 With the twelfth anniversary of the implementation of the Sarbanes Oxley Act of 2002 (“SOX”) swiftly approaching, it may or may not be coincidental that the SEC has been involved in several SOX-related enforcement actions recently, including (i) bringing charges against the CEO and former CFO of a Florida-based computer equipment company for misrepresenting the state of its internal controls over financial reporting and (ii) awarding more than $400,000 to a whistleblower who reported fra

Karanovic & Partners | August 2014

On 5 August 2014, the National Assembly of the Republic of Serbia enacted the Law on amendments and additions to the Insolvency Law (“New Law”). The New Law came into force on 13 August 2014. It has been specified that insolvency proceedings that have not been completed on the day the New Law comes into force will be completed in accordance with the previous rules ...

Karanovic & Partners | August 2014

On 5 August 2014, the National Assembly of the Republic of Serbia enacted a new Privatisation Law (“New Law”), which came into force on 13 August 2014. The New Law prescribes for the privatisation process to be completed before 31 December 2015. The four models of privatisation that have been prescribed include sale of capital, sale of assets, transfer of capital without compensation and strategic partnership. It also allows for the possibility to combine these models ...

ENSafrica | August 2014

Section 8(a) of the Competition Act contains a single sentence, the length of which belies the complexity of the underlying prohibition. It reads simply that “it is prohibited for a dominant firm to charge an excessive price to the detriment of consumers” ...

ENSafrica | August 2014

The World Pension Summit (Africa), first of its kind in Africa, was hosted in Abuja on 7 and 8 July 2014. The summit focused on African developments in the pension industry and coincided with the 10th anniversary of the pension reform in Nigeria that led to the enactment of the Pension Reform Act No 2 of 2004 (“the 2004 Act”) ...

ENSafrica | August 2014

A recent report in Fin24 entitled ‘MTN named SA and Africa’s strongest brand’ listed South Africa’s top 50 brands in terms of brand value. It was based on research done by the brand valuation company, BrandFinance. As the title suggests, MTN came out on top, followed by Sasol, Vodacom, Standard Bank, Absa, Nedbank, FNB, Mediclinic, Investec and Woolworths. Of the top 50 brands, 16 are in the food and beverages sector, 13 in financial services, and five in telecoms ...

ENSafrica | August 2014

If a South African court ever gets to consider an Adword trade mark case there will be plenty of foreign case law to guide it ...

ENSafrica | August 2014

Two recent developments in Australia highlight the difficulties that are involved in protecting and enforcing colour ...

ENSafrica | August 2014

Under the provisions of the Tax Administration Act, the Commissioner: South African Revenue Service (‘SARS’) is entitled to request that a taxpayer submits relevant material that SARS requires in terms of section 46 of the Tax Administration Act No. 28 of 2011 (‘TAA’). Section 1 of the TAA in turn defines ‘relevant material’ as meaning: “any information, document or thing that is foreseeably relevant for the administration of a Tax Act as referred to in section 3 ...

ENSafrica | August 2014

The implications of FATCA in South Africa (written exclusively for Bloomberg BNA, Tax Planning International, European Tax Service, volume 16, number 7, July 2014) Written by Hanneke Farrand, director, and Caroline Rogers, senior associate, both in the tax department at ENSafrica. I. Background The Foreign Account Tax Compliance Act (FATCA) was enacted in 2010 by the USto target non-compliance by US taxpayers using foreign accounts ...

Asters | August 2014

On 3 August 2014, Law of Ukraine "On Amending the Tax Code of Ukraine and Certain Other Legislative Acts of Ukraine" No. 1621-VII which was adopted on 31 July 2014 for creating conditions to increase financial inflow into the state budget (the "Law"), came into force. Implementation of the proposed regulations will provide a possibility to boost in 2014 the resources of Ukraine's unified budget for nearly UAH 10.3 bn ...

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