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Amendments to Zimbabwe’s indigenisation laws to open economy to foreign investment
ENSafrica, March 2018

Amendments to Zimbabwe’s controversial Indigenisation and Economic Empowerment Act, Chapter 14:33 (the “Act”), were gazetted on 14 March 2018. These far-reaching changes, first announced in the 2018 Budget in December 2017, should pave the way for foreign investors wishing to establish operations in the country and boost the economy...

Brexit: Transition Deal Breakthrough
Haynes and Boone, LLP, March 2018

It is one year since the United Kingdom (UK) triggered Article 50 of the Treaty on European Union (EU) by notifying the European Council of its intention to withdraw from the EU. This means that we are now half way through the two year negotiation period during which the terms of the UK’s withdrawal from the EU are due to be concluded...

Debt forgone for the benefit of mining companies
ENSafrica, March 2018

The South African Taxation Laws Amendment Act, 2017 was signed into law on 18 December 2017 and made some notable changes to the tax regime. In this article, we deal specifically with the amended section 36 of the Income Tax Act, 1962 (the “Act”) by the insertion of subsection 36(7EA) of the Act...

Kidnap Ransom Insurance: Unlocking Coverage for Ransomware Attacks
Haynes and Boone, LLP, March 2018

By one account, “the cost of global ransomware attacks will exceed $11.5 billion annually by 2019, up from $5 billion last year and $325 million in 2015” – a 35X increase in just four years.1Relative to other cyber crime, ransomware is an equal opportunity enterprise—striking individuals as well as businesses of all kinds...

Is Agency Guidance the Low-Hanging Fruit for Regulatory Reform?
Hunton & Williams LLP, March 2018

Rolling back environmental regulations is a priority of the Trump administration, but revising or withdrawing guidance may be a faster and more effective means to achieve near-term change. The Trump Administration has pursued an ambitious goal to reduce federal regulation. The administration has slowed the promulgation of new rules, and in early 2017 a bevy of late-term Obama-era rules still subject to the Congressional Review Act were overturned by the GOP Congress...

Newbuilding Orders and Prices at Korean Shipyards Are Up, but Too Late Perhaps for Sungdong
Haynes and Boone, LLP, March 2018

The Changwon District Court in South Korea has this afternoon (23 March 2018) issued a comprehensive prohibition order (CPO) following the application of Sungdong Shipbuilding and Marine Engineering Co. Ltd (Sungdong) to enter Chapter 11 Rehabilitation filed earlier this month...

Luxembourg in Space, One Step Ahead [video]
Arendt & Medernach, March 2018

Discover Luxembourg's space adventure and the challenges the space industry will face in the next decade. Arendt & Medernach, the leading law firm in Luxembourg, continuously supported the space and satellite industries and have developed the firm’s expertise and experience in these domains. We are now really looking forward to helping other businesses on their journeys into space...

OSHA Quarterly Newsletter, March 2018
Haynes and Boone, LLP, March 2018

Violating California's Occupational Safety and Health Act May Lead to Civil Penalties On February 8, 2018, the California Supreme Court unanimously ruled that local prosecutors could pursue civil penalties against employers for violating workplace safety standards under California's unfair competition law and fair advertising law, despite the employer's federal preemption challenges. Solus Indus. Innovations, LLC, 228 Cal. Rptr. 3d 406 (2018)...

Uganda: when can domestic laws override tax treaties?
ENSafrica, March 2018

In the case of White Sapphire Ltd/Crane Bank Ltd vs the Commissioner General of the Uganda Revenue Authority (“URA”), the Ugandan High Court considered the notoriously controversial anti-avoidance provisions, in terms of which the benefits of a double tax agreement (“DTA”) concluded by Uganda would not be available where at least 50% of the underlying ownership of the resident of the other contracting state is not held by individuals resident in such other contr

Brexit: Transition Deal Breakthrough
Haynes and Boone, LLP, March 2018

It is one year since the United Kingdom (UK) triggered Article 50 of the Treaty on European Union (EU) by notifying the European Council of its intention to withdraw from the EU. This means that we are now half way through the two year negotiation period during which the terms of the UK’s withdrawal from the EU are due to be concluded...

The “specific” doubtful debts allowance
ENSafrica, March 2018

Over the past few years, the South African Revenue Service (“SARS”) appears to have created a new category of doubtful debts allowances which they have termed a “specific” doubtful debts allowance, as distinct from the “ordinary” doubtful debts allowance to which a taxpayer is entitled under section 11(j) of the Income Tax Act, 1962 (the “Act”) in the ordinary course in respect of its doubtful debts...

Kidnap Ransom Insurance: Unlocking Coverage for Ransomware Attacks
Haynes and Boone, LLP, March 2018

By one account, “the cost of global ransomware attacks will exceed $11.5 billion annually by 2019, up from $5 billion last year and $325 million in 2015” – a 35X increase in just four years.1Relative to other cyber crime, ransomware is an equal opportunity enterprise—striking individuals as well as businesses of all kinds...

Scottish Third Party Rights regime updated – what do employers need to do now?
Shepherd and Wedderburn LLP, March 2018

Parties to a contract can give the right to enforce an obligation in the contract to a third party. For example, they are very often used where a large business enters into a contract with a supplier and wants its group companies to be able to enforce the contract. In England, this is governed by the Contracts (Rights of Third Parties) Act 1999. In Scotland, the legal recognition for this has been a common law principle, jus quaesitum tertio...

The Supreme Court Opens the Door for Shareholders to Bring Public Offering Securities Class Action Claims in State Courts
Haynes and Boone, LLP, March 2018

Yesterday, the Supreme Court issued a much-anticipated ruling that carries important implications for securities class action litigation, now making it easier for plaintiffs to pursue public offering claims in state courts. InCyan, Inc. v. Beaver County Employees Retirement Fund, 583 U.S...

JSE Debt Listings Requirements: project bonds
ENSafrica, March 2018

Following an extensive consultation process over a two-year period with relevant stakeholders in the project finance market, the South African Registrar of Securities Services (the “Registrar”) has announced that the Johannesburg Stock Exchange (“JSE”) Debt Listings Requirements (“DLRs”) have been amended with effect from 1 March 2018 to include a new section 10, which will now specifically cater for so-called “project bonds”...

A New Milestone for Cannabis Investing in the U.S.? - Video
Waller, March 2018

For the first time, the Nasdaq has allowed common shares of a Canadian cannabis cultivator, Cronos Group Inc., to be cross-listed on the Nasdaq Global Market.  This cross-listing for Cronos (TSX-V: MJN; Nasdaq: CRON) marks the first time a cannabis cultivator was allowed to list on any U.S. exchange.  In 2015 and 2016, Nasdaq famously rejected the Colorado cannabis-focused social media company MassRoots Inc...

Health Law Vitals - A Healthcare Newsletter from Haynes and Boone, March 2018
Haynes and Boone, LLP, March 2018

 More than two and a half years after the U.S. Food and Drug Administration (FDA) announced that it was reevaluating its regulatory framework for homeopathic products, the FDA released its Draft Guidance on Drug Products Labeled as Homeopathic. The Draft Guidance summarizes the FDA’s current enforcement perspective on homeopathic products and provides a list of the FDA’s enforcement priorities.The bills reawakened a debate about the pros and cons of POHs...

Self-regulation and the Financial Self-Regulation Committee
Carey, March 2018

As the Commission for the Financial Market (the “Commission”) came into full force this January (read previous news alert here), the regulation of the Chilean financial market took a step forward in terms of institutionalism and modernization. In this context, one of the changes introduced by Law No. 21,000 (the “Law”), that created the Commission, is the self-regulation of entities in the financial market...

How Should Restaurants Handle and Declare Major Food Allergens?
Haynes and Boone, LLP, March 2018

Although many restaurants are not in states that require food allergens to be declared on menus, the declaration (or labeling) and handling of food allergens is a growing concern for restaurants, due to the significant risks of liability and poor public relations, if handled incorrectly...

New international standard a key feature in ENSafrica’s latest anti-bribery and corruption survey
ENSafrica, March 2018

A key feature of ENSafrica’s fourth annual anti-bribery and corruption (“ABC”) survey was understanding whether organisations were familiar with the new ISO 37001 anti-bribery management standard (“ABMS”). The International Organization for Standardisation released the ABMS in October 2016...

Tax Reform – Considerations for U.S. Multinationals
Haynes and Boone, LLP, March 2018

Congress recently enacted comprehensive tax reform (the “Act”). This memorandum highlights some of the provisions of the Act that are particularly relevant to U.S. multinational groups, with a focus on the provisions relating to income associated with intangible property, as defined for applicable U.S. federal income tax purposes. New Corporate Tax Rate The Act significantly changes the U.S...

Irish Gambling Control Bill 2018
A&L Goodbody, March 2018

Earlier this year members of Fianna Fáil (the main opposition party to the Government) introduced the Gambling Control Bill 2018 as a Private Members' Bill. The Gambling Control Bill 2018 is largely based on the General Scheme for a Gambling Control Bill which was published by the Irish Government in 2013. The General Scheme was essentially an outline of what was to be included in the Bill once drafted...

Mexico: Noise Generated By Aircraft
Haynes and Boone, LLP, March 2018

On February 12, 2018 the Mexican Secretariat of Communications and Transportation (“SCT”) published the draft of Mexican Environmental Standard PROY-NOM-036-SCT3-2017 in the Official Daily Gazette, which sets forth the maximum allowable limits of noise generated by aircraft. Within the next 60 calendar days, any interested party may provide comments to the National Consultation Committee of Air Transportation Standardization...

Amendments to the ARIPO Harare Protocol: modified substantive examination
ENSafrica, March 2018

We have previously reported on the amendments to the Harare Protocol that came into effect on 1 January 2017. One of these changes was that a mandatory request for search and examination must be made to the African Regional Intellectual Property Organization’s (“ARIPO’s”) office within three-years of the ARIPO filing date, along with payment of search and examination fees...

Supreme Court Ruling on Insider Status for Cram-Down Plan Threatens Lender Protections in Real Estate Financing Structures
Haynes and Boone, LLP, March 2018

As described in our earlier client alerts, since 1993, a central tenet in the structure of senior real estate lending documentation is the prevention of what is commonly referred to as “cram down...

Domain names: getting real
ENSafrica, March 2018

By its own very high standards, Real Madrid is not having the greatest of soccer seasons, although it has, at least, triumphed in a recent domain name case.The decision in the case of Real Madrid Club de Futbol v Jose Delfim Mendosa de Vasconelos was handed down by panelist Eduardo Machado on 24 January 2018. The issue in the case was straightforward: an individual in Brazil registered the domain name www.realmadrid.com.br...

FDA Draft Guidance Proposes Risk-Based Regulatory Scheme for Drug Products Labeled as Homeopathic
Haynes and Boone, LLP, March 2018

More than two and a half years after the U.S. Food and Drug Administration (FDA) announced that it was re-evaluating its regulatory framework for homeopathic products, the FDA released its Draft Guidance on Drug Products Labeled as Homeopathic. The Draft Guidance summarizes the FDA’s current enforcement perspective on homeopathic products and provides a list of the FDA’s enforcement priorities...

IP: will you be a player or a hater?
ENSafrica, March 2018

Taylor Swift has been in the IP spotlight again and, as always, there are valuable lessons to be learned. The singer was recently sued in a US court for copyright infringement...

SEC Issues New Interpretive Guidance on Public Company Cybersecurity Disclosures
Haynes and Boone, LLP, March 2018

On February 21, 2018, the Securities and Exchange Commission (the “SEC”) issued interpretive guidance to assist public companies in preparing disclosures concerning cybersecurity risks and incidents...

Are Pension Funds, PBOs and Universities Exempt From All Taxes?
ENSafrica, March 2018

The South African Income Tax Act, 1962 (the “Income Tax Act”) contains exemptions from income tax that apply to institutions such as pension funds, certain universities and non-profit public benefit organisations, with an altruistic or philanthropic intent...

When a Joint Venture Faces Insolvency
Nestor Nestor Diculescu Kingston Petersen, March 2018

Insolvency that stems from the obligations assumed by a joint venture may concern any of the associates. Such proceeding, especially when it has an international dimension, requires a broader perspective on some of the requirements set forth by law with respect to the initiation and application of the proceeding. Through its effects on the debtor, creditors and on the socioeconomic environment in general, insolvency is more than a mere legal procedure...

Stifling Uganda’s secondary bond market: the case of David Chandi Jamwa
ENSafrica, March 2018

The recent decision of the Ugandan Court of Appeal to uphold a 12-year custodial sentence against a former managing director of the National Social Security Fund (“NSSF”) has sparked much debate among finance and legal professionals. Speculation is rife on the impact the decision will have on fund managers (falling within the scope of the Anti-Corruption Act, 2009), as they trade on the secondary bond market...

Supreme Court Limits the Scope of Safe Harbor Protection in Avoidance Actions
Haynes and Boone, LLP, March 2018

On February 27, 2018, the Supreme Court resolved a split between the Second, Third, Sixth, Eighth, and Tenth Circuit, and the Seventh and Eleventh Circuit in its ruling inMerit Management Group, L.P. v. FTI Consulting, Inc. (“Merit Management”)583 U. S. ____ (U.S. Feb. 27, 2018)...

Offensive trade marks vs free speech
ENSafrica, March 2018

The issue of offensive trade marks rumbles on.In 2017, the landmark US decision in Matal v Tam came after the founder of an Asian-American rock group sought trade mark registration for the band’s name, The Slants. The US Patent and Trademark Office (the “USPTO”) refused the application on the basis that the trade mark was offensive...

Will California be the First State to Issue Workplace Violence Rules? Probably, yes.
Haynes and Boone, LLP, March 2018

The California Division of Occupational Safety and Health (Cal/OSHA) held an advisory meeting in January to solicit input and comments on their proposed draft rules for workplace violence prevention that would apply to nearly all California employers. Passage of these standards would make California the first state to issue workplace violence rules which would surpass federal protections...

Surviving the transition to a 15% VAT rate
ENSafrica, March 2018

Surviving the transition to a 15% VAT rate   The South African Minister of Finance, Malusi Gigaba, tabled the 2018/19 Budget in Parliament on Wednesday, 21 February 2018. Government announced a lower than predicted 1% increase in the value-added tax (“VAT”) rate from the current 14% to 15% with effect from 1 April 2018...

Feel the Buzz - Modernising the Business of Bees
MinterEllisonRuddWatts, March 2018

Beekeeping. Once predominantly a home craft and hobby, it has transformed into a multi-million-dollar industry in recent years as the world discovers an appetite for New Zealand honey, and the highly valued manuka variety in particular. The industry has seen stellar growth over the last few years. Bee products currently bring in $300 million annually – a rapid rise from $98 million in 2010 – and the Government is targeting $1...

REITs and corporate reorganisations: 2018 updates
ENSafrica, March 2018

The South African tax provisions applicable to real estate investment trusts (“REITs”) were introduced by way of the insertion of section 25BB of the Income Tax Act, 1962 (the “Act”), as well as consequential insertions in various sections of the Act during 2013. These provisions relating to REITs have been subject to various changes and refinements over time in order to resolve various issues and legislative anomalies...

Anguilla - A Financially Stable, Discreet Jurisdiction for Foreign/Offshore Investment
Webster, February 2018

With the Paradise papers leak in 2017 and the infamous Panama papers leak the year before, it has become increasingly more important to choose the right destination for offshore investment. It will require careful consideration, planning and skilful professional advice. It will also no doubt require a jurisdiction with a politically and economically stable environment, sound legislation, low tax (or zero tax), a solid banking framework and a discreet environment...

Brexit: EU Publishes a Draft Withdrawal Agreement
A&L Goodbody, February 2018

Earlier this year the European Commission published a draft Withdrawal Brexit Agreement. It is a draft treaty to embody the key principles from the Joint Report of the Commission and the UK on the first three elements of the Brexit negotiations (i.e., People, Ireland and Money - the "PIM" Phase). The draft Agreement sets out a roadmap for the EU's vision of the withdrawal process.This is a negotiating move by the EU - it is not an agreed draft. It is a move by the EU in the Brexit chess match...

Obstacle Race: Dismissing Unionized Employees
Asters, February 2018

As a general tendency, the public perception of trade unions in Ukraine is rather ambiguous. On the one hand, there is common understanding of the primary role of trade unions as public institutions for protecting the rights and interests of employees...

British Virgin Islands' New Limited Partnership Act Offers Significant Changes
O'Neal Webster, February 2018

Best-known for its stunning natural beauty—jewel-colored waters, soft sandy beaches, and lush mountain ridges—the British Virgin Islands also excels among her peers in the international financial services industry. Notably, the Territory is relentless in its pursuit of refining and advancing its financial services legal structures and complying with worldwide regulatory regimes...

Brexit: Is Opportunity Knocking for Paris’ New International Chamber of the Paris Court of Appeal?
Haynes and Boone, LLP, February 2018

On 7 February 2018, a new specialist International Chamber within the Paris Court of Appeal was launched by the French Ministry of Justice together with the Paris Bar Association. The chamber is intended to deal with international commercial matters governed by French as well as foreign law, and the use of English as well as certain common law procedures will be permitted...

Reflections About Neutrality: How The Government Taxes Productivity
QIL+4 ABOGADOS, February 2018

Neutrality is a basic concept in tax policy which establishes that a tax system should not interfere in the decision-making process, so that the decision should be taken based on its economic merits and not in its tax implications. Of course, this is not an absolute principle because it is understood that absolute neutrality is impossible to achieve...

Say Something, but to the Right People: Supreme Court Clarifies Definition of “Whistleblower” Under Dodd-Frank
Haynes and Boone, LLP, February 2018

Yesterday, the U.S. Supreme Court significantly narrowed the scope of the Dodd-Frank Act's anti-retaliation measures. The decision resolved a split in authority by excluding from Dodd-Frank's whistleblower protections those persons reporting suspected violations only within their companies. In reversing the Ninth Circuit, the Court held that "Dodd-Frank's anti-retaliation provision does not extend to an individual who has not reported a violation of the securities laws to the SEC...

Philippine Chapter of the International Comparative Legal Guide to: Litigation & Dispute Resolution 2018
SyCip Salazar Hernandez & Gatmaitan, February 2018

1.1 What type of legal system has your jurisdiction got? Are there any rules that govern civil procedure in your jurisdiction? The Philippine legal system is primarily a civil law system, although it may be considered a mixed regime consisting of both civil andcommon law traditions. Civil procedure is governed primarily bythe 1997 Rules of Civil Procedure, or Rules 1 to 71 of the Rules of Court (“ROC”), and various issuances promulgated by the Supreme Court. 1...

The New UAE Pledge Law - Security Registration
Afridi & Angell, February 2018

UAE Federal Law 20 of 2016 (Regarding the pledge of moveables as a security for debts) (the Pledge Law) introduced a new regime for registering a pledge over moveable assets which are pledged as security for the repayment of a debt. We reported on this law in our inBrief of January 2017, New UAE Pledge Law Over Moveable Assets. The actual registration of pledges was subject to establishment of a security register pursuant to the implementing regulations issued under the Pledge Law...

SEC Announces Examination Priorities for 2018
Haynes and Boone, LLP, February 2018

The Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (“OCIE”) has announced its 2018 examination priorities. The 2018 priorities provide insight into what activities OCIE believes present the highest risks to investors and, as such, what the examiners will be highlighting during their examinations of registered entities this year...

Law that Introduces Modifications to the Regulatory Framework that Rules Water on Inspection and Sanctions Matters
Carey, February 2018

Earlier this year, and five years after being presented before the National Congress, Law 21,064 that “Introduces modifications to the regulatory framework that rules water on inspection and sanctions matters”, was enacted and published in the Official Gazette (Bulletin 8149-09) (the Law). The main modifications introduced by the Law to the current regulatory framework are the following: 1...

Plans for New US$1.7 Billion Power Transmission Line in Mexico
Haynes and Boone, LLP, February 2018

On February 13, 2018, Mexico’s Federal Electricity Commission (“CFE”) announced the bidding process for its Ixtepec Potencia – Yautepec Potencia Transmission Line in Oaxaca (“Project”). The transmission lines will cross the following states: State of Mexico, Morelos, Puebla, Oaxaca, Mexico City and Veracruz. The estimated investment is US$1.7 billion and it will have a transmission capacity of 3,000 MW at a voltage level of 500 kV...

 

 

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