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Tax changes for 2018 disclosed in the new budget bill
Arendt & Medernach, October 2017

On 11 October 2017, and the last time before next year’s parliamentary elections, the current Luxembourg Finance Minister presented the budget law for 2018 to the Parliament (Chambre des Députés)...

Norwegian Continental Shelf – A New Dawn for EPC Alliance Contracts?
Simonsen Vogt Wiig AS, October 2017

Introduction Following the collapse of oil prices – from their peak of an average of $112 per barrel in 2012 to their lowest point of $28 per barrel in 2015/2016 – a significant number of developments became commercially unviable. During the lowest period, oil prices were substantially lower than the breakeven price of most new developments...

Monitoring of the use by an Employee of a Professional Instant Messaging Service for Personal Purposes
Arendt & Medernach, October 2017

In the court Decision earlier this year for Barbulescu vs Romania, the Grand Chamber of the European Court of Human Rights (the “ECHR”) examined for the first time the issue of the monitoring of electronic communications of an employee by a private employer, within the framework of an action brought by Mr Barbulescu, an engineer employed by a private company in Romania...

Finally some clarity on impending margin requirements for OTC derivatives
ENSafrica, October 2017

On 8 August 2017, the South African Financial Services Board (“FSB”) released for comment the second draft of the Board Notice entitled “Margin Requirements for OTC Derivative Transactions” (the “Second Draft Board Notice”)...

VAT registration in the UAE has commenced
Afridi & Angell, October 2017

The United Arab Emirates (UAE) Federal Tax Authority (FTA) has commenced accepting registrations for Value Added Tax (VAT) through its online portal...

Can an employer make deductions from remuneration for work not done?
ENSafrica, October 2017

In Mpanza and another v Minister of Justice and Constitutional Development and Correctional Services and others, the South African Labour Court dealt with a dispute about whether an employer was entitled to make deductions from the remuneration of two employees in circumstances where they were absent from work...

PRIIPs KID: are you ready?
Arendt & Medernach, October 2017

In less than 4 months the Priips-Kid regulation will come into force. The exercise of ensuring compliance with this regulation is not an easy one...

Surviving the Loss of Your Home
Hanson Bridgett LLP, October 2017

This article is written in response to the wildfires in Napa, Mendocino & Sonoma Counties. I lost my home in the 1991 Oakland Firestorm. As such, my heart goes out to the residents of Napa, Mendocino and Sonoma counties whose homes were damaged or destroyed, to the firefighters and first responders who have risked and are risking their lives, as well as to the community, which will also experience the aftermath of such devastating fires...

Nobilis-Maximino - Fifth Pemex Farmout Public Bid
Haynes and Boone, LLP, October 2017

On September 18, 2017, the National Hydrocarbons Commission (Comisión Nacional de Hidrocarburos) (“CNH”) called an international public bid for the selection of a partner for Pemex Exploración y Producción (“Pemex”) to pursue exploration and production activities in the Nobilis-Maximino field, located in deep waters in the Perdido Belt in the Gulf of Mexico...

ALB: “Enforcement Update: Philippine Competition Act”
SyCip Salazar Hernandez & Gatmaitan, October 2017

It has been almost two years since Republic Act No. 10667, otherwise known as the Philippine Competition Act (the PCA), took effect on August 8, 2015...

Mexico: Round Three – First Public Bid
Haynes and Boone, LLP, October 2017

The Mexican government announced on September 28, 2017 the first bid of Round 3. This will be the sixteenth upstream bid round in Mexico since the enactment of the energy reform in mid-2014. The new bid round (named Round 3...

What are the Tax and Exchange Control Implications of Bitcoin?
ENSafrica, October 2017

With virtual currencies such as Bitcoin becoming ever more popular and accessible, it is important that South African taxpayers carefully consider the tax and exchange control uncertainties that accompany the incorporation of these relatively new systems into businesses and/or investment portfolios. We highlight below some of the tax and exchange control consequences arising from transactions involving Bitcoin...

ILPA Calls on GPs for Subscription Line Transparency
Haynes and Boone, LLP, October 2017

Download a PDF version of this alert. ILPA’s Paper In June 2017 the International Limited Partner''s Association (ILPA) published its paper "Subscription Lines of Credit and Alignment of Interests: Considerations and Best Practices for Limited and General Partners." Since then there''s been a lack of on the record industry commentary from general partners (GPs) on this paper, but it has not gone unnoticed and has triggered much discussion behind closed doors...

GDPR – new EU privacy rules: African organisations take note
ENSafrica, October 2017

  On 25 May 2018, a new set of privacy rules formed by the European Union (“EU”) will take effect. The General Data Protection Regulation (“GDPR”) seeks to replace the Data Protection Directive 95/46/EC. Organisations – including many African ones – will need to make changes to their oversight, technology, processes, and human resources to comply with the GDPR...

Media, Entertainment, and First Amendment Newsletter, October 2017
Haynes and Boone, LLP, October 2017

View a PDF of the October 2016 edition of the Haynes and Boone Media, Entertainment and First Amendment newsletter. The Libel Suit Strikes Back Much has changed since 1972 when reporters Woodward and Bernstein exposed President Nixon of wrongdoing. Through their extraordinary reporting, the public learned of “dirty tricks,” criminal actions and a cover-up led by this country’s leaders inside the White House...

Rights of Persons with Disabilities Act
Kochhar & Co. Advocates & Legal Consultants, October 2017

Rights of Persons with Disabilities Act - A well meaning legislation albeit with complex terms, anomalies and aggressive penal provisions   The Rights of Persons with Disabilities Act (“the Act”) is undoubtedly a welcome and much awaited enactment. The genesis of the Act lies in the UN Convention for persons with disabilities and the Act seeks to fulfill India’s obligations under this International treaty...

Imagine there’s no protection
ENSafrica, October 2017

The recent spat between Yoko Ono and a Polish drinks company highlights the importance of registering trade marks.What happened in this matter was that John Lennon’s widow, Yoko Ono, threatened a small Polish lemonade manufacturer with legal action. The issue? The product that the Polish company sells in a number of European countries is called John Lemon...

Opportunities in Dubai's Healthcare Sector
Afridi & Angell, October 2017

Dubai is the fastest growing healthcare market within the GCC and is becoming an increasingly attractive sector for investors. In this inBrief article we explain the key drivers behind this growth and set out the options available to investors wishing to enter the Dubai healthcare market...

Let’s (not) twist again
ENSafrica, October 2017

South Africa’s Supreme Court of Appeal (“SCA”) has handed down an important trade mark judgment. The case of PepsiCo Inc v Atlantic Industries deals with the issues of distinctiveness and likelihood of confusion, with a special emphasis on sub-brands. There are a lot of important points in this short judgment, so I am going to quote liberally.The facts: PepsiCo applied to register the trade mark Pepsi Twist (with and without a device) for soft drinks...

Bidding Qualifications for Taiwan's Mega Infrastructure Program (Part II)
LCS & Partners, October 2017

Are bidders required to partner with a Taiwan company to participate in the bidding process? Foreign companies may participate in the bidding process on their own, so long as they meet the bidding qualifications. Most public engineering projects permit either bidding by a single company or by a joint bid. So long as a company is able to meet the qualifications for the procurement project, it may submit a bid on its own...

Trade marks in China: a New Balance
ENSafrica, October 2017

There was a time when companies were sceptical about IP protection in China, with the general impression being that the law was heavily weighted in favour of local companies, some of whom seemed to make a habit of hijacking foreign brands. But things have changed considerably over the past few years, and a recent trade mark development should further persuade African businesses that their IP rights, and particularly their trade marks, will be properly protected in China...

Tenth Circuit Dismisses Litigation Over Federal Hydraulic Fracturing Rule
Haynes and Boone, LLP, October 2017

Earlier this year, the Tenth Circuit dismissed two appeals in connection with the Bureau of Land Management’s (“BLM”) Final Rule implementing its regulations imposing new standards and obligations on hydraulic fracturing on federal and Indian lands (“Fracking Rule”). The appeals had been filed challenging the district court’s prior ruling that struck down the rule in the face of industry, state, and tribal challenges...

ASA’s jurisdiction regarding non-members finally settled
ENSafrica, October 2017

The issue of the jurisdiction of the South African Advertising Standards Authority (“ASA”) to determine matters involving individuals and companies that don’t belong to the body has now been resolved by an agreement that has been made an order of the Supreme Court of Appeal in the case of Advertising Standards Authority v Herbex (Pty) Ltd...

SEC Announces New Cyber and Retail Investor Initiatives
Haynes and Boone, LLP, October 2017

After weeks of headlines dominated by Equifax’s cyber breach affecting 143 million consumers and the breach of the SEC’s own EDGAR system, the SEC recently announced the creation of (i) a Cyber Unit to target cyber-related misconduct and (ii) a Retail Strategy Task Force to strengthen its protection of retail investors...

Advantages of Spain’s ETVE for investment entities
Amicorp Services Ltd., October 2017

Advantages of Spain’s ETVE for investment entities Amicorp Group is an independent global service provider of a broad range of assurance, administrative, legal, corporate secretarial and support services. Our group has specialists worldwide in over 40 offices in over 30 countries. Unlike other corporate trust providers, Amicorp has always had rather than our offices in Europe and USA, a strong focus on the emerging markets...

SEC Issues Additional CEO Pay Ratio Disclosure Guidance, Affording Companies More Flexibility to Reduce Compliance Costs
Haynes and Boone, LLP, October 2017

On September 21, 2017, the Securities and Exchange Commission (the “SEC”) issued new guidance on compliance with pay ratio disclosure requirements, including an SEC release (“Interpretative Release”), commentary from the SEC staff in question and answer format (“Q&A”) and updated Compliance and Disclosure Interpretations (“C&DIs”)...

VAT and Excise Tax
Afridi & Angell, October 2017

The UAE has issued substantive law on Value Added Tax (VAT) and Excise Tax. Federal decree law No.8 of 2017 deals with VAT. The imposition of VAT will commence in the UAE from 1 January 2018 at a rate of 5%. The VAT law provides a framework for implementation of VAT in the UAE...

Instances Whereby Transfer of Funds to Foreign Residents will be Exempt
Fischer Behar Chen Well Orion & Co., September 2017

The Israeli Tax Authority ("ITA"), published a list of instances whereby transfer of funds, through banking corporations, to foreign residents will be exempt from tax withholding...

Summary of Updates and Highlights in the Mexican Energy Sector, July-August 2017
Haynes and Boone, LLP, September 2017

As part of the implementation of the Mexican energy reform of 2013, several new regulations and administrative guidelines affecting the hydrocarbons and power industries were issued during July-August 2017. These are of particular importance to oil and gas producers, midstream companies and power generators, traders and others looking to invest or expand operations in Mexico’s dynamic energy sector...

FSB Victory in Market Abuse Case
ENSafrica, September 2017

The Supreme Court of Appeal decision in the matter of Pather v Financial Services Board concerns a challenge to the jurisdiction of the Enforcement Committee of the Financial Services Board (“FSB”) to deal with market abuse, specifically in this case publishing false statements that resulted in an overstatement of the performance of their company.  The two appellants were Maslamony Pather and Ah-Vest Ltd (formerly All Joy Foods Ltd)...

Changing How Products Get From the Manufacturer to the Customer: Common Questions and Risks
Haynes and Boone, LLP, September 2017

  It starts with the best of intentions: A startup medical device company has just sold to a larger enterprise with an established sales team and customer base and no longer needs distributors. A consumer packaged goods company has just bought a brand and needs to transition to a new team of brokers. A growing company is finally ready to take its supply chain captive, including the distribution of products to customers, and no longer needs small distributors or sales representatives...

Title Insurance in India: An Opportunity Awaits
Kochhar & Co. Advocates & Legal Consultants, September 2017

Under RERA, the promoter of a real estate project is obliged to obtain the requisite insurance policies required to secure the development of project and insurances as may be notified by the government. The lack of transparency and uniformity in the Indian real estate market has done little to entice insurance companies from tapping into lucrative land deals and developing insurance products for the real estate sector...

A Legal Obligation to Monitor your Social Media Pages?
ENSafrica, September 2017

Many of us are aware of the popular myth that ostriches believe burying their heads in the sand will make them invisible to predators. In other words, an “if I can’t see you, you can’t see me” approach. Even though scientists will tell you that this is not true, the approach seems to bear a resemblance to the online behaviour of some humans...

The Food Fight: Winning Strategies for a Dynamic Industry
Stout, September 2017

The food and beverage industry is undergoing rapid change. Consumer tastes and shopping habits are evolving in dramatic fashion, and the battle for relevance is intense. In the wake of the recent acquisition of Whole Foods by Amazon, a large group of food-focused finance and law professionals gathered in Chicago to assess the state of the industry. Gian Ricco, a Director in Stout’s Investment Banking group, was a featured panelist at the event hosted by OPUS Connect...

Appointment and duties of an information officer in terms of South Africa’s POPI draft regulations
ENSafrica, September 2017

he office of the South African Information Regulator recently published its first draft regulations in terms of the Protection of Personal Information Act, 2013 (“POPI”), entitled “Regulations relating to the Protection of Personal Information, 2017”. The draft regulations are open for public comment until 7 November 2017...

The Health Industry is like the Cook School: Always Process the Commodities Properly
Simonsen Vogt Wiig AS, September 2017

Norway has biobanks and health registers that from a world perspective are practically unique. We frequently use metaphors like "silver heirlooms" and "the new oil". The test nevertheless consists in whether the Norwegian research environments are successful in commercializing their research, and the commodities require a correct processing. The Lifandis StoryLifandis AS (former Hunt Biosciences) managed Norway's most valuable biobank and its data; the so-called HUNT collection...

Changes in legislation on foreign investments in strategic companies of the Russian Federation
ALRUD Law Firm, September 2017

September 22, 2017 Dear Madam or Sir, We hereby inform you that recently Federal Law dated 01.07.2017 No. 155-FZ (“155-FZ”) and Federal Law dated 18.07.2017 No. 165-FZ (“165-FZ”) have been adopted and became effective, introducing significant amendments to Federal Law dated 29.04.2008 No...

Confirmation of the end of the VAT exemption regime for financial IGPs
Arendt & Medernach, September 2017

Following the Luxembourg case C-274/15, the series of cases relating to the scope of the cost-sharing VAT exemption also referred to as “Independent Group of Persons” (“IGP”) continues with the release today of three judgements by the Court of Justice of the EU (“CJUE”): Aviva (C-605/15), DNB Banka (C-326/15) and European Commission v Federal Republic of Germany (C-616/15)...

Technology and Its Discontents
Wardynski & Partners, September 2017

Any new technology that gains universal application changes the existing world. The reconfiguration occurs imperceptibly but thoroughly. But in this new reality, how should the rule of law, values essential to the civil society and human rights be protected? A new economic reality functioning in cyberspace has arisen before our very eyes. Human activity, both positive and negative, is moving to the virtual arena that functions above and beyond state borders...

Current trends in court practice on discrimination claims in Russia
ALRUD Law Firm, September 2017

Irina Anyukhina, ALRUD Partner, heading Labour and Employment practice, prepared an article for September issue of “Discrimination and Equality Law News”, published by International Bar Association Legal Practice Division. In the article, Irina describes current trends in court practice on discrimination claims in Russia...

The countdown begins for retirement funds to comply with the final Default Regulations
ENSafrica, September 2017

The final Default Regulations, issued in terms of section 36 of the Pension Funds Act, 1956, were recently issued by the South African Minister of Finance. They aim to provide retirement funds with greater discretion and flexibility in relation to their default investment portfolios and annuity strategies. To comply with the regulations, many funds will need to amend their rules and investment policy statement...

Abuse of Dominance: Important Clarifications by the European Court of Justice
Simonsen Vogt Wiig AS, September 2017

The European Court of Justice makes important clarifications relevant for dominant firms'' pricing and rebate policies in its recent Intel-judgment Introduction In recent months, the European Court of Justice (''ECJ'') delivered its long awaited judgment in the Intel appeal case. The judgment sets aside the ruling by the General Court and refers the matter back to that court...

Unintended consequences of the new CFC rules
ENSafrica, September 2017

In the 2017 South African Budget speech, the Minister of Finance raised government’s concern that the current Controlled Foreign Company (“CFC”) rules do not capture foreign companies held by interposed trusts or foundations, and it was announced that countermeasures for the treatment of foreign companies held by trusts or foundations will be considered...

The Untapped Potential of South Eastern Europe
Karanovic & Nikolic, September 2017

We have seen emerging markets in Central and Eastern Europe opening up and developing quite quickly. Some of them have done so through their ascension to the European Union and others by organising their legislation in accordance with European standards, opening up borders, having foreign investors come in, as well as putting in place free trade agreements and investment incentives. Of course, transitional economies traditionally have a lot to offer to foreign investors...

The income tax implications of a return of capital
ENSafrica, September 2017

In terms of the South African Income Tax Act, 1962 (the “Act”), distributions received by or accrued to a shareholder of a company may constitute either a dividend or a return of capital – each of which would give rise to different tax implications for the shareholder or company concerned...

"Will Growth Consolidation Lead Residential Addiction Treatment Industry to Police Itself in Terms of Ethics & Marketing" by Colbey Reagan Nashville Medical News
Waller, September 2017

At this year’s annual meeting of the National Association of Addiction Treatment Providers in Austin, there was a clear divide on display between the “old school” and the “new school” during a session on electronic marketing strategies. The number of residential addiction treatment providers operating in the United States has exploded since the passage of the Affordable Care Act in March 2010...

South African merger filing fees and intermediate merger thresholds to increase from 1 October
ENSafrica, September 2017

On 15 September 2017, the South African Minister of Economic Development, Ebrahim Patel, published Government Notices no. 1003 and 1005, which announced increases to the intermediate merger thresholds and merger filing fees. These increases will be effective from 1 October 2017...

Court of Appeals Judgment could have Fundamental Impact on Europe's Bedrock Gas Supplier
Simonsen Vogt Wiig AS, September 2017

Earlier this year the Borgarting Court of Appeal rendered its judgment in Gassled, a case of major importance for the upstream Norwegian Continental Shelf (NCS) industry, natural gas buyers in Europe; and the Norwegian government, as resource owner and NCS regulator. If the judgment becomes final and binding, it will benefit the European gas supply. However, it may be a rude awakening for institutional investors in NCS infrastructure...

Practical Benchmarks Regarding the Recognition and Enforcement in Romania of Court and Arbitral Judgments Rendered in Foreign Jurisdictions
Nestor Nestor Diculescu Kingston Petersen, September 2017

In a world that is becoming increasingly globalized, the law serves as a powerful tool in improving economic and social conditions. In such a world, trans-border judicial proceedings, or, as legal scholars call it, "legal disputes with extraneous elements" demand a certain consistency and predictability...

BIVA – The New Mexican Stock Exchange
Haynes and Boone, LLP, September 2017

On August 29, 2017, the Mexican Ministry of Finance and Public Credit (Secretaría de Hacienda y Crédito Público) grantedCentral de Corretajes(“CENCOR”) a new concession to operate a new stock exchange in Mexico. This new stock exchange will be calledBolsa Institucional de Valores(“BIVA”). It is anticipated that BIVA will initiate operations in early 2018...

 

 

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