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Romanian Approach to the Whistleblowers’ Directive
Nestor Nestor Diculescu Kingston Petersen, April 2021

Romanian authorities have recently initiated the transposition process for Directive (EU) 2019/1937 of the European Parliament and of the Council on the protection of persons who report breaches of Union law (the “Whistleblowers’ Directive”). A limited period for public review of the first draft of transposition bill has just closed. The projection is that it will become law by December 2021 to meet the transposition deadline...

Dutch Chapter of Latest Vertical Agreements Guide of Lexology GTDT.
Van Doorne N.V., April 2021

Read and download the Dutch chapter of the latest Vertical Agreements guide of Lexology GTDT, as updated by Sarah Beeston, Pim Jansen and Nina Korstenbroek. You can access the chapter by clicking on the link below. This comprehensive chapter explains how the Dutch competition rules are applied to agreements for the sale and purchase of goods or services between parties operating at different levels of the supply chain (so-called "vertical agreements")...

To Be is Not to Be: Remedies for Erroneously Drafted Written Instruments
Lawson Lundell LLP, April 2021

What options does one have when they discover that a term in a previously executed contract or written instrument was worded poorly, or incorrectly drafted? Generally, parties in this scenario may seek the remedy of rectification, which gives a court the equitable jurisdiction to rectify or correct the document so that it accords with the parties’ true agreement...

Shuttered Venue Operators Grant
Morris, Manning & Martin, LLP, April 2021

The Shuttered Venue Operators Grant (SVOG) is a new federally-funded program providing emergency assistance for eligible venues adversely affected by COVID-19. The program, administered by the Small Business Administration’s (SBA) Office of Disaster Assistance, will offer over $16 billion in grants to shuttered venues, providing economic relief to eligible entities. This legal update summarizes the requirements and additional information related to the grant application process...

EFFECTS ON INSURANCE REGULATION of Law No. 21,314 which Regulates Market Agents and Pension Advisors
Carey, April 2021

On April 13, 2021, Law No. 21,314 was published in the Official Gazette, which, among other matters, set new transparency requirements and reinforce the responsibilities of market agents (the "Law"). Relevant modifications to the current insurance regulation: Amendments to Decree with Force of Law No. 251 of 1931 ("Insurance Act"). Article 5 of the Law amends the Insurance Act, among others, in the following matters: Insurance consultation system (new Article 12)...

EFFECTS ON THE REGULATION OF CORPORATIONS AND THE SECURITIES MARKET of Law No. 21,314 that Regulates the Market Agents and Social Securiy
Carey, April 2021

On Tuesday, April 13th of 2021, a law was published in the Official Gazette that establishes new demands for transparency and strengthens the responsibilities of market agents, regulates the social security advice and other matters indicated therein, reforming, among other regulations, Law No. 18,045, on the Stock Market and Law No. 18,046 on Corporations (going forward, referred as the “Law”)...

Extension of the Brazilian PTO Project to Eliminate its Patent Backlog
Veirano Advogados, April 2021

The INPI (Brazilian PTO) published Ordinance/INPI/PR No. 21, of March 26, 2021, which extends the Backlog Combat Project aiming at reducing the number of invention patent applications pending decision. The ordinance came into force on April 1st, 2021, and targets patent applications filed between Jan. 1st, 2017 and Dec. 31st, 2017...

High-Income, Corporate Tax Returns Will Be Scrutinized
Waller, April 2021

In its discretionary funding request for fiscal year (FY) 2022, the Biden administration is seeking an additional $1.2 billion for the IRS – a 10.4% increase over FY 2021. $900 million of the increase will be earmarked for compliance. The additional funding in the White House proposal would enable the IRS to “increase oversight of high-income and corporate tax returns,” according to a statement issued by U.S. Treasury Secretary Janet Yellen...

Freeports – Planning FAQs
Shoosmiths LLP, April 2021

The designation of eight new Freeports within England made headlines in the Budget and now the winning bidders have to put into effect their successful proposals. What will this mean in practice for those areas affected and what are the likely issues that Freeport authorities will face? We have pulled together some questions we are asked frequently on Freeports, together with the responses we have been providing to our clients...

Cartel Conduct Now a Criminal Offence
MinterEllisonRuddWatts, April 2021

Key points following the legislative change From Thursday 8 April 2021, it is a criminal offence to enter into or give effect to an agreement containing a cartel provision. Individuals who participate in cartel conduct can be imprisoned for up to seven years. A cartel provision is a provision in an arrangement between competitors that has the purpose, effect or likely effect of fixing price, restricting output, and/or allocating markets...

The Forefront: Great ExSPACtations
TSMP Law Corporation, April 2021

The advent of blank cheque company IPOs. Special Purpose Acquisition Companies (SPACs) have taken the corporate world by storm. These “blank cheque” shell companies, which raise funds in their initial public offerings (IPO) to invest in potential but as yet unidentified target businesses, have fuelled a listing frenzy in the US. SPAC IPOs have garnered US$87.9 billion in fundraising in the first three months of 2021, already exceeding last year’s total...

Finally! – Halloumi will Actually be Made in Cyprus, As it Should Be
Chrysostomides Advocates and Legal Consultants, April 2021

It has been a long road for everyone’s favourite cheese. The protection of halloumi cheese should have never been complicated. The firm cheese which has the unique quality of retaining its shape even when fried or grilled, has its origins in the island of Cyprus where it has been produced for many centuries...

Europe and China Cooperate on PCT Searching
Deacons, April 2021

Did you know? The Chinese National Intellectual Property Administration (CNIPA) and European Patent Office (EPO) recently announced a pilot-programme, which will be of particular interest to Chinese and multinational companies with R&D in Mainland China and Hong Kong, especially if they wish to file patents in Europe, US or other jurisdictions outside of Mainland China...

The United States Corporate Transparency Act (“CTA”) of 2021
Morgan & Morgan, April 2021

What is the CTA? The CTA was enacted on January 1st, 2021 as part of the National Defense Authorization Act to prevent the use of companies to evade anti-money laundering rules or to hide other illegal activities. Under the CTA companies will be required to report information regarding its beneficial owners with a beneficial ownership registry maintained by the United States Treasury Department’s Financial Crimes Enforcement Network (FinCEN)...

The Massachusetts Supreme Judicial Court Clarifies the Contours of the Attorney-Client Privilege and Work Product Doctrine in Internal Investigations
Verrill, April 2021

In Attorney General v. Facebook, Inc., No. SJC-12496 (March 24, 2021),[i] the Massachusetts Supreme Judicial Court clarified the scope of protection afforded by the attorney-client privilege and the work product doctrine to internal investigations. At issue was the Massachusetts Attorney General’s request to obtain documents Facebook collected and created during its expansive internal investigation in the wake of the 2018 Cambridge Analytica scandal...

Court of Appeal Confirms Liability of Mainzeal Directors
MinterEllisonRuddWatts, March 2021

The Court of Appeal has delivered its eagerly anticipated judgment in proceedings brought by the liquidators of Mainzeal Property and Construction Ltd against its former directors, including Richard Yan and Dame Jenny Shipley. In those proceedings, the liquidators sought compensation for breach of certain statutory duties of directors engaged on a company’s insolvency: sections 135 (reckless trading) and 136 (incurring obligations) of the Companies Act 1993...

Arbitration Appeals - Admitted Error by the Tribunal
Shoosmiths LLP, March 2021

The grounds for appealing an arbitration award are limited.  Even when the tribunal admits that it has made a mistake that is not always enough.  So, when is an admitted error serious enough to permit an appeal? This was the question before the court in Doglemor Trade Ltd and others v Caledor Consulting Ltd and another [2020] EWHC 3342 (Comm). The Facts Mr Khabarov (majority owner of Caledor) was granted an option to purchase 30% of the share capital of Doglemor...

Good News for Small Businesses: PPP Loan Program Deadlines Extended!
Dykema, March 2021

It is expected that President Biden will sign the PPP Extension Act of 2021 passed by the House of Representatives on March 16, 2021, and the Senate on March 25, 2021. The bill extends the funding for the Paycheck Protection Program (“PPP”) Loan program through June 30, 2021, for First Draw and Second Draw Loan applications submitted by lenders to the SBA by May 31, 2021...

ESG In Action: Diversifying Corporate Governance
Dinsmore & Shohl LLP, March 2021

Dinsmore's Richik Sarkar was published in the American Bar Association's Business Law Today this week discussing a few lawsuits alleging that lack of board and management diversity constitutes a breach of fiduciary duty. An excerpt from the article, "ESG In Action: Diversifying Corporate Governance," is below. "While the purpose of these suits is laudable, significant threshold legal questions exist...

Kudun & Partners Leads Largest Group of Creditors in Thai Airways Business Rehabilitation Proceeding
Kudun and Partners, March 2021

In August 2020, Kudun & Partners was appointed to represent the largest group of creditors, consisting of 87 savings cooperatives, in the wake of the recent Thai Airways’ petition for rehabilitation. Taken together, these investment entities hold 65% of the airline’s total debenture debt, making them the largest group of creditors...

BEIS White Paper: Corporate Governance and Directors
Shoosmiths LLP, March 2021

In the wake of the spate of recent business collapses the Department of Business, Energy and Industrial Strategy (BEIS) has published a White Paper titled “Restoring trust in audit and corporate governance”. The White Paper is open for consultation until 8 July 2021, and feedback can be submitted directly online via the BEIS website or emailed to [email protected]...

Why Some Data Subject Request Services Create Compliance Concerns
Bradley Arant Boult Cummings LLP, March 2021

If you are responsible for handling data subject requests made pursuant to the EU General Data Protection Regulation or verified consumer requests made pursuant to the California Consumer Privacy Act, chances are you have come across one or more of the myriad companies that purport to be advocating for consumers in making requests on their behalf. These companies include Mine, Privacy Bee, DeleteMe and Revoke...

A Business Bankruptcy Overview: How Subchapter V, the CARES Act and the Consolidated Appropriations Act Have Expanded Relief for Businesses and Business Owners in Bankruptcy
Bradley Arant Boult Cummings LLP, March 2021

In February 2020, just prior to the COVID-19 outbreak, the Small Business Reorganization Act of 2019 (Subchapter V) took effect.[1] Subchapter V amends Chapter 11 of the Bankruptcy Code to allow certain individuals and businesses with debts of less than $2,725,625 to file a streamlined Chapter 11 case with the goal to make small business bankruptcies faster and cheaper...

Use the Force? Understanding Force Majeure Clauses
Bradley Arant Boult Cummings LLP, March 2021

It has been said that, sooner or later, everything old is new again. In the wake of the novel coronavirus pandemic (COVID-19) sweeping the globe in 2020, a heretofore largely overlooked and even less understood nineteenth century legal term has come to the forefront of American jurisprudence: force majeure...

ESG as the Prism For Change – the SEC Targets Proxy Voting
Dinsmore & Shohl LLP, March 2021

Over the past month, the SEC has signaled the primacy of ESG in its mission for 2021 and beyond. Seemingly daily, there have been updates regarding ESG initiatives, whether from the Division of Enforcement or the Division of Corporation Finance. This week, it was the Division of Investment Management’s turn...

 

 

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