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Regulations on Accounting Records for Offshore Companies
Morgan & Morgan, August 2019

In order to comply with the international guidelines regarding corporate transparency, the government of Panama enacted Law 52 of October 27, 2016 in the Official Gazette, which establishes the obligation for Panamanian companies and other entities to maintain accounting records, financial records and supporting documentation of all transactions that took place during the last five (5) years, so that their financial status can be easily determined with reasonable accuracy...

SCA Issues Guidelines for Financial Institutions on Anti-Money Laundering
Afridi & Angell, August 2019

The past year has been a busy one for AML compliance in the UAE. In October 2018, Federal Decree-Law 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations (AML Law) came into force. It contained features recommended by the Financial Action Task Force (FATF), and brought UAE laws in line with international AML standards...

Conventional Thinking
TSMP Law Corporation, August 2019

The Singapore Convention cements the Lion City’s reputation as a dispute resolution hub, making mediation easier to enforce globally. Clients who come to see me about commercial disputes often ask for the same thing: fast resolution. I tell them that there are two tried-and-tested ways to resolve financial claims. First, you can litigate in court and have a judge make a legal ruling on the dispute, in the full gaze of the public...

5 Reasons Why Your Business Needs Accounting Services
BoardRoom Limited, August 2019

Accounting is one of the essential functions your business requires for robust financial management. However, many business owners still opt to handle their accounts in-house. This not only takes up their valuable time but also heightens the risk of compliance issues that could cost their business in the long run. 30% of Singapore start-ups fail within the first three years, and poor financial management is one of the principal causes...

Porsche 911…Something a Bit Different Please!
ENSafrica, August 2019

  The Porsche 911 is undoubtedly an iconic car. Instant product recognition is, of course, something that most companies strive for. But fame and familiarity can create their own problems when it comes to issues of intellectual property. Porsche recently suffered a setback when the EU General Court upheld a decision of the European Union Intellectual Property Office to cancel certain design registrations relating to the appearance of the Porsche 911...

What the Changes to CFIUS Mean for Foreign Investment
Lowenstein Sandler LLP, July 2019

CFIUS is a U.S. federal interagency committee (“Committee”). The Committee reviews and approves foreign direct investment in U.S.-based businesses. Investment is restricted if it impairs national security. Under the new Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA), what the Committee considers to be “national security” has recently changed to include emerging and critical technologies and sensitive personal data...

Using Inquiry Proceedings to Resolve Corporate Disputes
Van Doorne N.V., July 2019

Under Dutch corporate law it is possible for the Enterprise Section of the Amsterdam Court of Appeal to order an inquiry into the policies and affairs of a company and to interfere with the internal organization of such legal entity in order to settle corporate disputes between shareholders, the management and supervisory boards and the works council. The present article creates an overview of these legal proceedings. 1...

Dubai Development Authority - UBO Requirements
Afridi & Angell, July 2019

The Dubai Development Authority (DDA) (previously known as the Dubai Technology and Media Free Zone Authority (TECOM) and the Dubai Creative Clusters Authority (DCCA)) is the regulator of entities licensed to conduct business in Dubai Internet City, Dubai Media City, Dubai Knowledge Park, Dubai Outsource City, and other clusters regulated by the DDA...

New Economic Substance Regulations in the UAE
Afridi & Angell, July 2019

A previous inBrief dated 30 April 2019 discussed a law recently enacted in the BVI, the Economic Substance (Companies and Limited Partnerships) Act, 2018, which introduced economic substance requirements in the BVI. This article will discuss a similar measure recently promulgated in the UAE...

SEC Clarifies Federal Fiduciary Duties of Investment Advisers
Lowenstein Sandler LLP, July 2019

The Securities and Exchange Commission (the SEC) recently sought to clarify its position on federal fiduciary duties of investment advisers with an interpretation.1The interpretation emphasized how client sophistication and the scope of an advisory relationship affect the fiduciary duties owed to particular clients.Determine Scope of RelationshipAll advisers owe fiduciary duties under the Investment Advisers Act of 1940, as amended (the Advisers Act)...

Time to Take Another Bite of S-chips
TSMP Law Corporation, July 2019

Numerous corporate governance scandals over the past 15 years involving S-chips have tarred these mainland-operating, Singapore-listed companies with the same brush. But do all S-chips deserve their bad reputation?It was meant to be one of the Singapore Exchange’s (SGX) success stories. One of our biggest skincare companies, Best World International saw its profits grow almost 40 fold between 2013 and 2017. It was valued at S$1.8 billion at its peak in February 2019...

5 Accounting Services Your Business Needs In Singapore (And Why)
BoardRoom Limited, June 2019

The accounting/finance function forms the backbone of any firm, SME or MNC. However, there are so many types of accounting services to beaware of that it is worthwhile engaging an accounting professional.They are trained, organised, accurate and competent, giving you more time to focus on your business and reach greater heights. If you are looking to outsource your accounting, there are 5 essential services the firm will need to deliver...

Keeping up with the Trend: The New DIFC Insolvency Law
Afridi & Angell, June 2019

Introduction The latest in the series of insolvency regime reformations in the Middle East is the new Dubai International Financial Centre insolvency law; DIFC Law 1 of 2019 (the New Law). Subject to article 1(4) of the New Law, the New Law repeals and replaces DIFC Insolvency Law 3 of 2013 (the Old Law). Article 3 of the New Law states that it applies in the jurisdiction of the DIFC, meaning that it applies to all DIFC incorporated entities...

"Hanley vs Tampa Bay Sports and Entertainment LLC Putting the Telephone Consumer Protection Act on Ice" by Kevin Brown in Sports Law Expert
Waller, June 2019

The sports world is under attack again for its text marketing tactics directed to consumers. This time the target is Tampa Bay Sports & Entertainment, LLC, the owner of the National Hockey League team, the Tampa Bay Lightning. In a federal class action lawsuit filed in March 2019 (Bryan Hanley vs. Tampa Bay Sports and Entertainment LLC, Case No. 8:19-CV-550-CEH-CPT (M.D...

How Operators Can Maximize the Benefits of MSHA’s New and Improved Mine Data Retrieval System
Dinsmore & Shohl LLP, June 2019

On June 13, 2019, the Mine Safety and Health Administration (MSHA) announced it had completed its upgrade of its Mine Data Retrieval System (MDRS). Under the new system, mine operators will have new tools to help review compliance with MSHA regulations as well as assessing employment and production records. The upgraded system will also enable mine operators to track accidents, inspections, violation history, and health sampling data...

New immigration changes in Panama: SEM, Special Regularization Process and Aviation
Morgan & Morgan, June 2019

Executive Decree No. 238 of June 10, 2019 Requirements to apply for permanent residency for executives of Multinational Headquarters offices (“SEM” for its acronym in Spanish) As of June 11th, 2019, the requirements to apply for the Permanent Resident Permit for Executives of SEM companies who i) continue working at a SEM company, and ii) no longer work for a SEM company...

Welcome to the Slovenian Legal Market
Karanovic & Partners, June 2019

This article is written byMarko Ketlerand originally published in Issue 6.4 of theCEE Legal Matters Magazine.   After a few troublesome years during the global financial crisis, it seems like Slovenia is on a positive economic route again. On December 14, 2018, S&P Global Ratings affirmed an “A+/A-1” credit rating for Slovenia with a positive outlook...

OBWC to Phase Out Coverage of OxyContin
Dinsmore & Shohl LLP, June 2019

The Ohio Bureau of Workers’ Compensation will no longer offer coverage for OxyContin by the end of 2019. The agency announced this change, given the drug’s potential for abuse, misuse, addiction, and dependence. The BWC will no longer pay for OxyContin or generic forms of the medication for workers who suffer an industrial injury on or after June 1, 2019. Injured workers who are currently on OxyContin will have until Dec...

'Modernizing Ignitable Liquids Determinations' Proposed Rule
Dinsmore & Shohl LLP, June 2019

On April 2, 2019, the United States Environmental Protection Agency (EPA) published its proposed “Modernizing Ignitable Liquids Determinations” rule in the Federal Register.[1]  Ostensibly, the rule is, as described in its title, an effort to “modernize” – i.e., update – certain aspects of the regulations relating to determining whether a waste is a hazardous waste based on the characteristic of ignitability, which are found in 40 C.F.R. 261...

How to Choose the Right Payroll Provider for your Business
BoardRoom Limited, June 2019

When it comes to ensuring that every employee gets paid on time, many companies choose to outsource this payroll responsibility to professional firms...

6 Key Reasons To Outsource Your Company Payroll
BoardRoom Limited, June 2019

When it comes to running your business, time and resources are best dedicated to core functions that help generate profit and meet the expectations of your customers. The last thing you want to worry about is your payroll! Administrative tasks such as payroll are non-core activities that are time-consuming and can get more complicated as your organisation grows...

HHS Proposes New Rule to Revise Section 1557 and Repeal Notice Requirements
Dinsmore & Shohl LLP, June 2019

On May 24, 2019, the U.S. Department of Health and Human Services (HHS) proposed revisions to regulations issued under Section 1557 of the Affordable Care Act (ACA) (the Proposed Rule). The Proposed Rule would revise certain provisions of the current Section 1557 rule that federal courts have ruled as likely unlawful, and eliminate the requirement that covered entities publish non-discrimination notices and include taglines in foreign languages on all significant publications...

HHS Publishes New Fact Sheet on Business Associate Direct Liability
Dinsmore & Shohl LLP, June 2019

On May 24, 2019, the U.S. Department of Health and Human Services (HHS) Office for Civil Rights (OCR) issued a new fact sheet providing a compilation of all provisions through which a business associate may be held directly liable with the HIPAA Privacy, Security, Breach Notification, and Enforcement regulations (collectively the HIPAA Rules)...

EPA Hazardous Waste Pharmaceuticals Rule Mandates Changes for Health Care Facilities 
Dinsmore & Shohl LLP, June 2019

Environmental Protection Agency (EPA) has issued a new rule that will impact the operations of a wide-range of health care facilities and the manner in which those facilities manage hazardous waste pharmaceuticals...

CMS Publishes Long-Awaited Final Rule Requiring Drug Pricing Transparency
Dinsmore & Shohl LLP, June 2019

On May 10, 2019, the Centers for Medicare & Medicaid Services (CMS) published its final rule, 42 CFR 403, requiring drug manufacturers to disclose the price of prescription drugs in direct to consumer (DTC) advertisements. Publication of the final rule was preceded by a lively comment period that commenced on October 18, 2018...

2019 West Virginia Legislative Highlights: Health Care
Dinsmore & Shohl LLP, June 2019

Dinsmore’s Government Relations team was involved in several significant legislative initiatives affecting the health care sector during the 2019 regular session of the West Virginia legislature. Most notably, Dinsmore was involved in the passage of HB 2010, relating to foster care...

Fake Meat Good, Fake News Bad
TSMP Law Corporation, June 2019

For businesses who care about their brands, Pofma may be not be such a bad idea after all.Beyond Meat Inc. makes cows happy and cardiologists sad. Its Beyond Burger uses no meat and has no cholesterol, and contains less fat, fewer calories and more protein than a typical burger...

Canadian Trademark Law is Changing This Year – What You Need to Know Now
Dinsmore & Shohl LLP, May 2019

Trademark law in Canada is undergoing a major change this year that will go into effect on June 17, 2019.  We have compiled the three things you need to know and important steps you may want to take before the June 17, 2019 date passes.  1...

Is it Time to Rethink Broad-Based Black Ownership?
ENSafrica, May 2019

  Zodwa Ntuli, Commissioner of the Broad-Based Black Economic Empowerment (“B-BBEE”) Commission, indicated earlier this week that the commission has declared that the vast majority of transactions involving broad-based trusts are not compliant with the law and do not constitute genuine and effective Black ownership...

The Male Torso: Is it Distinctive?
ENSafrica, May 2019

  There was a highly unusual trade mark opposition matter in the USA recently. The case of In re Coscentra B.Vinvolved a comparison of two perfume bottles in the shape of a male torso. A company applied to register a male torso-shaped perfume bottle as a trade mark for perfumery. The application was refused on the basis of an existing trade mark registration for a male torso-shaped perfume bottle covering perfumery...

Donald Trump and Bad Faith
ENSafrica, May 2019

  Donald Trump comes up in our articles from time to time, as does the issue of bad faith. Both come up in this one. In a recent case in the UK, a company called Trump International, which is owned by a German by the name of Michael Gleissner, filed applications to register the trade mark Trump TV in the communications and entertainment categories (classes 38 and 41). The US President, via a rights management company, opposed these applications...

The Range Rover in China, Copyright in South Africa
ENSafrica, May 2019

  We have written before about the case concerning the look-a-like Range Rover Evoque on sale in China for a fraction of the price of the real thing. In this case, Jaguar Land Rover ("JLR") sued the makers of the copycat Land Wind X for copyright infringement. JLR have now won, with the court finding that five features of the vehicle were copied and that damages should be paid. According to one report, other car manufacturers are now considering similar actions...

New Regulations Offer Welcome Guidance to Anti-Money Laundering Law
Afridi & Angell, May 2019

UAE Federal Decree-Law 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations (AML Law) came into force at the end of October 2018...

Competition Regulator Sharpens Focus on Construction Sector
Shepherd and Wedderburn LLP, May 2019

The Competition and Markets Authority’s (CMA) Chief Executive, Andrea Coscelli raised concerns in April at “seeing a lot of evidence of anti-competitive conduct in the construction industry”, adding the CMA had “already taken a number of cases in this sector…”. Recent enforcement action from the CMA, outlined below, suggests regulatory intervention is only likely to increase...

New DOJ Corporate Compliance Guidance Gives Corporations Insight into Evaluating Their Programs
Dinsmore & Shohl LLP, May 2019

On April 30, 2019, the U.S. Department of Justice (DOJ) Criminal Division issued updated guidance to prosecutors for assessing corporate compliance programs.  The new “Evaluation of Corporate Compliance Programs” (Updated Guidance) replaces the February 2017 Guidance (Prior Guidance)...

What the Dickens is Up With Audit Firms?
TSMP Law Corporation, May 2019

It was the age of wisdom, it was the age of incredulity. Blazing yellow sun. Lapping blue waves. Tanned beach bods and a palm tree’s silhouette swaying against an orange sky. Once ubiquitous, the California Fitness logo that hints at its fabulous lifestyle offering has vanished from Singapore. In its heyday “Cali”, as its legions of fans called it, was not merely a gym, it was a status symbol...

Schedule A Regulations Streamline the Process for Acquiring Permanent Residency for Registered Nurses and Physical Therapists
Dinsmore & Shohl LLP, May 2019

Many employers currently have employees on staff on temporary work visas, and employers likely know that in order to continue to employ employees not born in the U.S., the employer must sponsor the employee for permanent residency in the U.S. (i.e,. a green card). The green card process has multiple steps, which, depending on a variety of factors, may take several years to complete...

ADGM Grows Up: Issues First Fines
Afridi & Angell, May 2019

The Abu Dhabi Global Market (ADGM), the financial free zone which began operations in 2015, has now come of age. On 14 April 2019 Mr Alexander Guy, Senior Executive Officer and Director at Eshara Capital Limited, had the uncommon honour of becoming the first named person to be fined by ADGM’s Financial Services Regulatory Authority. Eshara Capital, in its corporate capacity, was also fined in connection with the same contraventions...

BVI Companies - Economic Substance Law
Afridi & Angell, April 2019

British Virgin Islands (BVI) companies are commonly used in the UAE by investors to hold real estate properties and/or shares in UAE companies. Investors need to be aware of a recently enacted BVI law, the Economic Substance (Companies and Limited Partnerships) Act, 2018 (the Law), which introduces economic substance requirements in the BVI...

Ten Things You Need to Know About the Insolvency (Scotland) Rules 2018
Shepherd and Wedderburn LLP, April 2019

On 6 April 2019, Scotland finally saw the introduction of the modernised insolvency rules in the form of The Insolvency (Scotland) (Company Voluntary Arrangements and Administration) Rules 2018 and The Insolvency (Scotland) (Receivership and Winding Up) Rules 2018 (the 2018 Rules). The 2018 Rules will replace the existing Insolvency (Scotland) Rules 1986 (as amended) subject to certain transitional and saving provisions...

Directors' Duties in DIFC
Afridi & Angell, April 2019

Introduction On 12 November 2018, the Dubai International Financial Centre (DIFC) introduced a suite of new legislation concerning companies operating in or from the DIFC. This consists of DIFC Law 5 of 2018 (the Companies Law), DIFC Law 7 of 2018, the Companies Regulations and the Operating Regulations...

The Bahamas: Economic Substance Legislation
Morgan & Morgan, April 2019

The Bahamas has passed legislation requiring that certain legal entities carrying on relevant activities have to demonstrate adequate economic substance in said jurisdiction. The beneficial owners of any company or limited partnership incorporated, registered or continued in The Bahamas should be aware of this legislation and consider how they may be affected. The Commercial Entities (Substance Requirements) Act, 2018 (“CESRA”) came into force on December 31st, 2018...

Are Stronger Dietary Supplement Regulations on the Horizon?
Dinsmore & Shohl LLP, April 2019

FDA Announces Public Meeting for Responsible Innovation in Dietary Supplements Industry Recently, the Federal Food and Drug Administration (FDA) announced it will hold a full-day public meeting to discuss strategies for responsible innovation in the dietary supplement industry.  The meeting will be held May 16, 2019, from 8:30 a.m. EST to 4 p.m. EST at the FDA Center for Food Safety and Applied Nutrition, Wiley Auditorium, located at 5001 Campus Dr., College Park, MD 20740...

Court Limits Authority of DOJ to Dismiss Relator Claims
Dykema, April 2019

  Court Limits Authority of DOJ to Dismiss Relator Claims April 23, 2019 TheGranston Memoraised concerns that the U.S. Department of Justice (DOJ) would employ its authority under 31 U.S.C. § 3730 tounderminequi tamrelator actions. Since the Memo was issued, the DOJ moved to dismiss 11 Anti-Kickback Statute cases brought by a professional relator, the National Health Care Analysis Group (“NHCAG”)...

Health Data Confidentiality on a Rise in the UAE
Afridi & Angell, April 2019

Recent events, including the investigations into Facebook’s handling of its users’ personal data, have highlighted the realization that personal data is, in today’s world, one of the most valuable resources for any business and that businesses not only collect and store their customers’ personal data but also use and even sell it for profit...

Ultimate Beneficial Ownership Regulations
Afridi & Angell, April 2019

The DIFC Authority has issued the Ultimate Beneficial Ownership (UBO) Regulations, which took effect on 12 November 2018 (the Regulations). The Regulations require entities currently registered with, or to be registered with, the DIFC Authority to keep and maintain a UBO Register and (if applicable) a Register of Nominee Directors, setting out the details of the UBO and Nominee Directors respectively...

Successor Employers Acquiring Unionized Workforces Benefit From NLRB Decision
Hanson Bridgett LLP, April 2019

In a recent case involving a health care facility, the NLRB issued a 3-1 decision that significantly changed a successor employer's bargaining obligations before imposing the initial terms and conditions of employment on a unionized workforce. While seemingly favorable to employers, the decision also serves as a reminder to companies that they should act cautiously and consult with counsel before they take over a business with a unionized workforce...

Changes to Trademark Law from 16 March 2019
Wardynski & Partners, April 2019

An amendment to the Industrial Property Law took effect on 16 March 2019, transposing into Polish law the Trademark Directive (2015/2436). The amendment is not revolutionary but will certainly have huge practical implications. The changes have been made primarily to better align the EU and national trademark systems...

Possible Changes to the Legalization and Regulation of Hemp and CBD Oil
Dinsmore & Shohl LLP, April 2019

The U.S. Food and Drug Administration (FDA) recently announced new steps it is taking to determine a framework for lawful marketing of appropriate cannabis and cannabis-derived products.[i] As expressed in the Agriculture Improvement Act of 2018 (the 2018 Farm Bill), the FDA has the authority to regulate products containing cannabis or cannabis-derived compounds...

BVI: Economic Substance Legislation
Morgan & Morgan, April 2019

The British Virgin Islands (BVI) has passed legislation requiring certain legal entities carrying on relevant activities to demonstrate adequate economic substance in the BVI. The owners of any company or limited partnership registered or incorporated in the BVI should be aware of this legislation and consider how they may be affected. The Economic Substance (Companies and Limited Partnerships) Act, 2018 (the Act) came into force on January 1st, 2019...

 

 

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