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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...

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...

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...

How will the 2019 Proposed Financing Provisioning Regulations affect mining companies?
ENSafrica, August 2019

  In May 2019, the South African Proposed Regulations Pertaining to the Financial Provision for the Rehabilitation and Remediation of Environmental Damage caused by Reconnaissance, Prospecting, Exploration, Mining or Production Operations, 2019 (the “2019 Regulations”) were released for public comment...

2019 Romania–Call for Petroleum Blocks Tender. A Breath of Fresh Air?
Nestor Nestor Diculescu Kingston Petersen, August 2019

In a country with a significant number of mature fields and few discoveries made and/or developed in the last years, the Romanian National Authority for Mineral Resources has recently launched a public call for tender for the concession of 28 exploration, development and exploitation petroleum blocks, both onshore and offshore (Licensing Round XI/2019)...

Tread Carefully: Insubordination and Insolence can Easily be Confounded
ENSafrica, August 2019

Unfair dismissal disputes arising from allegations of insubordination have had their fair share of attention from South African arbitrators and the courts. The latest of these decisions is that of the Labour Court in Naicker v Commission for Conciliation Mediation and Arbitration and Others. The employee in this matter, Ms Naicker, was employed by Africa Flight Services (a cargo handler) as a customer service agent...

The Nigeria Power Sector Review 2019
AELEX, August 2019

Electricity was first generated in Nigeria in 1866 when two generating sets were installed to serve the Colony of Lagos. In 1951, the government of Nigeria, through an Act of Parliament, established the Electricity Commission of Nigeria (ECN) to regulate and operate the power supply systems in Nigeria. Subsequently, the Niger Dam Authority (NDA) was established for the development of the Kanji Hydroelectric Dam...

The Reciprocal Duty of Good Faith Undercuts Derivative Misconduct
ENSafrica, August 2019

  For the first time in employment law jurisprudence, the South African Constitutional Court has considered the nature and scope of the duty of good faith within the context of the contract of employment. This occurred in its recent decision inNUMSA obo Nganezi & Others v Dunlop Mixing and Technical Services (Pty) Ltd & Others. Factual background During August 2012, Dunlop’s employees embarked on a protected strike...

Use It Or Lose It: Supreme Court of Ohio Delivers Victory to Construction Contractors by Declaring All Claims Subject to Statute of Repose
Dinsmore & Shohl LLP, July 2019

On July 17, 2019, the Ohio Supreme Court resolved any doubt regarding the scope of Ohio’s construction statute of repose (R.C. 2305.131) and with it, delivered a clear victory to construction contractors in Ohio. In New Riegel Local School District Board of Education vs. Buehrer Group Architecture and Engineering, Inc., et al...

Multinationals are Now Able to Second their Employees to Rwanda
ENSafrica, August 2019

  Rwanda has adopted a ministerial order implementing the law on immigration and emigration, introducing various changes to the Rwandan immigration and emigration landscape. The ministerial order provides for a new type of work/residence permit (the Q1 permit), which allows the secondment of employees of multinationals to their subsidiaries and/or branches in Rwanda without employees being required to enter into employment contracts with a Rwandan company...

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...

Debt Capitalisations Between Two Controlled Foreign Companies
ENSafrica, August 2019

  The various changes to the so-called debt waiver provisions in section 19 of the South African Income Tax Act, 1962 (the “Act”) and paragraph 12A of the Eighth Schedule to the Act in terms of the Taxation Laws Amendment Acts of 2017 and 2018 have come and gone. It is understood that there is now finality in terms of the debt waiver provisions as contained in the Act, which we discussed in a previous article...

Scope of Enquiry by the Court as to Existence of an Arbitration Agreement at the Pre-Arbital Stage: An Indian Arbitration Law Perspective
Kochhar & Co. Advocates & Legal Consultants, July 2019

BACKGROUND   In the past few years, the Indian Government has realised that its justice delivery system especially in respect of commercial disputes needs to keep pace with India’s economic growth. Though the Indian Arbitration and Conciliation Act, 1996 (“Act”) is based on the UNCITRAL principles, judicial decisions had virtually obliterated the original intent of the Act and gravely undermined its avowed objective of expeditious dispute resolution...

Mauritius’ Environment Land Use Appeal Tribunal Delivers Ground Breaking Fish Farming Project Judgment
ENSafrica, August 2019

  The Association Des Hoteliers et Restaurateurs Ile Maurice(“AHRIM”), an association of hotels and restaurants in Mauritius, and the Sea Users Association, an association of civilians, recently won an important appeal against the grant of an Environmental Impact Assessment (“EIA”) licence to a fish farming project by the Minister of Social Security, National Solidarity, and Environment and Sustainable Development...

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...

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...

Resolutions of the Hungarian data protection authority imposing fines under the GDPR (21 June 2019)
Szecskay Attorneys at Law, July 2019

Below you will find a brief summary of the resolutions of the data protection authority uploaded on their website up until today imposing a fine under the GDPR. 1. Failure to facilitate the exercise of data subjects' rights The data subject wanted to exercise his access right, right to receive a copy, and his right to restrict processing of camera recordings of him at the reception area of a service provider...

The Remedy Against Taking the Law Into Your Own Hands
ENSafrica, August 2019

  It is a well-established principle of South African law that you may not take the law into your own hands. The remedy formulated to enforce this principle is themandament van spolie.In its classic formulation, themandament, or spoliation action, protects against a deprivation of possession otherwise than through a legal process. All a plaintiff need prove is that it was in peaceful and undisturbed possession of property and was deprived of that possession...

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...

Dividends Tax: Most-Favoured Nation Clause in Double Tax Agreement
ENSafrica, August 2019

  On 12 June2019, the Tax Court of South Africa delivered its judgment inABC(Pty)LtdvC:SARS(case no. 14287). The court was tasked with determining the application and interpretation of South African double taxation agreements (“DTAs”) entered into with the State of Kuwait (the “SA-KW DTA”), the Kingdom of the Netherlands (the “SA-NL Protocol”), and the Kingdom of Sweden (the “SA-SE Protocol”)...

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...

New Decision May Deprive Commissioner Discretion to Refuse Legal Representation in CCMA and Bargaining Council Arbitration Proceedings
ENSafrica, August 2019

  A recent landmark decision of the of the South African Metal and Engineering Industries Bargaining Council could see Commission for Conciliation, Mediation and Arbitration (“CCMA”) commissioners stripped of their discretion in granting legal representation for those involved in unfair dismissal disputes arising from misconduct or incapacity...

New UAE Regulatory Policy for the Internet of Things
Afridi & Angell, July 2019

Along with the prediction that the continued growth of the Internet of Things (IoT) will transform our everyday lives and how we do business, we can also anticipate that the increased number of connected devices will bring about additional challenges, including greater security and privacy-related risks...

Dismissing an Employee for Dishonesty During a Disciplinary Hearing or Arbitration Proceeding  
ENSafrica, August 2019

  Dishonesty in the workplace can take various forms, including theft of the employer’s property (or that of fellow employees), fraudulent conduct, such as submitting incorrect time sheets, lying to managers and other unethical conduct...

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)...

Does Section 187(1)(c) of the LRA Apply to Individual Dismissals?
ENSafrica, August 2019

Section 187(1)(c) of the South African Labour Relations Act, 1995 (“LRA”) has always been controversial because of the interplay between the definition of automatically unfair dismissals, employers’ rights to terminate contracts of employment on the basis of operational requirements and the institution of collective bargaining...

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...

Africa Tax in Brief
ENSafrica, August 2019

  ANGOLA: Introduction of VAT postponed The introduction of value-added tax (“VAT”), scheduled for 1 July 2019, was postponed to October following discussions between the Angolan Government and the Business Technical Group (“GTE”), which advocated implementing VAT only in January 2020...

DIFC Courts Pierce Veil of Incorporation in Employment/Marital Dispute
Afridi & Angell, July 2019

The DIFC Small Claims Tribunal (SCT), a branch of the DIFC Courts, has in a rare (if not first of its kind) judgement, pierced the corporate veil of a DIFC incorporated company to look into its shareholding and key individuals in the case of AS World Group Holding Ltd. Vs Anna Calkins [DIFC SCT 116/2019]. Overview of dispute AS World Group Holding Ltd (Claimant), filed proceedings against Ms...

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...

The New DIFC Employment Law: Key Changes
Afridi & Angell, June 2019

On 12 June 2019, the Dubai International Financial Centre (the DIFC) announced the enactment of DIFC Law 2 of 2019 (the New DIFC Employment Law) to replace the existing DIFC Law 4 of 2005 (the Old DIFC Employment Law). The New DIFC Employment Law is to come into force on 28 August 2019 and will directly affect almost 24,000 employees based in the DIFC...

New York on Verge of Passing Landmark Data Security Legislation
Lowenstein Sandler LLP, June 2019

What You Need To Know: If signed into law, New York’s SHIELD Act will broaden the definition of protected information to include biometric data, email addresses, and corresponding passwords or security questions and answers. Unauthorized access, and not just unauthorized acquisition, to protected information would trigger breach notification requirements...

NLRB Will No Longer Require Employers to Permit Union Organizers in “Public Space” on Employers’ Property
Dinsmore & Shohl LLP, June 2019

Overruling 38 years of precedent, the NLRB has determined employers have no duty to permit union organizers to use “public space” to solicit union support on their property.  UPMC and SEIU, 368 NLRB No. 2 (June 14, 2019).  UPMC is a hospital system based in western Pennsylvania.  SEIU organizers visited the hospital cafeteria and distributed organizing materials to employees over lunch discussing union organizing activity...

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...

Functionality in Trade Dress Protection – ‘So what? It doesn’t matter.’
Dinsmore & Shohl LLP, June 2019

While appealing a $4 million verdict on the basis of willful trade dress infringement, a manufacturer admitted to copying the design of a French coffee press. When asked by an appellate judge to confirm that admission, the manufacturer’s attorney confirmed the copying, adding, “So what? It doesn’t matter.” Bodum USA has accused A Top New Casting of infringing its rights in the design of its Chambord coffee press. A jury in the U.S...

Trade and business secrets law enacted
Heuking Kühn Lüer Wojtek, June 2019

It is here. The German Trade and Business Secrets Law (Geschäftsgeheimnisgesetz; GeschGehG) came into effect on April 26, 2019. Companies wishing to ensure protection of their business and trade secrets (such as customer, supplier and staff lists) in the future are required to take and document appropriate non-disclosure measures. This is effective immediately...

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...

Unfounded fixed term ("previous employment")
Heuking Kühn Lüer Wojtek, June 2019

Federal Labor Court (Bundesarbeitsgericht; BAG) dated January 23, 2019 – 7 AZR 733/16 The unfounded limitation of the term of an employment contract, when an employee is employed again by the same employer, is only permissible when and if the application of the prohibition of unfounded fixed-term employment under Sec. 14(2) s. 2 Part-Time and Fixed-Term Employment Law (Teilzeit- und Befristungsgesetz; TzBfG) would be unreasonable for the parties...

Back to the Drawing Board (Somewhat) – D.C. Circuit Court of Appeals Invalidates Workplace Examination Final Rule
Dinsmore & Shohl LLP, June 2019

On June 11, 2019, the United States Court of Appeals for the District of Columbia Circuit overturned the 2018 version of MSHA’s workplace examination final rule and ordered the agency to implement the text of the 2017 proposed standard. In United Steel, Paper, and Forestry et al. v. Mine Safety and Health Administration et al., No...

European court of justice (ECJ): member states must require employers to systematically record working hours
Heuking Kühn Lüer Wojtek, June 2019

FACTS OF THE CASE Spanish working time law only requires that employers systematically measure their employees’ working hours in case of overtime...

Ninth Circuit Rules ERISA Pension Plan Must Pay Survivor Benefits to Registered Domestic Partner
Hanson Bridgett LLP, June 2019

In a short, unpublished opinion, the Ninth Circuit Court of Appeals ruled that an ERISA pension plan administrator should have treated a deceased participant's registered domestic partner as a surviving spouse and granted his claim for survivor benefits...

Joint Controllers - Supervisory authorities publish first sample agreement
Heuking Kühn Lüer Wojtek, June 2019

The topic of “joint controllers” according to Art. 26 GDPR continues to gain momentum. The State Commissioner for Data Protection and Freedom of Information in Baden-Württemberg (LfDI) has now, for the first time, published a sample of an agreement for joint controllers under Art. 26(1) s. 2 GDPR as well as a sample relating to the fulfillment of obligations to inform the data subjects pursuant to Art. 26(2) s. 2 GDPR...

California Appellate Court Affirms Large Punitive Damages Award Against Insurer
Hanson Bridgett LLP, June 2019

Last month, a California appellate court rejected an insurer's arguments and affirmed a large punitive damages award against the insurer, providing a fresh roadmap for policyholders to obtain such relief when insurers engage in certain bad-faith practices. Mazik v. GEICO General Insurance Company (2019) 35 Cal.App.5th 455 involved a policyholder's claim for the $50,000 limits under his underinsured motorist policy...

No right of withdrawal after entering into a termination agreement
Heuking Kühn Lüer Wojtek, June 2019

BAG, ruling dated February 7, 2019 - 6 AZR 75/18 A termination agreement under labor law cannot be withdrawn pursuant to consumer protection regulations (Sec. 312(1) in combination with Sec. 312g, Sec. 355 German Civil Code (Bürgerliches Gesetzbuch; BGB)) only because it was concluded in the employee’s private home. In its ruling dated February 6, 2019 (Ref. No...

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...

Investing in the Slovenian Automotive Production Industry
Karanovic & Partners, June 2019

This article was written by Igor Angelovski and was originally published in Issue 6.2 of the CEE Legal Matters Magazine. “If you are a company conducting business in the automotive industry with intentions of expanding on the European market, where do you look? The answer may be the Central European country of Slovenia...

'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...

 

 

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