In the area of salary, to be emphasised is that the Code has established that the calculation of supplementary and fringe benefits must be based on the basic salary and length of service payments. Also noteworthy are the new rules relating to special pay for exemption from regular working hours, which is after all justified by the fact that the Code provides for three different forms of exemption (vide III above) ...
The amendments made to occupational mobility, also known as functional polyvalence, are quite significant and resorting to this mechanism has become more flexible. This matter, which was governed by Article 22 (rendering of work by the employee not included or object of his/her contract) of the Employment Contract Law, is now addressed by Article 151 (Performance of Duties), Article 152 (Effects on Remuneration) and Article 314 (Occupational Mobility) of the Code ...
In terms of geographical mobility, the Labour Code has maintained the prohibition of the employer transferring the employee to another workplace, save where the interests of the company so require and this change does not entail a serious loss for the employee, where the transfer results from the total or partial moving of the establishment where the employee works, in the cases provided for in collective bargaining agreements or where the employee agrees to the transfer ...
The system applicable to the transfer of a company or part thereof set forth in Articles 318 to 321 of the Labour Code is aimed at rendering this system compatible with Community Law, notably with Council Directive of 12 March 2001, which focuses on this issue on the approximation of the laws of the Member States relating to the safeguarding of employees' rights in the event of transfers of companies or establishments ...
The system governing collective bargaining is that which the Code has changed the most. Among these changes, the most important is undoubtedly the provisions applicable to the survival of collective agreements. Under the prevailing law, once a collective bargaining agreement had reached its term, it would remain in force for an unlimited period of time until it was replaced by a new one ...
Ukrainian Exchange Controls Have Always Been, if Anything, Overprotective. As More Ukrainian Companies Are Seeking Finance Abroad, Ukraine Has to Consider Adding Clarity and Certainty to its Exchange Controls in Order to FacilitateCross-Border Finance Regulatory imperfections. The system of Ukrainian exchange controls is based on the Decree of the Cabinet of Ministers of Ukraine On the System of Currency Regulation and Currency Control (the “Decree”) adopted back in 1993 ...
News for Retiree Medical Plans
On May 28, 2003, the U.S. Department of Labor ("DoL") issued proposed regulations on COBRA continuation coverage notice requirements. The proposed regulations include content standards for each type of required notice and provide sample forms for certain of the required notices. This Alert focuses on the significant changes applicable to single employer health plans. Even though they are only proposed, the regulations are important for a number of reasons ...
Project financing in emerging markets has been in use for some time, primarily for financing large new projects without any prior track record or operating history — greenfield projects. Emerging markets are in instant need of project financing as an effective instrument for economic investments. It facilitates attracting new investments by structuring the financing around the project's own operating cash flow and assets, without the additional guarantees of sponsors ...
Capital Committed to VC Funds in the US ($) and Return Importance of Angel Investors • 80% of recent Inc. 500 bootstrapped initial capital using non-traditional source of funding1 • 5% raised initial capital from venture capital1 • 1996 - $30 billion angel funding $10 billion venture capital2 1. Angel Profile • Do’s for Entrepreneurs ...
A recent U.S. Court of Appeals decision underscores the importance to plan administrators of maintaining proper procedures for the distribution of summary plan descriptions (SPD’s) under ERISA. Each participant in a plan which is subject to ERISA must be furnished an SPD satisfying ERISA’s content requirements within 90 days after he or she becomes a participant ...
Now that the 60-day deadline for filing new legislation without suspension of the rules has passed, for all practical purposes all legislation that will be offered this session has now been filed. Bills that could impact Texas employers generally, are listed by bill number and contain author, the committee the bill has been referred to, and any action that has been taken. House of Representatives H.B ...
We have identified various venture capital deal terms which have become more onerous as a result of the current state of the venture capital and technology industry. Understanding the impact of those terms is important to angels in structuring their initial investment as well as situations where they have made an investment and then solicit subsequent professional venture capital funding for the portfolio company ...
The Department of Labor (“DoL”) has issued final rules that implement the pension blackout provisions of the Sarbanes-Oxley Act of 2002 (the “Act”). These rules require plan administrators of individual account plans to deliver advance notice of blackout periods and will be effective for blackouts which begin on or after January 26, 2003 ...
SEC Adopts New Rules Governing Disclosure of Non-GAAP Financial Measures and Amendments to Form 8-K Relating to Earnings Releases and Other Financial Disclosures
Florida West Coast Employee Benefits Council This outline looks at the privacy regulations as modified by the August 14, 2002, final modifications and how they apply to group health plans. This outline also considers the impact of the guidance issued by the Office of Civil Rights of the Department of Health and Human Services on December 4, 2002 ...
Florida West Coast Employee Benefits Council The following chart attempts to summarize some of the types of group health plans and which of the HIPAA privacy notice and administrative requirements apply to the plan. No one should rely on this as legal advice. In every situation, the application of the rules requires careful analysis of one's own counsel who is familiar with your particular situation ...
I. Why now? The rapidly increasing cost of health care, with the resulting increase in the cost of employer-provided health benefit plans, has caused employers to search for ways to contain their health plan expenses. Rising costs, along with general employee dissatisfaction with the lack of choice of health care providers under many plans and the perceived lack of quality within many of the networks available to employees, has created an environment ripe for new ideas ...
"This [provision of the Sarbanes Oxley Act] is about making sure those lawyers. . . don’t violate the law and, in fact, more importantly, ensure that the law is being followed." -- Senator John Edwards, July 10, 2002 On November 21, 2002, the SEC proposed a new Rule 205 entitled “Standards of Professional Conduct for Attorneys Appearing and Practicing Before the Commission in the Representation of an Issuer” (the “Standards”) ...
The Internal Revenue Service previously announced that in order for qualified retirement plans to be in compliance with the requirements of the Economic Growth and Tax Relief Reconciliation Act of 2001 (“EGTRRA”), those plans must make the necessary good faith amendments by the later of (i) the last day of the plan year in which the EGTRRA changes apply, or (ii) the end of the GUST remedial amendment period for the plan. For most plans, the EGTRRA changes apply for the 2002 plan year ...
The Entrepreneurship Institute President's Forum This term sheet provides an example of a typical "Angel" round investment in preferred stock. It is not intended as specific legal advice or a final legal document and is provided for general educational purposes only ...
The Department of Labor (“DoL”) has issued rules that implement the pension blackout provisions of the Sarbanes-Oxley Act of 2002 (the “Act”). These rules require plan administrators of individual account plans to deliver advance notice of blackout periods and will be effective for blackouts which begin on or after January 26, 2003 ...
