On March 14, 2016 the Mexican Ministry of Economy published in Official Gazette of the Federation a decree amending the General Corporations Law (Ley General de Sociedades Mercantiles) which will allow the incorporation of Mexican simplified commercial corporations or “SAS” (sociedad por acciones simplificada) within a 24-hour time frame.To read the full alert, click here ...
On January 4th, 2016, the President of the Republic introduced a series of amendments to the bill of law that, “modifies the Health Code in order to regulate generic bioequivalent pharmaceutical products and prevent the vertical integration of pharmaceutical laboratories and pharmacies”, – Bill No. 9914-11- (“Pharmaceutical Bill II”) ...
Increased deal activity is likely in Australia's health and aged care sector in 2016, driven by:• investment interest from China• Australian players targeting outbound opportunities through joint ventures and partnerships; and• consolidation in the aged and home care services areas.Rapidly ageing populations across our region are driving demand for high quality health care, especially in countries such as China and Japan ...
The Second Circuit issued an important decision recently in In re Sanofi Securities Litigation applying the Supreme Court’s landmark Omnicare decision. In Omnicare, the Supreme Court held that a statement of opinion, even if honestly believed, could be actionable if the issuer failed to disclose material facts that conflict with what a reasonable investor would, in context, expect about the issuer’s basis for the opinion ...
The Consumer Financial Protection Bureau (“CFPB”) recently announced a settlement with Dwolla, Inc., an online payment processor, for allegedly deceptive statements Dwolla made to consumers regarding the company’s data security practices. In the settlement, Dwolla agreed to pay a $100,000 penalty and take specific actions to improve its data security ...
Since mid-February, there has been an ongoing debate in the public sphere regarding the high profile case that found the global IT giant Apple and FBI on opposite sides of the legal spectrum. The case's background involves the 2015 San Bernardino shooting incident in USA, and the fact that one of the perpetrators was in possession of an iPhone potentially containing relevant information for the ensuing investigation ...
On February 29, 2016, the European Commission issued a draft of the so-called Adequacy-Decision for the new agreement between the European Union and the USA called EU-US Privacy Shield to facilitate data transfers between the European Union and the USA. It is doubtful whether the Privacy Shield will be a reliable basis for a simplified transfer of personal data ...
On 16 February 2016, the Bosnian Competition Council made a ruling in favour of the cable operator and Karanović & Nikolić's client – Telemach – in the case against HD Win, the owner of the sports channel "Arena Sport", and a subsidiary of Telekom Serbia. The authority imposed a fine against HD Win for its abuse of dominant position and ordered it to enter into agreement with Telemach in order to allow its subscribers access to Arena Sport ...
On February 12, 2016, the Securities and Exchange Commission (the “SEC”) issued 18 no-action letters concerning requests to exclude proxy access shareholder proposals from proxy materials pursuant to Rule 14a-8(i)(10) of the Securities Exchange Act of 1934, as amended. Rule 14a-8(i)(10) permits a company to exclude shareholder proposals from its proxy materials if the company has already “substantially implemented” such proposals ...
On February 16, 2016, the recently constituted Philippine Competition Commission (“PCC”), which was created under the Philippine Competition Act (Republic Act 10667 or the “PCA”), issued Memorandum Circular No ...
Karanović & Nikolić is proud to announce the promotion of new Partners and Senior Associates. The following employees have been recognised for their hard work and dedication to our values and goals, and we hope this promotion will only increase their drive and commitment in the future ...
We have news coming from Slovenia, where it has recently been reported that the European Investment Bank (EIB) will be opening its office in the country's capital, Ljubljana, during the summer months. This piece of news does not come as too big of a surprise, since the Slovenian economy has enjoyed EIB's considerable presence over the last couple of years, with its investments during last year alone totaling EUR 798 million ...
The Modern Slavery Act 2015 introduces a new area of compliance for commercial organisations. The Act is amongst the toughest anti-slavery and human trafficking legislation in the world. Although legal penalties are restricted, interest from patients, consumers, investors, NGOs, pressure groups and brand risk is expected to enforce compliance ...
On 16 February 2016, the Bosnian Competition Council made a ruling in favour of the cable operator and Karanović & Nikolić's client – Telemach – in the case against HD Win, the owner of the sports channel "Arena Sport", and a subsidiary of Telekom Serbia. The authority imposed a fine against HD Win for its abuse of dominant position and ordered it to enter into agreement with Telemach in order to allow its subscribers access to Arena Sport ...
Further to our previous alert relating to inspections of the Russian Data Protection Authority (‘DPA’) we would like to draw your attention that DPA is also entitled to undertake measures of so-called systematic monitoring in order to supervise compliance of data controllers with the Russian legislation on personal data. These measures mainly cover checking websites and information placed in a public domain ...
Last week, the General Court of the European Union dismissed Coca Cola's request to register its bottle shape without fluting as a Community trade mark, further denying the soft drink giant's intention, five years since the application in question was initially submitted. Back in December, 2011, Coca-Cola filed an application to the Office for Harmonisation in the Internal Market (OHIM) for the registration of its glass bottle without fluting as a Community trademark ...
The legal landscape for doing business in Iran has changed significantly in the past seven months. On July 14, 2015, the P5+1 (the United States, the United Kingdom, Germany, France, China and Russia), the European Union and Iran agreed and signed a Joint Comprehensive Plan of Action (“JCPOA”) contemplating the easing of certain Iran related sanctions ...
In a third and final round of settlements with underwriters, the SEC announced on February 2, 2016 enforcement actions against 14 firms for alleged misstatements and omissions in municipal bond offerings ...
NewLegislation Enables the Public Offering of Foreign Fund Units in Israel for theFirst Time On February 10, 2016, the IsraeliParliamentary Finance Committee approved regulations ("Regulations")which will enable the public offering of foreign mutual fund units inIsrael. The Regulations will take effectwithin six months from the date of publication. Prior to the enactment of theRegulations, the Israeli Joint Investment Trust Law permitted the offering offoreign funds in Israel ...
After a long wait, on February 12, 2016, the Centers for Medicare & Medicaid Services for HHS (“CMS”) issued a final rule that clarified the obligations of Medicare providers and suppliers to report and return overpayments within 60 days (the “Rule”).1 The Rule becomes effective on March 14, 2016. The Rule, which applies only to Medicare Part A and B providers and suppliers, enforces a statutory requirement from 2010 implemented by the Affordable Care Act (“ACA”) ...
The United States and the European Union recently concluded a new agreement aimed at allowing U.S. companies to continue to collect, use and disclose personal information concerning European citizens, while still preserving their fundamental rights ...
The jurisdictional thresholds for premerger notification filings under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (“HSR Act”) will increase February 25, 2016, and will apply to any transaction closing on or after that date. The revised thresholds will remain in effect until the next annual adjustment, expected in the first quarter of 2017.To read the full alert, click here ...
Lavery closely monitors new developments in consumer law and is committed to keeping the business community informed of the latest developments in this area of the law by regularly publishing newsletters dealing with new case law or legislative changes which may impact, influence, or even transform practices in the retail sector ...
Less than two days after an enforcement moratorium expired, U.S. and EU officials in transatlantic data transfer talks have reached a new “Privacy Shield” framework to replace the Safe Harbor regime struck down in the Schrems case last year. The new framework, also known as Safe Harbor 2.0, is expected to increase obligations on U.S. companies that handle the personal data of Europeans, while bringing stronger privacy enforcement by the U.S. Federal Trade Commission (“FTC”) ...
On January 1, 2016 Law No. 20,848 which sets forth a new legal framework for foreign direct investment in Chile (the “New Law”) was enacted. The New Law also regulates the effects of contracts entered into during the term of Decree Law No. 600 of 1974 (“DL 600”), in order to guarantee the full validity of the rights and duties acquired by foreign investors under said legal regime ...
