Recently Published

Resource type: Article: other

Status: Published on 03-Feb-2012

The full list of Law Firm Publications published over the last month, across the Americas, Asia-Pacific , EMEA and Offshore regions

Americas

Law Firm Publications covering developments in the South and North American continents

Argentina: Argentina's "expropriation" of Repsol oil subsidiary: the legal landscape

Author: Herbert Smith

This Law Firm Publication by Herbert Smith looks at the recent Bill issued by Argentina’s President, outlining the Government’s intention to nationalise Spanish oil company Repsol’s stake in Argentinean oil major YPF. This article further considers foreign investment protection in Argentina and the avenues of recourse that may be available to Repsol, as well as the bilateral investment treaty in place between Spain and Argentina.

Canada: Bill C-30 to give Canadian authorities increased powers in computer data interception and disclosure

Author: Norton Rose

This Law Firm Publication by Norton Rose looks at Bill C-30 in Canada which, if implemented, will make personal information in the possession of telecommunications service providers more accessible to law enforcement authorities. The proposed legislation will impose a responsibility on service providers to retain and furnish the relevant authorities with their requested information, for the purpose of investigations.

Canada: Central management and control test determines trust residence for Canadian tax purposes

Author: Borden Ladner Gervais LLP

This Law Firm Publication by Borden Ladner Gervais LLP focuses on the recent case of St. Michael Trust Corp V. The Queen, where the Supreme Court of Canada upheld the earlier decisions of lower courts in relation to the correct legal test for determining the residence of a trust for Canadian tax purposes, which focuses on where the control and management of the business takes place, rather than where the trustee resides.

Canada: New regulatory regime for credit rating organisations

Author: Bennett Jones LLP

This Law Firm Publication by Bennett Jones LLP examines the recent implementation of National Instrument 25-101 Designated Rating Organisations, in Canada. The new Instrument introduces new requirements for credit rating agencies that wish to have their credit ratings eligible for use in securities legislation. The Instrument and associated amendments came into force on 20 April 2012.

US: Nebraska passes job reference immunity Law

Author: Jackson Lewis LLP

This Law Firm Publication by Jackson Lewis LLP discusses a new Nebraska law that grants civil immunity to employers that provide job references to prospective employers of their current or former employees. The law creates a list of approved information that an employer may disclose without fear of liability. However, the law does not provide immunity to employers who either:

Knowingly or recklessly provide false information.

Disclose information with a discriminatory or retaliatory purpose

Approved on 10 April 2012, the law takes effect 18 July 2012.

US: California labour commissioner revises Wage Theft Prevention Act template and frequently asked questions

Author: Epstein Becker & Green, P.C.

This Law Firm Publication by Epstein, Becker & Green, P.C. discusses the California Labour Commissioner's revisions to the official Frequently Asked Questions Guidance and notice template, which are intended to aid employers in complying with California's Wage Theft Prevention Act of 2011. The revisions to these documents address employer concerns about the effect of the template on at-will employment and the listing and description of rates of pay. New guidance on joint-employment situations is also included.

Canada: Budget 2012: Increasing economic activity through international trade measures

Author: Blake Cassels & Graydon LLP

This Law Firm Publication by Blake Cassels & Graydon LLP summarises the various initiatives that are taking place in Canada, following the recent federal budget (2012) release. The budget contained new priorities and planned measures intended to have an impact on international trade and investment to and from Canada.

Canada: CRTC finalises electronic commerce protection regulations

Author: Bennett Jones LLP

This Law Firm Publication by Bennett Jones LLP focuses on the recently reissued Electronic Commerce Protection Regulations, published by the Canadian Radio-Television and Telecommunication Commission (CRTC), following initial concerns raised when they were originally released in 2011. The revisited Regulations are more flexible than the former proposals and will introduce changes related to the content in commercial e-mails, consent, and unsubscribe mechanisms.

Canada: Sound marks now registrable in Canada

Author: Bennett Jones LLP

This Law Firm Publication by Bennett Jones LLP focuses on the recent announcement by the Canadian Intellectual Property Office, that it will now accept applications for sound marks in Canada. The announcement follows the recent decision to allow Metro-Goldwyn-Mayer to register their iconic roaring lion sound, 20 years after their original application.

Mexico: Why it is important to submit evidence in a tax audit

Author: Basham Ringe y Correa S.C.

This Law Firm Publication by Basham Ringe y Correa S.C. provides a brief update on a recent ruling of the First Chamber of Mexico's Supreme Court. In a court action for annulment, it was held that taxpayers cannot rely on information as evidence where the information was supplied after the date originally requested by the tax authorities.

US: Are your employees' tips subject to garnishment?

Author: Epstein Becker & Green, P.C.

This Law Firm Publication by Epstein Becker & Green, P.C. discusses wage garnishment in the context of the Tennessee Court of Appeals' decision in Erlanger Medical Center v. Strong. In that case, the court relied on guidance found in the US Department of Labour's Field Operations Manual and a Wage and Hour Opinion Letter to hold that tips are not earnings that may be garnished. The publication notes that the decision and the US Department of Labour guidance documents on which it relied may serve as strong persuasive authority in other jurisdictions.

US: Utah employees can rebut presumption that drug use was major contributor to workers' compensation injury

Author: Stoel Rives LLP

This Law Firm Publication by Stoel Rives LLP discusses the Utah Court of Appeals' decision in Barron v. Labor Commission, finding that an employee can rebut the presumption of drug use as the major contributor to a workplace injury if controlled substances are found in the employee's system. In Barron, an employee's workers' compensation claim was denied because of a positive drug test. The Utah Labor Commission found that the employee must show that "some other force," rather than drug use, caused the injury to rebut the presumption. The Utah Court of Appeals overturned the decision, clarifying for the first time that evidence of non-impairment at the time of the accident can overcome the presumption that the drug use was the major contributing cause of the injury.

Bermuda: Get ready for land title registration in Bermuda

Author: Conyers Dill & Pearman

This Law Firm Publication by Conyers Dill & Pearman looks at the BermudaLand Title Registration Act 2011, which is set to come into force in late 2012. The Act predominantly aims to implement a system of land registration, and therefore is expected to heavily impact on Bermuda real estate law.

Canada: CSA outlines concerns regarding an issuer’s financial condition in the context of a prospectus offering

Author: Blake Cassels & Graydon LLP

This Law Firm Publication by Blake Cassels & Graydon LLP examines the recent guidance notice issued by the Canadian Securities Administrators (CSA) in relation to a prospectus offering, where there are concerns in relation to an issuer’s financial condition. The guidance is applicable to all issuers and all prospectus reviews in Canada.

Canada: Supreme Court of Canada to consider random alcohol testing in the workplace

Author: Davis LLP

This Law Firm Publication by Davis LLP examines the recent Irving Pulp & Paper case, where the Supreme Court of Canada has granted a leave to appeal to the union, in order to decide on whether employers can conduct random alcohol testing of employees in safety sensitive conditions. The Court of Appeal in Canada previously held that employers have the right to conduct the testing by taking a balancing of interests approach between employer rights to enforce rules, against employee privacy. The case decision is eagerly anticipated by relevant employers and unions, and will set a precedent in Canada.

Canada: The final report of the task force for the payments system review arrives

Author: Blake Cassels & Graydon LLP

This Law Firm Publication by Blake Cassels & Graydon LLP focuses on the Task Force for the Payments System Review’s recent report, "Moving Canada into the Digital Age", which was published on 23 March 2012. The report, inclusive of four policy papers, offers recommendations to the finance minister to help guide the future of the Canadian payments system.

US: New smoking law signed by Indiana governor

Author: Fisher & Phillips

This Law Firm Publication by Fisher & Phillips discusses Indiana's new smoking law, signed by Governor Daniels. Under this law, smoking is prohibited in any place of employment, all public places and within eight feet of the entrance to either. Employers must inform current and prospective employees of the prohibition. The law also prohibits discrimination and retaliation for reporting violations under this law. The smoking law takes effect 1 July 2012.

US: Mandatory jury waiver upheld by Texas Supreme Court

Author: Ford & Harrison LLP

This Law Firm Publication by Ford & Harrison LLP discusses the Texas Supreme Court's decision in In re Frank Kent Motor Company d/b/a Frank Kent Cadillac, No. 10-0687 (9 March 2012). In that case, an at-will employee argued that his waiver of a jury trial was invalid because he was coerced into signing it when his employer threatened to terminate his employment if he did not sign it. The Texas Supreme Court upheld the jury trial waiver, holding that the employer's threat was not coercion that would invalidate the jury trial waiver because the employer had a legal right to fire the at-will employee for almost any reason, including the employee's refusal to accept new employment terms.

Argentina: New information regime on all economic transactions among Argentine residents and representatives of individuals or entities from abroad

Author: M & M Bomchil

This Law Firm Publication by M & M Bomchil examines the recently published Resolution No. 3285 of the Argentine Tax Authority, which aims to reorganise and update the current information regime by introducing compulsory guidelines on economic transactions, agreed among Argentina residents and representatives of individuals or entities from abroad.

Mexico: Mexican administrative litigation: new specialised chambers to attend all cases

Author: Jones Day

This Law Firm Publication by Jones Day provides a brief update as to the creation of two specialist court chambers in Mexico; the Online Trials Chamber and the State Activity Chamber. The new chambers were introduced by the Federal Tax and Administrative Court, in order to improve the administration of justice and quality of rulings in the country.

US: E-Verify effective for Alabama employers on 1 April 2012

Author: Ogletree Deakins (www.practicallaw.com/8-518-5419)

This Law Firm Publication by Ogletree Deakins discusses the employment provisions of Alabama's immigration law. Effective 1 April 2012, Alabama employers must verify the immigration status of its employees using the federal E-Verify program. State contractors must provide a sworn affidavit that they do not knowingly hire, employ or continue to employ unauthorised aliens and that they have been using E-Verify since 1 January 2012.

US: Connecticut Supreme Court rules a public agency can create and maintain trade secrets

Author: Epstein Becker & Green, P.C.

This Law Firm Publication by Epstein Becker & Green, P.C. discusses the Connecticut Supreme Court's recent holding in University of Connecticut v. Freedom of Information Commission that a public agency may create and maintain trade secrets that are exempt from disclosure under Connecticut's Freedom of Information Act (FOIA). The decision gives public agencies, including public universities, the same rights as a private person to profit from research, investment and development of trade secrets under the Connecticut Uniform Trade Secrets Act.

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Asia-Pacific

Recent Law Firm Publications covering developments across the Asia-Pacific region

Australia: New implementation guidelines for the national code of practice for the construction industry to take effect 1 May 2012

Author: Minter Ellison

This Law Firm Publication by Minter Ellison examines the revised implementation guidelines for the national code of practice for the construction industry, recently released by the Australian government. The guidelines apply to all government funded projects that are the subject of an expression of interest or tender let for the first time on or after 1 May 2012.

Australia: The ‘income’ of a trust - Taxation Ruling 2012/D1

Author: Greenwoods & Freehills

This Law Firm Publication by Greenwoods & Freehills examines a recent Draft Ruling (TR 2012/D1) issued by the Australian Tax Office in relation to the meaning of the word “income” in connection with trusts. The controversial Ruling, released for public comment until 11 May 2012, is expected to heavily impact on property trusts and managed funds in Australia.

Australia: iiNet wins High Court copyright battle

Author: Minter Ellison

This Law Firm Publication by Minter Ellison provides an overview of the eagerly anticipated appeal decision, heard in the High Court of Australia, surrounding the internet service provider iiNet. The company finally won its long running legal battle with copyright holders in Australia and the US. Among other points, the Court held iiNet had insufficient powers to prevent the copyright infringement and dismissed the appeal.

Burma: Proposed new telecommunications law in Myanmar - what are the opportunities and risks for Japanese investors?

Author: Herbert Smith

This Law Firm Publication by Herbert Smith offers comment on the recent press reports that suggest the Myanmar Government is planning to pass new legislation to liberalise its telecoms market to both private domestic and foreign operators, and investors (including potential Japanese investors). The legislation will be hugely significant for all investors with associated interests in the country, as the current regulatory framework only allows for the Myanmar Government to provide telecoms services.

China: China issues new rules on outbound investments by centrally-administered state-owned enterprises

Author: Hogan Lovells

This Law Firm Publication by Hogan Lovells focuses on the recent measures, published by the Assets Supervision and Administration Commission of the State Council, which become effective in China on 1 May 2012. The new measures aim to closely regulate outbound investments from the country and introduce further reporting requirements for outbound investments made by centrally-administered state-owned enterprises.

China: China and your intellectual property

Author: Werksmans Attorneys

This Law Firm Publication by Werksmans Attorneys focuses on the issues surrounding trade mark applications for South African brands in China. The article considers the recent substantial increase in Chinese citizens seeking the unauthorised registration of third party trade marks, as well as the pitfalls surrounding the single-class filing system currently used in the country.

South Korea: Guidelines for cross-border sale of insurance products in Korea

Author: Bae Kim & Lee LLC

This Law Firm Publication by Bae Kim & Lee LLC focuses on recently issued guidelines, published by the Financial Supervisory Service (FSS) of South Korea, governing the sale of insurance products in the country by insurance businesses that are registered in their native jurisdictions (offshore insurance sellers), but not in Korea. The new guidelines, effective as of 1 May 2012, introduce new reporting requirements specifically for offshore insurance sellers in the country.

Australia: National business name register to commence on 28 May 2012

Author: Minter Ellison

This Law Firm Publication by Minter Ellison focuses on the Business Names Registration Act 2011, which has just been passed by the Commonwealth Parliament in Australia. The Act will generally make it mandatory for a person operating a business in Australia to register the business name with Australian Securities and Investments Commission. Subject to approval, the Act is scheduled to commence on 28 May 2012.

Australia: Changes to NSW corporate reconstruction relief

Author: King & Wood Mallesons

This Law Firm Publication by King & Wood Mallesons focuses on changes to the rules on corporate reconstruction relief and corporate consolidation transactions in New South Wales with effect from 1 July 2012 (with a transitional period up to 31 December 2012). The new corporate reconstruction rules are broadly similar to the existing rules, although there are changes.

Australia: High Court rules on trustee obligations for the due administration of charitable trust funds

Author: Minter Ellison

This Law Firm Publication by Minter Ellison focuses on the recent case of Commissioner of Taxation v Bargwanna heard in the High Court in Australia. The decision highlights that income tax exemption, once granted to a charitable trust fund, requires an annual analysis by the trustees of whether the trust fund assets are actually being applied toward its charitable purposes, in line with the Income Tax Assessment Act 1997.

China: A balancing act: latest amendment to Foreign Investment Catalog

Author: Paul Weiss Rifkind Wharton & Garrison

This Law Firm Publication by Paul Weiss Rifkind Wharton & Garrison looks at the most recent amendments made to the Foreign Investment Catalog in China. The amendments focus both on China's state planning priorities, while also adhering to the country's international commitments in relation to the World Trade Organisation.

China: New rules on employee share plans for foreign listed companies in China: are they finally ready to take off?

Author: Hogan Lovells

This Law Firm Publication by Hogan Lovells summarises the new requirements introduced by the recently published Circular 7, issued by the State Administration of Foreign Exchange (SAFE) in China. The Circular, effective as of 20 February 2012, requires SAFE registration to be completed in order to implement employee share and option plans in China.

Australia: ATO revisits meaning of trust “income” - again

Author: King & Wood Mallesons

This Law Firm Publication by King & Wood Mallesons focuses on the recently issued draft taxation ruling, of the Australian Taxation Office (ATO), regarding the meaning of “income” of the trust estate for the purposes of the trust taxation rules. The ATO puts forward a number of propositions regarding the determination of “income” and is awaiting public comment up until 11 May 2012.

Australia: Treasury issues final regulations for building and construction companies to report payments to contractors

Author: Minter Ellison

This Law Firm Publication by Minter Ellison focuses on the recently issued Taxation Administration Amendment Regulations 2012, which require businesses in Australia to report all payments made to contractors that provide building and construction services to the Australian Taxation Office. Affected taxpayers will be required to maintain an effective data collection and reporting system to ensure compliance when the new Regulations apply from 1 July 2012.

China: Foreigners expressly restricted from investing in non-residential properties in Guangzhou

Author: Mayer Brown LLP

This Law Firm Publication by Mayer Brown LLP focuses on a recent circular issued by Guangzhou Municipal Land Resources and Housing Administrative Bureau in China, which formally prohibits foreign individuals from purchasing any non-residential properties in Guangzhou. The Chinese central authorities have also imposed restrictions on foreign investment in the real estate market in China.

China: New SAFE Circular 7 - what does it mean for your company?

Author: Jones Day

This Law Firm Publication by Jones Day focuses on the recently issued Circular 7, released by the State Administration of Foreign Exchange (SAFE) in China (PRC). The new Circular has replaced old regulations in relation to the administration of foreign exchange, and requires non-PRC companies to obtain exchange control approval from SAFE in connection with grants of equity awards and offers of stock to PRC nationals.

China: New law on internet services addressing competition and personal information protection

Author: Hogan Lovells

This Law Firm Publication by Hogan Lovells focuses on the key aspects of recently published provisions issued by the Ministry of Industry and Information Technology (MIIT), which aim to regulate the internet information service market in China. The provisions, which primarily address unfair competition issues and the processing of personal data, represent a significant step by China to prescribe the boundaries of acceptable practice on the internet.

Australia: FoFA Bills passed by House of Representatives

Author: King & Wood Mallesons

This Law Firm Publication by King & Wood Mallesons focuses on the development of the FoFA Bills; the Corporations Amendment (Future of Financial Advice) Bill 2011 and the Corporations Amendment (Further Future of Financial Advice Measures) Bill 2011, which have both recently been passed, and slightly amended, by the House of Representatives. The amendments address some of the issues identified in reports published by the parliamentary committees which held inquiries into the Bills.

Australia: Another strong signal that Australia focused on anti-corruption

Author: Freehills

This Law Firm Publication by Freehills provides a brief summary of anti-corruption efforts being made by the Australian Government, which recently released a discussion paper on its intended approach as part of its consultation on the National Anti-Corruption Plan. The Anti-Corruption Plan will co-ordinate and guide the identification of anti-corruption risks and enforcement activities of Australian regulators and agencies.

China: New rules seek to tighten regulation of China's insurance markets

Author: SNR Denton

This Law Firm Publication by SNR Denton summarises the key factors of the China Insurance Regulatory Commission’s (CIRC) recently released Administration Rules in relation to new insurance provisions and premium rates of life insurance companies, which became effective in January 2012. The newly issued Administration Rules are widely expected to help diversify available insurance products and diminish misleading sales or other malpractice on the part of insurance companies.

China: State Council promulgates rules to implement the People's Republic of China Law on Invitations to Tender and Bids

Author: Hogan Lovells

This Law Firm Publication by Hogan Lovells summarises the key provisions of the Implementing Regulations for the People’s Republic of China Law on Invitations to Tender and Bids (Implementing Regulations), and assess their practical impact on bidding and tendering activities in China. The Implementing Regulations were promulgated by the State Council in December 2011, and took effect on 1 February 2012.

Hong Kong: The critical deadlines for new gTLD applications

Author: Mayer Brown LLP

This Law Firm Publication by Mayer Brown LLP provides a brief update as to the recent deadline change for the application of new generic top-level domain names (gTLD), which is now 29 March 2012. New gTLD applicants should register a user account with the ICCANNs TLD Application System by no later than this date, in order to apply for a new gTLD.

India: Expanded investment horizon for foreign venture capital investors

Author: Nishith Desai Associates

This Law Firm Publication by Nishith Desai Associates looks at the Reserve Bank of India Circular of 19 March 2012 which allows Securities and Exchange Board of India (SEBI) registered foreign venture capital investors (FVCIs) to invest in Eligible Securities by way of private arrangement or purchase from a third party. The Circular also clarifies that FVCIs would be allowed to invest in securities on a recognised stock exchange subject to the provisions of the SEBI (FVCI) Regulations 2000, as amended from time to time.

Indonesia: Indonesia introduces ban on exports of certain unprocessed metals and non-metallic minerals and changes to policy on mandatory divestment of shares to local parties

Author: Herbert Smith

This Law Firm Publication by Herbert Smith focuses on the key aspects of recently enacted legislation, Regulation No.7 of 2012 and Regulation No. 24 of 2012, in Indonesia. The new Regulations provide extensive details and guidelines regarding the processing and refining obligations of mining companies and the introduction of a ban on exports in respect of certain specified metals and non-metallic minerals.

Japan: Amendment to the QII Special Business Activities Exemption for Partnership-Type Funds under Article 63 of the FIEL of Japan

Author: Morrison & Foerster LLP

This Law Firm Publication by Morrison & Foerster LLP examines the recent amendments to the Financial Instruments and Exchange Law of Japan (FIEL), which introduce a new required format of notification for General Partners of partnership funds to adhere to, in order to exempt them from registration under Article 63 of FIEL. The new format of notification applies to filings made on or after 1 April 2012, and existing filings must be re-filed in the new format by 30 June 2012.

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EMEA

Recent Law Firm Publications covering developments across European, Middle East and African regions

Denmark: Employee summarily dismissed because of LinkedIn comments

Author: Norrbom Vinding

This Law Firm Publication by Norrbom Vinding provides a brief overview of a recent employment appeal case heard in the Danish High Court. The decision confirms that employers are able to dismiss their employees due to disloyal or damaging statements made by the employees on social media platforms, even when the employee considers the communications to be private.

Finland: Finnish securities markets legislation reformed

Author: Castrén & Snellman

This Law Firm Publication by Castrén & Snellman focuses on the recent proposals put forward by the Finnish government in relation to securities markets legislation in Finland. The proposals aim to overhaul the current structure of the securities legislation and to carve up the Securities Markets Act, if they are approved they are scheduled to come into force on 1 July 2012.

Russian Federation: Treaties applied to Russia temporarily to be published officially

Author: Berwin Leighton Paisner

This Law Firm Publication by Berwin Leighton Paisner focuses on a recent decision in the Constitutional Court of the Russian Federation, which established the possibility that an international treaty can be applied to Russia on a temporary basis only, if this is stated in the treaty. It was also decided that the federal legislator must co-ordinate the official publication of the treaty within three months of its ratification.

South Africa: Tax information exchange agreements take effect

Author: ENS (Edward Nathan Sonnenbergs)

This Law Firm Publication by ENS (Edward Nathan Sonnenbergs) focuses on the recent tax information exchange agreements South Africa has entered into with various other countries. The agreements are often part of wider double taxation agreements between South Africa and its trading partners which authorise the exchange of such information.

Spain: Spain’s tax reform introduces new rules affecting the deductibility of financial expenses and the participation exemption regime, and creates an extraordinary tax amnesty programme

Author: Latham & Watkins

This Law Firm Publication by Latham & Watkins looks at various tax measures recently approved by the Spanish government. The measures, effective since 1 January 2012, will have a significant impact on Corporate Income Tax payers in the country, and in some cases will allow for residents to be released from their past tax obligations providing they adhere to the guidelines set forth in the new regulations.

Germany: German Federal Cartel Office published new merger guidelines

Author: Mayer Brown LLP

This Law Firm Publication by Mayer Brown LLP focuses on the recently effective Merger Control Guidelines in Germany. The Guidelines, effective as of 29 March 2012, aim to help companies better understand the issues on which the Cartel Office focuses on in merger investigations. The Guidelines will be reviewed after the amendments to current German competition legislation come into force, which are scheduled to take effect in early 2013.

Ireland: Outsourcing in the public sector in Ireland - where to next?

Author: Arthur Cox

This Law Firm Publication by Arthur Cox offers an overview of recent developments surrounding outsourcing in the public sector in Ireland, encompassing recent government policy decisions in the area and considering likely future developments.

Italy: Italy changes its merger control rules and raises the bar for merger notification requirements

Author: Shearman & Sterling

This Law Firm Publication by Shearman & Sterling focuses on recently published merger control rules in Italy, effective as of 1 January 2013, which will predominantly affect transaction reporting in the country. The new rules come as part of a package of measures aimed at ensuring growth in competiveness as well as improved infrastructure.

Romania: Corporate law in Romania: Simplified rules for mergers and spin-offs

Author: Biris Goran

This Law Firm Publication by Biris Goran examines recent changes to corporate law in Romania in respect of reporting and documentation requirements in merger and spin-off situations. The changes were implemented in line with Directive 2009/109/EC of the European Parliament. The new legislation predominantly eases the current administrative burden on companies during these processes.

Russian Federation: On new rules for determining customs export value

Author: Berwin Leighton Paisner

This Law Firm Publication by Berwin Leighton Paisner provides a brief update as to recent changes to legislation in Russia (Resolution No.191 dated 6 March 2012) which introduce new rules for determining the customs value of commodities exported from Russia. The new rules are effective as of 14 April 2012.

South Africa: Mining companies forced to relook at their environmental compliance

Author: ENS (Edward Nathan Sonnenbergs)

This Law Firm Publication by ENS (Edward Nathan Sonnenbergs) focuses on a recent case decision and consequential fine, in relation to the regime surrounding environmental management for prospecting, mining and exploration operations in South Africa. The decision, made in line with the Mineral and Petroleum Resources Development Act (MPRDA) and the National Environmental Management Act (NEMA), shows the serious light in which the authorities are beginning to view contraventions by mining companies of the MPRDA and NEMA in so far as they relate to the environment.

Spain: Summary of the most important aspects of Spain's Royal Decree Law 3/2012 proposing urgent measures for the reform of the Spanish labour market

Author: Jones Day

This Law Firm Publication by Jones Day summarises the various measures that have been implemented as a result of the recently issued Royal Decree Law 3/2012, in relation to the reform of the labour and employment market in Spain. The measures are set to have a significant impact, and are already effective in the country.

Germany: New German notification and publication requirements for net short positions

Author: Sidley Austin

This Law Firm Publication by Sidley Austin focuses on the implementation of Section 30(i) of the German Securities Act, effective in Germany as of 26 March 2012. The changes introduce new notification and publication requirements to all shares admitted to trading on a regulated market on the German stock exchange. Breaches of the new requirements can lead to an administrative fine of up to EUR200,000.

Ireland: Proposed new Irish corporate fund structure

Author: McCann FitzGerald

This Law Firm Publication by McCann FitzGerald provides a brief update as to new legislation recently issued in Ireland in relation to a new corporate structure for funds, which aims to meet US standards and reduce administrative costs. The proposed legislation is expected to become effective by the end of 2012.

Russian Federation: Moscow Region government to set local land prices from 1 July 2012

Author: Berwin Leighton Paisner

This Law Firm Publication by Berwin Leighton Paisner provides a brief update as to the recent amendments made to the Moscow Region Law, which are now effective. The amendments also determine that from 1 July 2012, land owned by the Moscow Region Government will be sold at stipulated prices to individuals and entities who own buildings, constructions or facilities located on the land. The amendments were implemented in response to recent changes made to state legislation.

South Africa: Treating customers fairly in the financial services industry in South Africa

Author: Bowman Gilfillan

This Law Firm Publication by Bowman Gilfillan discusses the recent results of the Financial Services Board (FSB) Treating Customers Fairly (TCF) policy for the financial services industry in South Africa. The FSB’s projected timeline for full implementation of the TCF policy is by 2014. Therefore, it is crucial that financial services companies understand what TCF means and seek to align their current business practices with the policy as soon as possible.

Ukraine: Ukrainian parliament ratify the Customs Code

Author: Asters

This Law Firm Publication by Asters focuses on the recently published Customs Code of Ukraine, which is expected to become effective as of 1 May 2012. The Customs Code amends the way in which the customs value of goods are determined, and gives applicants more rights during the resolution of any possible disputes with customs authorities.

Cyprus: Reform of the Cyprus International Trusts Law of 1992

Author: Andreas Neocleous & Co LLC

This Law Firm Publication by Andreas Neocleous & Co LLC looks at the key implications and amendments in relation to the recent implementation of the International Trust (Amending) Law of 2011 in Cyprus, which amends the country’s former 1992 legislation. The amended legislation addresses a number of perceived deficiencies in the former trust regime, and more generally aims to modernise the trusts landscape in Cyprus.

Denmark: Confederation of Danish Industry (DI) proposes amendment of the Danish General Terms for Works and Supplies within Building and Engineering (AB 92)

Author: Gorrissen Federspiel

This Law Firm Publication by Gorrissen Federspiel highlights the key proposed amendments to AB 92, a standard document used by parties within the construction industry in Denmark. The document is applied to most construction contracts in the country; therefore changes have a significant impact on the industry. The new rules and amendments are scheduled to become effective as of 1 April 2012.

Denmark: The Danish Supreme Court approves retention bonuses

Author: Norrbom Vinding

This Law Firm Publication by Norrbom Vinding focuses on the recent decision of the Danish Supreme Court, where it was held that an employer was in breach of the Danish Salaried Employees Act by denying their employee a pro rata share of a retention bonus. The decision sets a precedent in Denmark, and while employers can still make retention bonuses conditional, they should formulate a clear agreement with their employees to ensure compliance.

France: The French financial transaction tax: a sign of things to come?

Author: Shearman & Sterling

This Law Firm Publication Shearman & Sterling looks at the recently issued legislation in France which introduces a unilateral financial transaction tax (FTT). The FTT, projected to raise EUR1.1 billion per year, is included in the Amended Finance Law for 2012, and will come into effect on 1 August 2012.

Senegal: Senegal enacts a new 5% special contribution from mining companies and cement producers

Author: Shearman & Sterling

This Law Firm Publication by Shearman & Sterling provides a brief update as to the recently issued Finance Act 2012 in Senegal. The new legislation, effective as of 6 January 2012, creates a new 5% special contribution tax on mineral products and cement.

South Africa: On-demand bonds/guarantees: recovery against a standard form payment guarantee

Author: ENS (Edward Nathan Sonnenbergs)

This Law Firm Publication by ENS (Edward Nathan Sonnenbergs) examines a recent case in South Africa surrounding an on-demand bond but in the form of a payment guarantee. In Brera Investment CC v First Rand Bank Limited the South Gauteng High Court has initially ruled in favour of the claimants, however, an application for leave to appeal this decision has been launched, and the case will be heard in the Supreme Court of Appeal.

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Offshore

Recent Law Firm Publications covering developments across the Offshore jurisdictions

Channel Islands: Jersey: Does an executor have a right to remuneration and expenses where the estate is insolvent?

Author: Ogier

This Law Firm Publication by Ogier focuses on a recent court case in Jersey, where it was held an executor can be reimbursed for costs incurred in administering an insolvent estate, in priority to other creditors. The executor will only be remunerated if the authorisation is included in the will, or if authorisation is granted from the courts.

Luxembourg: Amendments to legislation relating to specialised investment funds

Author: Elvinger Hoss & Prussen

This Law Firm Publication by Elvinger Hoss & Prussen focuses on the recently effective amended legislation relating to specialised investment funds in Luxembourg. The new legislation includes reporting requirements to the Commission de Surveillance du Secteur Financier (Commission for the Supervision of the Financial Sector), which will also be regulating specialised investment funds activity in the country.

Channel Islands: Jersey: Bird Charitable Trusts: Duty of disclosure of legal advice to an incoming trustee

Author: Ogier

This Law Firm Publication by Ogier examines the key facts and implications of the recent Bird Charitable Trusts case in Jersey. The court’s ruling affirms the basic rule that outgoing trustees must provide all documents and information which are necessary for the administration of the trust to incoming trustees, unless there are sufficient grounds for the outgoing trustee to withhold disclosure.

Channel Islands: Jersey: Jersey sees dramatic increase in private lending as property finance market weathers recession

Author: Collas Crill

This Law Firm Publication by Collas Crill highlights the current challenges facing the property finance market for both individuals and corporate borrowers. The article goes on to focus on the resurgence of the private loan as a lending method, following its heyday in the 1980s. Various threats associated with private loans are also identified.

Channel Islands: Guernsey: Channel Islands stock exchange ("CISX") rule change update

Author: Ogier

This Law Firm Publication by Ogier focuses on the impact the recent amendments to the CISX Listing Rules, which came into effect on 1 March 2012, will have on the Channel Islands. The amendments predominantly concern the listing of securities under equities, non-investment funds, investment funds and specialist securities.

Channel Islands: Jersey: The new Security Interests (Jersey) Law: transitional provisions

Author: Ogier

This Law Firm Publication by Ogier examines the transitional provisions that will take effect when the draft Security Interests (Jersey) Law 2012 is enacted. The new Law is expected to receive approval from the privy council in 2012, and will impact on security interests and contracts in Jersey.

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Feedback

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