Latest updates

Restructuring Order applies only where binding ruling exists
Clifford Chance Deutschland LLP
  • Insolvency & Restructuring
  • Germany
  • December 15 2017

On February 9 2017 the Great Senate of the Federal Fiscal Court published a decision stating that the Restructuring Order was illegal. On June 27 2017 the legislature introduced new legislation which provides that the tax authorities may waive taxes or assess taxes at a lower level. However, the new legislation can be applied only where creditors have waived their claims after February 8 2017.

Further reminder of instalment scheme for tax arrears
Elias Neocleous & Co LLC
  • Corporate Tax
  • Cyprus
  • December 15 2017

With the extended deadline for the submission of applications for inclusion in the deferred settlement scheme for tax arrears established by Law 4(I)/2017 now less than one month away, the Tax Department has issued a further reminder of the scheme's main features. For example, all tax returns due must have been submitted and all tax liabilities for periods after December 31 2015 must have been settled or be in the process of being settled in accordance with an agreed payment schedule.

Launching an ICO in British Virgin Islands
  • Banking
  • British Virgin Islands
  • December 15 2017

Interest in the setting up and distribution of initial coin offerings (ICOs) in the British Virgin Islands and other offshore locations has increased rapidly during 2017, and this is expected to continue. No ICO or blockchain-specific rules or guidelines have yet been issued by the government or regulator; however, there are several important issues for parties in the British Virgin Islands to consider, including the key laws and regulations surrounding the issue.

Limits set to client communication via e-banking
Graf & Pitkowitz Rechtsanwälte GmbH
  • Banking
  • Austria
  • December 15 2017

The Supreme Court recently rendered its first judgment on the admissibility of the use of electronic mailboxes, which are exclusively incorporated and only accessible via the e-banking system of a credit institution for serving client account notices and statements to consumers. This ruling will significantly affect Austrian banking practice.

No trade, no deduction: Tax Court issues Section 11(a) judgment
Cliffe Dekker Hofmeyr
  • Corporate Tax
  • South Africa
  • December 15 2017

The Tax Court recently issued its decision in a case concerning a taxpayer's claim for R90 million as an expense or loss during the 2007 assessment year, the deduction of which was prohibited by the South African Revenue Service. Among other things, the court had to consider whether the taxpayer had been carrying on the trade of selling coal when it had paid the R90 million and whether the expense had been incurred in the production of income or for trade purposes.

Launching an ICO in British Virgin Islands
Harney Westwood & Riegels
  • Private Client & Offshore Services
  • British Virgin Islands
  • December 14 2017

Interest in the setting up and distribution of initial coin offerings (ICOs) in the British Virgin Islands and other offshore locations has increased rapidly during 2017, and this is expected to continue. No ICO or blockchain-specific rules or guidelines have yet been issued by the government or regulator; however, there are several important issues for parties in the British Virgin Islands to consider, including the key laws and regulations surrounding the issue.

Asymmetric arbitration agreements
  • Arbitration & ADR
  • International
  • December 14 2017

One of arbitration's cornerstone principles is that parties can agree on how to resolve their disputes. However, parties commonly agree on asymmetric, rather than symmetric, rights. The classic case is where only one party has the right to refer disputes to arbitration, but the other must litigate. Parties wishing to include asymmetric arbitration clauses are advised to consider carefully the courts' approaches to such clauses in all relevant jurisdictions.

Anti-money Laundering Regulations for unregulated investment and insurance entities to take effect
Harney Westwood & Riegels LLP
  • Private Client & Offshore Services
  • Cayman Islands
  • December 14 2017

Under new anti-money laundering legislation, the list of activities classed as relevant financial businesses has been expanded. Unregulated investment funds and some insurance entities have now been given a grace period until May 31 2018 to establish anti-money laundering compliance programmes. This is a welcome move, particularly for unregulated investment funds which were not bound by the preceding regulations and therefore may not have policies and procedures in place.

CCI dismisses allegation of abuse of dominance against Sanofi
Vaish Associates Advocates
  • Competition & Antitrust
  • India
  • December 14 2017

The Competition Commission of India (CCI) recently dismissed claims against Sanofi India Limited for alleged abuse of its dominant position in the market of drugs and pharmaceutical products. The CCI found that Sanofi enjoyed no dominant position and therefore held that there was no prima facie case to investigate its alleged conduct.

New Competition Act expected in 2018
Moravčević Vojnović and Partners in cooperation with Schoenherr
  • Competition & Antitrust
  • Bosnia and Herzegovina
  • December 14 2017

The Competition Council of Bosnia and Herzegovina recently set out its objectives and priorities for 2018 in its 2018 Work Programme. One of the council's medium-term objectives is to make market regulation more efficient with the aim of strengthening competition protection. The council has also stressed its dedication to improving its expertise and administrative capacity.

FECC penalises individuals for commissioning absolute monopolistic practice in tortilla market
SAI Consultores SC
  • Competition & Antitrust
  • Mexico
  • December 14 2017

Corn tortillas are a fundamental source of nutrition for Mexican families, and artificial price increases have a significant effect on the consumer economy. Given the importance of the corn tortilla market, it has come under the scrutiny of several authorities – for example, the Federal Economic Competition Commission, which recently fined three individuals a total of Ps394,508 for the commission of an absolute monopolistic practice in the market for the production, distribution and marketing of corn tortillas.

ECJ clarification means endive producers must turn over new leaf
Baker McKenzie Krzyzowski i Wspólnicy Spólka Komandytowa
  • Competition & Antitrust
  • European Union
  • December 14 2017

Under certain strict conditions, agricultural producers can coordinate their pricing and quantities without falling foul of the EU competition rules. However, the European Court of Justice recently confirmed that not all practices by agricultural producer organisations and their associations are automatically excluded from the application of those rules. This judgment is a timely reminder that the EU competition rules apply broadly to the agricultural sector and that any exclusions will be interpreted restrictively.

Competition Authority publishes information paper on dawn raids
Schoenherr Attorneys at Law
  • Competition & Antitrust
  • Czech Republic
  • December 14 2017

The Czech Competition Authority (CCA) recently published an information paper on dawn raids during its annual competition law conference. The paper aims to provide guidance explaining the powers and privileges of CCA officials in the course of a dawn raid and a brief overview of the case law relating to dawn raids, focusing on judicial review of the legality of dawn raids carried out after the European Court of Human Rights' judgment in Delta Pekárny.

Private investments in Cyprus – a bright future
A G Paphitis & Co
  • Private Client & Offshore Services
  • Cyprus
  • December 14 2017

Cyprus saw its highest increase in gross domestic product in almost a decade in the first quarter of 2017. The dark days of the 2013 financial crisis appear to be in the past and foreign investment remains at the heart of government strategy, aided by factors such as the citizenship-by-investment programme, which will help to attract private investment in the property, retail and pharmaceutical sectors.

What is considered an 'accident' under Montreal Convention?
Levitan, Sharon & Co
  • Aviation
  • Israel
  • December 13 2017

The Tel Aviv Magistrates Court recently declined a passenger's claim for bodily injury damages after it concluded that the event which was the subject matter of the claim was not considered to be an 'accident' as defined by the Montreal Convention. The plaintiff had filed a claim against El Al, arguing that he had been injured after eating a cake served to passengers.

Taxi drivers with central headquarters considered employees for social security purposes
Rihm Rechtsanwälte
  • Employment & Benefits
  • Switzerland
  • December 13 2017

The Federal Supreme Court recently held that independent taxi drivers affiliated with a central headquarters are to be considered employees. Until this decision, taxi drivers connected to their headquarters by follow-up contracts only were considered self-employed. The decision means that drivers will be much better protected in future, although prices will rise for consumers as a result.

Nautica e Fisco booklet sets legal and fiscal developments in nautical industry
Dardani Studio Legale
  • Shipping & Transport
  • Italy
  • December 13 2017

The most recent edition of the Nautica e Fisco booklet issued by the Nautical Association Industry and the Revenue Agency covers legal and fiscal developments in the nautical industry, including issues from registration to customs and fiscal matters. In particular, the booklet provides guidelines on exporting a yacht from Italy, value added tax exemptions for the use of yachts in the high seas and the temporary importation regime and refitting services.

New pharmaceutical patent linkage litigation scheme
Smart & Biggar/Fetherstonhaugh
  • Healthcare & Life Sciences
  • Canada
  • December 13 2017

The recent amendments to the Patented Medicines (Notice of Compliance) Regulations introduced a new scheme for pharmaceutical patent linkage litigation in Canada regarding generic challenges. The scheme is now much closer to the US Hatch-Waxman scheme, but with a number of key differences.

Training subsidy scheme amendments
Elias Neocleous & Co LLC
  • Shipping & Transport
  • Cyprus
  • December 13 2017

Since November 2015 the government has subsidised practical training on board ships for deck and engine cadet officers. The Department of Merchant Shipping recently announced changes to this scheme and the procedure for claiming reimbursement. The scheme has now been extended to cover vessels managed by companies located in other EU member states and a new requirement of at least 750 kilowatts of propulsion power has been introduced.

Deliveroo defends union recognition application by demonstrating riders are genuinely self-employed
Lewis Silkin
  • Employment & Benefits
  • United Kingdom
  • December 13 2017

The Central Arbitration Committee (CAC) has rejected an application from the Independent Workers' Union of Great Britain for collective bargaining rights in respect of Deliveroo riders. In the first high-profile worker-status decision to find in favour of a company in recent times, the CAC held that Deliveroo's riders have a genuine right to use a substitute to perform deliveries before and after they have accepted a job, which riders take advantage of in practice.

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