The statutory deadline for holding the annual general meeting of a Russian limited liability company (LLC) is April 30 2017. The meeting must approve the annual results of the LLC's activities – in particular, its annual financial statements as of December 31 2016 and its 2016 annual report. Violation of the deadline or any formal requirements may result in administrative fines. The deadline for holding the annual general meeting of a Russian joint stock company is June 30 2017.
The Federal Supreme court recently had to examine whether the Christian Louboutin red-sole trademark is originally distinctive. The court recognised that the mark constitutes a position mark that must be distinguished from both a colour mark and a three-dimensional mark. It held that the colour red is commonly used in the fashion industry as a decorative element and therefore concluded that a red outer sole does not constitute a surprising element qualifying as a trademark.
After several years of preparation and analysis of different solutions for the reform of the electricity wholesale market and its harmonisation with the European Union, a new law has been enacted to implement the agreement on fiscal goals and corrective reform. Before the law was enacted, studies of the Greek electricity market were carried out while the Regulatory Energy Agency conducted public consultations on the implementation of the target model.
IP rights and competition rules have been affected by the recent changes to legislation on cinematic works. Law 220/2016 concerning cinematic and audiovisual works establishes special rules for works that benefit from state grants, as these works must be made available to the Italian Film Library and the Ministry of Cultural Heritage for non-profit purposes. The law also introduces protection against unfair competition in the film distribution field.
The recognition of three-dimensional mark infringement is highly controversial when the mark is also a bottle shape, as consumers – as well as some people's courts – tend to treat bottles as containers or packaging, rather than trademarks that can indicate the product's source. In a recent case, Chivas Holding (IP) Limited was able to prove that consumers treat the Royal Salute bottle as a trademark and can distinguish Royal Salute products from others by the shape of the bottle alone.
In order for a trademark to be registrable under the Trademark Act, it must be capable of distinguishing the goods or services of the party in respect of which it is registered or proposed to be registered from the goods or services of another. If it loses this ability or function, it can no longer act as a trademark. As such, trademark owners must strive to save their trademark from 'genericide' – that is, from becoming generic and losing all rights that may have been developed at great cost and effort.
According to the Trademark Act, any trademark which is contrary to public policy or accepted principles of morality will not be granted registration. In order to clarify the definition and scope of the terms 'contrary to public policy' and 'accepted principles of morality', the Taiwan Intellectual Property Office stipulated that the Examination Guidelines on Trademarks Contrary to Public Order or Good Morals should be used as the reference for reviewing relevant issues.
The most contentious energy projects have centred on the extraction of lignite and hydrocarbons, the installation of renewable resource power plants and the development of the electricity grid. While the extraction of hydrocarbons has raised questions about the environmental effects of this activity and the consequences of oil extraction, these projects have significant support from local communities, since they promise sizeable increases in employment.
Businesses should by now be compliant with the Modern Slavery Act 2015's reporting provisions, which require reporting businesses to provide a statement setting out the measures that they have taken to eliminate slavery and human trafficking. However, even a cursory examination of many business websites demonstrates that full compliance remains scarce.
Draft legislation was recently published to introduce the limited liability partnership (LLP) as a new partnership vehicle in the Cayman Islands. The bill provides for the formation, registration and operation of an LLP as an entity with limited liability and legal personality separate from its partners. The bill also provides for the conversion of existing Cayman partnerships into LLPs and the continuation of foreign LLPs into the Cayman Islands.
The Internal Revenue Service recently published the first Operational Compliance List since the elimination of the five-year remedial amendment cycle system for individually designed qualified retirement plans. The list identifies certain mandatory and discretionary plan amendments, as well as other significant guidance that affects plan operations.
The Rordorf Commission was established in January 2015 to develop draft legislation to reform the existing Insolvency Act. One of the commission's primary goals is to provide for the coordinated management of financial distress and insolvency in corporate groups through the introduction of group-wide pre-bankruptcy composition agreements. Parliament recently approved an excerpt of the commission's proposed reforms, which will be transposed into decree-laws following Senate approval.
The Process of Adjustment of Tax Arrears Law 2017 was recently published in the Official Gazette. It will take effect on a future date to be determined by the commissioner of taxation and establishes a procedure for settling tax arrears which arise before that date by monthly instalments. The new law does not affect existing arrangements for tax debts to be repaid by instalments, apart from giving the debtor the right to apply to have the balance of the debt dealt with under the new law.
In a recent case, the Tax Court held that the taxpayer had failed to prove that exceptional circumstances had caused the delay in lodging its objection to an assessment issued by the South African Revenue Service (SARS) and dismissed the appeal. In light of the National Treasury's budget shortfall, SARS may be more aggressive in collecting tax in future. This judgment should therefore be taken seriously.
Recognition of a foreign proceeding opens the door to mandatory or discretionary relief from the bankruptcy court, depending on whether the foreign proceeding is a foreign main proceeding or a foreign non-main proceeding. Two threshold requirements for obtaining recognition under Chapter 15 of the Bankruptcy Code, which took effect 11 years ago, are the existence of a duly designated foreign representative and a foreign proceeding.
Employers are urged to act now to minimise the immediate impact of the impending increase in UK immigration costs when the immigration skills levy (ISL) is introduced in April 2017. Under the ISL, the cost of a five-year Tier 2 sponsorship is set to increase by £5,000. Essentially, the ISL is designed to reduce demand on the scheme and result in additional opportunities for resident workers.
A formal grant of probate issued in the United Kingdom is not sufficient to release assets held in Jersey unless the Jersey estate is worth less than £10,000. On production of a UK grant of probate, the clerks will issue a Jersey grant of probate through a fast-track process; however, for Jersey property, a will that has been court-sealed and certified in accordance with Jersey law is required.
The Channel Islands have demonstrated their commitment to the Organisation for Economic Cooperation and Development's Base Erosion and Profit Sharing project by introducing local regulations to ensure that country-by-country reporting is conducted in accordance with the minimum requirements prescribed by the project. Guernsey's regulations require constituent entities which are resident for tax purposes in Guernsey to notify and, if required, to file a country-by-country report.
The States of Jersey recently passed the country-by-country reporting regulations in order to demonstrate Jersey's commitment to the Organisation for Economic Cooperation and Development's Base Erosion and Profit Sharing project. Among other things, the regulations require Jersey entities and, where applicable, constituent entities to notify and, if required, to file a country-by-country report.
According to four recent arbitral decisions, the concept of 'public policy' does not depend on the nature of the underlying dispute; the transfer of bribes is incompatible with public policy only to the extent that bribery is established but not taken into account by the arbitral tribunal; the violation of personality rights is not incompatible with public policy, unless there is a serious violation of fundamental rights; and the rules on the burden of proof are not part of public policy.