Latest updates
Trump announces 10% tariff on $300 billion of imports from China for List 4 goods
Arent Fox LLP- International Trade
- USA
- 23 August 2019
President Trump recently tweeted that, beginning on 1 September 2019, importers can expect a 10% tariff on $300 billion of Chinese goods. While the Office of the US Trade Representative (USTR) has yet to issue specific coverage for this new 10% tariff, importers should expect to see the goods subject to it on the proposed Section 301 List 4. The USTR has also indicated that a List 4 exclusion request process could come on the heels of the current List 3 exclusion request timetable.
Privy Council determines extraterritorial reach of clawback claims in insolvency proceedings
Lennox Paton- Insolvency & Restructuring
- Bahamas
- 23 August 2019
The Privy Council has determined that, notwithstanding the absence of express statutory provisions permitting service out of the jurisdiction of fraudulent preference claims, such claims are to have extraterritorial effect. This decision clarifies the law as it relates to the extraterritorial effect of fraudulent preference claims; however, it also creates difficulties for subscribers to mutual funds that may be held liable for investments made on behalf of third-party beneficiaries that are the ultimate recipients of payments.
New Telecommunications Act on horizon
Shay & Partners- Tech, Data, Telecoms & Media
- Taiwan
- 23 August 2019
The new Telecommunications Act, which enters into force in June 2022, will replace the conventional Type I and II telecom licence categories (ie, facility-based and service-based operators, respectively) which were adopted in 1996 with a more liberal approach and give the National Communications Commission more scope with regard to spectrum management and licensing.
CBDT clarifies assessment procedure for start-ups
BDO LLP- Corporate Tax
- India
- 23 August 2019
The Central Board of Direct Tax (CBDT) recently issued a circular clarifying the applicability of Section 56(2)(viib) of the Income Tax Act and the procedure that must be followed by tax officers in assessment proceedings. Although an attempt has been made to end the confusion created in the start-up community, uncertainty surrounding the legal basis for the Department for Promotion of Industry and Internal Trade and CBDT notifications regarding the applicability of Section 56(2)(viib) remains.
Privy Council determines extraterritorial reach of clawback claims in insolvency proceedings
Lennox Paton- Private Client & Offshore Services
- Bahamas
- 22 August 2019
The Privy Council has determined that, notwithstanding the absence of express statutory provisions permitting service out of the jurisdiction of fraudulent preference claims, such claims are to have extraterritorial effect. This decision clarifies the law as it relates to the extraterritorial effect of fraudulent preference claims; however, it also creates difficulties for subscribers to mutual funds that may be held liable for investments made on behalf of third-party beneficiaries that are the ultimate recipients of payments.
Will the gift keep on giving? Office of Tax Simplification's inheritance tax review
Forsters LLP- Private Client & Offshore Services
- United Kingdom
- 22 August 2019
The Office of Tax Simplification recently published a report that made recommendations to the government to reform inheritance tax. The proposal that has received the most attention is the reduction of the period during which a lifetime gift remains subject to inheritance tax in the hands of the person making the gift (the donor) from seven to five years. A number of other changes have also been suggested – including in relation to agricultural property relief and business property relief.
Haryana government makes compliance with Standing Orders Act mandatory for other registrations
Shardul Amarchand Mangaldas & Co- Employment & Benefits
- India
- 21 August 2019
The Haryana state government recently issued a notification under the Standing Orders Act and introduced a new requirement for principal employers and contractors to file an undertaking of compliance with the act. While the 2019 notification aims to ensure the effective enforcement of the act, employers may perceive the move to require compliance a condition precedent to obtaining registration under other labour laws as a roadblock.
Federal Court of Appeal dismisses first PMNOC interlocutory appeal granted leave
Smart & Biggar/Fetherstonhaugh- Healthcare & Life Sciences
- Canada
- 21 August 2019
Most interlocutory decisions under the Patented Medicines (Notice of Compliance) (PMNOC) Regulations are made by prothonotaries of the Federal Court. The first Federal Court of Appeal decision in an appeal of an interlocutory order under the amended PMNOC Regulations was recently issued. The court found that the prothonotary had been entitled to arrive at a view of what was best for the particular proceeding and saw no reviewable error that would justify its intervention.
Employment law considerations during mergers
Bloomfield Law- Employment & Benefits
- Nigeria
- 21 August 2019
Mergers are one way in which companies can increase their revenue and expand their business. However, along with these benefits, there are a number of risks associated with the merger of two or more businesses, including a loss of customers and key employees and business interruptions. This article discusses the challenges and practical realities of managing employees during a merger.
Regulations will require hospitals to report adverse drug reactions and medical device incidents
Smart & Biggar/Fetherstonhaugh- Healthcare & Life Sciences
- Canada
- 21 August 2019
The Regulations Amending the Food and Drug Regulations (Serious Adverse Drug Reaction Reporting – Hospitals) and Regulations Amending the Medical Devices Regulations (Medical Device Incident Reporting — Hospitals) were recently published. The amendments were enacted further to Vanessa's Law and will require all hospitals to provide specific information relating to serious adverse drug reactions and medical device incidents within 30 days of first documenting the reaction or incident in the hospital.
Does desire to work prevent employers from terminating employees who can't work?
Fasken- Employment & Benefits
- Canada
- 21 August 2019
Many employees struggle to manage disability leave. This is particularly difficult when an employee wants to work but their doctor says that they cannot do so for the foreseeable future. A recent decision provides guidance to employers dealing with this situation. For example, they should proactively manage disability leave by, among other things, staying up to date on an employee's potential to return to work.
Doing maritime business in Nigeria's $10 billion charter market
Akabogu & Associates- Shipping & Transport
- Nigeria
- 21 August 2019
The general Nigerian economic landscape could be seen as challenging, but its robustness and potential make it worthwhile for parties that do their research. As the Nigerian ship charter market is estimated to be worth at least $10 billion, there is a lot of potential for interested parties to benefit.
Court of Appeal confirms that discrimination because of perceived disability is unlawful
Lewis Silkin- Employment & Benefits
- United Kingdom
- 21 August 2019
The Court of Appeal recently found that it is unlawful to discriminate against a person because of a mistaken perception that they have a progressive condition which would make them unable to perform the full functions of a role in future. This decision confirms that the test is not whether the discriminator believes that the impairment meets the legal definition of 'disability', but whether they believe that it has those features. However, beyond this point, the case has raised some difficult issues.
Brexit's potential impact on shipping in Cyprus
Elias Neocleous & Co LLC- Shipping & Transport
- Cyprus
- 21 August 2019
In an effort to minimise disruption to the shipping industry deriving from Brexit, the Shipping Deputy Ministry has undertaken a number of contingency measures. However, the ministry has emphasised that affected parties must also make their own preparations for the United Kingdom's withdrawal from the European Union and that where new authorisations, licences or certificates will be required post-Brexit, each party will be responsible for applying in good time.
Supreme Court rejects appeal against detention order in sexual assault case
Elias Neocleous & Co LLC- Litigation
- Cyprus
- 20 August 2019
The Supreme Court recently rejected an appeal against a detention order issued by the Larnaca Permanent Assize Court in a sexual assault case. The appellant claimed that the evidence placed before the first-instance court had speculated on his guilt and the risk of him absconding. However, the Supreme Court found that the accused's detention until trial was at the discretion of the first-instance court and that, based on the circumstances of the case, the court had exercised this power correctly.
Italy and China – a new era of cooperation between insurance supervisory authorities?
DLA Piper- Insurance
- Italy
- 20 August 2019
The China Banking and Insurance Regulatory Commission and the Italian Institute for the Supervision of Insurance recently entered into a memorandum of understanding setting out the basis for cooperation between the two supervisory authorities in the context of a broader plan of general cooperation between Italy and China. It will be interesting to see what concrete effects (if any) the memorandum will have, particularly in the context of the present unstable geopolitical situation.
Recent developments: new database and res judicata effect
OBLIN Attorneys at Law- Litigation
- Austria
- 20 August 2019
There have been a number of recent legislative developments in Austria, including amendments to the Austrian Enforcement Act, which have granted certain parties access to data about pending enforcement proceedings. Further, the Supreme Court has confirmed that the res judicata effect of a foreign judgment applies at all stages of proceedings conducted in Austria.
CCUS policy – is the United Kingdom ready to capture the opportunity?
CMS Cameron McKenna Nabarro Olswang LLP- Energy & Natural Resources
- United Kingdom
- 19 August 2019
The Department for Business, Energy and Industrial Strategy (BEIS) recently published its proposals for business models for carbon capture usage and storage (CCUS). The CCUS forms part of BEIS's package of proposed measures to support the decarbonisation of the UK economy, which includes consultations on reusing oil and gas assets in CCUS projects, the regulated asset base model for nuclear and the facilitation of energy efficiency in the electricity system.
FASB tentatively decides on new staggered approach to effective dates for major standards
Cooley LLP- Company & Commercial
- USA
- 19 August 2019
The Financial Accounting Standards Board recently signalled its intent to adopt a new two-bucket approach to stagger the effective dates for new major accounting standards. Under the new approach, the new standards' effective dates would be delayed for entities in bucket two (ie, smaller reporting and private companies, employee benefit plans and not-for-profit organisations) for at least two years after the effective dates for entities in bucket one (ie, other Securities and Exchange Commission filers).
Will director-shareholders always be liable to repay unlawful dividends?
Squire Patton Boggs- Company & Commercial
- United Kingdom
- 19 August 2019
A series of recent cases have examined the circumstances in which a dividend can be challenged on the basis that it has been unlawfully paid. In one such case, the High Court considered a number of key principles regarding dividend payments and the circumstances in which directors can be pursued for dividends paid prior to an insolvency. This judgment provides some comfort to directors who rely on professional advisers to determine whether to declare a dividend payment.
