Latest updates

Supreme Court clarifies non-use debate
Deris Attorney At Law Partnership
  • Intellectual Property
  • Turkey
  • 19 August 2019

The Supreme Court recently issued a decision regarding non-use cancellation actions and the retroactive enforcement of Article 9 of the Industrial Property Code (IP Code). The decision has clarified the longstanding debate and unpredictability concerning the implementation of the IP Code's non-use provision. The courts will now implement Article 9 against non-used trademarks without hesitation.

PMPRB Steering Committee on the Modernisation of Price Review Process Guidelines releases final report
Smart & Biggar/Fetherstonhaugh
  • Intellectual Property
  • Canada
  • 19 August 2019

The Patented Medicines Prices Review Board (PMPRB) Steering Committee on the Modernisation of Price Review Process Guidelines recently released its final report summarising its deliberations in providing stakeholder feedback on the PMPRB's proposed new framework for the regulation of the prices of patented medicines.

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.

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.

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).

NVB introduces model deed to promote financing of rooftop solar projects
Stek Advocaten BV
  • Energy & Natural Resources
  • Netherlands
  • 19 August 2019

In September 2018 the Dutch Banking Association introduced a standard form for a deed of right of superficies (the model deed). The model deed was introduced to promote the financing of solar panels on companies' roofs in the Netherlands and has been well received among market participants. This article examines the background, use and objectives of the model deed.

Federal Court of Appeal dismisses first PMNOC interlocutory appeal granted leave
Smart & Biggar/Fetherstonhaugh
  • Intellectual Property
  • Canada
  • 19 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.

HMRC turns to companies to police tax evasion
Kingsley Napley
  • Corporate Tax
  • United Kingdom
  • 16 August 2019

The Serious Fraud Office's guidance on self-reporting suggests that Her Majesty's Revenue and Customs is now turning to companies themselves to tackle tax avoidance and evasion. The guidance states that prosecutors will assess whether a self-reporting corporate has been genuinely proactive. Critical to such an assessment is whether the corporate has provided sufficient information about its operations, including making witnesses available and disclosing the details of any internal investigations.

Second shoe drops on US chem-bio sanctions on Russia: did anyone hear it?
Arent Fox LLP
  • International Trade
  • USA
  • 16 August 2019

The US State Department recently announced the issuance of another round of sanctions on the Russian government in relation to the Chemical and Biological Weapons Control and Warfare Elimination Act 1991, which will come into effect on 19 August 2019. While this second round of sanctions is unlikely to affect most US companies, it may affect US banks, but only with respect to transactions involving non-ruble bonds and funds from the Russian sovereign issued after 26 August 2019.

New statute amends Bankruptcy Act
HPP Attorneys Ltd
  • Insolvency & Restructuring
  • Finland
  • 16 August 2019

The Bankruptcy Act has been amended by a statute which came into force on 1 July 2019. The amendments aim to simplify and accelerate bankruptcy proceedings. This article focuses on amendments that affect the position of creditors located outside Finland, such as those concerning the lodgement of claims, dates of creditors' meetings and the bankruptcy and restructuring proceedings case management system.

NCC publishes 5G spectrum auction rules
Shay & Partners
  • Tech, Data, Telecoms & Media
  • Taiwan
  • 16 August 2019

The National Communications Commission (NCC) recently published the final draft of its 5G spectrum auction rules. As part of the upcoming 5G spectrum auction, the NCC aims to publish an amendment to the existing Regulations for Administration of Mobile Broadband Businesses by the end of August 2019 and accept bids in September 2019. The auction for mobile broadband business licences operating in the 3.5GHz, 28GHz and 1,800MHz bands will commence in December 2019.

EU directive on administrative cooperation in field of taxation amended
Elias Neocleous & Co LLC
  • Corporate Tax
  • European Union
  • 16 August 2019

The European Union has added further impetus to its objective of providing greater transparency with regard to harmful tax practices through an amendment to EU Directive 2011/16/EU. The directive has introduced the mandatory reporting of cross-border arrangements that are indicative of potentially aggressive tax planning. The relevant disclosure requirements must be followed by intermediaries and, in some instances, taxpayers.

Nuptial agreements and wealth protection
Forsters LLP
  • Private Client & Offshore Services
  • United Kingdom
  • 15 August 2019

Divorce can pose a significant risk to a family's or an individual's wealth. However, a nuptial agreement can reduce or mitigate such risk. A common perception of nuptial agreements is that they are designed to limit the extent of one party's financial claims. While they can be used in this way, their greater utility in this context is their ability to reduce uncertainty and therefore risk.

Acquisitions of minority shareholdings under UK merger control regime
Gowling WLG
  • Competition & Antitrust
  • United Kingdom
  • 15 August 2019

The Competition and Markets Authority can open an investigation and impose initial enforcement orders where it has reasonable grounds to suspect that two or more enterprises have ceased to be distinct. This includes circumstances in which an acquirer purchases only a minority shareholding in the target because, under the UK merger control regime, two or more enterprises cease to be distinct where they are brought under common ownership or common control.

Competition authority initiates wide-reaching reform of merger reporting regulations
Tadmor Levy & Co
  • Competition & Antitrust
  • Israel
  • 15 August 2019

The Israel Competition Authority recently published a draft amendment to the Antitrust Regulations (Registry, Publication and Reporting of Transactions) for public consultation. The draft includes significant and far-reaching changes regarding the scope of the transactions that will require merger approval by the competition commissioner, as well as the extent of the disclosure that will be required when filing merger notifications.

Court allows simultaneous proceedings against directors for alleged antitrust violation
Vaish Associates Advocates
  • Competition & Antitrust
  • India
  • 15 August 2019

In December 2018 the division bench of the Delhi High Court reconfirmed an earlier decision and held that simultaneous inquiries could be undertaken into Monsanto and its directors and officers for their alleged violation of the Competition Act 2002. The court also clarified that under Section 27 of the act, penalties could be imposed on the individuals in question based on their Monsanto-derived income.

Federal Administrative Court rules on abuse of dominant position
Lenz & Staehelin
  • Competition & Antitrust
  • Switzerland
  • 15 August 2019

The Federal Administrative Court recently upheld a Sfr7 million fine issued by the Swiss Competition Commission in 2010 against SIX Group regarding the processing of credit and debit card payments. This long-awaited decision dealt with numerous legal questions of relevance to dominance cases; however, it is not yet final, as an appeal is pending before the Federal Supreme Court.

Regulation of cannabis use in food and cosmetics
Hogan Lovells
  • Product Regulation & Liability
  • Italy
  • 15 August 2019

The cultivation and industrial use of hemp in Italy has a long tradition and recent changes to the law have led to a revival in this regard. While a law enacted in 2016 promotes hemp cultivation as a means to preserve biodiversity and reduce the environmental impact of agriculture, hemp-derived products for human consumption are still subject to restrictions. A recent Supreme Court judgment has had the last word on the legality of cannabis.

Important decision concerning confirmation of actions by improperly appointed trustees
Carey Olsen Bermuda
  • Private Client & Offshore Services
  • Bermuda
  • 15 August 2019

Bermuda's chief justice recently handed down an important decision dealing with the power of the court to intervene in the administration of a trust to approve actions of improperly appointed trustees. This case is important because it confirms the court's inherent jurisdiction, on the appointment of trustees, to grant them leave to administer the trust on the basis that they were properly appointed on a prior date.

New developments in competition authority's decision-making practice: whistleblowers and appointed guardians
Schoenherr
  • Competition & Antitrust
  • Czech Republic
  • 15 August 2019

The Office for the Protection of Competition recently found two companies guilty of bid rigging in a public tender. While similar bid-rigging cases occur quite frequently and generally fall within the office's purview, this case is unique because, for the first time, the office was informed about the anti-competitive behaviour by a whistleblower and appointed a guardian for one of the parties involved.

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