White & Case LLP

Amendments to the Antimonopoly Regulation in Kazakhstan

On 5 May 2015 the President signed the Law of the Republic of Kazakhstan “On Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Natural Monopolies and Regulated Markets” No…more

Anti-Monopoly, Kazakhstan

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And Up to Twenty Years in Prison: The Criminalization of US Customs Violations

The United States’ traditional reliance on only civil penalties against trade violators is changing. During the past several years, the US government has increasingly brought criminal charges against alleged violators, both…more

Anti-Dumping Duty, Corporate Officers, Countervailing Duties, Criminal Penalties, Criminal Prosecution

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Mexico 2016 Tax Reform

The 2016 Tax Bill presented by the President to Congress on September 8, 2015 was approved almost in its original terms by both Chambers of Congress on October 29, 2015 and published in the Official Gazette of the Federation on…more

Income Taxes, Investment Funds, Mexico, Renewable Energy, Tax Code

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Foreign Investment in Multi-Brand Retail Trading in India: Government issues clarifications

In September 2012, the Government of India (GoI) permitted foreign direct investment (FDI) up to 51% of the equity of Indian entities engaged in multi-brand retail trading (MBRT) in India (see our earlier alert of October…more

Foreign Investment, India, Infrastructure, Local Sourcing, Retailers

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Global merger control: Charting a route to port

As investors scour the world for growth, regulators are placing cross-border deals under ever greater scrutiny, and a new regulatory world order is emerging. Understanding it is essential. Merger control: Getting your deal…more

Acquisitions, Antitrust Provisions, Cross-Border Transactions, EU, Gun-Jumping

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M&A Attractiveness Index, EMEA – Finland

According to the M&A Attractiveness Index, developed by the M&A Research Centre at Cass Business School, Finland is now ranked 25th out of a total of 147 countries in terms of its attractiveness for M&A purposes, (i.e., its…more

Acquisitions, Finland, Foreign Investment, Inbound Investments, Investment Funds

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Development and Opportunities in the Turkish Market - December 2012

The Turkish government’s agenda for development is one of the most ambitious in the world. Combined with investor friendly changes in the market, including a new investment incentive regime and new regulation enhancing…more

Financing, Foreign Investment, Public Private Partnerships (P3s), Shareholders

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M&A Attractiveness Index, EMEA – Middle East

According to the M&A Attractiveness Index, developed by the M&A Research Centre at Cass Business School, the Middle East countries of Qatar, Saudi Arabia and United Arab Emirates are ranked 50th, 81st and 28th, respectively, out…more

Acquisitions, Foreign Investment, Inbound Investments, Investment Funds, Mergers

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Japan Patent Act Amendment: How to Compensate Inventors Now?

The most recent amendment to Japan's Patent Act, effective April 1, 2016, modifies the right of an employee inventor to "reasonable" compensation in response to calls for change from companies, but falls short of creating a…more

Compensation Agreements, Employee Inventors, Inventors, Japan, Patents

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Steps taken to backstop the Italian Banking System: Atlas fund, NPL state guarantee and insolvency reforms

On 11 April 2016, the Italian government announced the launch of the Atlante ("Atlas") fund, a private fund which will acquire shares in Italian banks and purchase non-performing loans ("NPLs"). On 15 April 2016, Law Decree…more

Alternative Investment Funds, Banking Sector, Bankruptcy Reform, Italy, Non-Performing Loans (NPL)

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White & Case’s Japan Seminar Series 2014: Accessing Energy Resources

The 2011 Fukushima nuclear disaster caused Japan to reevaluate its energy policy by placing less emphasis on nuclear energy and more on LNG and renewables. In February 2013, Professor Motoshige Itoh led an independent…more

Energy Policy, Japan, Liquid Natural Gas, Oil & Gas, Renewable Energy

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New Abu Dhabi Real Estate Laws – Laying the Legal Foundations for Institutional Investment

The years since the global financial crisis of the last decade have witnessed a significant increase in institutional investment (for instance, by pension funds, sovereign wealth funds and insurers) into global real estate. This…more

Abu Dhabi Global Markets (ADGM), Institutional Investors, Real Estate Market

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New UK AML Action Plan – The Increased Role of the Private Sector

The UK Government has just published an Action Plan setting out extensive reform to the anti-money laundering ("AML") and counter-financing of terrorism ("CFT") regime and in particular the filing of Suspicious Activity Reports…more

Anti-Corruption, Anti-Money Laundering, Anti-Terrorism Financing, Banks, Law Enforcement

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UK Bribery Act – 5 lessons in 5 years: No. 3 – Incentivising Self-Reporting

Bribery by its very nature is generally a secret matter. Self-reporting is therefore a useful tool by which the SFO can learn of, and take action against, wrongdoing. But what are the incentives for a company to self-report? The…more

Bribery, Deferred Prosecution Agreements, Incentives, Self-Reporting, Serious Fraud Office

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Mining in Africa – getting in sync with the cycle

With one third of the world’s mineral reserves and two thirds of the world’s diamond production, Africa should have basked in the era of roaring commodity prices and booming optimism. Over the last decade, Africa’s average…more

Africa, Commodities, Foreign Investment, Infrastructure, Minerals

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FCC Proposes Formal Privacy Regulations for Broadband ISPs

On March 31, 2016, a 3-2 majority of the U.S. Federal Communications Commission ("FCC") approved a Notice of Proposed Rulemaking ("NPRM") to establish a set of regulations governing the data collection, use, and sharing…more

Broadband, Communications Act of 1934, Data Collection, FCC, Internet Service Providers (ISPs)

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Potential Circuit Split Creates an Uncertain Future for Whistleblower Protection of Internal Reporting: Asadi v. G.E. Energy (USA), LLC, (5th Cir. Jul. 17, 2013) versus Murray v. UBS Securities, LLC and UBS AG, (S.D.N.Y. May 21, 2013)

The Dodd-Frank Whistleblower Program - The Dodd-Frank Act amended the Securities Exchange Act of 1934 by creating protections and rewards for anyone who provides information that helps the SEC in enforcing the law…more

Conflicts of Laws, Dodd-Frank, SEC, Securities Exchange Act, Whistleblower Awards

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European Commission adopts first two decisions in EU tax probe in push for corporate tax reform

On 21 October, the European Commission (“EC”) adopted its first decisions in its investigation into Member States’ tax rulings. The investigation, which began in June 2013, has also targeted tax rulings given to Apple and…more

Advanced Pricing Agreements, BEPS, Corporate Taxes, EU, European Commission

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M&A Attractiveness Index, EMEA – Middle East

According to the M&A Attractiveness Index, developed by the M&A Research Centre at Cass Business School, the Middle East countries of Qatar, Saudi Arabia and United Arab Emirates are ranked 50th, 81st and 28th, respectively, out…more

Acquisitions, Foreign Investment, Inbound Investments, Investment Funds, Mergers

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AIFMD in Germany: Strategies for non-EU AIFMs Marketing

Summary: - In conjunction with the implementation of the European Directive on Alternative Investment Fund Managers (2011/61/EU) (the “Directive” or “AIFMD”) the German legislature decided to abolish the private placement…more

AIFM, AIFMD, EU, Marketing, New Legislation

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Deadline Approaches – Non-EEA fund managers must consider their options

The Alternative Investment Fund Managers Directive (2011/61/EU) (the “Directive”) and the supplementary level 2 Regulation (EU) No 231/2013 (the “Regulation”) introduce an authorisation regime and centralised rulebook for the…more

AIFM, Alternative Investment Fund Managers Directive, Alternative Investment Funds, EEA, EU

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New Federal Antitrust Law Bill

On February 19, 2014, the Federal Executive Branch of Mexico submitted to the House of Representatives a bill to issue a new Federal Antitrust Law (Ley Federal de Competencia Económica) (the “Bill”) which, if approved, will…more

Antitrust Provisions, Mexico

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Japan Patent Act Amendment: How to Compensate Inventors Now?

The most recent amendment to Japan's Patent Act, effective April 1, 2016, modifies the right of an employee inventor to "reasonable" compensation in response to calls for change from companies, but falls short of creating a…more

Compensation Agreements, Employee Inventors, Inventors, Japan, Patents

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Summary of FERC Meeting Agenda - May 2013

Below are brief summaries of the agenda items for the Federal Energy Regulatory Commission’s May 16, 2013 meeting, pursuant to the agenda as issued on May 9, 2013. Agenda items E-3, E-13, E-17 have not been summarized as they…more

FERC, Geomagnetic Storms, Oil & Gas, Water

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A new dawn for summary determination in international arbitration: the revised SIAC Rules

The new edition of the Arbitration Rules of the Singapore International Arbitration Centre (SIAC), which come into effect today, introduces a novel procedure for the early determination of claims or defences that are manifestly…more

Arbitration Procedural Rules, International Arbitration, SIAC, Singapore

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Issues for consideration: EPC contracts and technology licenses in petrochemical projects

In petrochemical projects, the engineering, procurement and construction (EPC) contracts are often negotiated after the technology licenses have been negotiated between the technology licensors and the project owner. Both…more

Construction Contracts, Engineering, Funding, IP License, License Agreements

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Changes to Japan's Existing Renewable Energy Feed-in-Tariff System

On May 25, 2016, the Japanese Diet passed a law that will authorize a range of changes to Japan's existing renewable energy feed-in tariff (FIT) system. The Ministry of Economy, Trade and Industry (METI), which sought the…more

Biomass, Feed-in-Tariffs, Hydropower, Japan, Popular

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Trade Secrets Protection Bill Pending Before the Senate and Judiciary Committee

On July 29, 2015, congressional leaders in both the House and Senate introduced a bipartisan, bicameral legislation to help combat the theft of business trade secrets. The proposed bill, titled the "Defend Trade Secrets Act of…more

Defend Trade Secrets Act (DTSA), Economic Espionage Act, Pending Legislation, Statute of Limitations, Theft

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M&A Attractiveness Index, EMEA – United Kingdom

According to the M&A Attractiveness Index, developed by the M&A Research Centre at Cass Business School, the United Kingdom is now ranked fifth out of a total of 147 countries in terms of its attractiveness for M&A purposes…more

Acquisitions, EU, Foreign Investment, Inbound Investments, Investment Funds

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The New European Market Abuse Rules – Looking Towards 2016

Significant changes to the European laws on market abuse are due to come into effect in July 2016. On implementation, the new measures will replace the four current European directives on market abuse. This Insight looks at…more

Benchmark Pricing, Commodities, Criminal Prosecution, EU, Financial Conduct Authority (FCA)

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Lump Sum Contracts: Not always certain?

"Lump sum fixed price" is a well-established method of construction contracting in the Middle East and many other regions of the world. Its selling point is price certainty. However, as two recent cases highlight, defining a…more

Construction Contracts, Design-Build, FIDIC Contracts, Fixed-Fee, Lump Sum Payments

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Department of Labor Proposes New Overtime Regulations

On June 30, 2015, the Department of Labor (the “DOL”) released proposed modifications to its overtime exemptions under the federal Fair Labor Standards Act (the “FLSA”). The proposed revisions increase the minimum salary levels…more

DOL, Exempt-Employees, FLSA, Minimum Salary, Minimum Wage

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EEC Issues Draft Rule on Electronic Pre-Notification Procedure for Shipment by Rail

The Eurasian Economic Commission (the “EEC”) issued a draft decision on July 16, 2013 requiring electronic pre-notification for all goods shipped into the Customs Union (CU) by rail. The draft decision provides for entry into…more

Customs, EU, European Commission, Notifications, Proposed Regulation

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Plunging Oil Prices: Options for Long-term Project Participants affected by the Price Collapse

Plunging oil prices over the past six months have left many participants in long-term energy projects looking at very different deals from the ones they signed. Having hovered around US$115 per barrel in June 2014, prices have…more

Construction Contracts, Construction Industry, Energy Projects, Energy Sector, Force Majeure Clause

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Brazil: the real deal?

As one of the BRICS economies, Brazil has long been touted as one of the world’s most dynamic emerging markets. It is the world’s seventh biggest economy, has a large domestic market thanks to a population of almost 200 million…more

Brazil, BRIC, Emerging Markets, Foreign Investment, Foreign Markets

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M&A Attractiveness Index, EMEA – Turkey

According to the M&A Attractiveness Index, developed by the M&A Research Centre at Cass Business School, Turkey is now ranked 53rd out of a total of 147 countries in terms of its attractiveness for M&A purposes (i.e., its…more

Acquisitions, EU, Inbound Investments, Mergers, Outbound Acquisitions

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Brexit Headline Checklist

This checklist is designed to set out some of the key questions which businesses will need to consider in their initial planning phase as they evaluate their existing structures and operations and the potential impact of Brexit…more

Data Protection, Emissions Trading System, EU, Funding, Intellectual Property Protection

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Global Tax Report - September 2013: Intellectual Property Tax Planning

In This Issue: - United States: Benefits of Intangible Property Migrations - United Kingdom: Innovation: The Name of the Game - Germany: OECD’s Action Plan on Base Erosion and Profit Shifting (BEPS) Within the…more

Erosion, EU, Innovation, Intangible Property, Tax Planning

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Trade in the balance: Europe's new Union Customs Code

The European Union — the world's largest trader of manufactured goods and services — is adopting a new framework of customs rules, the Union Customs Code (UCC). From cutting-edge California mobile devices and Chinese…more

AEO, Asia, Bilateral Agreements, C-TPAT, Classifications of Goods

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Global Tax Report - September 2013: Intellectual Property Tax Planning

In This Issue: - United States: Benefits of Intangible Property Migrations - United Kingdom: Innovation: The Name of the Game - Germany: OECD’s Action Plan on Base Erosion and Profit Shifting (BEPS) Within the…more

Erosion, EU, Innovation, Intangible Property, Tax Planning

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First Circuit: Private Equity Fund May Be “Trade or Business” and Subject to Portfolio Company Pension Liabilities

The First Circuit Court of Appeals has recently held in Sun Capital Partners III, LP v. New England Teamsters & Trucking Industry Pension Fund, No. 12-2312 (July 24, 2013), a case of first impression at the Circuit Court level,…more

Benefit Plan Sponsors, COBRA, ERISA, Investment Portfolios, Pensions

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European Margin Rules for Non-Cleared OTC Derivatives – Final Draft RTS are adopted by the European Supervisory Authorities

On 8 March 2016, the European supervisory authorities (the "ESAs") adopted the long-awaited final draft RTS on margin requirements for non-cleared derivatives (the "Margin Rules"). The Margin Rules constitute the risk mitigation…more

Derivatives, Draft Guidance, EMIR, EU, European Supervisory Authorities (ESAs)

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M&A Attractiveness Index, EMEA – Turkey

According to the M&A Attractiveness Index, developed by the M&A Research Centre at Cass Business School, Turkey is now ranked 53rd out of a total of 147 countries in terms of its attractiveness for M&A purposes (i.e., its…more

Acquisitions, EU, Inbound Investments, Mergers, Outbound Acquisitions

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Halliburton Co. v. Erica P. John Fund, Inc.: The US Supreme Court Confirms That Defendants in Securities Fraud Cases May Rebut Alleged Price Impact at the Class Certification Phase

The US Supreme Court’s decision in Halliburton Co. v. Erica P. John Fund, Inc., Slip op., No. 13-317 (Jun. 23, 2014), unanimously held that before certifying a class in a securities fraud case, federal courts must allow…more

Basic v Levinson, Class Action, Class Certification, Fraud, Fraud-on-the-Market

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EEC Issues Draft Rule on Electronic Pre-Notification Procedure for Shipment by Rail

The Eurasian Economic Commission (the “EEC”) issued a draft decision on July 16, 2013 requiring electronic pre-notification for all goods shipped into the Customs Union (CU) by rail. The draft decision provides for entry into…more

Customs, EU, European Commission, Notifications, Proposed Regulation

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UK Ratification of the Cape Town Convention

It cannot have escaped the attention of anyone involved in the aviation finance industry that the UK is currently in the process of ratifying the Cape Town Convention (being the Convention on International Interests in Mobile…more

Aircraft, Aircraft Equipment, Aircraft Financing, Aircraft Sales, Aviation Industry

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New Abu Dhabi Real Estate Laws – Laying the Legal Foundations for Institutional Investment

The years since the global financial crisis of the last decade have witnessed a significant increase in institutional investment (for instance, by pension funds, sovereign wealth funds and insurers) into global real estate. This…more

Abu Dhabi Global Markets (ADGM), Institutional Investors, Real Estate Market

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