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Increase of Export Customs Duty for Crude Oil

The Government of Kazakhstan has introduced a further increase in the rate of the export customs duty for crude oil. On 11 March 2014, the Government of Kazakhstan adopted Resolution (No. 211) (the “Resolution”)…more

Customs, Exports, Oil & Gas

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Statute of Limitations for Government Enforcement Actions Seeking Civil Penalties Starts When Conduct Occurs, Not When Discovered

In Gabelli v. SEC, 568 US ___ (2013), a unanimous Supreme Court reversed the Second Circuit and held that the five-year statute of limitations for Government civil penalty enforcement actions under 28 U.S.C. §2642 begins to run…more

Discovery Rule, Fraud, Gabelli v SEC, SCOTUS, SEC

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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, MBRT

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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, Shareholders

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DIFC Continues To Establish Its Arbitration-Friendly Credentials With Recent Amendment To DIFC Arbitration Law

Following a recent amendment to the Dubai International Financial Centre1 (DIFC) Arbitration Law, it is now clear that matters brought before the DIFC Courts which are governed by a valid arbitration agreement shall be stayed by…more

Arbitration, International Arbitration, Middle East

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Africa – from petrodollars to progress

African states rich in resources are striving to increase domes tic involvement in their economies – especially in oil and gas. In attempting to increase domestic participation throughout the value chain, some African states…more

Africa, Economic Development, Energy Market, Natural Gas, Oil & Gas

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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 probes into national tax rulings on transfer pricing

The European Commission (“EC”) has long sought to eliminate so-called harmful tax competition, which it sees as undermining the integrity of the internal market, fair competition and the fiscal sustainability of the Member…more

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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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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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Supreme Court confirms that legal advice privilege does not apply to communications with non-lawyers

The Supreme Court this week handed down judgment in the case of R (on the application of Prudential plc and another) v Special Commissioner of Income Tax and another, confirming that legal advice privilege does not extend to…more

Accountants, EU, Legal Advice Privilege, Tax Advice

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Fees for Recording IP Security Agreements with the USPTO and USCO

In financing transactions, such as loans or securitizations, lenders will typically take a security interest in the borrower's assets pledged as collateral, including any United States intellectual property ("US IP") assets,…more

Collateral, Copyright, Filing Fees, Financing, Loans

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Analysis of Recent Trends in Warranty Insurance in Private Equity M&A Transactions

Although Warranty Insurance in M&A transactions was a novelty product five to ten years ago, Warranty Insurance has now become an industry standard in Europe, largely thanks to its wide use by private equity firms who have been…more

Asset Purchaser, Buyers, Corporate Sales Transactions, Due Diligence, EU

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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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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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European Commission’s proposal on banking structural reform - a Volcker Rule for Europe

On 29 January 2014, the European Commission published a legislative proposal for a Regulation on structural reforms to the EU banking sector (the “Proposed Regulation”). The Proposed Regulation advances the recommendations set…more

Banking Reform Bill, EU, European Commission, Financial Regulatory Reform, Foreign Banks

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Taking a Leap of Faith: Deferred Prosecution Agreements and Corporate Sentencing Guidelines Come to the UK

On 24 February 2014, UK prosecutors gained the ability to use deferred prosecution agreements (DPAs) in corporate crime cases. This followed the publication on 31 January 2014 of a Definitive Guideline for the sentencing of…more

Deferred Prosecution Agreements, Fraud, Sentencing, SFO, UK

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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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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 Commission’s proposal on banking structural reform - a Volcker Rule for Europe

On 29 January 2014, the European Commission published a legislative proposal for a Regulation on structural reforms to the EU banking sector (the “Proposed Regulation”). The Proposed Regulation advances the recommendations set…more

Banking Reform Bill, EU, European Commission, Financial Regulatory Reform, Foreign Banks

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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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Will the EU ETS Aviation Emissions Directive be Grounded?

The International Civil Aviation Organisation (ICAO) emerged on 4 October 2013 from its much-anticipated 38th General Assembly meetings in Montreal with what looks like a consensus on the use of market based mechanisms (MBM) for…more

Aviation Industry, Carbon Emissions, Environmental Policies, EU, EU ETS

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Zlomrex International Finance S.A. – completion of restructuring via Scheme of Arrangement

On 4 February 2014, our client, Zlomrex International Finance S.A. (“ZIF”), completed the restructuring of its approximately €118 million senior secured high yield notes due 2014 (the “Existing High Yield Bonds”). ZIF, a company…more

EU, Restructuring, UK

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The English Court of Appeal confirms the effectiveness of Certificates of Acceptance in aircraft leasing transactions

The Court of Appeal’s recent decision in Olympic Airlines SA (in special liquidation) v ACG Acquisition XX LLC [2013] EWCA Civ 369 gives welcome comfort to lessors that properly drafted Certificates of Acceptance will provide an…more

Airlines, Certificates of Acceptance, EU, Leases

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The new group actions law in France – A cause for concern for companies?

The French law on consumer rights, also referred to as the “Hamon law” (“loi Hamon”), was enacted on 17 March 2014. The introduction of group actions is one of the main innovations of this law. Companies must now…more

Anti-Competitive, Class Action, Consumer Rights Directive

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Patent Settlements as an endangered species: DG Comp’s latest Monitoring Exercise on Patent Settlements in Europe

Executive Summary - On 9 December 2013, DG Comp published its fourth report on the monitoring in Europe of patent settlements. Like its predecessors, the report welcomes the continuously low level of settlements that may…more

Antitrust Litigation, EU, Patent Litigation, Patents, Settlement

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EU publishes TTIP negotiating positions for five key sectors to increase transparency

On 14 May 2014, in the run-up to the fifth negotiating round taking place 19-23 May 2014 in the US, the European Commission has published its negotiating position in the ongoing Transatlantic Trade and Investment Partnership…more

Automotive Industry, Chemicals, Cosmetics, EU, Negotiations

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The new OHADA Uniform Act in a Nutshell

Legal integration in Francophone Africa results in particular from the “Uniform Acts” adopted by the Organization for the Harmonization of Business Law in Africa (“OHADA”), established by the Treaty signed in Port Louis…more

Africa, Economic Development, Foreign Policy, OHADA Treaty

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Tecnimont SPA v. J&P Avax: France’s highest court reinforces the legal status of arbitration rules

Last week, the French Cour de Cassation issued its long-awaited decision in the Tecnimont matter. It quashed a decision of the Reims Court of Appeal which had set aside an ICC award on the basis of lack of independence of the…more

Arbitration, Arbitration Agreements, EU, ICC

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China Amends Regulations on Supervision and Management of Medical Devices; Prior Marketing Approval Requirement to Import Medical Devices Remains Unchanged

On March 31, 2014, China Premier Mr.Li Kequiang signed Decree No. 650 on the amended Regulations on Supervision and Management of Medical Devices (“the amended regulations”), which update the original regulations1 released in…more

Amended Regulation, China, Imports, Marketing, Medical Devices

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European Court of Justice says the European Stability Mechanism (ESM) is compatible with EU law

In a judgment handed down today, in a preliminary reference from the Irish Supreme Court, in Thomas Pringle v The Government of Ireland, Ireland and the Attorney General (Case C-370/12), the Court of Justice of the European…more

European Stability Mechanism

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Accrual and Payment of Interest on Creditors’ Claims in Insolvency: The Plenary Session of the Russian Supreme Commercial Court Made the Clarifications

This issue considers the most important provisions of the resolution adopted at the Plenary Session of the Supreme Commercial Court of the Russian Federation (the “SCC”) No. 88, dated 6 December 2013, “On Accrual and Payment of…more

Creditors, Debtors, Discounts, Insolvency, Interest Payments

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CLO Risk Retention: Late-Season Predictions

For college football fans, the regular season is drawing to an end, which means it is time for the pundits to start breaking out the bowl game predictions. Of course the experts never get it fully correct (who could have…more

Collateralized Debt Obligations, Dodd-Frank, Risk Retention

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The Perils of Not Showing Up: Default Judgment Entered Against Two Former Siemens Executives for Record US$1.46 Million in Combined Civil FCPA Penalties

On February 3, 2014, Judge Shira A. Scheindlin of the U.S. District Court for the Southern District of New York issued a default judgment in U.S. Securities and Exchange Commission v. Sharef, et al. against two former Siemens AG…more

Civil Monetary Penalty, Default Judgment, Enforcement Actions, FCPA, SEC

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Delaware Supreme Court Confirms Liability for Failure to Negotiate in Good Faith

On appeal from the Delaware Court of Chancery, the Delaware Supreme Court, in SIGA Technologies, Inc. v. PharmAthene, Inc., recently held that an agreement to negotiate in good faith in accordance with a term sheet is an…more

Incorporation, Liability, License Agreements, Mergers, Negotiations

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US Imposes Sectoral Sanctions on Russian Financial and Energy Companies, Expands Ukraine-Related Designations and Adds Further Restrictions on Exports to Russia

On July 16, 2014, the United States issued new sanctions targeting the Russian financial and energy sectors in response to the ongoing unrest in Ukraine. The new sectoral sanctions target four Russian companies by placing them…more

Banking Sector, Energy Sector, Export Controls, Exports, OFAC

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The changing face of Employment Tribunal litigation

Statistics published by the Ministry of Justice show that the Employment Tribunals received 79% (or 9,801) fewer claims in the period October to December 2013 than in the corresponding period in 2012. It is safe to assume that…more

Employment Tribunals, UK

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Overview of Recent Trends in Warranty Insurance in M&A Transactions

In the current economic climate, the appetite of purchasing parties to take on risk in an M&A transaction has greatly decreased. At the same time, sellers remain under intense pressure to contain outstanding liabilities, and…more

Asset Purchaser, Corporate Sales Transactions, Due Diligence, Liability, Risk Management

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Omnicom/Publicis: Lessons in How to Keep Merger Clearance Traps From Derailing Your Deal

Advertising giants Omnicom Group and Publicis Groupe called off their US$35 billion merger on May 8, 2014, terminating a transaction that would have created the largest advertising company in the world. Publicis chairman,…more

Advertising, Clearance, Mergers

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US Imposes Sectoral Sanctions on Russian Financial and Energy Companies, Expands Ukraine-Related Designations and Adds Further Restrictions on Exports to Russia

On July 16, 2014, the United States issued new sanctions targeting the Russian financial and energy sectors in response to the ongoing unrest in Ukraine. The new sectoral sanctions target four Russian companies by placing them…more

Banking Sector, Energy Sector, Export Controls, Exports, OFAC

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European Commission’s proposal on banking structural reform - a Volcker Rule for Europe

On 29 January 2014, the European Commission published a legislative proposal for a Regulation on structural reforms to the EU banking sector (the “Proposed Regulation”). The Proposed Regulation advances the recommendations set…more

Banking Reform Bill, EU, European Commission, Financial Regulatory Reform, Foreign Banks

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Turkcell Litigation – Another Victory for Cukurova: Privy Council confirms the terms for Cukurova to recover its interest in Turkcell

The Privy Council today delivered another crucial ruling in favour of White & Case’s client Cukurova, in its six-year battle to recover its controlling interest in Turkcell (Turkey’s largest mobile phone operator). The effect of…more

Alfa v Cukurova, Cell Phones, Foreign Corporations, Telecommunications, Turkcell

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On the cusp of a boom

Africa has long been viewed as a continent of untapped potential. Now favorable demographic and economic trends are attracting an influx of foreign investment, pointing toward a new era in its development, say Jason Kerr and…more

Africa, Economic Development

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Italy further facilitates financing transactions for Italian issuers (Destinazione Italia Decree)

On December 13, 2013 the Italian Government approved Law Decree Destinazione Italia (the “Destinazione Italia Decree”), aimed at further facilitating financing transactions for Italian issuers. The most significant…more

Bonds, Corporate Bonds, Financing, Securitization

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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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IRS Finalizes Regulations on Transfers of Derivative Contracts

The IRS has issued final regulations on the transfer or assignment of certain derivative contracts. A derivative is a financial instrument that is priced upon a derivation of the value of one or several underlying assets,…more

Derivatives, IRS, OTC, Transfers

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DOJ & FTC Release Cybersecurity Threat Information Exchange Policy

The US DOJ Antitrust Division and the FTC yesterday released a joint policy statement on the sharing of information between private parties, including competitors, to counter cybersecurity threats. The agencies acknowledge that…more

Cybersecurity, Data Protection, DOJ, FTC

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Overview of Recent Trends in Warranty Insurance in M&A Transactions

In the current economic climate, the appetite of purchasing parties to take on risk in an M&A transaction has greatly decreased. At the same time, sellers remain under intense pressure to contain outstanding liabilities, and…more

Asset Purchaser, Corporate Sales Transactions, Due Diligence, Liability, Risk Management

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Statute of Limitations for Government Enforcement Actions Seeking Civil Penalties Starts When Conduct Occurs, Not When Discovered

In Gabelli v. SEC, 568 US ___ (2013), a unanimous Supreme Court reversed the Second Circuit and held that the five-year statute of limitations for Government civil penalty enforcement actions under 28 U.S.C. §2642 begins to run…more

Discovery Rule, Fraud, Gabelli v SEC, SCOTUS, SEC

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EP III: an open pit for finance? The impact of the Equator Principles on the industry’s environmental and social performance

The Equator Principles (EP) is a risk management framework, adopted by financial institutions, for determining, assessing and managing environmental and social risk. EP applies globally to all industry sectors and covers project…more

Equator Principles, Project Finance, Risk Management, Sustainable Business Practices

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In the Rural/Metro Decision, Delaware Court Emphasizes Conflicts of Interest in Finding Breaches of Fiduciary Duties

Citing various conflicts of interests involving management, board members and financial advisors, Vice Chancellor Laster of the Delaware Court of Chancery found that the Board of Directors of Rural/Metro Corporation (“Rural”)…more

Aiding and Abetting, Board of Directors, Breach of Duty, Conflicts of Interest, Fiduciary Duty

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The Qatar Financial Centre Regulatory Authority Issues New Rules for Insurance Firms Operating from the Qatar Financial Centre

The Qatar Financial Centre Regulatory Authority (“the QFCRA”) has recently issued new rules which amend the Insurance Business Rules 2006 (PINS) (the “2006 Rules”). The Insurance Business (Risk Management Capital Adequacy and…more

Asset Management, Capital Requirements, Insurance Reform, Risk Management, Valuation

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SAFE Cross-Border Security Rules Finally Released

The State Administration of Foreign Exchange of the PRC (“SAFE”) formally released on 19 May 2014 the Foreign Exchange Administration Rules on Cross-border Security together with its operation guidelines (the “New Rules”). The…more

Border Security, Cross-Border, Customs and Border Protection, Immigrants, SAFE

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EU High Court Strikes Down Data Retention Law

On April 8, 2014, the highest court in the European Union invalidated an EU law that required telephone and electronic communications providers to retain user data for up to two years…more

Data Mining, Data Retention, Electronic Communications, Electronically Stored Information, EU

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Accrual and Payment of Interest on Creditors’ Claims in Insolvency: The Plenary Session of the Russian Supreme Commercial Court Made the Clarifications

This issue considers the most important provisions of the resolution adopted at the Plenary Session of the Supreme Commercial Court of the Russian Federation (the “SCC”) No. 88, dated 6 December 2013, “On Accrual and Payment of…more

Creditors, Debtors, Discounts, Insolvency, Interest Payments

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Myanmar accedes to New York Convention

Summary - On July 15, 2013, Myanmar acceded to the New York Convention on the Recognition of Enforcement of Foreign Arbitral Awards 1958 (the “New York Convention”). The next step is for Myanmar’s parliament to implement…more

Arbitration, Arbitration Awards, Foreign Jurisdictions, New York Convention

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Which way forward for the sovereign debt crisis? Six thought leaders in sovereign debt restructuring share their observations of the current situation and provide guidance on the complex challenges ahead

A crisis far beyond anything experienced in recent memory - The way in which regulators, investors, banks and governments respond to the current sovereign debt challenges will echo for many years. Decisions made today…more

Banking Crisis, Banking Sector, Bonds, Debt Ceiling, Debt Restructuring

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Ukraine and US Energy Export Restrictions: Will Geopolitics Bring Reform?

The situation in Ukraine has intensified political and media scrutiny of the United States’ restrictions on the export of crude oil and liquefied natural gas (LNG). With supplies of Russian energy to Ukraine and Europe at risk,…more

Energy, Export Controls, Exports, Liquid Natural Gas, Natural Gas

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Class actions: now in Belgium

Class actions are a hot topic in Europe, and elsewhere. Various European countries have introduced, or are in the process of introducing, class action mechanisms. At the European Union level a similar development is noticeable,…more

Class Action, EU

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WTO Dispute Settlement—Long Delays Hit the System

- A recent increase in World Trade Organization (WTO) cases has strained resources in the WTO Secretariat and led to a notable slowdown in the dispute settlement process. In 2012, the WTO received the highest number of…more

International Trade Disputes, Settlement, WTO

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AIFMD: Update for non-EEA fund managers

From 22 July 2013, the Alternative Investment Fund Managers Directive (2011/61/EU) (the “Directive”) and the supplementary level 2 Regulation (EU) No 231/2013 (the “Regulation”) will come into effect. This legislation will…more

AIFM, AIFMD, Disclosure Requirements, EEA, EU

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Class actions: now in Belgium

Class actions are a hot topic in Europe, and elsewhere. Various European countries have introduced, or are in the process of introducing, class action mechanisms. At the European Union level a similar development is noticeable,…more

Class Action, EU

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Business, Trade & Competition: China Bulletin - October 2013

In This Issue: - All Eyes on the Shanghai Free Trade Zone - China and Korea Progress to Second Phase of Bilateral FTA Negotiations; Intersection of RCEP and TPP Remains Key Area of Interest - Excerpt from All…more

China, Free Trade Agreement, Free Trade Zone, MOFCOM, Trans-Pacific Partnership

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Spotlight on Reforms in Mexico

Mexico is set to put rivals in the shade. Emerging markets have been rightly criticized for squandering favorable global conditions by not taking decisive steps to guarantee their long-term economic health. Mexico has…more

Economic Development, Emerging Markets, Mexico

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Mayo V Prometheus: Another Guidepost on the Road to Determining Patentability in the Post-Industrial Age by Jane Plomley and Robert Counihan

Originally published in Bio-Science Law Review - November 2012. On 20 March 2012, in Mayo Collaborative Servs v Prometheus Labs, Inc., the Supreme Court of the United States invalidated diagnostic treatment process…more

Mayo v. Prometheus, Myriad, Patents

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A Rose by any Other Name: DOJ’s FCPA Unit Brings Fraud and Money Laundering Charges Against Bechtel Executive

The variety of charges recently brought by the US Department of Justice’s (DOJ) Foreign Corrupt Practices Act (FCPA) Unit against former Bechtel executive Asem Elgawhary signals that the DOJ is not only pursuing improper…more

Anti-Money Laundering, Bechtel, DOJ, FCPA, Fraud

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Turkcell Litigation – Another Victory for Cukurova: Privy Council confirms the terms for Cukurova to recover its interest in Turkcell

The Privy Council today delivered another crucial ruling in favour of White & Case’s client Cukurova, in its six-year battle to recover its controlling interest in Turkcell (Turkey’s largest mobile phone operator). The effect of…more

Alfa v Cukurova, Cell Phones, Foreign Corporations, Telecommunications, Turkcell

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New Court Ruling Permits Adjudication Claims under a Collateral Warranty

For decades, contractors and consultants have been giving collateral warranties to relevant third parties on UK construction projects. However, in a recent unexpected development, in the case of Parkwood Leisure Limited v Laing…more

Adjudicatory Process, Construction Contracts, UK, Warranties

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Russian Mergers & Acquisitions Market - Challenges and Opportunities

David Crook and Eric Michailov, partners at White & Case, discuss how the legal environment is changing for Russia-related transactions in 2013…more

Banking Sector, China, Foreign Investment, Investors, Natural Resources

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Enhanced Prudential Standards for Foreign Banking Organizations: The US Approach to Ring-Fencing

The Board of Governors of the Federal Reserve System (“Board”) on February 18, 2014 adopted a final rule (“Final Rule”) to implement enhanced capital, liquidity and other prudential standards for foreign banks with US branches,…more

Dodd-Frank, Federal Reserve, Foreign Banks

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Foreign Banking Organizations Granted Benefit of Swaps Push-Out Rule and Transition Period

The Board of Governors of the Federal Reserve System ("Board") on December 24, 2013, issued final rules ("Final Rules") to include the uninsured US branches and agencies of foreign banks in the definition of "insured depository…more

Dodd-Frank, FDIC, Foreign Banks, Push-Out Requirements, Section 716

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The Return of the Leveraged Loan Market

Increased confidence and appetite for risk developed in 2013 and has continued at pace into Q1 2014. 2013 brought us the highest annual new-issue loan volume in five years. This translated to an impressive year-on-year increase…more

EU, International Finance, Japan, Leveraged Loans, Portability

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Overview of Recent Trends in Warranty Insurance in M&A Transactions

In the current economic climate, the appetite of purchasing parties to take on risk in an M&A transaction has greatly decreased. At the same time, sellers remain under intense pressure to contain outstanding liabilities, and…more

Asset Purchaser, Corporate Sales Transactions, Due Diligence, Liability, Risk Management

See All Updates »

DOJ & FTC Release Cybersecurity Threat Information Exchange Policy

The US DOJ Antitrust Division and the FTC yesterday released a joint policy statement on the sharing of information between private parties, including competitors, to counter cybersecurity threats. The agencies acknowledge that…more

Cybersecurity, Data Protection, DOJ, FTC

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Statute of Limitations for Government Enforcement Actions Seeking Civil Penalties Starts When Conduct Occurs, Not When Discovered

In Gabelli v. SEC, 568 US ___ (2013), a unanimous Supreme Court reversed the Second Circuit and held that the five-year statute of limitations for Government civil penalty enforcement actions under 28 U.S.C. §2642 begins to run…more

Discovery Rule, Fraud, Gabelli v SEC, SCOTUS, SEC

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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, MBRT

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US federal agencies to seek expanded Clean Water Act regulatory jurisdiction over aggregate mines and farmlands

The US Environmental Protection Agency (“EPA”) and the US Army Corps of Engineers (“Corps”) are poised to propose a new rule that would significantly expand their regulatory jurisdiction under the Clean Water Act. While many…more

Clean Water Act, Environmental Policies, EPA, Farms, Mining

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Use of Formula Clauses for Income Tax Advantage

In early 1985, Nestlé Holdings Inc. (Nestlé US), a first-tier wholly owned subsidiary of Nestlé S.A. (Nestlé Switzerland), acquired Carnation Co. and made an election under section 338 for that acquisition. Under section 338,…more

Business Assets, Income Taxes, Intangibles, IRS, Nestle

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DIFC Courts open consultation regarding amendments to the Rules of the DIFC Courts

The Dubai International Financial Centre (DIFC) Courts have opened up a month-long consultation regarding proposed amendments to the Rules of the DIFC Courts (the “RDC”). A proposed amendment of particular interest relates to…more

Arbitration, DIFC, Enforcement, Middle East, Proposed Amendments

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US Imposes Sectoral Sanctions on Russian Financial and Energy Companies, Expands Ukraine-Related Designations and Adds Further Restrictions on Exports to Russia

On July 16, 2014, the United States issued new sanctions targeting the Russian financial and energy sectors in response to the ongoing unrest in Ukraine. The new sectoral sanctions target four Russian companies by placing them…more

Banking Sector, Energy Sector, Export Controls, Exports, OFAC

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What next for Guinea’s regulation? Tracking the evolution of the Guinean mining code against the ups and downs of the global mining industry

On April 9, 2013, the Republic of Guinea enacted amendments to its 2011 mining code, with the aim of reinforcing the message to international investors that Guinea is open for business. In a press statement, the Guinean minister…more

Economic Development, Minerals, Mining, Natural Resources, New Legislation

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A Tale Of Two Debtors: Lehman Brothers And The Availability Of Equitable Subordination In The “Dueling Debtor” Context

Originally published in the NYU Journal of Law & Business - Vol. 9:269, 2012. This article suggests that the generally accepted “offensive/defensive” standard used by bankruptcy courts to determine whether a debtor may…more

Automatic Stay, Debtors, Dueling Debtor, Enron, Equitable Subordination

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Recent Practical Effects of “Just Saying No”

In the past few months, we have seen an increasing number of hostile or unsolicited M&A bids where boards of directors of target companies have resisted bidders’ advances. Traditionally, the board-friendly Delaware approach,…more

AstraZeneca, Board of Directors, Business Judgment Rule, Delaware General Corporation Law, Fiduciary Duty

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Anti-Patent Troll Legislation: What is Proposed and What it Could Mean

Proposed patent legislation has been causing a stir at both the federal and state levels recently. In an effort to curb infringement litigation initiated by non-practicing entities, often referred to as "patent trolls,"…more

Patent Infringement, Patent Litigation, Patent Trolls, Patents

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Reform of French Insolvency Law Overview of The Executive Order of 12 March 2014

Executive Order n° 2014-326 of 12 March 2014 reforming French insolvency proceedings was published in the Official Journal of the French Republic (Journal officiel de la République Française) on 14 March 2014. Considered…more

Commercial Bankruptcy, EU, Insolvency

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State court ruling creates new uncertainty for DMCA safe harbors

A New York state court has ruled that a DMCA safe harbor does not protect internet services from claims they infringe pre-1972 sound recordings. The decision, UMG Recordings v. Escape Media Group, creates new uncertainty and…more

Copyright, Copyright Infringement, DMCA, Internet Service Providers, Safe Harbors

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SEC Issues Guidance on Proxy Voting Relevant to Proxy Advisers and Investment Advisers: Any Significant Impact on the Current Proxy Voting System Is Unlikely

Growing concerns regarding the increasingly prominent role of proxy advisory firms, including Institutional Shareholder Services and Glass Lewis, were largely not addressed when, on June 30, 2014, the Securities and Exchange…more

Compliance, Investment Adviser, Proxy Advisors, Proxy Voting Guidelines, SEC

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FTC Announces Annual Changes to HSR Thresholds

On January 17, 2014, the Federal Trade Commission (FTC) announced the annual changes to the Hart-Scott-Rodino (HSR) Act notification thresholds. The FTC is required to revise the jurisdictional thresholds annually, based on the…more

FTC, Hart-Scott-Rodino Act

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Russian Legislation Update

In This Issue: - Judicial Reform - Banking - First Reading: Quota for participation of foreign capital in Russian banking sector - Excerpt from Judicial Reform: On 4 June 2014 the President signed…more

Financial Regulatory Reform, Legislative Agendas, Russia

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‘Flip-Up Pre-Packs’ – A new approach to accessing the UK insolvency regime

The UK has long-since established itself as a jurisdiction of choice for complex cross-border restructurings involving corporate groups whose principal operations are overseas. Typically, the English Court has accepted…more

Commercial Bankruptcy, Cross-Border, Foreign Corporations, Insolvency, Jurisdiction

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California Attorney General Issues Privacy Policy Guide

On May 21, 2014, California's Attorney General Kamala D. Harris issued the "Making Your Privacy Practices Public" guide (the "Guide") to provide businesses with guidance on creating more transparent privacy policies that comply…more

CalOPPA, Data Protection, Disclosure Requirements, Do Not Track, Internet

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Data Center Industry Investment- Trends and Opportunities

Advances in technology have helped to spur the data center industry's growth. James Dodsworth, Partner at White & Case, a leading law firm to the data center industry, discusses current trends and investment opportunities,…more

Cloud Computing, Data Centers, Investors, Risk Mitigation

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The Emerging Risks of Unauthorized IP in Your Supply Chain and How You Should Respond

I. Introduction - Most global companies manage their supply chains to avoid supply disruptions and to address environmental, labor, and health and safety concerns, among others, but these same companies are often not…more

Counterfeiting, Damages, FTC, Imports, Infringement

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Reform of French Insolvency Law Overview of The Executive Order of 12 March 2014

Executive Order n° 2014-326 of 12 March 2014 reforming French insolvency proceedings was published in the Official Journal of the French Republic (Journal officiel de la République Française) on 14 March 2014. Considered…more

Commercial Bankruptcy, EU, Insolvency

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DOJ & FTC Release Cybersecurity Threat Information Exchange Policy

The US DOJ Antitrust Division and the FTC yesterday released a joint policy statement on the sharing of information between private parties, including competitors, to counter cybersecurity threats. The agencies acknowledge that…more

Cybersecurity, Data Protection, DOJ, FTC

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Civil Code Reform on Companies

Special Alert: On 5 May 2014 the President signed Federal Law No. 99-FZ which introduces certain amendments to Chapter 4 of Part One of the Civil Code and removes certain provisions from Legislative Acts of the Russian…more

Legal Entities, New Amendments, New Legislation, Russian Civil Code

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Which way forward for the sovereign debt crisis? Six thought leaders in sovereign debt restructuring share their observations of the current situation and provide guidance on the complex challenges ahead

A crisis far beyond anything experienced in recent memory - The way in which regulators, investors, banks and governments respond to the current sovereign debt challenges will echo for many years. Decisions made today…more

Banking Crisis, Banking Sector, Bonds, Debt Ceiling, Debt Restructuring

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To enforce or not to enforce, a question for the English courts - July 2014

In the latest instalment of the Yukos v Rosneft saga (covered previously in our 2012 Alert), the English High Court considered whether an award set aside (annulled) at the seat of arbitration can nevertheless be enforced in…more

Arbitration, Enforcement, Enforcement Actions, UK

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Global HR Hot Topic: Globally Auditing Human Resources Compliance - May 2014

Globalization pushes multinationals to align more and more aspects of human resources across borders. Multinationals now routinely globalize many of their HR programs, policies, benefits and other "offerings" that, back in the…more

Audits, Compliance, Employer Liability Issues, Employment Policies, Global Economy

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Pulling the Purse Strings: Ukraine Forum on Asset Recovery Pursues Funds of Former Senior Government Officials

Led by the United States and the United Kingdom, the international community met this week to take steps to trace assets allegedly stolen through corruption by former Ukrainian leaders and return them to Ukraine. Senior…more

Corruption, Foreign Official, Russia, Ukraine

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What Does the Future Hold in View of the Supreme Court Decision on Isolated Genes and cDNA?

In a long-anticipated ruling, the US Supreme Court acknowledged Myriad Genetics’ contribution in discovering the location and sequence of the BRCA1 and BRCA2 genes but concluded that “Myriad did not create anything” when it…more

AMP v Myriad, DNA, Human Genes, Myriad, Patent-Eligible Subject Matter

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Reforming EU Audit Services to Restore Investor Confidence

A legislative package to open up the EU audit services market beyond the dominant "Big Four" and to remedy weaknesses revealed by the financial crisis has been approved by the European Parliament and adopted by the Council of…more

Audits, EU, Investors

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Recent Practical Effects of “Just Saying No”

In the past few months, we have seen an increasing number of hostile or unsolicited M&A bids where boards of directors of target companies have resisted bidders’ advances. Traditionally, the board-friendly Delaware approach,…more

AstraZeneca, Board of Directors, Business Judgment Rule, Delaware General Corporation Law, Fiduciary Duty

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Enhanced Protection for Retail Investors in the Financial Sector in Belgium: Pre-Contractual Information Requirements and Risk Label

After the approval by Royal Decree of the Regulation of the Belgian Financial Services and Markets Authority (the “FSMA”) banning the distribution of certain non-mainstream financial products to retail clients (see here), two…more

EU, Financial Regulatory Reform, FSMA, Investors, Labeling

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Keeping it simple – the Unitranche demystified

One of the main exam strategies available to the struggling pupil is to pepper an essay with long words, giving complex names to simple ideas. Are you proposing to consider both sides of an argument, or are you viewing the…more

Borrowers, EU, Lenders, Loans, Unitranche Loans

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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, MBRT

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Africa – from petrodollars to progress

African states rich in resources are striving to increase domes tic involvement in their economies – especially in oil and gas. In attempting to increase domestic participation throughout the value chain, some African states…more

Africa, Economic Development, Energy Market, Natural Gas, Oil & Gas

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The bond breakthrough

In November 2012, Barclays raised a US$3bn corporate bond with a difference. The bank issued a contingent capital note (or coco) – a bond that automatically converts into equity as soon as a bank incurs losses that reduce its…more

Barclays, Capital Losses, Corporate Bonds, Deutsche Bank, EU

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US Imposes Sectoral Sanctions on Russian Financial and Energy Companies, Expands Ukraine-Related Designations and Adds Further Restrictions on Exports to Russia

On July 16, 2014, the United States issued new sanctions targeting the Russian financial and energy sectors in response to the ongoing unrest in Ukraine. The new sectoral sanctions target four Russian companies by placing them…more

Banking Sector, Energy Sector, Export Controls, Exports, OFAC

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Mitigating the “Vitro Effect”: Mexican Lawmakers Approved the Most Ambitious Bankruptcy Law Reform Since its Enactment back in 2000, Aiming to Ensure Creditors’ Rights

On January 10, 2014, the Federal Executive Branch of México published in the Official Gazette the legal amendments to México’s Commercial Bankruptcy Law (Ley de Concursos Mercantiles, or LCM), effecting the most comprehensive…more

Bankruptcy Reform, Creditors, Mexico

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Buyer Beware: Bazaarvoice and the Risks of Non-Reportable Transactions

If you thought not having to report your proposed acquisition to the US Department of Justice and the US Federal Trade Commission meant never worrying about antitrust issues, think again. The DOJ’s recent pursuit of Bazaarvoice,…more

Acquisitions, Antitrust Litigation, Antitrust Provisions, Bazaarvoice Inc, DOJ

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Germany's Draft Bill on Combating Late Payment in Commercial Transactions: Potential Consequences for Businesses on Both the Legal and Operational Level

On April 1, 2014, the German cabinet (Bundeskabinett) agreed upon a draft bill on combating late payment in commercial transactions in order to transform certain articles of the Directive 2011/7/EU1 into German law. The…more

B2B Organizations, Commercial Contracts, Late Payments, Penalties

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Mitigating the “Vitro Effect”: Mexican Lawmakers Approved the Most Ambitious Bankruptcy Law Reform Since its Enactment back in 2000, Aiming to Ensure Creditors’ Rights

On January 10, 2014, the Federal Executive Branch of México published in the Official Gazette the legal amendments to México’s Commercial Bankruptcy Law (Ley de Concursos Mercantiles, or LCM), effecting the most comprehensive…more

Bankruptcy Reform, Creditors, Mexico

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An alternative to the anti-suit injunction? Supreme Court considers ability to obtain damages for EU proceedings brought in breach of an exclusive jurisdiction clause

In the landmark decision Alexandros T [2013] UKSC 70, the Supreme Court has held that, where parties have agreed that disputes between them will be resolved exclusively by the English courts, a party can seek damages for breach…more

Anti-Suit Injunctions, EU, Exclusive Jurisdiction, Injunctions, SCOTUS

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South Africa Issues Draft Bill on Investment Protection without General Recourse to International Arbitration for Foreign Investors

On 1 November 2013, the South African Department of Trade and Industry made public a draft "Promotion and Protection of Investment Bill" (the "Draft Bill"). The Draft Bill is intended to promote investment by modernizing the…more

Africa, Arbitration, Bilateral Investment Treaties, Foreign Investment, International Arbitration

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Big Boys Take Big Risks: Big Boy Letter Bars Investor State Law Fraud Claims

A recent federal appellate ruling in favor of Credit Suisse in a fraud action brought by Pharos Capital has strengthened the case for using so-called “Big Boy” letters. Pharos held that a well-drafted Big Boy letter made it…more

Big-Boy Letters, Fraud, Investors, Securities Fraud

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Supreme Court Issues Two "High-Octane" Decisions to Address Abusive Patent Litigation Practices

Yesterday, the United States Supreme Court handed down two pivotal opinions redefining the standard for obtaining attorney's fees in patent cases. The opinions provide alleged infringers with the increased possibility of…more

Attorney's Fees, Highmark v. Allcare, Octane Fitness v. ICON, Patent Infringement, Patent Litigation

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CLO Risk Retention: Late-Season Predictions

For college football fans, the regular season is drawing to an end, which means it is time for the pundits to start breaking out the bowl game predictions. Of course the experts never get it fully correct (who could have…more

Collateralized Debt Obligations, Dodd-Frank, Risk Retention

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New Technology Transfer Agreements Regime to kick in from 1 May: caution needed for the few areas that have changed

After two public consultations in 2011 and 2013, and reportedly much internal debate, the European Commission’s new regime for the assessment of technology transfer agreements under EU competition law, which was adopted last…more

European Commission, Technology Transfer Agreements

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European Commission probes into national tax rulings on transfer pricing

The European Commission (“EC”) has long sought to eliminate so-called harmful tax competition, which it sees as undermining the integrity of the internal market, fair competition and the fiscal sustainability of the Member…more

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Italy further facilitates financing transactions for Italian issuers (Destinazione Italia Decree)

On December 13, 2013 the Italian Government approved Law Decree Destinazione Italia (the “Destinazione Italia Decree”), aimed at further facilitating financing transactions for Italian issuers. The most significant…more

Bonds, Corporate Bonds, Financing, Securitization

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Restructuring & Beyond: The marine industry’s routes to safety: Survival strategies and new opportunities for companies, banks and investors in the marine sector

Shipping has its fortunes anchored to the health of the global economy. As long as supply exceeds demand, there will be companies at risk of failure. More than four years into the industry’s downturn, market equilibrium is…more

Shipping

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EU High Court Strikes Down Data Retention Law

On April 8, 2014, the highest court in the European Union invalidated an EU law that required telephone and electronic communications providers to retain user data for up to two years…more

Data Mining, Data Retention, Electronic Communications, Electronically Stored Information, EU

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3D Printing—implications on Intellectual Property Rights ("IP rights")

Is there a new era beginning with the availability of low-cost 3D printers? Not so long ago it was unimaginable that people could print products they needed by themselves. They used to have to go to the supermarket or order them…more

3-D Printing Technology, Copyright, Infringement, Patents, Trademarks

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Strengthening rights of aggrieved parties in criminal proceedings - Major changes in connection with the new Act on Victims of Crime

As of August 1, 2013, Act No. 45/2013 Coll., on Victims of Crime and Amendments to Certain Other Acts, entered into force. The purpose of the Act is to regulate the rights of victims of crime – natural persons, and to provide…more

Crime Victims, Criminal Proceeds, Criminal Prosecution, EU, New Legislation

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FSA’s Proposal to Amend the Existing Laws and Regulations with respect to Short Sales

On March 7, 2013, the Financial Services Agency of Japan (the “Japan FSA”) announced that it is considering amending certain aspects of the existing rules and regulations governing short sales by November 2013. This Client Alert…more

Japan, Japan FSA, Short Sales, Triggering Event, Uptick Rule

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German Federal Court of Justice Decides on Deletion of Unused Domains and Typosquatting

German law on internet domains is not codified in a uniform statutory law, but spans over a variety of legal areas such as trademark law, unfair competition law and naming rights and is strongly built on court decisions. Since…more

Domain Names, Internet, Trademarks

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Washington Energy Update - February/March 2013

In This Issue: - Energy Highlights - Just the Facts: FERC Dismisses Third-Party Complaint of Alleged Reliability Standards Violations Due to an Insufficient Evidentiary Record - FERC Holds a Firm Line on…more

FERC, Mitigation

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Landmark Mexican Energy Reform Is Approved

Energy Reform goes far beyond expectations. The 75-year monopoly by state-owned PEMEX ends, and a competitive wholesale power market is created. On December 12, 2013, the lower house of the Mexican Congress approved the…more

Energy, Energy Reform, Mexico, Oil & Gas

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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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DOJ & FTC Release Cybersecurity Threat Information Exchange Policy

The US DOJ Antitrust Division and the FTC yesterday released a joint policy statement on the sharing of information between private parties, including competitors, to counter cybersecurity threats. The agencies acknowledge that…more

Cybersecurity, Data Protection, DOJ, FTC

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Supreme Court Issues Ruling on Aereo and the Public Performance Right

On June 25, 2014, the US Supreme Court reversed a decision of the Second Circuit and held that Aereo publicly performs copyrighted television programming. The case has important implications for the public performance right…more

ABC, ABC v Aereo, Aereo, Broadcasting, Copyright

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SEC Proposes Rules on Pay Ratio Disclosure

On September 18, 2013, the Securities and Exchange Commission (the “SEC”) approved by a three-to-two vote proposed rules (the “Proposed Rules”) implementing Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer…more

Annual Filings, Annual Reports, CEOs, Disclosure Requirements, Dodd-Frank

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To enforce or not to enforce, a question for the English courts - July 2014

In the latest instalment of the Yukos v Rosneft saga (covered previously in our 2012 Alert), the English High Court considered whether an award set aside (annulled) at the seat of arbitration can nevertheless be enforced in…more

Arbitration, Enforcement, Enforcement Actions, UK

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Koontz v. St. Johns River Water Management District - No. 11-1447, 570 U.S. __ (2013)

On June 25, 2013, the US Supreme Court issued a decision clarifying the limitations the constitution places on the power of governments to exact concessions from property owners when issuing development permits. It confirmed…more

Dolan v City of Tigard, Fifth Amendment, Koontz v St John's River Water Management, Land Developers, Nexus

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Spotlight on Reforms in Mexico

Mexico is set to put rivals in the shade. Emerging markets have been rightly criticized for squandering favorable global conditions by not taking decisive steps to guarantee their long-term economic health. Mexico has…more

Economic Development, Emerging Markets, Mexico

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In the Rural/Metro Decision, Delaware Court Emphasizes Conflicts of Interest in Finding Breaches of Fiduciary Duties

Citing various conflicts of interests involving management, board members and financial advisors, Vice Chancellor Laster of the Delaware Court of Chancery found that the Board of Directors of Rural/Metro Corporation (“Rural”)…more

Aiding and Abetting, Board of Directors, Breach of Duty, Conflicts of Interest, Fiduciary Duty

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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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The new group actions law in France – A cause for concern for companies?

The French law on consumer rights, also referred to as the “Hamon law” (“loi Hamon”), was enacted on 17 March 2014. The introduction of group actions is one of the main innovations of this law. Companies must now…more

Anti-Competitive, Class Action, Consumer Rights Directive

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JCAA Rules Revisited

New JCAA Rules of Commercial Arbitration recently have been released after a review and amendment process that began in July 2012. The JCAA Rules last were amended in 2008, and the new rules took effect on February 1, 2014. They…more

Arbitration, Commercial Arbitration, Japan

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Mitigating the “Vitro Effect”: Mexican Lawmakers Approved the Most Ambitious Bankruptcy Law Reform Since its Enactment back in 2000, Aiming to Ensure Creditors’ Rights

On January 10, 2014, the Federal Executive Branch of México published in the Official Gazette the legal amendments to México’s Commercial Bankruptcy Law (Ley de Concursos Mercantiles, or LCM), effecting the most comprehensive…more

Bankruptcy Reform, Creditors, Mexico

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Summary of FERC Meeting Agenda - July 2014

In This Issue: - Administrative Items - Electric Items - Gas Items - Hydro Items - Certificate Items - Excerpt from Administrative Items: A-1: Docket No. AD02-1-000 - This administrative…more

Energy, FERC, Oil & Gas, Utilities Sector

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Oral Arguments Held in First-Ever Challenge to CFIUS National Security Review of Foreign Investments in the United States

On May 5, the US Court of Appeals for the District of Columbia (DC Circuit) heard oral arguments in Ralls Corp. v. CFIUS et al. The case is the first ever challenge to the review process conducted by the Committee on Foreign…more

Acquisitions, Appeals, Barack Obama, CFIUS, Foreign Nationals

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Copyright Holders Cannot Prevent Links to Freely-Available Content from Being Posted Online

The Svensson case is a landmark decision by the European Court of Justice ("ECJ") that enshrines the right to create clickable links towards copyrighted content which is freely available on the internet. The ECJ ruled that such…more

Copyright, Copyright Infringement, ECJ, EU, Fair Use

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The CFTC Issues Interim Final Rules Extending the Time for Compliance with Certain Business Conduct and Documentation Requirements for Swap Dealers and Major Swap Participants

On December 18, 2012, the US Commodity Futures Trading Commission’s (the “Commission”) approved interim final rules (the “Interim Final Rules”) for swap dealers (“SDs”) and major swap participants (“MSPs”) that delay compliance…more

CFTC, Dodd-Frank, Major Swap Participants, Required Documentation, Swap Dealers

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US federal agencies to seek expanded Clean Water Act regulatory jurisdiction over aggregate mines and farmlands

The US Environmental Protection Agency (“EPA”) and the US Army Corps of Engineers (“Corps”) are poised to propose a new rule that would significantly expand their regulatory jurisdiction under the Clean Water Act. While many…more

Clean Water Act, Environmental Policies, EPA, Farms, Mining

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Pulling the Purse Strings: Ukraine Forum on Asset Recovery Pursues Funds of Former Senior Government Officials

Led by the United States and the United Kingdom, the international community met this week to take steps to trace assets allegedly stolen through corruption by former Ukrainian leaders and return them to Ukraine. Senior…more

Corruption, Foreign Official, Russia, Ukraine

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ICSID Growth Continues as Canada Ratifies and Cases Diversify

The World Bank arbitration system for foreign investment disputes continues to grow. On 1 November 2013, Canada deposited its instrument of ratification of the ICSID Convention with the World Bank. Almost seven years after…more

Bilateral Investment Treaties, Canada, Foreign Investment, ICSID

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Contingencies on Employee Bonuses Delay Employer’s Tax Deduction According to IRS Chief Counsel Memo

An employer cannot deduct cash bonuses in the year in which its employees perform the services giving rise to the bonuses, but must wait until the following year when the bonuses are paid, under bonus plans with several fairly…more

Bonuses, Corporate Bonuses, Corporate Taxes, Deferred Compensation, Employee Benefits

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US Imposes Sectoral Sanctions on Russian Financial and Energy Companies, Expands Ukraine-Related Designations and Adds Further Restrictions on Exports to Russia

On July 16, 2014, the United States issued new sanctions targeting the Russian financial and energy sectors in response to the ongoing unrest in Ukraine. The new sectoral sanctions target four Russian companies by placing them…more

Banking Sector, Energy Sector, Export Controls, Exports, OFAC

See All Updates »

Spotlight on Reforms in Mexico

Mexico is set to put rivals in the shade. Emerging markets have been rightly criticized for squandering favorable global conditions by not taking decisive steps to guarantee their long-term economic health. Mexico has…more

Economic Development, Emerging Markets, Mexico

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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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FSA’s Proposal to Amend the Existing Laws and Regulations with respect to Short Sales

On March 7, 2013, the Financial Services Agency of Japan (the “Japan FSA”) announced that it is considering amending certain aspects of the existing rules and regulations governing short sales by November 2013. This Client Alert…more

Japan, Japan FSA, Short Sales, Triggering Event, Uptick Rule

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Cloud Services and Export Control: What You Don't Know Can Hurt You

Cloud services in all forms are becoming widely adopted by enterprise customers. Public, private and hybrid cloud service offerings continue to grow in number and nature. Companies are migrating to Software-as-a-Service (SaaS)…more

Cloud Computing, Data Protection, Export Controls, Exports, SAAS

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FATCA Compliance Guidance Issued for Foreign Financial Institutions

The IRS has issued Notice 2013-69, which provides guidance to foreign financial institutions (FFIs) entering into a FATCA compliance agreement with IRS. The 50-page Notice also provides guidance to FFIs and their branches…more

FATCA, FFI, IGAs, IRS

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US Supreme Court Significantly Limits Where Foreign Companies May Be Sued in US Courts For Claims Unrelated To Their Activities In A State

The United States Supreme Court earlier this month issued a major ruling that will significantly limit where corporations may be sued for claims that do not relate to business they may do in a particular place in the U.S. In…more

DaimlerChrysler, DaimlerChrysler v Bauman, Foreign Jurisdictions, Foreign Subsidiaries, Human Rights

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Federal Circuit Opens Door to New Defense to Inducing Infringement

On June 25, 2013, the Federal Circuit issued a significant decision expanding the scope of evidence that alleged infringers may present to rebut allegations of inducement. Commil USA, LLC v. Cisco Sys., Inc., No. 2012-1042 (Fed…more

Affirmative Defenses, Cisco, Good Faith, Induced Infringement, Patent Infringement

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South Africa Issues Draft Bill on Investment Protection without General Recourse to International Arbitration for Foreign Investors

On 1 November 2013, the South African Department of Trade and Industry made public a draft "Promotion and Protection of Investment Bill" (the "Draft Bill"). The Draft Bill is intended to promote investment by modernizing the…more

Africa, Arbitration, Bilateral Investment Treaties, Foreign Investment, International Arbitration

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Enforcement Director Norman Bay Nominated to Chair FERC

In a press release issued last Thursday, January 30, 2014, the White House announced that the President intends to nominate the current Director of the Office of Enforcement of the Federal Energy Regulatory Commission (FERC),…more

FERC, Nominations

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Zlomrex International Finance S.A. – completion of restructuring via Scheme of Arrangement

On 4 February 2014, our client, Zlomrex International Finance S.A. (“ZIF”), completed the restructuring of its approximately €118 million senior secured high yield notes due 2014 (the “Existing High Yield Bonds”). ZIF, a company…more

EU, Restructuring, UK

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IRS Finalizes Regulations on Transfers of Derivative Contracts

The IRS has issued final regulations on the transfer or assignment of certain derivative contracts. A derivative is a financial instrument that is priced upon a derivation of the value of one or several underlying assets,…more

Derivatives, IRS, OTC, Transfers

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In for a Penny, in for a Pound

It is generally known that those who infringe a patent are liable for committing the act of infringement. In the vast majority of cases this is the person who produces patent-infringing goods or sells or uses a patented method…more

EU, Patent Infringement, Patent Litigation, Patents

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US federal agencies to seek expanded Clean Water Act regulatory jurisdiction over aggregate mines and farmlands

The US Environmental Protection Agency (“EPA”) and the US Army Corps of Engineers (“Corps”) are poised to propose a new rule that would significantly expand their regulatory jurisdiction under the Clean Water Act. While many…more

Clean Water Act, Environmental Policies, EPA, Farms, Mining

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Supreme Court confirms that legal advice privilege does not apply to communications with non-lawyers

The Supreme Court this week handed down judgment in the case of R (on the application of Prudential plc and another) v Special Commissioner of Income Tax and another, confirming that legal advice privilege does not extend to…more

Accountants, EU, Legal Advice Privilege, Tax Advice

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Will the EU ETS Aviation Emissions Directive be Grounded?

The International Civil Aviation Organisation (ICAO) emerged on 4 October 2013 from its much-anticipated 38th General Assembly meetings in Montreal with what looks like a consensus on the use of market based mechanisms (MBM) for…more

Aviation Industry, Carbon Emissions, Environmental Policies, EU, EU ETS

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Italy further facilitates financing transactions for Italian issuers (Destinazione Italia Decree)

On December 13, 2013 the Italian Government approved Law Decree Destinazione Italia (the “Destinazione Italia Decree”), aimed at further facilitating financing transactions for Italian issuers. The most significant…more

Bonds, Corporate Bonds, Financing, Securitization

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Jersey, Bermuda and the British Virgin Islands now included to the list of Non-Cooperative States

The list of Non-Cooperative States has been expanded to include Jersey, Bermuda and the British Virgin Islands. As from 1 January 2014, sums paid into these states are subject to a withholding at the source of 75% and are no…more

BVI Business Companies, Corporate Taxes, G20, Income Taxes, NCSTs

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Analysis of Recent Trends in Warranty Insurance in Private Equity M&A Transactions

Although Warranty Insurance in M&A transactions was a novelty product five to ten years ago, Warranty Insurance has now become an industry standard in Europe, largely thanks to its wide use by private equity firms who have been…more

Asset Purchaser, Buyers, Corporate Sales Transactions, Due Diligence, EU

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‘Flip-Up Pre-Packs’ – A new approach to accessing the UK insolvency regime

The UK has long-since established itself as a jurisdiction of choice for complex cross-border restructurings involving corporate groups whose principal operations are overseas. Typically, the English Court has accepted…more

Commercial Bankruptcy, Cross-Border, Foreign Corporations, Insolvency, Jurisdiction

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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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Regulatory Update: Japan Casinos: Integrated Resort Initiative Update

On December 5, 2013, a cross-party group of Japanese law makers submitted a draft bill (the “Integrated Resort Promotion Bill”) aiming to, among other things, legalize casino gambling. With many now expecting it to pass into law…more

Casinos, Gambling, Japan, Proposed Legislation

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Everything Old is New Again – Financing trends in the mining industry making a comeback

Until last year, mining companies had little trouble raising funds. But, as the boom in the price of commodities has peaked and passed, the markets remain volatile for miners. Profits have plummeted by up to 49%1 for the top 40…more

Commodities, Investors, IPO, Mining, Private Equity

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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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SEC Issues Guidance on Proxy Voting Relevant to Proxy Advisers and Investment Advisers: Any Significant Impact on the Current Proxy Voting System Is Unlikely

Growing concerns regarding the increasingly prominent role of proxy advisory firms, including Institutional Shareholder Services and Glass Lewis, were largely not addressed when, on June 30, 2014, the Securities and Exchange…more

Compliance, Investment Adviser, Proxy Advisors, Proxy Voting Guidelines, SEC

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Government gives go ahead for new employment status

On 3 December 2012, the UK Government published its response to a consultation paper on the Chancellor’s proposal for implementing a new “employee shareholder” status. Whilst acknowledging that only “a very small number of…more

BIS, Capital Gains, Employee Rights, Employee Shareholders, EU

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FCC Warns ISPs May be Regulated as Utilities

On April 30, 2014, Tom Wheeler, Chairman of the Federal Communications Commission ("FCC") warned major players in the broadband cable and telecommunications industry that the FCC is willing to resort to reclassifying broadband…more

Broadband, FCC, ISPs, Net Neutrality, Netflix

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US Supreme Court Eliminates Laches Defense in Virtually All Copyright Infringement Claims

In Petrella v. Metro-Goldwyn-Mayer, the US Supreme Court resolved a circuit split and ruled that the equitable defense of laches does not bar a plaintiff’s claim for damages brought within the Copyright Act’s three-year statute…more

Copyright, Copyright Infringement, Damages, Laches, MGM

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The changing face of Employment Tribunal litigation

Statistics published by the Ministry of Justice show that the Employment Tribunals received 79% (or 9,801) fewer claims in the period October to December 2013 than in the corresponding period in 2012. It is safe to assume that…more

Employment Tribunals, UK

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New Technology Transfer Agreements Regime to kick in from 1 May: caution needed for the few areas that have changed

After two public consultations in 2011 and 2013, and reportedly much internal debate, the European Commission’s new regime for the assessment of technology transfer agreements under EU competition law, which was adopted last…more

European Commission, Technology Transfer Agreements

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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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SEC Proposes Rules on Pay Ratio Disclosure

On September 18, 2013, the Securities and Exchange Commission (the “SEC”) approved by a three-to-two vote proposed rules (the “Proposed Rules”) implementing Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer…more

Annual Filings, Annual Reports, CEOs, Disclosure Requirements, Dodd-Frank

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Effects of the New US Tax Law on Estate Planning

On January 3, 2013, President Obama signed the American Taxpayer Relief Act of 2012 into law. As a result, for the first time in over 12 years, there is now some certainty in the Federal estate tax, the Federal gift tax and the…more

American Taxpayer Relief Act, Estate Tax, Generation-Skipping Transfer, Gift-Tax Exemption, Portability

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Analysis of Recent Trends in Warranty Insurance in Private Equity M&A Transactions

Although Warranty Insurance in M&A transactions was a novelty product five to ten years ago, Warranty Insurance has now become an industry standard in Europe, largely thanks to its wide use by private equity firms who have been…more

Asset Purchaser, Buyers, Corporate Sales Transactions, Due Diligence, EU

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Ukraine and US Energy Export Restrictions: Will Geopolitics Bring Reform?

The situation in Ukraine has intensified political and media scrutiny of the United States’ restrictions on the export of crude oil and liquefied natural gas (LNG). With supplies of Russian energy to Ukraine and Europe at risk,…more

Energy, Export Controls, Exports, Liquid Natural Gas, Natural Gas

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Africa – from petrodollars to progress

African states rich in resources are striving to increase domes tic involvement in their economies – especially in oil and gas. In attempting to increase domestic participation throughout the value chain, some African states…more

Africa, Economic Development, Energy Market, Natural Gas, Oil & Gas

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US federal agencies to seek expanded Clean Water Act regulatory jurisdiction over aggregate mines and farmlands

The US Environmental Protection Agency (“EPA”) and the US Army Corps of Engineers (“Corps”) are poised to propose a new rule that would significantly expand their regulatory jurisdiction under the Clean Water Act. While many…more

Clean Water Act, Environmental Policies, EPA, Farms, Mining

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Open for investment: How Mexico is paving the way for infrastructure investors

A step-change for Mexican infrastructure - Mexico enacted its new federal public-private partnership (PPP) law, Ley de Asociaciones Público Privadas (Law on Public-Private Partnerships), in January 2012. The accompanying…more

Economic Development, Foreign Investment, Infrastructure, Mexico

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SEC Issues Guidance on Proxy Voting Relevant to Proxy Advisers and Investment Advisers: Any Significant Impact on the Current Proxy Voting System Is Unlikely

Growing concerns regarding the increasingly prominent role of proxy advisory firms, including Institutional Shareholder Services and Glass Lewis, were largely not addressed when, on June 30, 2014, the Securities and Exchange…more

Compliance, Investment Adviser, Proxy Advisors, Proxy Voting Guidelines, SEC

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US Imposes Sectoral Sanctions on Russian Financial and Energy Companies, Expands Ukraine-Related Designations and Adds Further Restrictions on Exports to Russia

On July 16, 2014, the United States issued new sanctions targeting the Russian financial and energy sectors in response to the ongoing unrest in Ukraine. The new sectoral sanctions target four Russian companies by placing them…more

Banking Sector, Energy Sector, Export Controls, Exports, OFAC

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New EU procedures for trade defence measures agreed

The Council and European Parliament recently agreed on new procedural rules for the adoption of trade defence measures (i.e. anti-dumping, antisubsidy, and safeguard measures) by the European Commission. The new rules increase…more

Anti-Dumping Duty, Anti-Subsidies, EU, European Commission, New Amendments

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New Technology Transfer Agreements Regime to kick in from 1 May: caution needed for the few areas that have changed

After two public consultations in 2011 and 2013, and reportedly much internal debate, the European Commission’s new regime for the assessment of technology transfer agreements under EU competition law, which was adopted last…more

European Commission, Technology Transfer Agreements

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Germany's Draft Bill on Combating Late Payment in Commercial Transactions: Potential Consequences for Businesses on Both the Legal and Operational Level

On April 1, 2014, the German cabinet (Bundeskabinett) agreed upon a draft bill on combating late payment in commercial transactions in order to transform certain articles of the Directive 2011/7/EU1 into German law. The…more

B2B Organizations, Commercial Contracts, Late Payments, Penalties

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Addition of "No-Charge" Limitation During Prosecution Costs Inventor His Patent

On December 11, 2013, Judge Susan Illston of the United States District Court for the Northern District of California found the asserted claims of Ho Keung Tse's U.S. Patent No. 6,665,797 (the "'797 patent") invalid for lack of…more

Patent Applications, Patent Litigation, Patent Prosecution, Patents

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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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Supreme Court Issues Ruling on Aereo and the Public Performance Right

On June 25, 2014, the US Supreme Court reversed a decision of the Second Circuit and held that Aereo publicly performs copyrighted television programming. The case has important implications for the public performance right…more

ABC, ABC v Aereo, Aereo, Broadcasting, Copyright

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Class actions: now in Belgium

Class actions are a hot topic in Europe, and elsewhere. Various European countries have introduced, or are in the process of introducing, class action mechanisms. At the European Union level a similar development is noticeable,…more

Class Action, EU

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Basel III: Subordinated Debt Regulation Amended

On 25 October 2013 the Bank of Russia (the “CBR”) issued Instruction No. 3096 U introducing amendments to the CBR Regulation No. 395-P “On the Method of Calculation of the Amount and Assessment of Adequacy of the Net Worth…more

Asset Valuations, Bank of Russia, Banking Sector, Basel III, Capital Markets

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Italy further facilitates financing transactions for Italian issuers (Destinazione Italia Decree)

On December 13, 2013 the Italian Government approved Law Decree Destinazione Italia (the “Destinazione Italia Decree”), aimed at further facilitating financing transactions for Italian issuers. The most significant…more

Bonds, Corporate Bonds, Financing, Securitization

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Restructuring & Beyond: The marine industry’s routes to safety: Survival strategies and new opportunities for companies, banks and investors in the marine sector

Shipping has its fortunes anchored to the health of the global economy. As long as supply exceeds demand, there will be companies at risk of failure. More than four years into the industry’s downturn, market equilibrium is…more

Shipping

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New Court Ruling Permits Adjudication Claims under a Collateral Warranty

For decades, contractors and consultants have been giving collateral warranties to relevant third parties on UK construction projects. However, in a recent unexpected development, in the case of Parkwood Leisure Limited v Laing…more

Adjudicatory Process, Construction Contracts, UK, Warranties

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European Commission’s proposal on banking structural reform - a Volcker Rule for Europe

On 29 January 2014, the European Commission published a legislative proposal for a Regulation on structural reforms to the EU banking sector (the “Proposed Regulation”). The Proposed Regulation advances the recommendations set…more

Banking Reform Bill, EU, European Commission, Financial Regulatory Reform, Foreign Banks

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China Bulletin - March 2013: China Eases Foreign Exchange Restrictions on FDI

On November 21, 2012, China’s State Administration of Foreign Exchange (“SAFE”) released a new circular, “Circular on Further Improvement and Amendment of Foreign Exchange Control Policies on Direct Investment ([2012] No. 59),”…more

China, Foreign Investment, SAFE

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ITA Publishes Final Rule Concerning Targeted Dumping in AD Proceedings

On April 22, 2014, the International Trade Administration (ITA) of the Department of Commerce (DOC) published in the Federal Register a final rule (79 FR 22371) in an attempt to clarify the status of previously withdrawn…more

Antidumping Duties, ITA, Trade Policy, U.S. Commerce Department

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‘Flip-Up Pre-Packs’ – A new approach to accessing the UK insolvency regime

The UK has long-since established itself as a jurisdiction of choice for complex cross-border restructurings involving corporate groups whose principal operations are overseas. Typically, the English Court has accepted…more

Commercial Bankruptcy, Cross-Border, Foreign Corporations, Insolvency, Jurisdiction

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European Commission’s proposal on banking structural reform - a Volcker Rule for Europe

On 29 January 2014, the European Commission published a legislative proposal for a Regulation on structural reforms to the EU banking sector (the “Proposed Regulation”). The Proposed Regulation advances the recommendations set…more

Banking Reform Bill, EU, European Commission, Financial Regulatory Reform, Foreign Banks

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Kiobel v. Royal Dutch Petroleum: Beyond the Alien Tort Statute—Broadly Extending the Presumption Against the Extraterritorial Reach of US Law

Since the Second Circuit decided Filártiga v. Pena-Irala in 1980, plaintiffs have deployed the Alien Tort Statute (“ATS”) to great effect against multinational corporations. The statute — which had lain dormant since 1789 — has…more

Alien Tort Statute, Extraterritoriality Rules, Kiobel v. Royal Dutch Petroleum Co., Royal Dutch Petroleum

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An alternative to the anti-suit injunction? Supreme Court considers ability to obtain damages for EU proceedings brought in breach of an exclusive jurisdiction clause

In the landmark decision Alexandros T [2013] UKSC 70, the Supreme Court has held that, where parties have agreed that disputes between them will be resolved exclusively by the English courts, a party can seek damages for breach…more

Anti-Suit Injunctions, EU, Exclusive Jurisdiction, Injunctions, SCOTUS

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Enforcement Director Norman Bay Nominated to Chair FERC

In a press release issued last Thursday, January 30, 2014, the White House announced that the President intends to nominate the current Director of the Office of Enforcement of the Federal Energy Regulatory Commission (FERC),…more

FERC, Nominations

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SAFE Cross-Border Security Rules Finally Released

The State Administration of Foreign Exchange of the PRC (“SAFE”) formally released on 19 May 2014 the Foreign Exchange Administration Rules on Cross-border Security together with its operation guidelines (the “New Rules”). The…more

Border Security, Cross-Border, Customs and Border Protection, Immigrants, SAFE

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SAFE Cross-Border Security Rules Finally Released

The State Administration of Foreign Exchange of the PRC (“SAFE”) formally released on 19 May 2014 the Foreign Exchange Administration Rules on Cross-border Security together with its operation guidelines (the “New Rules”). The…more

Border Security, Cross-Border, Customs and Border Protection, Immigrants, SAFE

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European Commission's Actions to Better Protect and Enforce Intellectual Property Rights

Although the number of registrations of European Patents, Community Trademarks and Community Designs more than doubled between 2003 and 2012, the high numbers of infringements of intellectual property rights (IPRs) harm this…more

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Taking a Leap of Faith: Deferred Prosecution Agreements and Corporate Sentencing Guidelines Come to the UK

On 24 February 2014, UK prosecutors gained the ability to use deferred prosecution agreements (DPAs) in corporate crime cases. This followed the publication on 31 January 2014 of a Definitive Guideline for the sentencing of…more

Deferred Prosecution Agreements, Fraud, Sentencing, SFO, UK

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FATCA Compliance Guidance Issued for Foreign Financial Institutions

The IRS has issued Notice 2013-69, which provides guidance to foreign financial institutions (FFIs) entering into a FATCA compliance agreement with IRS. The 50-page Notice also provides guidance to FFIs and their branches…more

FATCA, FFI, IGAs, IRS

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WTO Dispute Settlement—Long Delays Hit the System

- A recent increase in World Trade Organization (WTO) cases has strained resources in the WTO Secretariat and led to a notable slowdown in the dispute settlement process. In 2012, the WTO received the highest number of…more

International Trade Disputes, Settlement, WTO

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MOFCOM Shows Teeth Against Gun Jumping

On 20 March 2014, the Ministry of Commerce of the People’s Republic of China (“MOFCOM”) issued a notice announcing that it will make public decisions sanctioning companies failing to notify mergers that meet the filing…more

Competition, Filing Requirements, Mergers, MOFCOM, Public Disclosure

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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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Second Circuit Adopts Plaintiff-Friendly "Discovery Rule" for Copyright Infringement Claims

The Second Circuit has ruled in Psihoyos v. Wiley & Sons that the "discovery rule" determines when the statute of limitations begins to run in copyright infringement claims.[1] In doing so, the court adopted a rule that may…more

Copyright, Copyright Infringement, Discovery Rule

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Intellectual Property Infringement on the Internet: What Court to Call?

The internet does not know any national borders; website content can be viewed from anywhere in the world. This raises the question of what court has jurisdiction when the content of a website infringes on intellectual property…more

Copyright, Copyright Infringement, Infringement, Internet, Patent Infringement

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New Bill Would Create a Private Right of Action for Targets of Trade Secret Misappropriation under Federal Law

Senators Chris Coons and Orrin Hatch introduced a new bill on April 29 that would amend the Economic Espionage Act of 1996 [1] (the "EEA") to create a Federal private right of action for victims of trade secret misappropriation…more

Copyright, Economic Espionage Act, Patents, Private Right of Action, Proposed Amendments

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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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Basel III: Subordinated Debt Regulation Amended

On 25 October 2013 the Bank of Russia (the “CBR”) issued Instruction No. 3096 U introducing amendments to the CBR Regulation No. 395-P “On the Method of Calculation of the Amount and Assessment of Adequacy of the Net Worth…more

Asset Valuations, Bank of Russia, Banking Sector, Basel III, Capital Markets

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European Commission's Actions to Better Protect and Enforce Intellectual Property Rights

Although the number of registrations of European Patents, Community Trademarks and Community Designs more than doubled between 2003 and 2012, the high numbers of infringements of intellectual property rights (IPRs) harm this…more

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Business, Trade & Competition: China Bulletin - October 2013

In This Issue: - All Eyes on the Shanghai Free Trade Zone - China and Korea Progress to Second Phase of Bilateral FTA Negotiations; Intersection of RCEP and TPP Remains Key Area of Interest - Excerpt from All…more

China, Free Trade Agreement, Free Trade Zone, MOFCOM, Trans-Pacific Partnership

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European Commission Provides insight into possible directions for future EU dual-use export control regime

The European Commission has recently outlined its priorities and suggestions for modernising and improving the EU’s Dual-Use export controls regime in a Communication. The proposed approach focuses on ‘smarter’ controls,…more

EU, Export Controls, Exports, Reasonable Accommodation

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Effects of the New US Tax Law on Estate Planning

On January 3, 2013, President Obama signed the American Taxpayer Relief Act of 2012 into law. As a result, for the first time in over 12 years, there is now some certainty in the Federal estate tax, the Federal gift tax and the…more

American Taxpayer Relief Act, Estate Tax, Generation-Skipping Transfer, Gift-Tax Exemption, Portability

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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, MBRT

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Jersey, Bermuda and the British Virgin Islands now included to the list of Non-Cooperative States

The list of Non-Cooperative States has been expanded to include Jersey, Bermuda and the British Virgin Islands. As from 1 January 2014, sums paid into these states are subject to a withholding at the source of 75% and are no…more

BVI Business Companies, Corporate Taxes, G20, Income Taxes, NCSTs

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The new group actions law in France – A cause for concern for companies?

The French law on consumer rights, also referred to as the “Hamon law” (“loi Hamon”), was enacted on 17 March 2014. The introduction of group actions is one of the main innovations of this law. Companies must now…more

Anti-Competitive, Class Action, Consumer Rights Directive

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How does French case law deal with bundled software?

Combined offers have always drawn significant attention from French courts. This is all the more the case since combined offers are standard practices when selling computer equipments. Indeed, such equipments are most often sold…more

Bundling Rules, ECJ, EU, Software, Technology

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SAFE Cross-Border Security Rules Finally Released

The State Administration of Foreign Exchange of the PRC (“SAFE”) formally released on 19 May 2014 the Foreign Exchange Administration Rules on Cross-border Security together with its operation guidelines (the “New Rules”). The…more

Border Security, Cross-Border, Customs and Border Protection, Immigrants, SAFE

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Zlomrex International Finance S.A. – completion of restructuring via Scheme of Arrangement

On 4 February 2014, our client, Zlomrex International Finance S.A. (“ZIF”), completed the restructuring of its approximately €118 million senior secured high yield notes due 2014 (the “Existing High Yield Bonds”). ZIF, a company…more

EU, Restructuring, UK

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Spotlight on Reforms in Mexico

Mexico is set to put rivals in the shade. Emerging markets have been rightly criticized for squandering favorable global conditions by not taking decisive steps to guarantee their long-term economic health. Mexico has…more

Economic Development, Emerging Markets, Mexico

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The new OHADA Uniform Act in a Nutshell

Legal integration in Francophone Africa results in particular from the “Uniform Acts” adopted by the Organization for the Harmonization of Business Law in Africa (“OHADA”), established by the Treaty signed in Port Louis…more

Africa, Economic Development, Foreign Policy, OHADA Treaty

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European Parliament approves new funding opportunities for infrastructure projects

Summary - On 19 November, the European Parliament (“EP”) voted to approve the Connecting Europe Facility (“CEF”) Regulation. The CEF Regulation is likely to become law early in 2014. The CEF Regulation is a funding…more

EU, Funding, Infrastructure, Public Transit

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An alternative to the anti-suit injunction? Supreme Court considers ability to obtain damages for EU proceedings brought in breach of an exclusive jurisdiction clause

In the landmark decision Alexandros T [2013] UKSC 70, the Supreme Court has held that, where parties have agreed that disputes between them will be resolved exclusively by the English courts, a party can seek damages for breach…more

Anti-Suit Injunctions, EU, Exclusive Jurisdiction, Injunctions, SCOTUS

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Old Law, New Fit: Evergreen Notice Requirements for IP Service Agreements

Under §5-903(2) of the New York General Obligations Law, automatic renewal provisions in "contract[s] for service, maintenance or repair to or for any real or personal property" are unenforceable unless the service provider…more

Contract Formation, Patents

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There May Be Trouble Ahead: Legal Challenges on Home Turf Threaten U.S. Ex-Im Bank Funding for Foreign Mining Projects

The Export-Import Bank of the United States (Ex-Im Bank) is facing a new wave of legal challenges related to the financing of natural resource projects outside of the US, and which threaten to de-rail one of Western Australia's…more

Australia, Environmental Assessments, Environmental Impact Report, Environmental Policies, Mining

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Tecnimont SPA v. J&P Avax: France’s highest court reinforces the legal status of arbitration rules

Last week, the French Cour de Cassation issued its long-awaited decision in the Tecnimont matter. It quashed a decision of the Reims Court of Appeal which had set aside an ICC award on the basis of lack of independence of the…more

Arbitration, Arbitration Agreements, EU, ICC

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Federal Circuit Opens Door to New Defense to Inducing Infringement

On June 25, 2013, the Federal Circuit issued a significant decision expanding the scope of evidence that alleged infringers may present to rebut allegations of inducement. Commil USA, LLC v. Cisco Sys., Inc., No. 2012-1042 (Fed…more

Affirmative Defenses, Cisco, Good Faith, Induced Infringement, Patent Infringement

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