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Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
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The European Commission has recently introduced two important regulatory packages that seek to respond to the challenges posed by rapidly developing trading technologies, particularly so-called high frequency trading. If the new regulations are adopted as drafted, considerable changes are in store for both those entities that engage in high frequency trading and the trading venues providing them access to the market.
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Lotta Uusitalo, Anne Petäjäniemi-Björklund and Leea Salminen, Attorneys at Law of Procopé & Hornborg, have written a book on the implications of competition law on information exchange.
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The EC waste directive (2008/98/EC) will be implemented in Finland by the new Finnish Waste Act, which will enter into force on May 1, 2012.
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Introduction Robert S Peckar Peckar & Abramson, PC 3
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Written by Martin von Willebrand
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The Finnish CFC legislation implies that a Finnish company may be
subject to income tax for its share of the profit of a CFC regardless of
whether these profits are distributed by the CFC to its shareholders or
not. A CFC is defined as a foreign corporation owned and controlled by a
Finnish tax resident that pays income tax in its domicile at a rate
less than 60% of the Finnish corporate income tax rate.
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The Finnish Supreme Administrative Court decided on 7 March 2011 (KHO
2011:21) to request for a preliminary ruling from the Court of Justice
of the European Union (ECJ) concerning the question whether a Finnish
parent company may deduct the final tax losses of its Swedish subsidiary
after a cross-border merger.
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The European Commission presented on 16 March 2011 a proposal that calls for
a common system for calculating the tax base of business operating in the EU.
At the moment, a company active within the whole EU can be forced to comply
with up to 27 different national tax systems. The new Common Consolidated
Corporate Tax Base (CCCTB) seeks to reduce the administrative burden,
compliance costs and legal uncertainties by creating a "one-stop-shop" system
where the profits and losses across the EU could be consolidated.
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By its decision 18 February 2011 (S09/3055) the Helsinki Appellate Court
confirmed that an owner is entitled to rely on the quality assurance of
a well-known construction company at an acceptance inspection. The
court held that the owner is entitled to demand rectification of
construction defects and to claim damages for deficiencies discovered
during the guarantee period.
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The Finnish Supreme Administrative Court (SAC) decided on 31 January
2011 (KHO:2011:10) to ask for a preliminary ruling from the Court of
Justice of the European Union (ECJ) concerning the question whether a
tax-neutral share exchange can be completed between a company residing
in an EU country and a company residing in the European Economic Area
(EEA) (such as Norway, Iceland and Liechtenstein).
The latest news direct from law firms. If you would like to submit press releases for your firm, send an email request to
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As from 2 May 2012, leading Antwerp-based law firm Astrea has significantly
expanded its Brussels office with the recruitment of new Partner Steven De
Schrijver and team including Senior Associates Thomas Daenens, Jeroen Mues
and Pieter Paepe.
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Delphi is advising OK-Q8 AB on the formation of a new Scandinavian group through OKQ8 AB’S acquisition of shares in Q8 Danmark A/S from Kuwait Petroleum Europe BV. Kromann Reumert in Copenhagen advised on the legal due diligence in Denmark.
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Investment UK- Francophone Africa
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Kyiv, 15May 2012 – Avellum Partners is proud to inform that it has won the Chambers Europe Award for Excellence 2012 for Ukraine and was recognized as Ukraine Law Firm of the Year. The award ceremony was held in Amsterdam on 10 May 2012.
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Sayenko Kharenko acted as legal counsel to European Bank for Reconstruction and Development (“EBRD”) in connection with USD 50 million loan to JSC “The State Export-Import Bank of Ukraine” (“Ukreximbank”).
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Our Client MM Makronissos Marina has successfully completed the execution of the BOT contract with the Government concerning the construction and operation of a Marina and a Real Estate development in Ayia Napa.
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In 1948, Scots Guardsmen shot dead 24 unarmed Chinese labourers in the rubber tapping village of Batang Kali, part of what was then colonial Malaya.
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In a judgment rendered on 30 April 2012 (4A_763/2011), the Swiss Federal
Supreme Court dismissed an application of Çukurova Holding against Sonera
Holding (a subsidiary of TeliaSonera, and at the same time Turkcell's biggest
shareholder) for judicial review of an ICC award between the parties.
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On 27th of March 2012, the Second Kazakh-British Forum on partnership development among suppliers in the oil and gas industry service sector was held in Astana. About 80 Kazakhstan and British companies attended the event.
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Gabrielle Nater-Bass and Melissa Magliana of Homburger's Litigation | Arbitration practice team recently obtained a Partial Award ordering Respondents who refused to pay their share of the advance on costs in an ICC arbitration to make immediate payment to the ICC.