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Legal market overview
The mood among law firms in Iceland is cautiously optimistic: for many, the lifting of capital controls at the end of 2015 marks an end to the tough economic conditions that have dominated the Icelandic market, and has fuelled anticipation of positive growth in banking and transactional corporate work. There was some growth in M&A activity in 2015, although the jury is still out on how much foreign investment the country will see. While the country’s emergence from fiscal constraints has resulted in a slowing of restructuring and insolvency work, it remains a key area of activity for Iceland’s law firms.
Abuse of dominance cases and merger control issues continued to be key drivers for law firms’ dispute resolution and competition practices, while the resurgent market for new homes led to growth in construction work for many practices. There is a strong market for boutique TMT and IP firms, which have benefited from continued activity around data protection issues.
Firms in the spotlight
The firm was founded in 1998 by Baldvin Bjorn Haraldsson and Asgeir A Ragnarsson, and was the first law firm in Iceland to build its practice exclusively on servicing the business sector. This focus has allowed BBA’s lawyers to gain substantial experience and a level of expertise which is second to none in Iceland in, among other areas, corporate law, finance law and general business law.
Arnason Faktor was formed in 2006 when two leading intellectual property firms in Iceland, A&P Arnason and Faktor Patentbureau, merged. Faktor Patenbureau was founded in 1969 and has been extensively engaged in intellectual property protection in Iceland ever since. A&P Arnason traces its roots back to 1985 and has been a pioneer in the promotion of intellectual property protection in the Icelandic industry and business community. Arnason Faktor is the largest intellectual property consultancy firm in Iceland with 27 employees. It has offices in Reykjavik, Copenhagen and Munich.
Legal Business: country analysis
Breaking new ground – advisers hope shale revolution can restart CEE market
Weighed down by political unrest and slowing economies, energy and infra projects look like one area to be driving
the CEE economy. Can the shale revolution power up
Click here to read the feature.
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Germany considers that the re-drafting and re-negotiation of EU trade deals between the EU and the UAs reported by German officials, a trade deal between the European Union and the United Kingdom may require more than two years to be negotiated. A cautious optimism can however be perceived in regards to the issue of citizens’ rights.
One of the biggest and most popular Internet companies, LinkedIn, has become the first target of the recent Russian data localization law. The legislation requires businesses operating online to keep Russian Internet users’ data on servers located within Russia.
Overall, this was a more active year for FCPA enforcement actions when compared to 2015. This year, Department of Justice ("DOJ") took a total of 10 enforcement actions and Securities and Exchange Commission ("SEC") took a total of 25 enforcement actions. Like last year, SEC is more active than DOJ, in terms of numbers of the enforcement actions. Of the 10 enforcement actions taken by DOJ, only 1 of them was related to a real person. Of the 25 SEC enforcement actions 4 of them were related real persons.
The amount of the benefit in kind on the private use of a company car can be calculated applying a CO 2 percentage to 6/7 of the catalogue value of the car. The CO 2 emission benchmarks vary each year. The Royal Decree of 24 November 2016 indicates the CO 2 emissions benchmark applicable for 2017.
Following the introduction of the General Data Protection Regulation, the European Commission has been working on reforming the E-Privacy Directive. The draft law was leaked on the 13th of December 2016. Although this is not the final version, we now have a clearer idea of what to expect in the coming months. The Privacy and Electronic Communications Regulation is expected to be finalized by January 2017. Since this is no longer a directive but is now a regulation, there is no need for it to be transposed. It will become effective within 6 months as opposed to the normal 2 year period, which means that companies will have a much shorter time period within which to bring themselves in line with the Regulation.
Turkey adopted a new regulation for personal and private data protection.
The July 2016 issue of the Asian Legal Business (ALB) Asia Edition included a regional update article entitled “Single Entry Approach: Mandatory Conciliation and Mediation of Labor Disputes”, contributed by SyCipLaw partner Marianne M. Miguel and SyCipLaw Associate Mary Grace L. Javier .
The Fall 2015 issue of the American Bar Association (ABA) included an International Law News article entitled “Justice Antonio T. Carpio, Supreme Court of the Philippines, on the South China Sea Dispute” contributed by SyCip Salazar Hernandez & Gatmaitan (SyCipLaw) Special Counsel Albert Vincent Y. Yu Chang .
The July/August issue of the International Financial Law Review (IFLR) included an international briefing article entitled “Renewable energy projects”. The article was contributed by SyCipLaw partner Rafael L. Encarnacion .
The Philippine section of Getting the Deal Through: Aviation Finance & Leasing 2015 was contributed by SyCipLaw senior associate Bhong Paulo A. Macasaet with associates Aldous Benjamin C. Camiso , Diana S. Gervacio , and Maricar G. Ramos . The section talks about the laws and regulation of Aviation Finance and Leasing in the Philippines, Title Transfer, Registration of Aircraft Ownership and Lease Interests, Security, Enforcement Measures, Taxes and Payment Restrictions, Insurance and Reinsurance, and Update and Trends.
used mileage points interpreted as sales allowance deductible from tax base- Lee & Ko
Head of VEGAS LEX PPP and Infrastructure practice Denis Shtirbu moderated the session on transport cooperation and logistics at The Moscow Times conference, Doing Business with China. New Horizons for Business Cooperation: Russia – China .
GRP Rainer Rechtsanwälte has once again received awards, this time for the year 2017, from Corporate INTL for best law firm in the fields of commercial law and tax law in Germany.
The members of a sisterhood may also fall within the ambit of the regulations pertaining to what is termed labour leasing or temporary employment. That was the verdict of the Court of Justice of the European Union (CJEU) in its ruling of November 17, 2016 (Az.: C-216/15).
Barcelona – Gonzalo Butori and Graziano Cecchetti, Partners at the newly opened Giambrone Barcelona office, attended the 4 th edition of the International Trade Fair of the Legal Profession held by the Barcelona Bar Association (ICAB) on February 16 th and 17 th .
America’s Federal Bureau of Investigation (FBI) announced its intention of pursuing organisations involved in binary options fraud across the globe. The FBI’s Complex Financial Crimes Unit will seek to draw on the relationships that it has forged with law enforcement agencies worldwide to pursue and bring down the fraudulent organisations that prey on innocent victims and leave a trail of destruction in their wake.
VEGAS LEX experts have discussed procedural specifics of supporting cartel damage disputes at a Pravo.ru conference on judicial practice in 2016 and important 2017 trends.
NautaDutilh assisted Raizen Fuels Finance S.A., as issuer on its USD 500 million 5.3% senior notes offering which successfully closed on 20th January. The issuer is part of the Brazilian Raizen group, the world largest individual producer of sugar cane. The Raizen group also operates a network of more than 5,800 Shell-branded stations in Brazil.
Goltsblat BLP , the Russian practice of international law firm Berwin Leighton Paisner (BLP), has advised ICBC International Leasing , the leasing subsidiary of the world’s biggest financial group, on delivery of six Airbus A321-211 aircraft to Aeroflot.
Seriously offending one’s work colleagues constitutes good cause justifying exceptional notice of dismissal with immediate effect. That was the verdict of the Landesarbeitsgericht (LAG) Rheinland-Pfalz [Regional Labour Court of Rhineland-Palatinate] (Az.: 4 Sa 350/15).