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The In-House Lawyer
International comparative guides
In association with a leading international law firm, Legalease are producing a series of online country comparative legal guides, designed to give the in-house community greater insight to the law and regulations in unfamiliar jurisdictions.
Legal market overview
Portugal’s economy has continued to grow following the country’s exit from the EU bailout programme in 2014; it is back on the radar of foreign investors, with an uptick in M&A and private equity activity creating significant work for firms. Despite this optimism, the after-effects of the 2014 collapse of Banco Espírito Santo (Portugal’s second largest bank at the time) continue to be felt. While investigations into the dissolution are ongoing, the sale of successor institution Novo Banco has been delayed after talks with multiple international buyers were temporarily suspended.
Privatisations, the former conservative government’s flagship policy for structural reforms, continued into 2015, with the privatisation of EGF – Empresa Geral do Fomento, the waste management arm of the Águas de Portugal, and part-privatisation of airline TAP Portugal being the latest to take place. The country’s elections in late 2015, however, saw an anti-austerity left-wing coalition oust the centre-right government, with the intention of reinstating wages, pensions and benefits to 2011 levels. Although popular with the electorate, it is felt by some that these measures could stall further reform and dent investors’ confidence in the market.
The Portuguese legal market remains stable, with relatively few lawyer moves. However, 2015 saw the departure of six partners, including former name partner Rui Amendoeira, and around 30 associates from Miranda & Associados to Vieira de Almeida & Associados, which saw the latter firm gaining significant cross-border expertise, notably in Angola. Shortly after, Miranda & Associados absorbed Amorim Advogados in Oporto. PLMJ, Law Firm’s former corporate practice head Jorge de Brito Pereira moved to Uría Menéndez in early 2016.
Firms in the spotlight
AAMM, Sociedade de Advogados, RL
Abecasis, Azoia, Moura Marques & Associates, Law Firm was founded in 2012 by three eminent lawyers; José Filipe Abecasis, Filipe Azoia and Paulo de Moura Marques. The firm is widely recognised for its high level of specialisation in public, employment, labour and tax law, with a particular focus on key industry sectors. It is also recognised for the excellence, rigour and innovation of the services it provides clients.
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Exercising Stock Options…....1 Summary of recently enacted Legislation……………………3 Case Law ……………………..6 News in brief………………... 9
Are put and call options expressly regulated in your legal system or do they fall under general contract law?
The expansion of the oil and gas industry in Equatorial Guinea ("EG") has caused a significant increase in immigration, not just of qualified workers, but also of a substantial number of unskilled , and often illegal, immigrants, especially from the neighbour countries.
Despite a few setbacks on the way and the protracted discussions, the congress has finally approved Law 12.351/2010, of 22 December 2010, thereby replacing the old oil concession inplace in Brazil by a new set of contractual standards.
A New Building Permits Legal Regime was recently enacted in Cape Werde by way of Decree-Law 19/2011, of 28 February 2011.
As in past years, the 2011 Budget of the Macao Special Administrative Region (OR/2011) provided for various Tax exemptions, including for industrial tax and stamp duty, and deductions for professional tax (on work related income), urban property tax and complimentary income (on industrial and commercial income).
AF Group ASA, listed at the Oslo Stock Exchange (OSE-AFG), a leading international civil engineering and construction group headquartered in Oslo, has acquired the renowned Swiss engineering and construction planning company Edy Toscano AG with 370 employees. Together with AF Consult Switzerland AG, AF Group will be among the three largest Swiss engineering and construction planning companies with a combined turnover in Switzerland exceeding CHF 100 million.
VEGAS LEX has organized a roundtable on the main trends of taxation in Russia in 2016-2017*.
It is no longer a rarity for companies to want to hold their boards of directors and supervisory boards liable. It is often the case that claims are asserted arising from D&O insurance.
Organised by Intellectual Property Office of the United Kingdom and Anand and Anand, the conference on “Brand Management: Valuation and Protection” builds on joint UK-India efforts to facilitate ease of business and protect intellectual property.
In its ruling of September 21, 2016, the Court of Justice of the European Union confirmed that cosmetics which were produced with the help of animal testing are subject to a widespread sales ban within the EU (Az.: C-592/14).
Choosing the right corporate form can contribute significantly to the success of a business. GRP Rainer Rechtsanwälte has the requisite experience in setting up companies.
We are pleased to announce that our employees Ayesha Curmally, Michael Isler, Robert von Rosen and Stefan Knobloch, who have been with us for many years, have now been appointed as partners in our chancellery, effective from 1st January 2017.
We are pleased to announce that a new partner, Roger Staub, as well as new consultants, Thiemo Sturny and David Vasella, will be joining our chancellery as of 1st January 2017.
Fairfax Financial Holdings Limited (Fairfax) (TSX:FFH) (TSX:FFH.U) and Allied World Assurance Company Holdings, AG (Allied World) (NYSE:AWH) have entered into a merger agreement (the Agreement), pursuant to which Fairfax will acquire all of the outstanding registered ordinary shares of Allied World. Under the terms of the Agreement, Allied World shareholders would receive a combination of Fairfax subordinate voting shares and cash equal to USD 54.00 per Allied World Share, for a total equity value of approximately USD 4.9bn.
Interest rates for building loans were considerably higher between 2010 and 2013 than they are today. Consequently, it may well be worthwhile withdrawing from real estate loans that were taken out after June 10, 2010.