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The elections of 2015 brought a time of instability for Sri Lanka with foreign investors unsure about the continuation of infrastructure projects as a result of the change in government. The new government has been in place for over a year now, and the country has regained stability with a renewal in infrastructure projects. However the establishment of the Land Act saw a 15% tax placed upon foreigners looking to acquire a lease in the country, as well as a complete ban on foreigners owning land. Although foreigners are able to acquire a leasehold, it has been commented that the tax has severely deterred foreign investors from setting up in the country. The downturn in high end real estate transactions and foreign investment is noted by many law firms. The government has made plans to abolish these restrictions but is yet to do so.
The Sri Lankan legal market does not allow international firms to operate in the country and as such all firms house Sir Lankan lawyers, many of whom are educated both in Sri Lanka and internationally. Julius & Creasy is one of the largest firms, with 19 partners and over 70 lawyers. F. J. & G. De Saram and Nithya Partners are also major firms in the country.
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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.
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.