The Legal 500

The amendments adopted by the Parliament on July 1, 2011 to the Municipal Cleanliness and Tidiness Act bring revolutionary changes to the Polish waste management system. The Act is currently awaiting signing by the President. Once approved, the changes will become effective 12 months from the date the Act is published.

The People's Republic of China has initiated an overhaul of its social security system, reformed the personal taxation regime and has extended the scope of these laws to foreigners residing in China.

The Kingdom of Morocco is supporting the ambition of becoming the leading financial place for Africa. In this context, a wave of draft laws is to be passed and implemented within the following months, amongst which, the Law No. 53.08, setting up a new financial authority, and the Law No. 54.08, reforming public offering rules, are of paramount importance to Moroccan and foreign issuers, and financial institutions.

The opportunities offered to foreign investors by the Chinese mergers and acquisitions market are increasing every year: in 2010, transactions involving foreign companies came to 60.1 billion euros, an increase of 21.2% compared with 2009. Seen from the West, where markets are declining, all sectors of the Chinese economy seem to be undergoing promising development and the statistics indicate that the Middle Empire will be a lasting springboard for growth.

Le dispositif L’article 1er de la loi de financement rectificative de la Sécurité sociale pour 2011 oblige les sociétés commerciales de 50 salariés et plus, dont les dividendes par part sociale ou par action sont en augmentation par rapport à la moyenne des deux années précédentes, à verser une prime à l’ensemble de leurs salariés

Types of investors The private equity (PE) funds that are active in Bulgaria are not raised or registered in the country. Some Bulgarian PE funds were raised recently, but there are no statistics as to the sources of their funding, their number, the funds that were accumulated, etc.

THE PROCEDURE IS CLARIFIED, BUT MAY COMMITMENTS APPLY WITHOUT LIMIT?

cartel case closed after discovery that leniency application was largely based on forgeries and rejection of collective dominant position objection.

The second supplementary budget published in the Official Gazette September 19, 2011 provides for two key measures that affect the deferral of tax losses and taxation of capital gains realized on the sale of equity securities .

Au delà des mesures applicables à l’ensemble des contribuables (telles que la limitation du report des déficits ou la réforme du mode de calcul des plus values sur cessions de participations),le plan de réduction des déficits annoncé le 24 août dernier par le gouvernement comprend des mesures qui intéressent spécifiquement les acteurs du secteur financier.

À la une Parmi les mesures annoncées par le Premier Ministre dans le cadre du plan de réduction des déficits, deux d’entre elles sont susceptibles d’affecter de nombreuses entreprises