In December 2007, the Financial Services
Authority (FSA) imposed a fine of £1.26m on
Norwich Union Life (part of the Aviva Group), one of
the largest life insurance businesses in the UK with
around seven million customers. The fine related to
failures to take reasonable care to establish and
maintain effective systems and controls for
countering the risks of financial crime. The fine is
the latest confirmation of the emphasis being
placed on protecting clients and customers from
the threat of financial crime.
Despite the implementation of Directive 2000/35/EC on combating late payment in commercial transactions in 2002, the European Commission (the “Commission”) concluded in 2008 that late payments were still widespread in the EU. It also turned out that public authorities in certain Member States were stipulating unjustifiably long contractual payment periods for transactions.
In the field of corporate law, there are four (coming) Acts that attract attention, namely the introduction of the tenth book of the Dutch Civil Code, the amendment of the Marital Property Act and, to conclude, the coming entry into effect of the Management and Supervision Act and the Flexibilization of BV Act. Please find below a short explanation of each Act.
A non-solicitation agreement usually restricts the ability of an employee - after an employment contract has ended - to approach the clients of the former employer. The former employee of a software company recently discovered that the scope of such an agreement can also include contacts made via LinkedIn.
Few jurisdictions can boast a foreign direct
investment record like the Netherlands. As the
world's seventh largest inward receiver of
investments, housing approximately 9000
foreign-owned companies, the country's dynamic
business environment provides an invaluable insight
into macro investment trends.
The Netherlands and Dutch law
The Netherlands is a perfect business location for foreign entrepreneurs (2,000 subsidiaries in Amsterdam, 140,000 jobs). It is the gateway to densely populated Western Europe and has a well-developed logistic and technical infrastructure.
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Dutch Law distinguishes two categories
of commercial premises. Depending on the type of premises or the purpose for
which it is used, they are referred to as: