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Legal Developments worldwide

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
  • Enforcement of Arbitration Awards in Cyprus – recent developments

    The global financial crisis of 2008 has generated a substantive amount of financial disputes between multinational and international entities. A much favoured method of resolving such disputes is through Arbitration proceedings. The merits of Arbitration are not going to be explored in this article. Suffice it to mention that cost, speed and privacy are the main reasons why parties opt for arbitration as a preferable mode of dispute resolution.
  • TRANSACTION TYPES AND APPROVAL PROCEDURE

    This article provides general overview about transaction types and their approval procedure. As a result, the Company has to determine the transaction types and applicable statutory requirements in regard to its conclusion.
  • Court Holds Royalties for Foreign-Registered Patents are Not Subject to Withholding Tax in Korea

    Court adhered to the existing position on the determination of royalty payment
  • New tax measures announced

    The Luxembourg Government presented on 29 February 2016 a new set of tax measures to be implemented by 2017, known as the 2017 tax reform package. The new measures concern both corporate and individual taxation, with a particular focus on social justice and international competitiveness. The amendments may be summarised as follows:
  • UCITS V level 2 measures published in the Official Journal of the EU

    On 24 March 2016, the European Commission Delegated Regulation EU 2016/438 supplementing the UCITS V Directive with regard to obligations of depositaries was published in the Official Journal of the European Union. The Delegated Regulation will apply from 13 October 2016.
  • ESMA publishes discussion paper on UCITS share classes

    ​On 6 April 2016 ESMA published a second discussion paper on UCITS share classes. The discussion paper builds on the feedback received in relation to ESMA’s first discussion paper on this issue which was published in December 2014. In analysing the responses to the first discussion paper, ESMA has identified diverging national practices as to the types of share class that are permitted, ranging from very simple to much more sophisticated share classes. ESMA is now seeking stakeholders’ views on common principles which could form the basis for a regulatory framework that all UCITS share classes should comply with. These common principles are as follows:
  • Level 2 measures for UCITS V: an overview

    ​On 24 March 2016, the European Commission Delegated Regulation EU 2016/438 (the “Delegated Regulation”) supplementing the UCITS V Directive with regard to obligations of depositaries was published in the Official Journal of the European Union. The long-awaited so-called level 2 measures for Directive 2014/91/EU of 23 July 2014 as regards depositary functions, remuneration policies and sanctions (“Directive UCITS V”) provide for the following:
  • Rejection of a candidate because of his age - Tribunal finds direct discrimination

    In a recent judgment of the Labour Tribunal of Ghent, division Roeselare of 2 May 2016, the court found that rejecting a candidate because of his age constitutes direct discrimination.
  • Adoption of the EU General Data Protection Regulation

    ​After more than 4 years of negotiation and roughly 4,000 amendments, the General Data Protection Regulation has finally been adopted yesterday by the European Parliament.
  • Luxembourg implements UCITS V

    ​Today, the Luxembourg Parliament (Chambre des Députés) adopted bill of law no. 6845 implementing Directive 2014/91/EU of 23 July 2014 on UCITS as regards depositary functions, remuneration policies and sanctions (“UCITS V Directive”) by way of amending the Luxembourg law of 17 December 2010 on undertakings for collective investment (the “UCI Law”).