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Legal Developments worldwide

• Communiqué on Equity Crowdfunding Is Officially Published

  By way of background, in January 2019, the Capital Markets Board (“ CMB ”) had issued an announcement on its website on the Draft Communiqué on Equity Crowdfunding [1] . The CMB has now officially published the Communiqué on Crowdfunding No. III-35/A (“ Communiqué ”), on October 3, 2019. The Communiqué entered into force as of October 3, 2019.
  - ELIG Gurkaynak Attorneys-at-Law

• Beneficial Ownership Concept new interpretation from the Russian federal tax service

  The recent interpretative letter issued by the Russian Federal Tax Services (“FTS”) on 08th August 2019, has provided further guidance as to the application of the Beneficial Ownership Concept, further to the letter initially provided on the 12th of April 2018 which adopted a strict approach of the concept. 
  - Kinanis LLC

• Cyprus and Netherlands Double Tax Treaty Update

  Cyprus has concluded the negotiations for the avoidance of double taxation with the Netherlands. The double tax treaty was agreed at technocratic level in Hague. It is expected to be signed by the end of 2019 or early in 2020.
  - Kinanis LLC

• Vacancy - Senior Corporate Lawyer

  The Senior Corporate Lawyer, who will be reporting to Partners, will be working with both the firm’s legal team as well as the financial services team. The successful candidate will be requested to show initiative, take on certain responsibilities within the firm, work in a multinational environment and will immediately be given the opportunity to further advance their career within the law firm.
  - Gauci-Maistre Xynou

• CJEU RULED ON THE APPLICATION OF THE BENEFICIAL OWNERSHIP CONCEPT

  The judgment of the Court of Justice of the European Union (CJEU) on February 26, 2019, in the “Danish Beneficial Ownership Cases”, can be perceived as a landmark on the interpretation of the Beneficial Ownership concept under the Interest and Royalties Directive (IRD) and the Parent-Subsidiary Directive (PSD).
  - Kinanis LLC

• Court of Justice rules on source of income for Derivative Residence applications

  On 2 October 2019, the Court of Justice delivered its judgment in Bajratari v Secretary of State for the Home Department (Directive 2004/38/EC) Case C-93/18 which concerns Chen applications and the source of funds for self-sufficiency. 
  - Richmond Chambers

• End of the ‘centre of life test’ in Surinder Singh cases?

  In the recent case of  ZA (Reg 9. EEA Regs; abuse of rights) Afghanistan   [2019] UKUT 281 (IAC ), the Upper Tribunal found that there is no basis in EU law for the centre of life test, as set out in Regulation 9(3)(a) of the Immigration (European Economic Area) Regulations 2016 (the “Regulations”). It further found that it is not to be applied when Judges assess  Surinder Singh  cases that appear before them.
  - Richmond Chambers

• ITALIAN RULES ON JOINT VENTURES IN PUBLIC PROCUREMENT AND CONCESSIONS

  Italian rules on jointventures concerning public procurement and concession contracts are set out inlight of the European legal framework provided for in Directive 2014/23/EU and 2014/24/EU of the European Parliament and of the Council. The European rules aim to ensurethe best use of public money so that EU citizens benefit from strategicinvestments and services at fair prices. In this context, public procurementand concessions represent key instruments that need to be regulated and standardisedin order to ensure free movement of goods, freedom of establishment and freedomto provide services.
  - Villata, Degli Esposti e Associati

• Terms of employment as a sole representative

  In this article we examine the working arrangements of sole representatives, looking at the terms and conditions of employment that the Home Office will expect a sole representative to have in order to qualify as a representative of an overseas business.  
  - Richmond Chambers

• Can Sole Representatives Be Shareholders?

  The Immigration Rules require that an applicant for a  sole representative visa  is not “a  majority shareholder in the overseas business”.
  - Richmond Chambers