The China Banking and Insurance Regulatory Commission and the Italian Institute for the Supervision of Insurance recently entered into a memorandum of understanding setting out the basis for cooperation between the two supervisory authorities in the context of a broader plan of general cooperation between Italy and China. It will be interesting to see what concrete effects (if any) the memorandum will have, particularly in the context of the present unstable geopolitical situation.
The Supreme Court recently rejected an appeal against a detention order issued by the Larnaca Permanent Assize Court in a sexual assault case. The appellant claimed that the evidence placed before the first-instance court had speculated on his guilt and the risk of him absconding. However, the Supreme Court found that the accused's detention until trial was at the discretion of the first-instance court and that, based on the circumstances of the case, the court had exercised this power correctly.
There have been a number of recent legislative developments in Austria, including amendments to the Austrian Enforcement Act, which have granted certain parties access to data about pending enforcement proceedings. Further, the Supreme Court has confirmed that the res judicata effect of a foreign judgment applies at all stages of proceedings conducted in Austria.
The Supreme Court recently issued a decision regarding non-use cancellation actions and the retroactive enforcement of Article 9 of the Industrial Property Code (IP Code). The decision has clarified the longstanding debate and unpredictability concerning the implementation of the IP Code's non-use provision. The courts will now implement Article 9 against non-used trademarks without hesitation.
Most interlocutory decisions under the Patented Medicines (Notice of Compliance) (PMNOC) Regulations are made by prothonotaries of the Federal Court. The first Federal Court of Appeal decision in an appeal of an interlocutory order under the amended PMNOC Regulations was recently issued. The court found that the prothonotary had been entitled to arrive at a view of what was best for the particular proceeding and saw no reviewable error that would justify its intervention.
The Department for Business, Energy and Industrial Strategy (BEIS) recently published its proposals for business models for carbon capture usage and storage (CCUS). The CCUS forms part of BEIS's package of proposed measures to support the decarbonisation of the UK economy, which includes consultations on reusing oil and gas assets in CCUS projects, the regulated asset base model for nuclear and the facilitation of energy efficiency in the electricity system.
In September 2018 the Dutch Banking Association introduced a standard form for a deed of right of superficies (the model deed). The model deed was introduced to promote the financing of solar panels on companies' roofs in the Netherlands and has been well received among market participants. This article examines the background, use and objectives of the model deed.
The Financial Accounting Standards Board recently signalled its intent to adopt a new two-bucket approach to stagger the effective dates for new major accounting standards. Under the new approach, the new standards' effective dates would be delayed for entities in bucket two (ie, smaller reporting and private companies, employee benefit plans and not-for-profit organisations) for at least two years after the effective dates for entities in bucket one (ie, other Securities and Exchange Commission filers).
A series of recent cases have examined the circumstances in which a dividend can be challenged on the basis that it has been unlawfully paid. In one such case, the High Court considered a number of key principles regarding dividend payments and the circumstances in which directors can be pursued for dividends paid prior to an insolvency. This judgment provides some comfort to directors who rely on professional advisers to determine whether to declare a dividend payment.
The Patented Medicines Prices Review Board (PMPRB) Steering Committee on the Modernisation of Price Review Process Guidelines recently released its final report summarising its deliberations in providing stakeholder feedback on the PMPRB's proposed new framework for the regulation of the prices of patented medicines.
The Bankruptcy Act has been amended by a statute which came into force on 1 July 2019. The amendments aim to simplify and accelerate bankruptcy proceedings. This article focuses on amendments that affect the position of creditors located outside Finland, such as those concerning the lodgement of claims, dates of creditors' meetings and the bankruptcy and restructuring proceedings case management system.
The National Communications Commission (NCC) recently published the final draft of its 5G spectrum auction rules. As part of the upcoming 5G spectrum auction, the NCC aims to publish an amendment to the existing Regulations for Administration of Mobile Broadband Businesses by the end of August 2019 and accept bids in September 2019. The auction for mobile broadband business licences operating in the 3.5GHz, 28GHz and 1,800MHz bands will commence in December 2019.
The European Union has added further impetus to its objective of providing greater transparency with regard to harmful tax practices through an amendment to EU Directive 2011/16/EU. The directive has introduced the mandatory reporting of cross-border arrangements that are indicative of potentially aggressive tax planning. The relevant disclosure requirements must be followed by intermediaries and, in some instances, taxpayers.
The US State Department recently announced the issuance of another round of sanctions on the Russian government in relation to the Chemical and Biological Weapons Control and Warfare Elimination Act 1991, which will come into effect on 19 August 2019. While this second round of sanctions is unlikely to affect most US companies, it may affect US banks, but only with respect to transactions involving non-ruble bonds and funds from the Russian sovereign issued after 26 August 2019.
The Serious Fraud Office's guidance on self-reporting suggests that Her Majesty's Revenue and Customs is now turning to companies themselves to tackle tax avoidance and evasion. The guidance states that prosecutors will assess whether a self-reporting corporate has been genuinely proactive. Critical to such an assessment is whether the corporate has provided sufficient information about its operations, including making witnesses available and disclosing the details of any internal investigations.
Divorce can pose a significant risk to a family's or an individual's wealth. However, a nuptial agreement can reduce or mitigate such risk. A common perception of nuptial agreements is that they are designed to limit the extent of one party's financial claims. While they can be used in this way, their greater utility in this context is their ability to reduce uncertainty and therefore risk.
The Competition and Markets Authority can open an investigation and impose initial enforcement orders where it has reasonable grounds to suspect that two or more enterprises have ceased to be distinct. This includes circumstances in which an acquirer purchases only a minority shareholding in the target because, under the UK merger control regime, two or more enterprises cease to be distinct where they are brought under common ownership or common control.
The Office for the Protection of Competition recently found two companies guilty of bid rigging in a public tender. While similar bid-rigging cases occur quite frequently and generally fall within the office's purview, this case is unique because, for the first time, the office was informed about the anti-competitive behaviour by a whistleblower and appointed a guardian for one of the parties involved.
Bermuda's chief justice recently handed down an important decision dealing with the power of the court to intervene in the administration of a trust to approve actions of improperly appointed trustees. This case is important because it confirms the court's inherent jurisdiction, on the appointment of trustees, to grant them leave to administer the trust on the basis that they were properly appointed on a prior date.
In 2017 the Hungarian Competition Authority (HCA) initiated a sector inquiry into the bank card acceptance market. Although the market was found to be competitive and functioning in accordance with the relevant regulations, the HCA has made a number of recommendations to both the legislature and market players in order to stimulate further growth.