15 May
Member News

CMS Guide to Labour Law in Central Eastern Europe

By Gerlind Wisskirchen | CMS  CMS Employment Practice Area Group is pleased to share with you the new edition of the guide covering main aspects of the labour law in fourteen jurisdictions in the Central Eastern Europe (CEE).The CEE has progressed considerably in catching up with the market economies of Western Europe in the past decades. The European Union is still a driving force, despite the potential Brexit and the economic crisis which affected us all. Still, the political and economic...

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15 May
Member News

New transfer pricing decree sets out Dutch tax authorities’ interpretation of the 2017 OECD Transfer Pricing Guidelines

On 11 May 2018, the State Secretary of Finance published a new transfer pricing decree in which he sets out his interpretation of the arm’s length principle as embedded in Dutch tax law (the Decree). The Decree explains the view of the Dutch tax authorities (DTA) on the 2017 OECD Transfer Pricing Guidelines (2017 Guidelines) and it documents certain positions of the DTA on topics where the 2017 Guidelines leave room for interpretation. The Decree enters into effect on 12 May...

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15 May
Member News

New German Government’s Plans for Labor and Employment Laws

By Dr. Thomas Griebe | Shareholder | Hamburg | Littler On February 7, 2018, Germany's two ruling parties, the Christian Democratic Union (CDU) and the Social Democratic Party (SPD), agreed on a joint government and a 177-page coalition agreement. The employment-specific provisions of the coalition agreement proved to be "deal breakers" and could only be agreed upon after numerous negotiations lasting late into the night. The latest coalition agreement will usher in numerous changes to employment legislation that are expected to be implemented over...

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15 May
Member News

Italian Competition Authority Activity On M&A Transactions

The Italian Competition Authority (“ICA”) is a quasi-autonomous non-governmental organization established on the basis of Law no 287 of 10 October 1990 (“the Competition Law”). The ICA operates in Italy enforcing rules against anticompetitive agreements among undertakings, abuses of dominant position as well as concentrations (e.g., mergers and acquisitions, joint ventures) which may create or strengthen dominant positions detrimental to competition. The ICA acts as both an investigative and decision-making body. In essence, the ICA controls M&A activities which...

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14 May
Chapter News

EIB signs the Agreement for EUR 300 million climate related investments in China with Eximbank

* European Investment Bank (EIB) will provide EUR 300m framework loan in new climate finance partnership with The Export-Import Bank of China (Eximbank). * The initiative is expected to draw in other financiers to finance up to EUR 1 billion of climate-relevant investments. * Streamlined lending programme to back new renewable energy, energy efficiency, water and sustainable transport investment in Beijing, Tianjin and Hebei Provinces. Up to EUR 1 billion of new investments to reduce carbon emissions and improve environmental protection in...

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11 May
Member News

The EU’s preventative restructuring framework: a cross-jurisdictional comparison

By Florian Bruder M.Jur. (Oxon) | DLA PIPER The EU's proposed pre-insolvency restructuring procedure offers opportunities for creditors and investors. However, it is not without risk, as is demonstrated by a comparison of the proposed procedure with both British and Singapore schemes of arrangement, as well as the chapter 11 proceeding in the US. The EU draft directive of November 22, 2016 seeks to implement a so-called preventive restructuring framework for European member states. Negotiations are well along, and the directive is envisaged...

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10 May
Member News

Trade Sanctions Against Iran to Be Re-Imposed

By Joseph Spraragen | jspraragengdlsk.com | Grunfeld, Desiderio, Lebowitz, Silverman & Klestadt LLP On May 8, 2018, the President announced that the United States is withdrawing from the Joint Comprehensive Plan of Action (JCPOA), and he signed a Presidential Memorandum directing that all trade sanctions against Iran that were lifted or waived under the JCPOA shall be re-imposed as soon as possible. In conjuncture with the President’s announcement, OFAC has posted initial guidance that includes a timetable for enforcing the restored trade sanctions. While certain...

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09 May
Member News

Reminder: Mandatory Foreign Direct Investment Reports for U.S. Entities Due May 31, 2018

By Wilson Sonsini Goodrich & Rosati   The deadline for submission of the U.S. Department of Commerce's Bureau of Economic Analysis (BEA) five-year benchmark survey regarding foreign direct investment in the United States is rapidly approaching.1   The survey, known as the BE-12 survey, is required for U.S. businesses in which a foreign entity or person holds, directly or indirectly, 10 percent or more of the U.S. business' voting interests at any time during 2017 or an equivalent share in an unincorporated enterprise. The...

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09 May
Chapter News

Future of Europe: Commission Launches Online Citizens’ Consultation

European citizens asked what direction they want the EU to take, in an online consultation. On Europe Day, the European Commission is launching an online public consultation, asking all Europeans what direction they want the Union to take in the future. This unique consultation is part of the broader Future of Europe debate launched with the Commission's White Paper on 1 March 2017 For the first time, the Commission convened a Citizens' Panel on 5-6 May to draft this consultation, with...

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09 May
Chapter News

ESMA Provides One-Stop Company Portal

Investors seeking information on whether a financial service provider is authorised within in the European Union (EU) will now be able to do so on the European Securities and Markets Authorities (ESMA)'s new companies' portal. The portal provides investors with a one-stop-shop register, including for: MiFID Investment firms including Systematic Internalisers MiFID Trading venues MiFID data reporting service providers UCITS management companies AIFMD fund managers including funds managed/marketed in the Union The portal provides reference to sanctions applied by the competent authorities in the Member...

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