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Ogier | British Virgin Islands | 16 Sep 2021

Extension of economic substance requirements to limited partnerships without legal personality

The Economic Substance (Companies and Limited Partnerships) (Amendment) Act 2021 extends the economic substance regime under the Economic Substance (Companies and Limited Partnerships) Act 2018 to limited partnerships without a legal personality. Following its enactment, there will be a six-month transitional period for existing partnerships without a legal personality that were formed before......
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Rokas Law Firm | Greece | 15 Jun 2017

Authority to enter into an arbitration agreement

In a recent case, the Supreme Court held that the requirement that specific authorisation be obtained for the person acting as a legal representative for the valid conclusion of an arbitration agreement refers only to a person acting as a proxy or an agent of the legal entity and does not refer to an organ of the legal entity – the very function of which is to represent the entity, such as......
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Schoenherr | Austria, European Union | 30 May 2017

Draft Data Protection Amendment Act 2018 in appraisal

Approximately one year before the General Data Protection Regulation will come fully into force, the Austrian legislature has officially started a six-week consultation process for the national Data Protection Amendment Act 2018. If and to what extent the legislature will make use of the competencies provided for by the 'opening clauses' in the General Data Protection Regulation is highly......
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Broad & Bright | China | 22 May 2017

State Council announces Plan for Mineral Resources Ownership Benefit System Reform

The State Council recently promulgated the Plan for Mineral Resources Ownership Benefit System Reform with a view to transforming China's fiscal regime for the grant of mineral resources rights in an upcoming reform of the oil and gas upstream sector. The plan's primary purpose is to streamline the tax and fees system in China's mineral resources sector.
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ABNR | Indonesia | 19 May 2017

OJK's regulation on fintech-based lending services

To support the development of a technology-based financial industry in Indonesia, the Financial Services Authority recently issued Regulation 77/POJK01/2016 regarding technology-based fund-lending services. The regulation is designed to protect consumer and national interests, while at the same time provide opportunities for local providers of financial technology to grow and contribute to......
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Kubas Kos Gałkowski | Poland | 3 May 2017

Share purchase agreement forms for share transfers concluded in another state

Under Article 180 of the Commercial Companies Code, the effective transfer of share ownership requires a transfer ownership agreement to be concluded in writing with a signature certified by a notary. However, not all legal regulations in force in EU member states require adherence to a special form. The question that therefore arises is whether adhering to a less restrictive form will......
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CMS Germany | Germany | 3 May 2017

Reform of temporary employment: requirements in practice

Discussions concerning the reform of temporary employment planned by the coalition government characterised 2016. It was intended that the Employee Assignment Act, the Works Constitution Act and the Civil Code be readjusted in order to "align temporary work with its core function and prevent the abuse of structures with contracts for work and services". As the legislative process has since......
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Lennox Paton | Bahamas, United Kingdom | 20 Apr 2017

Remittal of assets in cross-border insolvency proceedings

The Bahamas Supreme Court recently considered the relationship between the statutory provisions in recognition proceedings which permit the turnover of property to a debtor (a foreign corporation or other foreign legal entity subject to a foreign proceeding in the country in which it is incorporated or established) and the common law power to direct remittal of assets to the foreign main......
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Fichte & Co | United Arab Emirates | 17 Apr 2017

Deciphering due diligence

Clients often ask how to conduct legal due diligence or background checks on another party in the United Arab Emirates. Unfortunately, there is no straightforward answer. With no centralised company register, and over 40 different free zones, obtaining basic information about UAE free zone companies may pose a daunting challenge. Even so, there are still effective tools available to uncover......
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Noerr PartGmbB | Russia | 10 Apr 2017

New law allows legal entities to request information from shareholders to identify beneficial owners

Russian law continues to develop with respect to the disclosure of beneficial owners of Russian businesses. New provisions came into force at the end of 2016, which require all Russian legal entities to take reasonable and available steps to identify their beneficial owners and disclose them on request, among other things. For this purpose, the law expressly entitles a Russian legal entity to......
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