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Makarim & Taira S. | Indonesia | 11 Apr 2019

BANI legal status up in the air

The Indonesia National Board of Arbitration (BANI) was established in 1977. In 2016 the Ministry of Law and Human Rights created BANI Pembaharuan (ie, the Renewed BANI), which claims that it is a revised version of the original BANI. However, the original BANI does not recognise the Renewed BANI and claims that it has been using the BANI name unlawfully. This duality could create uncertainty......
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Badertscher Attorneys at Law | Switzerland | 25 Mar 2019

Enforcing board members' information rights

The Federal Supreme Court recently considered – for the first time – whether board members' rights to information, inspection and insight can also be asserted on an appeal basis. The court also commented on the type of procedure applicable in such cases. This decision should be taken into account by board members who lack evidence or knowledge of important or necessary information,......
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Selvi & Ertekin | Turkey, USA | 22 Mar 2019

Financial distress and board of directors' liabilities

Pursuant to Article 376/3 of the Commercial Code, where there are signs that a company is in financial distress, its board of directors should prepare an interim balance sheet. If the balance sheet verifies that the company is in financial distress, the board should notify the first-instance commercial court where the company is headquartered and request a bankruptcy declaration. Directors of......
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Grieco e Associati | Italy | 18 Mar 2019

Shareholders' agreements – courts clarify rules for listed and non-listed companies

Italian company law contains specific provisions for shareholders' agreements relating to listed or non-listed companies. Two recent court decisions provide clarity in this regard and confirm that the existing legal framework broadly recognises the admissibility of shareholders' agreements in order to govern the rights and obligations of company shareholders, particularly for joint ventures......
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Tadmor Levy & Co | Israel | 14 Mar 2019

Major competition law reform comes into force

Parliament recently passed an amendment to the Economic Competition Law that represents its most significant overhaul since its enactment in 1988. The amendment covers nearly all of the law's substantial chapters and affects the regulation of restrictive arrangements, the merger control regime, the regulation of monopolies and criminal and administrative enforcement measures.
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Luther Rechtsanwaltsgesellschaft | Luxembourg | 12 Mar 2019

Court of Appeal rules on testimony of executive board members

In a dispute between a public limited liability company and one of its employees, the Court of Appeal issued a decision concerning the testimony of executive board members of a party to a dispute. The court's decision contradicts case law that seemed to have overcome this problem with regard to public limited liability companies. Hence, the courts remain divided as to whether the testimony of......
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Zacco | Norway | 11 Mar 2019

The saga is over: Coca-Cola proves unreasonable exploitation of well-known SPRITE mark

The Oslo City Court recently ruled in the trademark dispute between The Coca-Cola Company and Norwegian soft drink manufacturer O Mathisen AS (OM). The two companies had became embroiled in a trademark conflict after OM introduced a soft drink named Jallasprite. Although the court found in Coca-Cola's favour, it had some doubts as to whether the damage to Coca-Cola was significant enough to......
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Elias Neocleous & Co LLC | Cyprus | 1 Mar 2019

Issuance of tax residence certificates based on 60-day residence rule

The Cyprus Tax Department recently issued a circular giving guidance on the tax residence provisions for individuals introduced by Law 119(I)/2017. The circular makes clear that an individual who holds office as a director of a Cyprus tax-resident company and delegates this office to an alternate or nominee director at any time during the tax year does not qualify for Cyprus tax residence......
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Ogier | Jersey | 28 Feb 2019

Jersey substance proposals – company perspective

New proposed requirements for an economic substance test for Jersey tax-resident entities have been published to meet the requirements of the EU Code of Conduct Group. Among other things, specific consideration should be given to outsourcing arrangements, to each company within a relevant structure and to updating policies and procedures.
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Rihm Rechtsanwälte | Switzerland | 13 Feb 2019

How can diversity management benefit Swiss companies?

Swiss companies have long relied on workforces that are largely homogeneous as this is believed to maximise employee performance and efficiency. However, after 2000 the industry perspective shifted as large companies came to regard diversity management as an instrument for improving equality and reputation. Today, diversity plays a crucial role in creating sustainable organisational......
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