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Further to our January 2024 client alert, the anticipated amendments to the Enforcement Decree of the Financial Services and Capital Markets Act (“FSCMA Enforcement Decree”) have been adopted by the Korean government cabinet on 27 February 2024 and promulgated on 5 March 2024. The amendments to the FSCMA Enforcement Decree are therefore effective as of 5 March 2024.

As of 5 March 2024, domestic employees of multinational companies who have acquired shares under a stock-based compensation program may sell such shares without the involvement of a Korean broker and may deposit proceeds from the sale of shares into an account with an overseas financial institution. For any shares sold/funds deposited prior to this date, the previous restrictions applied and these transactions could therefore remain problematic if they did not comply with the restrictions.

On 1 March 2024, the Swiss Federal Council published the dispatch on the taxation of teleworking in an international context. The new regulations serve as a national basis for the taxation of teleworking by cross-border commuters to ensure the implementation of the new international treaty regulations with France and Italy in Switzerland. These changes will affect the taxation of salaries of employees who are not resident in Switzerland for tax purposes but who work in Switzerland and are subject to an international supplement agreement regulating telework in a cross-border context.

California’s regulators have made employment noncompetes (and knowing which employees are bound by them and how) a key compliance item.
Effective 1 January 2024, AB 1076 amends Section 16600 of the state’s Business and Professions Code to “void the application of any noncompete agreement in an employment context, or any noncompete clause in an employment contract, no matter how narrowly tailored.” In addition, the law requires employers to notify certain current and former California employees that any agreement containing a noncompete provision is void.

Email is the central means of communication in business organizations. Mailboxes are a valuable source of information, particularly in the event of termination of employment relationships or suspected breaches of duty. However, access to emails is restricted and requires careful consideration of the interests of both employer and employee on a case-by-case basis.

Quebec’s Bill 96 significantly expanded existing French language requirements under Quebec’s Charter of the French language, including new translation requirements for a wide range of employment documents. Similarly, the treatment of commercial standard form contracts (or contracts of adhesion) must now be translated into French first, even if the parties agree to proceed in a language other than French, such as English. 

A dismissal will be automatically unfair if the sole or principal reason for dismissal is that the employee took or sought to take parental leave. In Hilton Foods Solutions v. Wright, the EAT has decided that this protection does not require the employee to have made a formal request. Communications about taking parental leave might reach a stage that could be described as having sought to take the leave. This will be a question of fact for employment tribunals.

The Austrian National Council has passed a new legislation implementing the EU Directive on Transparent Working Conditions (Directive EU 2019/1152). The legislation is expected to come into force by the end of March 2024. The new law provides for changes to the minimum content of service notes and employment contracts, the right to multiple employment, and training costs.