On 24 February 2022, the Russian Federation launched a full-scale military invasion of Ukraine. The martial law is in effect in Ukraine since then. As a result, special legislation has been adopted in various areas, including that directly affecting business activity. Baker McKenzie lawyers are pleased to present the fourth edition of Ukrainian Laws in Wartime: Guide for International and Domestic Businesses, a brief overview of the key features of wartime legislation.
The Regulator has responded to its September 2021 consultation on three draft policies relevant to how it will exercise its new anti-avoidance powers, which are intended to help protect defined benefit savings. The most recent policies follow on from the policy on the investigation and prosecution of the new criminal offences, which was published in September 2021 and provide further guidance on three specific areas: overlapping powers, the new GBP 1million civil penalty and information gathering. Separately, the Regulator has also issued a new consultation on two policies consolidating and updating certain existing policies on enforcement and prosecution.
The UK and international tax landscape has never been quiet for fund and asset managers (GPs) but a number of recent tax developments will have the potential to significantly affect how these businesses operate. Some of these developments will, however, be welcome by most GPs.
In April 2022, the Minister of Finance (MOF) issued MOF Regulation No. 26/PMK.010/2022 on the Stipulation of Goods Classification System and Imposition of Import Duty Tariffs on Imported Goods, which introduced changes made to the Harmonized Commodity Description and Coding System (HS) Code regime and updated Indonesia’s Customs Tariff Book (CTB). The CTB is amended every five years because the HS, on which it is based, is updated every five years to account for technological developments, changes in trade patterns, and the changing of global situations and conditions.
The settlement of employment disputes include, as standard practice, the addition of a confidentiality clause to settlement agreements. However, what happens when an employee breaches such an agreement by disclosing confidential information during legal proceedings or where the information pertains to wrongdoing by the employer? The Labor Appeal Court in South Africa recently considered this matter.
Law No. 31435 was published on 22 March 2022, amending the Consumer Protection and Defense Code which modifies the deadlines for handling consumer protection claims.
By means of Resolution 464/2022 published on the Official Gazette on 27 May 2022, the domestic trade secretariat approved the form that suppliers must submit to alert consumers and competent authorities and recall products from the market. It also establishes certain obligations that suppliers that have initiated this type of process must comply with.
On 12 May 2022, the President issued Executive Order No. 169, which seeks to intensify government efforts in strengthening the franchising industry and to help businesses, especially micro, small and medium enterprises, by developing a transparent and business-friendly environment, and promoting fair and equitable practices.
The Takeover Panel has published a consultation paper (PCP 2022/2) setting out proposed changes to the definition of “acting on concert” in the Code. The changes, which are highly complex and technical in nature, are in part a codification of existing Panel practice. There are, however, are some important adjustments that, given the potentially significant consequences of being considered to be “acting in concert” (e.g. setting a floor price for an offer and/or triggering a mandatory bid obligation), it will be important for offer participants and their advisers to familiarise themselves with.
By Legislative Decree No. 1531, published on 19 March 2022, various provisions of the General Law of the Financial and Insurance Systems and Organic Law of the Superintendence of Banking and Insurance were amended. A few months ago, Congress authorized the Executive Power to legislate on financial matters in order to promote greater competition in the provision of transportation service and custody of money and values, with further aim of strengthening the solvency and stability of the financial system in order to safeguard savings account holders, optimize processes in the entities of the financial system, and foster greater competition in the financial entities that are under the supervision of the Superintendency of Banking and Insurance.