Showing all posts tagged receipts:

New email from wa@governanceinstitute.com.au

From: wa@governanceinstitute.com.au
Subject: Maximise your career potential
Date: March 14, 2016 at 03:21PM
Maximise your career potential If this email does not display properly, please view our online version. To ensure receipt of our email, please add 'wa@governanceinstitute.com.au' to your address book. Career Karma Maximising your career potential Have you ever applied for a job that you were perfect for, but you didn’t even get an interview? Have you ever discovered that someone else secured the 'dream job’ that you didn’t even get an opportunity to apply for? Have you ever been for an interview that you thought you aced and yet didn't receive a job offer? Nothing happens in your career by chance. Career Karma is the guide that will show you how to take the reigns of your career so you learn how to increase better job opportunities, obtain more interviews and secure more job offers. Presented by James Fairbairn, Partner, Lester Blades - Executive Search, Selection and Retention James is a specialist in executive search, selection and retention. Over the last 20 years he has advised and acted on behalf of a broad portfolio of organisations, ranging from FTSE250 / ASX200 corporations to privately owned family businesses and not-for profits. His work is predominantly in the appointment of senior executive, financial and governance professionals. James has also created the insider’s handbook on how you can maximise your full career potential. Register Now Don't forget to register for...Thursday, 17 March Employee Share Plans UpdateThursday, 14 April Mentor ProgramThursday, 20 April to Friday, 22 April Certificate in Governance Practice (Intensive) Regards, Leigh Grant State Director, WA Governance Institute of Australia Ground Floor, 8 Victoria Avenue Perth WA 6000T (08) 9321 8777F (08) 9321 8555W governanceinstitute.com.au Privacy We value your privacy. View a copy of our Privacy PolicyUnsubscribe If you do not wish to receive further emails from Governance Institute of Australia regarding upcoming events and services, please click here. Visit Governance Institute of Australia

New email from 5minwrapup@equitymaster.com

From: 5minwrapup@equitymaster.com
Subject: Now That the Budget's Done, It's Time to Buy These stocks!
Date: March 01, 2016 at 08:11PM
5min Responsive Mailer Not able to view this mailer properly? See here: Desktop | Mobile Now That the Budget's Done, It's Time to Buy These stocks! Tue, 1 Mar 2016 In this issue: » Private investment capex cycle to revive? » Will FMCG companies utilize their cash pile ups well? » ...and more! Whew! The Union budget is finally behind us. The media, corporate heads, and Dalal Street are still trying to figure it all out. Was it disappointing or along expected lines? Was it average? Below average? Poor? The opinions are many. Ours is that the budget was a lost opportunity. But now what? The markets seem confused. They crashed to a new 52-week low yesterday during the speech. Then recovered most of the losses by the end of the day. Today, the mood is buoyant. Is it just a short covering rally? Will the down trend resume? Or has the market really found a bottom? Trust us when we say that no one has honest answers to these questions. So what is a retail investor to do? If you have reduced your activity in the market recently, you are not alone. But should you start buying stocks again? If yes, which ones? Or should you continue to sit on the side-lines? We are not good short-term market forecasters. Honestly, we don't care about day-to-day price movements. But we are good at finding out which stocks will do well in the long run. This is because we are good at identifying the best businesses. In the long run, the best stocks and the best businesses usually go hand in hand. Mind you, this is not an easy task. We have to figure out if a great business will remain great. We worry about the risks these businesses face. We need to find out how the growth story will play out. Most importantly, we have to calculate the right price to buy. Did you notice that I didn't mention the budget? That's not because budgets don't matter. Of course they do. But the best businesses aren't usually impacted negatively by what the government does. They are market leaders. They generate tons of cash. They act as pillars of stability for your wealth. They are called blue chips for good reason. If you buy blue chip stocks at the right prices, you could hold them for decades. Or you could sell them at a good profit a few years down the line. Our duty at Equitymaster, is to let the aam investor know two things: the names of such stocks and the right price to buy and sell them. And who better than Tanushree Banerjee (our co-head of research) to let you in on the action? The service she heads, StockSelect, has an enviable track record. Since 2002, she and her team have made it a habit to discover mega winners in the market. Her time-tested, and rigorous stock selection process has a 77.3% audited success rate! This means about eight out of every ten stocks recommended through StockSelect have hit their targets. So why worry about what the budget will do to stock prices in the short-term? StockSelect has a list of 25 scrips you can buy today! Seven of these stocks are right at the top of her recommended buy list. Tanushree believes these stocks can do well irrespective of the government's actions. My suggestion: Stop worrying about the government. Grab this chance to opt in. Just click here to get a 30-day free trial... Do you think this is the right time to buy blue chip stocks? Let us know your comments or share your views in the Equitymaster Club. Chart of the day A key aspect of yesterday's budget speech was that of better resource utilization of central public sector undertaking (PSUs). In a nutshell, these entities will be encouraged to divest their non-core assets and plough back money into their respective businesses (apart from paying out the excess capital) to boost the capex cycle. As reported by Business Standard, PSU expenditure is likely to rise by a fifth to Rs 3,981 billion in the current year. In addition to this, a lot of thrust was given to the infrastructure sector. The central plan outlay for power, new & renewable energy (NRE) and transport sector has been increased by a sharp jump of 50% (from the revised budget) to about Rs 3,380 billion. The largest allocation will go towards the transport sector (roads and railways) followed by power and NRE. Infra Spending Gets a Boost this Budget Will this 'revival in capex cycle' provide an incentive for the private players to up their capex as well? Well...that's a tough question to answer. As compared to the government's motive for boosting spending, returns play a very strong role for private players. For India Inc., the return ratios have been at their lowest in many years. A key reason for the same has been unutilized capacities, which has led to lower asset turnover ratios for India Inc. As we had written earlier, in FY14, the asset turnover for the companies stood at its lowest in over a decade. With financial performance in past two years not really showing signs of considerable improvement, it would be safe to assume that the scenario in this regard may not have improved much. So it all boils down to how one looks at the half full glass. Can things only get better from here...or can the situation still worsen? We take the side of the former... Moving on from the infrastructure sector to the FMCG space, it seems that the pro-Bharat budget is likely to provide the much needed push to FMCG companies. With a slew of announcements aimed at boosting the farm sector coupled with the tax relief for small tax payers, FMCG companies are bound to benefit from the higher rural demand. FY15 was one of the slowest for the sector in terms of value growth. The situation in FY16 has not improved much either (given the lower realisations). As such, looking for ways to maintain growth levels, FMCG companies are expected to take on the acquisition route given their rising cash balances. As reported by Business Standard, all of the major players have seen their cash balance double over a five-year period. While investments and acquisitions do make sense to keep the momentum going, it must be kept in mind that there have been times when companies have overpaid for select brands/ businesses; and results in the process have not been as envisaged - in other words, companies would have been better off paying out the amount rather than earning substandard returns on those investments. Nevertheless, business from abroad now forms a good chunk of revenues for select companies. To offset the slowdown witnessed in local markets, it would thus not be a bad time to scout for investment opportunities given the not so rosy economic scenario in other parts of the world. Indians markets were trading firm today. The BSE Sensex was trading higher by 3% or 700 points at the time of writing. Gains were seen across the board with FMCG and information technology stocks leading the pack of gainers. Mid cap and small cap stocks were in favour as well with their respective indices trading higher by about 2.5% each. Today's investing Mantra "The best investment against inflation is to improve your own earning power, your own talent. Very few people maximise their talent. If you increase your talent, they can't tax it or they can't take it away from you." - Warren Buffett Advertisement Modi 2016: An Agenda For Revival The landslide victory of 2014 handed Modi more than just a clear mandate...It handed him immense responsibility of a nation dreaming of great progress.From the euphoria of Achche Din the mood in India has swung to cautious disappointment and now we are in 2016...Who will answer the question how Modi can turn this ship around and get India back on track?Vivek Kaul has the answer and he has put it all down, along with his deepest thoughts on the challenges India faces, in our latest special report titled - Modi 2016 - An Agenda For Revival.And the best part is that he wants to give you this special report for free!So, don't delay...Click here to download this special report right away! Comments on this edition of The 5 Minute WrapUp: Post a comment | Read comments This edition of The 5 Minute WrapUp is authored by Devanshu Sampat (Research Analyst). The Premium edition is authored by Radhika Pandit (Research Analyst) Today's Premium Edition. Is the Union Budget Good for the Auto Industry? Various proposals announced in the budget will impact the auto industry directly and indirectly. Get Instant Access to this and all future editions of The 5 Minute Premium. Click here for details... Recent Articles Union Budget 2016- 2017: A Lost Opportunity February 29, 2016 Union Budget 2016-17: A hit or a miss? Would You Ever Try Walking on Clouds? February 27, 2016 Taking Stock Prices Too Seriously is a Recipe for Trouble. Now Is the Time to Differentiate Yourself from Other Retail Investors February 26, 2016 An investment advice to worried retail investors. How to Profit from Sensex' Steepest Pre-Budget Correction in 7 Years February 25, 2016 As Sensex faces budget blues and the sharpest pre Budget correction in seven years, it could be time to get greedy about blue chip stocks. DISCLOSURES UNDER SEBI (RESEARCH ANALYSTS) REGULATIONS, 2014 INTRODUCTION: Equitymaster Agora Research Private Limited (hereinafter referred to as "Equitymaster"/"Company") was incorporated on October 25, 2007. Equitymaster is a joint venture between Quantum Information Services Private Limited (QIS) and Agora group. Equitymaster is a SEBI registered Research Analyst under the SEBI (Research Analysts) Regulations, 2014 with registration number INH000000537. BUSINESS ACTIVITY: An independent research initiative, Equitymaster is committed to providing honest and unbiased views, opinions and recommendations on various investment opportunities across asset classes. DISCIPLINARY HISTORY: There are no outstanding litigations against the Company, it subsidiaries and its Directors. GENERAL TERMS AND CONDITIONS FOR RESEARCH REPORT: For the terms and conditions for research reports click here. DETAILS OF ASSOCIATES: Details of Associates are available here. DISCLOSURE WITH REGARDS TO OWNERSHIP AND MATERIAL CONFLICTS OF INTEREST: 'subject company' is a company on which a buy/sell/hold view or target price is given/changed in this Research Report Neither Equitymaster, it's Associates, Research Analyst or his/her relative have any financial interest in the subject company. Neither Equitymaster, it's Associates, Research Analyst or his/her relative have actual/beneficial ownership of one percent or more securities of the subject company at the end of the month immediately preceding the date of publication of the research report. Neither Equitymaster, it's Associates, Research Analyst or his/her relative have any other material conflict of interest at the time of publication of the research report. DISCLOSURE WITH REGARDS TO RECEIPT OF COMPENSATION: Neither Equitymaster nor it's Associates have received any compensation from the subject company in the past twelve months. Neither Equitymaster nor it's Associates have managed or co-managed public offering of securities for the subject company in the past twelve months. Neither Equitymaster nor it's Associates have received any compensation for investment banking or merchant banking or brokerage services from the subject company in the past twelve months. Neither Equitymaster nor it's Associates have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past twelve months. Neither Equitymaster nor it's Associates have received any compensation or other benefits from the subject company or third party in connection with the research report. GENERAL DISCLOSURES: The Research Analyst has not served as an officer, director or employee of the subject company. Equitymaster or the Research Analyst has not been engaged in market making activity for the subject company. Definitions of Terms Used: Buy recommendation: This means that the investor could consider buying the concerned stock at current market price keeping in mind the tenure and objective of the recommendation service. Hold recommendation: This means that the investor could consider holding on to the shares of the company until further update and not buy more of the stock at current market price. Buy at lower price: This means that the investor should wait for some correction in the market price so that the stock can be bought at more attractive valuations keeping in mind the tenure and the objective of the service. Sell recommendation: This means that the investor could consider selling the stock at current market price keeping in mind the objective of the recommendation service. Feedback: If you have any feedback or query or wish to report a matter, please do not hesitate to write to us. All rights reserved. Any act of copying, reproducing or distributing this newsletter whether wholly or in part, for any purpose without the permission of Equitymaster is strictly prohibited and shall be deemed to be copyright infringement. LEGAL DISCLAIMER: Equitymaster Agora Research Private Limited (hereinafter referred as 'Equitymaster') is an independent equity research Company. Use of the information herein is at one's own risk. This is not an offer to sell or solicitation to buy any securities and Equitymaster will not be liable for any losses incurred or investment(s) made or decisions taken/or not taken based on the information provided herein. Information contained herein does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual investors. Before acting on any recommendation, investors should consider whether it is suitable for their particular circumstances and, if necessary, seek an independent professional advice. This is not directed for access or use by anyone in a country, especially, USA or Canada, where such use or access is unlawful or which may subject Equitymaster or its affiliates to any registration or licensing requirement. All content and information is provided on an "As Is" basis by Equitymaster. Information herein is believed to be reliable but Equitymaster does not warrant its completeness or accuracy and expressly disclaims all warranties and conditions of any kind, whether express or implied. Equitymaster may hold shares in the company/ies discussed herein. As a condition to accessing Equitymaster content and website, you agree to our Terms and Conditions of Use, available here. The performance data quoted represents past performance and does not guarantee future results. Equitymaster may hold shares in the company/ies discussed in this document under any of its other services. Please read our detailed Share Trading Guidelines here. You're receiving this email at RH@ignition.bz. If you have any questions about your subscription, or would like to change your email settings, please contact Equitymaster at +91 22 61434055, Mon-Fri 10.00 AM to 6.00 PM (IST) and Sat 10.00 AM to 3.00 PM (IST). If you wish to contact us, please click here. To unsubscribe from The 5 Minute WrapUp, click here. If you would like to report any mail delivery problems, click here. SEBI (Research Analysts) Regulations 2014, Registration No. INH000000537. Equitymaster Agora Research Private Limited. 103, Regent Chambers, Above Status Restaurant, Nariman Point, Mumbai - 400 021. India. | Telephone: +91-22-6143 4055. Fax: +91-22-2202 8550. Email: info@equitymaster.com. Website: www.equitymaster.com. CIN:U74999MH2007PTC175407

New email from 5minwrapup@equitymaster.com

From: 5minwrapup@equitymaster.com
Subject: How to Profit from Sensex' Steepest Pre-Budget Correction in 7 Years
Date: February 25, 2016 at 08:55PM
5min Responsive Mailer Not able to view this mailer properly? See here: Desktop | Mobile How to Profit from Sensex' Steepest Pre-Budget Correction in 7 Years Thu, 25 Feb 2016 In this issue: » IPO is a dangerous game » Market round up » ....and more! Chart of the day The Union Budget announcement is due on Monday. The government is under huge pressure to deliver. Touted as the 'Do or Die Budget', the Finance Minister is expected to come up with the roadway to achieve what the government promised since May 2014. Last year was loaded with 'great expectations'. And it certainly took long to come to terms with economic reality. While expectations are realistic now, it hasn't made the Mr Jaitley's job any easier. The global economic scenario offers little to support growth. Domestic demand is weak. The growth this year to a large extent will depend on how monsoons play out. As banks are ridden with bad debts, monetary policy too won't help beyond a point. Divestment in the current market is unlikely to achieve the desired objective. A lot of onus to support growth rests on fiscal spending then. So will the fiscal deficit target for FY17 be relaxed to make way for more spending and investment? Will the government take a tough stand on reforms and their execution to mobilise growth. The upcoming budget will answer some of these questions. No wonder the budget is the most awaited event for the market. Most investors are waiting on the sidelines for the big announcement. Budget blues have added to the weak sentiments. As today's chart suggests, the sharp correction this February is noteworthy. The year-on-year correction in the Sensex this Budget month has been the steepest in the last seven years. And while a lot of investors are getting nervous about this correction, we would like to point out the long-term silver lining for investors. Sensex Faces Steepest pre-budget Correction in 7 Years To put it simply, it is time to get greedy on blue chip stocks. This is exactly what Tanushree and the team are doing. They have unearthed not one...not two...but four bluechips that have corrected recently and look attractive now. In short, four solid bluechips selling for cheap that you should not miss at any cost! The last time we were spoilt for choice with so many safe stock ideas was in 2009 and 2013. And it could be another three to four years before we get an opportunity like this again. You can get full details of these four bluechips today via StockSelect. StockSelect is our bluechip stock recommendation service with an excellent track record average of 77.3% from 2002 to 2015. This means about eight out of every ten stocks recommended through StockSelect have hit their targets. Today's StockSelect report reveals top four stock recommendations in this market. Here's your opportunity to join in and be among the first to get access to it...and everything else StockSelect has to offer. Just click here to join for a 30 day trial... So the secondary market has woken up to economic reality. But what about the primary market (IPOs)? Are investors equally cautious when it comes to IPOs? Here is an interesting conversation my colleague Sarvajeet had with this friend On IPOs. It offers interesting insights on investors' behavior when it comes to IPOs. Over to Sarvajeet... Last weekend, I met my old friend from school days. Excited and happy. Meeting after a long time. We discussed everything. College, job, friends, life and future...In our discussion, my friend spoke about investments and particularly about IPO (Initial Public Offering). Conversation went like this: My Friend: You know, a lot of IPOs are coming these days. I am excited. Me: Why? My Friend: Why? Look at listing gains. Stock up 20%. Stock up 50%. Wow. This is how you get rich. Isn't it? Me: So you are a rich person now... My Friend: No. not really. Me: Why? You aim for listing gain right? My Friend: Yes. But it is not easy. You also lose money as well. Some companies create hype and on listing day... they collapse like a pack of cards... Coming back to reality... This is how it happens... in real life... People aim for listing gains and miss the big picture. And we all know the results. This forced me to think about the investments and particularly an IPO (subscription required) and how often we pay too much. Consider an IPO. The aim of the company is to get the maximum valuation for its share listing. Why? The answer is simple. Private equity (PE) investors, Venture capital (VC) investors, or a promoter himself wants to sell a part of his holding. Why would he sell at a discount? The Promoters will seek a premium valuation. The investment bankers will certainly make sure that company gets a premium valuation. Surely, a company will come out with a good story. They will say, the company is growing at x%. There is a huge market potential. Our Market share is increasing.... and so on. In such case, investors (which includes Institutional investors, FIIs, and retail investors) would want to participate in company's growth story. This will come at hefty valuations. In an IPO meet, I asked one question to the management about the steep valuation and rationale behind such valuation. Here comes the reply as expected. 'Look, this is a growth story. We have been growing at xx% previously. We are the only listed company in this segment. You can consider this business as defensive...' I also observed another weird thing in the IPO meet. Analysts present in the meeting did not bother to ask the question about valuation at all. They were focused on other things. Key revenue drivers. Growth opportunities. Operating margins and so on. Make no mistake; all these questions are important but it is equally important not to ignore the valuations at which company plans to sell its stake. I was going through a business newspaper the other day and read how companies are planning to postpone their IPO plans amid stock market volatility. Why would they do that? Think about it. Are they sensing the market mood? It seems like a big yes. Now under such circumstances, I looked at what an investment legend had to say. Warren Buffett said that IPOs are almost always bad investments. There is so much hype involved that IPOs won't be the most-attractive value. Investors should be looking for good businesses to buy and trying to determine how those companies will fare in next 5 to 10 years. I told my friend 'IPO is a dangerous game. The odds are stacked against you. Be very careful. Understand the business, don't pay too much. Look at IPO from long-term perspective.' In the primary market, the company fixes the price. Once the share lists on the exchange, it is the market which determines the price. So when the odds are in your favour, play your game. Until then wait, wait, and wait... How do you look at IPOs? You aim for listing gain or look at from a long term perspective? Let us know your comments or share your views in the Equitymaster Club. At the time of writing, the Indian Stock market continued to be volatile with negative bias ahead of expiry of February derivative contracts. The BSE-Sensex and NSE Nifty trading lower by about 139 points and 55 points respectively. The BSE Mid cap and BSE Small cap indices were also trading in the red. Amongst sectoral indices, Banking, Auto and Capital Goods were hit particularly hard. Today's Investing mantra "Investing should be more like watching paint dry or watching grass grow. If you want excitement, take $800 and go to Las Vegas." - Paul Samuelson Advertisement Missed The Conference? Let The Conference Come To You... The Equitymaster Conference 2016 was a grand success! This year, we had some of most valued members join us from more than 20 cities across India and from international destinations like United Kingdom, UAE, Singapore, and Saudi Arabia too. However, if due to any reason you missed out on joining us at The Taj... Allow us to bring The Complete Equitymaster Conference 2016 to you! Yes, here's your opportunity to get online-access to the complete Equitymaster Conference 2016 - The Modi-fied India Story. Right from the welcome address to the concluding remarks...and everything in between. Watch Ajit Dayal and Bill Bonner deliver their keynote addresses...Vivek Kaul reveal the true Modi-fied India Story...Asad & Apurva reveal the future of trading...Rahul Shah & Tanushree decode the Indian Consumption Story... and more. All from the comfort of your home! Click here to reserve your online access... Comments on this edition of The 5 Minute WrapUp: Post a comment | Read comments This edition of The 5 Minute WrapUp is authored by Richa Agarwal (Research Analyst) and Sarvajeet Bodas (Research Analyst). The Premium edition is authored by Ankit Shah (Research Analyst) Today's Premium Edition. Is your company dangerous to public health? How should you evaluate businesses that pose health risks to consumers? Get Instant Access to this and all future editions of The 5 Minute Premium. Click here for details... Recent Articles This is How You Profit from a Crisis... February 24, 2016 Market crashes are a perfect opportunity to pick safe bluechips at attractive prices. The Secret to Realizing the Potential of Equity Investments February 23, 2016 Think long term to unleash the power of compounding. The Link Between Technology and Price of Your Favorite Dosa! February 22, 2016 Should we make more use of technology in something as mundane as preparing dosa? Stocks That Work Even When You Are Dead Wrong February 20, 2016 Your best bet to earn healthy regular returns outside the bank. DISCLOSURES UNDER SEBI (RESEARCH ANALYSTS) REGULATIONS, 2014 INTRODUCTION: Equitymaster Agora Research Private Limited (hereinafter referred to as "Equitymaster"/"Company") was incorporated on October 25, 2007. Equitymaster is a joint venture between Quantum Information Services Private Limited (QIS) and Agora group. Equitymaster is a SEBI registered Research Analyst under the SEBI (Research Analysts) Regulations, 2014 with registration number INH000000537. BUSINESS ACTIVITY: An independent research initiative, Equitymaster is committed to providing honest and unbiased views, opinions and recommendations on various investment opportunities across asset classes. DISCIPLINARY HISTORY: There are no outstanding litigations against the Company, it subsidiaries and its Directors. GENERAL TERMS AND CONDITIONS FOR RESEARCH REPORT: For the terms and conditions for research reports click here. DETAILS OF ASSOCIATES: Details of Associates are available here. DISCLOSURE WITH REGARDS TO OWNERSHIP AND MATERIAL CONFLICTS OF INTEREST: 'subject company' is a company on which a buy/sell/hold view or target price is given/changed in this Research Report. Equitymaster has financial interest in ITC Ltd. Equitymaster's investment in the subject company is as per the guidelines prescribed by the Board of Directors of the Company. The investment is however made solely for building track record of its services. Equitymaster's Associates and Research Analyst or his/her relative doesn't have any financial interest in the subject company. Neither Equitymaster, it's Associates, Research Analyst or his/her relative have actual/beneficial ownership of one percent or more securities of the subject company at the end of the month immediately preceding the date of publication of the research report. Neither Equitymaster, it's Associates, Research Analyst or his/her relative have any other material conflict of interest at the time of publication of the research report. DISCLOSURE WITH REGARDS TO RECEIPT OF COMPENSATION: Neither Equitymaster nor it's Associates have received any compensation from the subject company in the past twelve months. Neither Equitymaster nor it's Associates have managed or co-managed public offering of securities for the subject company in the past twelve months. Neither Equitymaster nor it's Associates have received any compensation for investment banking or merchant banking or brokerage services from the subject company in the past twelve months. Neither Equitymaster nor it's Associates have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past twelve months. Neither Equitymaster nor it's Associates have received any compensation or other benefits from the subject company or third party in connection with the research report. GENERAL DISCLOSURES: The Research Analyst has not served as an officer, director or employee of the subject company. Equitymaster or the Research Analyst has not been engaged in market making activity for the subject company. Definitions of Terms Used: Buy recommendation: This means that the investor could consider buying the concerned stock at current market price keeping in mind the tenure and objective of the recommendation service. Hold recommendation: This means that the investor could consider holding on to the shares of the company until further update and not buy more of the stock at current market price. Buy at lower price: This means that the investor should wait for some correction in the market price so that the stock can be bought at more attractive valuations keeping in mind the tenure and the objective of the service. Sell recommendation: This means that the investor could consider selling the stock at current market price keeping in mind the objective of the recommendation service. Feedback: If you have any feedback or query or wish to report a matter, please do not hesitate to write to us. All rights reserved. Any act of copying, reproducing or distributing this newsletter whether wholly or in part, for any purpose without the permission of Equitymaster is strictly prohibited and shall be deemed to be copyright infringement. LEGAL DISCLAIMER: Equitymaster Agora Research Private Limited (hereinafter referred as 'Equitymaster') is an independent equity research Company. Use of the information herein is at one's own risk. This is not an offer to sell or solicitation to buy any securities and Equitymaster will not be liable for any losses incurred or investment(s) made or decisions taken/or not taken based on the information provided herein. Information contained herein does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual investors. Before acting on any recommendation, investors should consider whether it is suitable for their particular circumstances and, if necessary, seek an independent professional advice. This is not directed for access or use by anyone in a country, especially, USA or Canada, where such use or access is unlawful or which may subject Equitymaster or its affiliates to any registration or licensing requirement. All content and information is provided on an "As Is" basis by Equitymaster. Information herein is believed to be reliable but Equitymaster does not warrant its completeness or accuracy and expressly disclaims all warranties and conditions of any kind, whether express or implied. Equitymaster may hold shares in the company/ies discussed herein. As a condition to accessing Equitymaster content and website, you agree to our Terms and Conditions of Use, available here. The performance data quoted represents past performance and does not guarantee future results. Equitymaster may hold shares in the company/ies discussed in this document under any of its other services. Please read our detailed Share Trading Guidelines here. You're receiving this email at RH@ignition.bz. If you have any questions about your subscription, or would like to change your email settings, please contact Equitymaster at +91 22 61434055, Mon-Fri 10.00 AM to 6.00 PM (IST) and Sat 10.00 AM to 3.00 PM (IST). If you wish to contact us, please click here. To unsubscribe from The 5 Minute WrapUp, click here. If you would like to report any mail delivery problems, click here. SEBI (Research Analysts) Regulations 2014, Registration No. INH000000537. Equitymaster Agora Research Private Limited. 103, Regent Chambers, Above Status Restaurant, Nariman Point, Mumbai - 400 021. India. | Telephone: +91-22-6143 4055. Fax: +91-22-2202 8550. Email: info@equitymaster.com. Website: www.equitymaster.com. CIN:U74999MH2007PTC175407

New email from editorc@lexology.com

From: editorc@lexology.com
Subject: Lexology - practical know-how
Date: February 24, 2016 at 10:05AM
Lexology - practical know-how To ensure delivery to your mailbox please add domain @lexology.com to your safe senders list View in Browser My Account |About |Search Archive (530,170 articles) Asia Pacific | Global | North America | Latin America & Caribbean | Europe | Africa & Middle East Australia Asia Pacific Company & Commercial Whose votes count at a general meeting: all shareholders or just those in attendance?New South WalesLitigation McCabes In Alexander v Burne [2015] NSWCA 377, the NSW Court of Appeal has recently emphasised the need for clarity in describing the level of approval… A fish rots (only) from the head? Corrs Chambers Westgarth The well-known maxim that a fish rots from the head down gives the clear message that when an organisation has failings, its leaders are to blame… Buyer and seller beware: warranty and indemnity insurers may be in a stronger position than the seller Corrs Chambers Westgarth The use of warranty and indemnity Insurance in commercial transactions has grown considerably in recent years. In particular, "Buyer Side Policies"… Business as usual? Woolworths denies unconscionable dealings with suppliersLitigation Maddocks Last week, Woolworths Limited (Woolworths) filed its defence in the proceedings commenced against it by the Australian Competition and Consumer… Competition & Antitrust The new ban on excessive surcharges: how might it affect your payment acceptance practices? McCabes The Competition and Consumer Amendment (Payment Surcharges) Bill 2015 (Cth) has been passed by both houses of Parliament. Once enacted, it will… Copyrights VPN? "Virtual Private Network" & "Very Peeved Netflix"? The Battle for Control of Overseas Content Continues ….. Addisons Last weekend streaming company Netflix again tried to ramp up its blocking of users accessing its content (from locations other than that of the… Rights holders fire first shots under blocking legislation - anti-piracy updateLitigationBlog Minter Ellison In what has been an eventful few weeks on the copyright high seas, after some set backs, rights holders commenced actions in the Federal Court to… Corporate Finance/M&A The importance of cyber due diligence in M&A transactions King & Wood Mallesons The number of M&A transactions in 2015 has hit record highs, with volumes expected to increase by 11% from 2014, according to Bloomberg. Indeed, one… Employment & Labor Addiction: is it a disability? Maddocks With a strong focus on drug, alcohol and gambling addiction in the press, a number of our clients have asked us, 'Is addiction a disability under… Out of office message is not industrial actionLitigation McCullough Robertson The Fair Work Commission has considered whether an out of office message on employees’ email accounts, referring to a delay in responding to emails… Increase in alleged assaults in aged care - are your policies adequate? Hall & Wilcox The occurrence of assaults allegedly perpetrated against residents in aged care has risen by 10% in one year. The 2014/15 Report on the Operation of… Insolvency & Restructuring Liquidators - green light to join insurersLitigation Hall & Wilcox In a decision which potentially increases the assets available to liquidator and bankruptcy trustee plaintiffs, the High Court in CGU Insurance v… Patents Australasia key market for patent filings under influence of TPP, but IP experts warn of risks James & Wells Although Australasia may traditionally be regarded as a relatively small market, 30 million people is still a sizable market with a multitude of… Tax Talking Tax - Issue 24Litigation Hall & Wilcox The taxpayer is appealing an AAT ruling affirming the Commissioners decision to disallow certain loan deductions and impose penalty assessments. The… China Asia Pacific Company & Commercial Traditional investigative approaches in China may cause more problems than they solve Control Risks Multinational companies in China are not strangers to internal investigations into employee and third-party malfeasance, using significant compliance… Corporate Finance/M&A 热点聚焦|私募基金管理人尽职调查指引CN Chance Bridge Partners 2016年2月5号,中国基金业协会对外发布《关于进一步规范私募基金管理人登记若干事项的公告》(以下简称"《公告》")。根据该《公告》的规定,私募基金管理人向中国基金业协会申请私募基金管理人登记… Insolvency & Restructuring 房地产开发企业破产重整利益平衡实务分析CN Chance Bridge Partners 摘要:房地产开发企业破产重整涉及购房者、建筑商、银行以及企业职工等诸多债权人的利益,存在不同性质权利优先权之利益博弈,相关法律及司法解释与破产法规定亦有不衔接之处。本文以房地产开发企业破产存在的社会风险为逻辑起点… Intellectual Property 2016: developments in intellectual property law you should know aboutLitigation Ladas & Parry LLP This year the IP world will be brimming with changes, the largest of which will take place in the European Union. Sweeping reforms in EU trademark… Tax "2.17"房屋交易税收政策分析及提示CN Chance Bridge Partners 2016年2月17日,财政部、国家税务总局、住房城乡建设部(以下简称"三部委")联合发布《关于调整房地产交易环节契税营业税优惠政策的通知》(以下简称"《通知》")… India Asia Pacific Capital Markets SEBI notifies exit option route for dissenting shareholders regarding change in objects by a listed company Khaitan & Co The Securities and Exchange Board of India (SEBI) has notified an amendment to the Securities and Exchange Board of India (Issue of Capital and… Patents Issuance of Revised Guidelines for Examining Computer Related Inventions by the Patent Office Khaitan & Co The Indian Patent office (IPO) had earlier issued guidelines on 21 August 2015 to Patent Examiners relating to the examination of computer related… Indonesia Asia Pacific Capital Markets New OJK Regulation on Report on Realization of the Use of Proceeds from Public Offerings Melli Darsa & Co On December 22, 2015, the Financial Services Authority ("OJK") issued Regulation No. 30/POJK.04/2015 on Report on Realization of the Use of Proceeds… New OJK Regulation on Rights Issues Melli Darsa & Co The Indonesian Financial Services Authority ("OJK") has issued Regulation No. 32/POJK.04/2015 regarding Capital Increase with Pre-emptive Rights (the… Company & Commercial Procedures for Validating Legal Entities (Pengesahan Badan Hukum) and Amending Their Articles of Association Melli Darsa & Co On 25 January 2016, the Minister of Law and Human Rights ("MOLHR") issued Regulation No. 1 of 2016 regarding the Amendment of MOLHR Regulation No. 4… Japan Asia Pacific Intellectual Property 2016: developments in intellectual property law you should know aboutLitigation Ladas & Parry LLP This year the IP world will be brimming with changes, the largest of which will take place in the European Union. Sweeping reforms in EU trademark… Patents The TIPO announced the statistics concerning the Patent Prosecution Highway (PPH) in the year 2015 Tsar & Tsai Under the Taiwan-U.S. PPH, there were 327 applications. There were 523 applications under the Taiwan-Japan PPH. As for the Taiwan-Spain PPH, no… New Zealand Asia Pacific Capital Markets Consultation: class designation of shares to managed investment products Chapman Tripp Thank you for the opportunity to comment on your consultation paper dated 10 December 2015 concerning a possible class designation of investment… Patents Australasia key market for patent filings under influence of TPP, but IP experts warn of risks James & Wells Although Australasia may traditionally be regarded as a relatively small market, 30 million people is still a sizable market with a multitude of… South Korea Asia Pacific Patents The Taiwan-Korea Electronic Exchange of Priority Documents (PDX) Program Launched on January 1, 2016 Tsar & Tsai The Taiwan-Korea Electronic Exchange of Priority Documents (PDX) Program launched on January 1, 2016. Under the PDX program, an applicant who first… The TIPO announced the statistics concerning the Patent Prosecution Highway (PPH) in the year 2015 Tsar & Tsai Under the Taiwan-U.S. PPH, there were 327 applications. There were 523 applications under the Taiwan-Japan PPH. As for the Taiwan-Spain PPH, no… Taiwan Asia Pacific Patents The Taiwan-Korea Electronic Exchange of Priority Documents (PDX) Program Launched on January 1, 2016 Tsar & Tsai The Taiwan-Korea Electronic Exchange of Priority Documents (PDX) Program launched on January 1, 2016. Under the PDX program, an applicant who first… The TIPO announced the statistics concerning the Patent Prosecution Highway (PPH) in the year 2015 Tsar & Tsai Under the Taiwan-U.S. PPH, there were 327 applications. There were 523 applications under the Taiwan-Japan PPH. As for the Taiwan-Spain PPH, no… The TIPO announced the statistics concerning the Accelerated Examination Program (AEP) in the year 2015 Tsar & Tsai In 2015, there were a total of 590 patent applications that took advantage of the AEP, of which 302 applications were filed by Taiwanese applicants… Patent Applications Arising from Cooperation among Industry, Educational Institutions and Research Organizations may be Eligible for the Accelerated Examination Program (AEP) Under Category 3 Tsar & Tsai Under current practice, an applicant filing under the AEP in Category 3 (i.e., the invention patent application is essential to commercial… Uzbekistan Asia Pacific Capital Markets VimpelCom Ltd. Agrees to Pay $795M and Accept a Three-Year Corporate Monitor to Resolve Massive Bribery Scheme in Uzbekistan Ropes & Gray LLP On February 18, 2016, Amsterdam-based VimpelCom Ltd., the world’s sixth-largest telecommunications company, and its wholly owned Uzbek subsidiary… Global IT & Data Protection Fast moving fronts: 3 Things You Need to know about how better, faster, cheaper is impacting your enterprise’s use of the cloud Baker & McKenzie According to our survey, 92% of cloud services negotiations close in less than 6 months, with a majority closing in less than 2 months. These results… Canada North America Banking Financial Institutions, It’s Time to Assert Your Rights!Litigation Langlois Lawyers LLP The era when financial institutions were compelled, upon mere receipt of a notice to pay, to remit to the government any amount of money they held on… Institutions financières, le temps est venu de faire valoir vos droits!LitigationFR Langlois Lawyers LLP L’époque où les institutions financières étaient contraintes de remettre au gouvernement toute somme en leur possession au bénéfice d’une débitrice… Capital Markets SEC Rulemaking Developments in 2015 Davies Ward Phillips & Vineberg LLP The U.S. Securities and Exchange Commission (SEC) had a busy rulemaking year in 2015. Consistent with the reforms that began in 2012 with the… Company & Commercial Continuous Disclosure GuideBlog Stikeman Elliott LLP Over the last few years, regulators have issued a number of notices providing guidance and suggested best practices relevant to continuous disclosure… Copyrights Judicial Review "Through the Looking Glass": Issue-By-Issue AnalysisLitigation McMillan LLP Over the last decade, the Supreme Court of Canada has struggled with the right way to approach its "prodigal child": the standard of review. The… Employment & Labor Are you Ready to Respond to a Workplace Accident? Torkin Manes LLP Many organizations are not prepared if there is a workplace accident that results in injury to an employee. An accident is not just an accident, and… Les enjeux juridiques des formes de travail flexiblesQuebec Langlois Lawyers LLP Les nouvelles formes de travail flexibles qui se démocratisent dans les milieux de travail, comme la conciliation travail-famille et le télétravail… GHS update: Health Canada and U.S. OSHA seek public input on aligning hazard communication regulations, announce March 3 webinarBlog Dentons Health Canada and the U.S. Occupational Safety and Health Administration (OSHA) have announced that they are seeking public input on aligning hazard… Energy & Natural Resources Alberta Energy to Assess Cyberthreats to Oil and Gas Industrial Control SystemsAlberta Aird & Berlis LLP A February 2016 Report from the Auditor General of Alberta raises concerns about the fact that neither the Alberta Energy Regulator (AER) nor the… British Columbia Supreme Court Decides that the Province Cannot Abdicate its AuthorityBritish ColumbiaLitigationBlog Borden Ladner Gervais LLP Recently the British Columbia Supreme Court ("Court") released its reasons for judgment in Coastal First Nations v. British Columbia (Environment)… New Offshore Liability Regime Effective February 26, 2016 Osler Hoskin & Harcourt LLP The Energy Safety and Security Act (ESSA), passed in 2014 by the Harper government, introduced changes to the liability regimes governing Canada's… Intellectual Property 2016: developments in intellectual property law you should know about Litigation Ladas & Parry LLP This year the IP world will be brimming with changes, the largest of which will take place in the European Union. Sweeping reforms in EU trademark… IT & Data Protection Apple’s encryption fight against the U.S. government could spill into CanadaLitigation Borden Ladner Gervais LLP Last week, the news that a magistrate ordered Apple to help the Federal Bureau of Investigation (FBI) hack an iPhone used by one of the San… Patents Failure to identify public servant status not fatal to patentLitigation Dimock Stratton LLP Brown v. Canada (2016 FCA 37) is an appeal of the Federal Court’s decision finding that Mr. Brown was a public servant for the purposes of the Public… Threading the biosimilar needleLitigation Dimock Stratton LLP Biosimilars, otherwise known as subsequent entry biologics or "SEBs" in Canada, are a rapidly emerging trend in healthcare. There is a common… Tax 2016 BC Budget Update: Property Transfer TaxBritish Columbia Miller Thomson LLP On February 16, 2016, British Columbia Finance Minister Michael de Jong tabled the British Columbia budget for 2016. Included in the budget were… Ontario Reverses Land Transfer Tax Partnership ExemptionOntario Aird & Berlis LLP On Thursday, February 18, 2016, the Ministry of Finance (Ontario) (the "MOF") quietly filed an amendment to the land transfer tax regulations which… Ministry of Finance Ready to Party like it’s 1989: Retroactive Changes to Ontario Provincial Land Transfer TaxOntario Bennett Jones LLP On February 18, 2016, the Ministry of Finance filed a new regulation under the Land Transfer Tax Act which purports to be retroactive to July 19… USA North America Banking OFAC Penalizes Barclays for Zimbabwe Sanctions ViolationsBlog Steptoe & Johnson LLP On February 8, 2016, the U.S. Department of the Treasury’s Office of Foreign Assets Control ("OFAC") announced a $2,485,890 settlement with Barclays… Did you know - February 19, 2016 Shulman Rogers Gandal Pordy & Ecker PA Did you know… that the Consumer Financial Protection Bureau ("CFPB") made a typographical error regarding the calculation of tolerance limits?… FDIC & Cyber: Words of Warning to Financial Institutions and their Boards Patterson Belknap Webb & Tyler LLP Financial institutions sit atop a wealth of personal information - not to mention money. In an interconnected world in which sensitive customer… The California Supreme Court’s Decision Permitting Borrowers to Challenge Assignments of Mortgage Should Not Have an Impact Upon FloridaCaliforniaLitigationBlog Berger Singerman LLP The California Supreme Court has weighed in on the thorny issue of whether and when a borrower should be permitted to challenge an assignment of… Fourth Circuit holds arbitration clause unenforceable when it forbids arbitrator from applying the applicable lawVirginiaLitigation Carlton Fields This case involves a class action filed in a Virginia district court against Delbert Services Corporation, the servicing agent of certain loans, for… Bitcoin Is "Property," Rules California Judge in Pivotal Bitcoin CaseLitigationBlog Baker & Hostetler LLP Last week, we blogged about the latest development in Bitcoin news: how a California bankruptcy court will define Bitcoin. That was the subject of a… This week at the UK regulators, 22 February 2016 Clifford Chance LLP In a relatively quiet week for the regulators without any concluded enforcement actions, the main announcement was the FCA's review of the assessment… Capital Markets SEC Advisory Committee on Small and Emerging CompaniesBlog Morrison & Foerster LLP The SEC announced the agenda for the first meeting of the reconstituted Advisory Committee. The Committee will meet on February 26th beginning at 9… CFTC Extends Trade Option Reporting Deadline to April 1, 2016 Latham & Watkins LLP On February 18, 2016, the US Commodity Futures Trading Commission's (the CFTC) Division of Market Oversight (DMO) issued a no-action letter providing… "Tell Us About Your Culture" - FINRA Commences SweepBlog Morrison & Foerster LLP In its January 2016 annual exam priorities letter, FINRA announced that it would examine the "compliance culture" at member firms. In furtherance of… SEC Rulemaking Developments in 2015 Davies Ward Phillips & Vineberg LLP The U.S. Securities and Exchange Commission (SEC) had a busy rulemaking year in 2015. Consistent with the reforms that began in 2012 with the… Massachusetts-Based Technology Company PTC and Two Chinese Subsidiaries Pay $28 Million to Settle Civil and Criminal FCPA Charges; SEC Uses First DPA With IndividualBlog BuckleySandler LLP On February 16, the SEC and DOJ announced a settlement with a Massachusetts-based technology company, PTC Inc., for violations of the FCPA. PTC and… CFTC Provides Reporting Relief to Trade Option Users Katten Muchin Rosenman LLP Last week, staff of the Commodity Futures Trading Commission extended and expanded reporting relief to certain persons who purchase and sell trade… SEC Enforcement Lays out Approach to Cybersecurity Cases Brooks Pierce McLendon Humphrey & Leonard LLP If you’ve ever attended the annual SEC Speaks conference, you know that the official program is an intensely uninteresting collection of short… Return of the Jedi (DOJ): The Vimpelcom Enforcement Action (Part I of II) Volkov Law Group Welcome back to the Department of Justice and FCPA enforcement. After a lengthy hiatus, DOJ returned to the FCPA enforcement scene with a… Financial services update, vol. 11, issue 7 Winston & Strawn LLP Practising Law Institute held its 2016 "The SEC Speaks" conference last week, featuring a number of presentations from, and discussions with… The Carrot and the Stick: The SEC’s First Deferred Prosecution Agreement with an Individual in an FCPA CaseBlog Orrick, Herrington & Sutcliffe LLP In a move that highlights both the increased focus on holding individuals accountable and the credit that can be earned through cooperation, the U… 2016 will be a Year of Change in Swap Collateral Documentation as US Regulators Issue Final Margin Rules Hogan Lovells Last year on October 22 the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Farm Credit Administration… Comment Period Extended for CFTC Draft Technical Specifications for Certain Swap Data ElementsLitigation Katten Muchin Rosenman LLP The Commodity Futures Trading Commission has extended until March 7, 2016, the comment period for its draft technical specifications for certain swap… Research Analyst Fined by SEC for Falsely Rating Client to Keep Relationship Katten Muchin Rosenman LLP Charles Grom, a former managing director and equity research analyst at Deutsche Bank Securities Inc., agreed to settle charges brought by the… Company & Commercial Clickwrap, Browsewrap and Mixed Media Contracts: A Few Words Can Go a Long WayNew JerseyLitigationBlog Morrison & Foerster LLP Courts have generally categorized such online agreements into two types: "clickwrap" agreements and "browsewrap" agreements. Clickwrap… Activist Investing in the Retail Sector Hunton & Williams LLP In 2015, there was a record number of activist shareholder campaigns in the United States. Although activist hedge funds targeted companies across… Competition & Antitrust Looking Ahead: Retail Antitrust Enforcement in 2016 Hunton & Williams LLP As we previously reported in Looking Back: Retail Antitrust Enforcement in 2015, last year was a booming year for consumer products mergers (and the… Seventh Circuit Hears Argument in Clorox AppealLitigation Patterson Belknap Webb & Tyler LLP Yesterday, the Seventh Circuit heard argument in the Woodman’s Food Market v. Clorox Co. appeal. As members of our team have previously reported… Copyrights The Graffiti Gown Saga, Part 3: What is an Anti-SLAPP Law?CaliforniaLitigation Kane Russell Coleman & Logan PC In this third installment of the Graffiti Gown Saga, we review Moschino’s attempt to use the First Amendment to defeat Rime’s lawsuit for copyright… Corporate Finance/M&A 2015 Year-End Tax Act Clears a "PATH" to Foreign Investment in U.S. Real Estate FisherBroyles Several US tax provisions specific to real estate investing were recently enacted as part of the Protecting Americans from Tax Hikes Act of 2015 (the… Will M&A in Government Services Continue to Outperform?Blog Bass, Berry & Sims PLC Recent mergers and acquisitions activity among government contractors has been frothy, especially in the government services sector. What has been… NYSE to Require Foreign Private Issuers to File Semiannual Financial Statements on Form 6-K New YorkBlog Stinson Leonard Street LLP The SEC has approved an NYSE rule change which will require foreign private issuers to file semiannual financial statements on Form 6-K. Foreign… M & A Nuggets: Arbitration, Or Not? Offit Kurman Although becoming embroiled in a dispute with a seller after the purchase of a business is the last thing on the purchaser’s mind at the time of the… Employee Benefits & Pensions Sixth Circuit Rules that Employer Can Terminate Retiree Health BenefitsLitigationBlog Proskauer Rose LLP The Sixth Circuit ruled that retirees of Moen Inc. were not entitled to lifetime health benefits upon finding that an underlying collective… Court Rules Employment Agreement Severance Provisions Can Constitute ERISA PlanPennsylvaniaLitigationBlog Winston & Strawn LLP Earlier this month, in Zgrablich v. Cardone Industries, Inc., the U.S. District Court for the Eastern District of Pennsylvania held that an… ERISA — 10th Circuit: What Happens When a "Procedural Irregularity" Occurs in an Appeal Denial?LitigationBlog Lane Powell PC You know that procedural irregularities in an appeal denial of a claim for ERISA-governed benefits can change the standard of review from arbitrary… Does Cutting Employees’ Hours to Prevent Eligibility for Health Plan Coverage Violate ERISA? Maybe - Court Allows Claim to Move ForwardNew YorkLitigation Armstrong Teasdale LLP In Marin v. Dave & Buster's, Inc. S.D.N.Y., No. 1:15-CV-03608, (May 8, 2015), a former employee filed a class action suit claiming Dave & Buster's… New Year, New Commuter Benefits for New Yorkers: FAQs on the New LawNew York Ogletree Deakins On January 1, 2016, New York City's Mass Transit Benefits Law, Local Law 53, went into effect, requiring employers with 20 or more full-time employees… The Continuing Downward Spiral of the Multi-Employer Pension PlanBlog Jackson Lewis PC We have been monitoring and reporting on several disquieting events which have occurred in the multi-employer pension plan world within the past few… Employment & Labor Is Equal Pay the Next Big Thing in Class Actions?Blog Jackson Lewis PC On February 1st, the EEOC announced it would begin requiring employers to submit information on employee wages and work hours broken down by gender… West Virginia becomes next right-to-work state over protest, veto of Governor Barnes & Thornburg LLP On Feb. 12, the West Virginia house and senate overrode Governor Earl Ray Tomblin’s veto of SB 1 (known as the West Virginia Workplace Freedom Act)… West Virginia becomes 26th right-to-work stateWest Virginia Barnes & Thornburg LLP West Virginia will now join 25 other states which have adopted right-to-work legislation preventing private employers from requiring workers to pay… Public Sector Union Fees Continue to Hang in the Balance With Scalia’s PassingLitigationBlog Jackson Lewis PC The recent death of Conservative Justice Antonin Scalia will give public sector unions a short respite in Friedrichs v. California Teachers… Court Finds No FMLA Violation, Disability Discrimination Where Hospital Terminates Nurse with Migraine Who Slept While On DutyOhioLitigationBlog Jackson Lewis PC A federal court in Ohio has dismissed Family and Medical Leave Act and disability discrimination claims filed by a nurse who was caught sleeping… A practice in legal fundamentals: Third Circuit court tells NLRB to apply the correct legal testLitigation Barnes & Thornburg LLP In a recent Third Circuit opinion, the NLRB got a little lesson in legal analysis. In MCPc, Inc. v. NLRB, Nos. 14-1379, 14-1731, 2016 WL 559219 (3rd… Reducing Employees’ Hours Could Lead to Discrimination Claims Under ERISALitigation Andrews Kurth LLP The District Court for the Southern District of New York recently denied a motion to dismiss a case alleging that Dave & Buster's "right-sized" its… NLRB Continues Attack on Class and Collective Action WaiversLitigation Littler Mendelson PC There seems to be no end in sight to the standoff between the National Labor Relations Board and at least a majority of the federal courts over the… The Impact of Justice Scalia’s Passing on Pending Supreme Court CasesLitigation Foley & Lardner LLP The country was shocked to hear of the recent passing of Supreme Court Justice Antonin Scalia. Legal scholars and political commentators have since… New Workplace Laws Confronting California Employers in 2016California Dinsmore & Shohl LLP Companies across the nation are facing 2016 with a mix of enthusiasm and anxiety as they attempt to meet their business and financial goals. For… Indiana Court Rejects Claim that Scholar-Athletes Are Employees under FLSAIndianaLitigationBlog Jackson Lewis PC Last week, an Indiana federal court dismissed a lawsuit brought by former University of Pennsylvania ("Penn") athletes against the National… Protecting Trade Secrets Gordon & Rees LLP Trade secrets are easily misappropriated because they represent nothing more than information, which can be memorized, scribbled down, emailed, or… Departments of Justice and Labor Announce Initiative to Provide for Significantly Increased Criminal Penalties for Workplace Safety Violations Baker & Hostetler LLP On December 17, 2015, the Department of Justice ("DOJ") and the Department of Labor ("DOL") announced an expansion to the Worker Endangerment… Continued Controversy Surrounding The Proposed New Overtime RuleLitigationBlog Franczek Radelet PC Since June, we have written a number of posts covering the Department of Labor's proposed new overtime rule (see our posts here), and the more than… Understand the WhistleblowerBlog Holland & Hart LLP The Equal Employment Opportunity Commission (EEOC) has released its 2015 Enforcement and Litigation Data, and one of the items that stands out is… Failure to Engage in Ongoing, Individualized Interactive Process Could Cost MillionsLitigationBlog SmithAmundsen LLC A bit of strategic planning could have saved an employer from a federal jury's $5.5 million verdict for a mechanic who claimed his accommodations… Statutory Damage Caps Save Companies MillionsLitigationBlog Squire Patton Boggs Although a jury recently reached a $10.5 million disability discrimination verdict against Norfolk Southern Railway, the company ended up with a final… Vermont Governor to Sign Paid Sick Leave BillVermont Jackson Lewis PC Vermont is close to becoming the fifth state, after Connecticut, California, Massachusetts, and Oregon, to mandate that employers provide their… The Proposed New Overtime Pay Exemption Rules: What's the Latest Scoop Dykema Gossett PLLC For months, crystal balls have been working on overdrive trying to predict when the Department of Labor will roll-out the final version of the new… NLRB weekly summary of decisions, Jan. 25 - 29, 2016Litigation Barnes & Thornburg LLP A full-Board majority consisting of Chairman Pearce and Members Hirozawa and McFerran adopted the Regional Director’s recommendation to overrule the… The Wave of Website and Other ADA Accessibility Claims - What You Should Know Littler Mendelson PC Title III of the Americans with Disabilities Act (ADA), providing for equal access for persons with disabilities in places of public accommodation… Investigation Insulates Employer Against Sarbanes-Oxley Retaliation ClaimLitigation Zuckerman Spaeder LLP An employee who has blown the whistle on wrongdoing is not immune from discipline or termination simply because she has engaged in protected activity… Litigation Expands as DOJ Delays Website Accessibility RulesLitigation Shook Hardy & Bacon LLP Companies across the United States are seeing an increase in Americans with Disabilities (ADA) lawsuits based on website accessibility. Plaintiffs… Monitoring your employees through GPS: What is legal, and what are best practices?Litigation Greensfelder, Hemker & Gale, P.C. With the rise in GPS technology, employers have unprecedented access to their employees' whereabouts. For several years, employers have been able to… Maintaining Political Peace in the Workplace Fisher & Phillips LLP In the article, "Maintaining Political Peace in the Workplace," featured on Love To Know, Partner Todd Fredrickson shared some insights regarding… Update - DOL's Final White Collar Exemption Rule Could Be Published Earlier Than July 2016 Ford & Harrison LLP While it appeared from comments made at the American Bar Association's (ABA) Midwinter Meeting of the Federal Labor Standards Legislation Committee… GHS update: Health Canada and U.S. OSHA seek public input on aligning hazard communication regulations, announce March 3 webinarBlog Dentons Health Canada and the U.S. Occupational Safety and Health Administration (OSHA) have announced that they are seeking public input on aligning hazard… Don’t Forget That Litigation Hold!LitigationBlog Foley & Lardner LLP When it comes to producing documents in employment litigation, the deck is usually stacked in favor of the employee. Except in those unusual… Fisher & Phillips' Wrigley: EEOC's 2015 Fiscal Year Data Prompts Top 10 Tips Fisher & Phillips LLP In the article, "EEOC's 2015 Fiscal Year Data Prompts Top 10 Tips," featured in Biz New Orleans, Associate Jaklyn Wrigley provides employers with 10… Exercise Aniston-esque restraint when analyzing offensive employee postsLitigation Ford & Harrison LLP This week's employment law lesson comes to us from the movie Horrible Bosses. In the movie, Julia (played by Jennifer Aniston) is a dentist who… Calling all Employers with Remote Employees: Is Your Company Counting Them In Accordance With the FMLA?Blog Akerman LLP Does your company have employees who work remotely in a city, or a state, where your company does not maintain a physical location? Do you count… OSHA’s New Whistleblower Investigations Manual Lowers Pleading Standards Epstein Becker Green The Occupational Safety and Health Administration ("OSHA") just changed the way that it evaluates whistleblower retaliation complaints in a manner… Oregon Enacts a First-Of-Its-Kind Tiered Minimum WageOregon Vorys, Sater, Seymour and Pease LLP On February 18, 2016, the Oregon legislature amended its minimum wage law with a unique, tiered approach. The intent is to balance the needs of the… More tips for firms hiring contract attorneys Dentons Many law firms, faced with clients who want to reduce their legal spend, utilize contract attorneys to provide legal services at a reduced rate. As… Employment & Labor in Pennsylvania: Lexology Navigator Q&APennsylvaniaNavigator Cozen O'Connor A structured guide to employment and labor law in Pennsylvania... The Force Awakens: Vimpelcom’s FCPA Settlement and the Wreckage Left Behind (Part II of II) Volkov Law Group The Vimpelcom FCPA enforcement action is stunning in its breadth and the brazen nature of the bribery scheme. It is hard to accept that such conduct… Car Leasing Employee’s Equal Pay Discrimination Claim Proceeds, Federal Court RulesMississippiLitigation Jackson Lewis PC A car leasing company’s manager will go to trial on her Equal Pay Act claim because the employer failed in its burden to show the manager’s gender… EEOC To Give Employees Access to Employer Position Statements Upon RequestBlog Squire Patton Boggs The Equal Employment Opportunity Commission recently announced a change that will now provide discrimination claimants with their employers' position… Energy & Natural Resources Distributed Energy Resources - California Caught In Its Own Regulatory WebCaliforniaBlog Davis Wright Tremaine LLP The California Public Utilities Commission (CPUC) has spent a great deal of time and effort to reach the very broad, generic, and long-term goal to:… Supreme Court Stays Clean Power PlanLitigation Phillips Lytle LLP We previously reported on the Obama administration’s release of the final version of the Clean Power Plan ("Plan"), a set of Environmental Protection… FERC to Streamline Its Decisions on Rehearing Davis Wright Tremaine LLP At its monthly public meeting earlier today, FERC announced the formation of a new Rehearings Group, under the direction of Office of the General… Re-Evaluating Calif.'s Emergency Drought RegulationCalifornia Nossaman LLP El Nino is upon California. Yet, despite the ample rain and snow expected this winter, on Feb. 2, 2016, the State Water Resources Control Board… Key Energy-Related Tax Provisions in the 2017 Budget Proposal McDermott Will & Emery As in previous proposed budgets, President Obama’s recently released budget proposal for the 2017 fiscal year contains energy-related tax provisions… Mexican Energy Reform: Opportunities and Challenges for US DevelopersBlog Husch Blackwell LLP Tom Foreman, executive director of the Gulf Coast Power Association (GCPA), joins the podcast to discuss the historic reform of Mexico's energy… Low Oil Prices + the Impact on Oil and Gas Law: What to Expect in 2016 Kegler Brown Hill + Ritter As the global price of oil has continued to decrease, the oil and gas industry has experienced some significant collateral damage. In 2015, several… Sixth Circuit Agrees to Hear Challenge to Clean Water ActLitigation Squire Patton Boggs On Monday, the Sixth Circuit agreed to hear challenges to a controversial rule redefining the federal government’s jurisdiction under the Clean Water… Insolvency & Restructuring Digging for Help: Key Issues in Metals Exploration BankruptciesLitigation Squire Patton Boggs The past several years have not been kind to commodities exploration companies. The price of gold dropped to $1,051/oz. In November 2015, a level… Split Ninth Circuit Narrows Definition of Bad Faith Insider in Cramdown CaseLitigation Schulte Roth & Zabel LLP "A creditor does not become an insider simply by receiving a claim from a statutory insider," held a split panel of the U.S. Court of Appeals for the… In re Creative Finance Ltd: Chapter 15 Case DismissedNew YorkLitigation Patterson Belknap Webb & Tyler LLP A bankruptcy judge in New York court recently dismissed a case filed under chapter 15 of the U.S. Bankruptcy Code because the debtors did not have… Intellectual Property 2016: developments in intellectual property law you should know aboutLitigation Ladas & Parry LLP This year the IP world will be brimming with changes, the largest of which will take place in the European Union. Sweeping reforms in EU trademark… Cuba: The Risks and Rewards for U.S. Businesses Carlton Fields Last week, the Obama Administration announced that the President intends to visit Cuba next month. He will find a political mixed bag of optimism and… IT & Data Protection Senate HELP Committee Clears Bipartisan Biomedical Innovation, Health IT BillsBlog Reed Smith LLP The Senate Health, Education, Labor and Pensions (HELP) Committee has approved several bipartisan health policy bills, including health information… Responsibility Shifting for Cyber Attacks?Litigation LeClairRyan When a company's protected data is compromised, potential litigants generally look to the company itself as the target for damages claims. The list… Can And Should Apple Be Compelled To Help The FBI Break Into An Iphone- The Court’s Authority Versus Data SecurityLitigation Offit Kurman The Justice Department has sought and obtained an order from a lower court directing Apple to do the technical redesign necessary to enable the FBI… California Attorney General Releases Report Defining "Reasonable" Data SecurityCalifornia Hunton & Williams LLP On February 16, 2016, California Attorney General Kamala D. Harris released the California Data Breach Report 2012-2015 (the "Report") which, among… FDA Issues Draft Guidance Document for Postmarket Management of Cybersecurity in Medical Devices (Part 3 of 4) Baker Sterchi Cowden & Rice LLC Manufacturers are required to determine if the residual risk of a cybersecurity vulnerability is "controlled" (acceptable) or "uncontrolled"… Steptoe Cyberlaw Podcast - Triple Entente Beer Summit IIBlog Steptoe & Johnson LLP The Second Annual Triple Entente Beer Summit again filled the Washington Firehouse loft with an audience at least as knowledgeable as the panel… FDA Issues Draft Cybersecurity Guidance to Medical Device Manufacturers Cooley LLP On January 22, 2016, the US Food and Drug Administration ("FDA") issued draft guidance outlining important steps medical device manufacturers should… Privacy shield: neuer sicherheitsschild für datentransfers in die usa?DE Vangard Der Europäische Gerichtshof (EuGH) hatte im Oktober 2015 das bisherige Safe Harbor-Abkommen zwischen der EU und den USA für ungültig erklärt. Dieses… Can the government unlock my cell phone? Part II: federal judge says "yes." - federal judge orders Apple to assist FBI in unlocking iPhoneLitigation Barnes & Thornburg LLP Following up on our recent post exploring the federal government's efforts to search cell phones, a U.S. magistrate judge recently issued an order… Judicial Redress Act of 2015 Presented to the PresidentLitigationBlog Quarles & Brady LLP Less than a year following its introduction in Congress, the Judicial Redress Act of 2015 was presented to the President on February 12, 2016… New HIPAA Exception Allows Covered Entities to Report Behavioral Health Considerations Applicable to Possessing a FirearmBlog Wyatt Tarrant & Combs LLP As of February 5, 2016, a change in the law allows certain health care providers to report the identity of an individual who is prohibited from… Telecom Business Alert - 9-1-1 MLTS Bill, CISA, PSAP Architecture; Drones; FirstNet, Pole Attachment Rates - Vol. XIII, Issue 8Litigation Keller and Heckman LLP Legislation has been introduced in Congress by a bipartisan group of Senators seeking to require Multiline Telephone Systems (MLTS) to be able to… To Limit Or Not To Limit - New Cyber Case Examines the Scope and Potential Application of Coverage SublimitsLouisianaLitigation Jenner & Block LLP Policyholders should carefully review and understand the potential application of any sublimits included in the individual coverage Sections within… When IT hurts, it hurts - some mitigation strategies for cyber attack lossBlog Minter Ellison As a chief information officer or chief security officer, it's probably not going to be good news when your phone lights up at 2am on a cool winter's… Privacy Perils: Beware of Disabling Pop-up Blockers Bass, Berry & Sims PLC Pesky pop-up ads are an annoyance everyone who searches the internet faces at some point. To avoid these irritating and often unwanted messages… Florida Expands Telemedicine Controlled Substance PrescribingFlorida Foley & Lardner LLP The Florida Board of Medicine recently met and voted to uphold a rule allowing controlled substances to be prescribed via telemedicine for the… Can Ransomware Trap Your Health Information? OCR Highlights the Risk of Cyber Extortion in its Cyber-Awareness InitiativeBlog Davis Wright Tremaine LLP The U.S. Department of Health and Human Services’ Office for Civil Rights (OCR) has been highlighting the threat posed by "ransomware"—when an… Apple’s encryption fight against the U.S. government could spill into CanadaLitigation Borden Ladner Gervais LLP Last week, the news that a magistrate ordered Apple to help the Federal Bureau of Investigation (FBI) hack an iPhone used by one of the San… Political arrangement between the EU and the US after the invalidation of the safe harbor: "the EU-US privacy shield" August & Debouzy After months of negotiations, on February 2, 2016 the European Commission and the United States have finally reached an arrangement on a new… Illinois Supreme Court Rules Physician's Application File and Data Bank Report Information Discoverable in a Negligent Credentialing LawsuitIllinoisLitigation Katten Muchin Rosenman LLP The plaintiff filed a negligent credentialing medical malpractice lawsuit against a physician and two hospitals where he was a member of the medical… SAMHSA’s Proposed Rule Establishes Security and Confidentiality Protection for Substance Abuse Records in the World of EHRs and New Integrated Health Care Models Hall Render Killian Heath & Lyman PC On February 9, 2016, the Substance Abuse and Mental Health Services Administration ("SAMHSA") issued proposed rules to substantially revise its… Safe Harbor: Calmer Waters on the Horizon Squire Patton Boggs The ICO has published a blog providing an update on the new Safe Harbor 2.0 - the EU-US Privacy Shield. They report that it is too early to say… U.S. - EU Privacy Shield Framework Details to be Provided by End of FebruaryLitigation Nelson Mullins Riley & Scarborough LLP European Union and United States officials announced early February 2016 a political agreement to create the "Privacy Shield", an anticipated… FDIC Framework for Cybersecurity Highlights How Financial Institution Information Security Programs Can Better Respond to Evolving Cyber Threats Womble Carlyle Sandridge & Rice LLP In February, 2016, the Division of Risk Management Supervision of the Federal Deposit Insurance Corporation ("FDIC") published "A Framework for… Health Apps and HIPAA: OCR Publishes New Privacy Guidance for Health App Developers Ropes & Gray LLP On February 11, 2016, in response to requests from developers of mobile health applications, the Department of Health and Human Services Office for… New Federal Guidance on the Cybersecurity Information Sharing Act of 2015: What General Counsels Need To Know Paul, Weiss, Rifkind, Wharton & Garrison LLP The Cybersecurity Information Sharing Act of 2015 ("CISA") was signed into law on December 18, 2015. The law has two main components. First, it… Legal Practice Legality of contract with arbitration clause is to be determined by court and not by arbitratorCaliforniaLitigation Commonsense Construction Law LLC One party argued throughout an arbitration proceeding that the agreement containing the arbitration clause was illegal and void as against public… Patents Federal Circuit Approves PTAB Trial ApproachLitigation Kenyon & Kenyon LLP In a split decision, the Federal Circuit has approved the PTAB's practice of deciding to institute AIA trials on a claim-by-claim basis. The case… ALJ Lord Terminates Investigation As To Michael Todd and MTTO In Certain Electric Skin Care Devices (337-TA-959)LitigationBlog Oblon On February 3, 2016, ALJ Dee Lord issued Order No. 37 in Certain Electric Skin Care Devices, Brushes and Chargers Therefor, and Kits Containing The… Federal Circuit Reverses Finding of Noninfringement of Storage Unit Retrieval PatentsLitigation Kenyon & Kenyon LLP CAFC reviewed District Court’s claim construction of the term "independent storage units" de novo because it was based on an intrinsic-evidence… Federal Circuit: PTAB Not Required to Address Every Claim Challenged in IPRLitigation Wenderoth Lind & Ponack LLP In Synopsys, Inc. v. Mentor Graphics Corp. (Feb. 10, 2016), the Federal Circuit held that the Patent Trial and Appeal Board (PTAB) is not required to… ALJ Pender Issues Claim Construction Order In Certain Table Saws Incorporating Active Injury Mitigation Technology (337-TA-965)LitigationBlog Oblon On February 10, 2016, ALJ Thomas B. Pender issued Order No. 7 in Certain Table Saws Incorporating Active Injury Mitigation Technology and Components… No Nexus When The Commercial Success Is Dependent On An Element In The Prior Art IPR2014-01240Litigation Drinker Biddle & Reath LLP In its Final Written Decision, the Board determined that claims 1-17 of the ’268 patent are unpatentable under the asserted grounds. According to the… Evidence Excluded For Insufficient Evidence To Support A finding That It Is What The Proponent Claims It Is IPR2014-01347Litigation Drinker Biddle & Reath LLP In its Final Written Decision, the Board excluded Goldbeck (Exhibit 1005), which mooted or disposed of all issues in the inter partes review (IPR)… Sandoz Seeks Cert on 180-Day Issue in Amgen v. Sandoz Litigation Patterson Belknap Webb & Tyler LLP Sandoz has filed a petition for a writ of certiorari in Amgen v. Sandoz, seeking Supreme Court review of the Federal Circuit’s ruling that it could… Denying-in-Part Institution on Incorporation by Reference Grounds IPR2015-01739Litigation Drinker Biddle & Reath LLP In its Decision, the Board granted institution of inter partes review of each of the challenged claims 1-25 of the ’811 patent, because the Board… Actual Notice Requirement Presents Challenge for Collecting Pre-Issuance DamagesLitigation Nutter McClennen & Fish LLP Most patent owners are aware that under 35 U.S.C. § 154(d), publication of a United States patent application confers provisional rights to the… Federal Circuit confirms PTAB need not address every claim raised in a petitionLitigation Finnegan, Henderson, Farabow, Garrett & Dunner LLP In an appeal from a Patent Trial and Appeal Board (PTAB) decision, a split Federal Circuit panel affirmed that (1) the final order of the PTAB need… Navico Files Enforcement Complaint In Certain Marine Sonar Imaging Devices, Including Downscan And Sidescan Devices (337-TA-921)LitigationBlog Oblon On February 16, 2016, Navico, Inc. of Tulsa, Oklahoma and Navico Holding AS of Norway (collectively, "Navico") filed an enforcement complaint in… Federal Circuit Dismisses Third Party Appeal of Reexamination Proceeding for Lack of StandingLitigation Kenyon & Kenyon LLP CAFC held that Agilent did not have a cause of action to appeal the denial of an inter partes reexamination because Agilent was not the third-party… Authorizing Motion for Additional Discovery as to Documents Held by Third Parties IPR2015-01164; IPR2015-01165; IPR2015-01166Litigation Drinker Biddle & Reath LLP In a first Order, the Board granted authorization for Patent Owner to file a 7-page motion for additional discovery and for Petitioner and two third… II Ca-Be-lly or Not II Ca-Be-lly: Is The Famous Cabilly II Antibody Patent Near Extinction?Litigation Nutter McClennen & Fish LLP On February 5, 2016, the Patent Trial and Appeal Board (PTAB) issued a decision to institute an Inter Partes Review (IPR) of Genentech’s "Cabilly II"… The En Banc Federal Circuit Holds That Patent Rights Are Not Exhausted by Prior Restricted Sales or by Foreign SalesLitigation Andrews Kurth LLP On February 12, 2016, in a 10-2 decision, the en banc Federal Circuit ruled on two major issues related to patent exhaustion, a doctrine allowing… Proportionality in perspective: old whine in new bottles?Litigation Shook Hardy & Bacon LLP Complaining about discovery requests (accused infringer) or refusals to produce documents (plaintiff patent owner) seems embedded in IP litigation… Forward Citation Analysis as a Means to Apportion Relative Value in Patent Infringement Cases NERA Economic Consulting What is forward patent citation? Why is it relevant? In this article, the author answers the above questions and details how these may be relevant to… Warrior Sports, Inc. v. Maverik LacrosseLitigation Dickinson Wright PLLC Warrior Sports, Inc. filed suit against Maverik Lacrosse, LLC for patent infringement of the following ten patents: 1) U.S. Patent No. 5,787,506… Federal Circuit Upholds Obviousness Determination in IPR Relating to DNA Sequencing Methods, Denies Substitute ClaimsLitigation Kenyon & Kenyon LLP The Board did not err in focusing on the prior art in deciding Illumina’s motion to amend the claims during an IPR proceeding. Illumina bore the… Federal Circuit Partially Remands as to Obviousness Determination in Interference Relating to DNA Sequencing MethodsLitigation Kenyon & Kenyon LLP The Board did not err in finding that claims 1-22 and 24-26 of the ‘630 patent were obvious over a prior art publication to Laird et al., and U.S… Federal Circuit Affirms Summary Judgment of Noninfringement of Heat Exchanger PatentsLitigation Kenyon & Kenyon LLP The District Court did not err in narrowly construing the term "pressurized collection vessel" to mean "tubing, piping, or other container where a… Event notice Biosimilars/Biologics Webinar Series - Part III: BPCIA Patent Litigation Mintz Levin Cohn Ferris Glovsky and Popeo PCWebinar, 25 February 2016 At the Intersection of Patent and Regulatory Law – Navigating the Challenges for Pharmaceuticals Dilworth IPWebinar, 2 March 2016 Tax Treasury Proposes a Definition of "Political Subdivision" for Tax-Exempt BondsBlog Squire Patton Boggs Treasury has released long-awaited proposed regulations that define the entities that are "political subdivisions" eligible to issue tax-exempt bonds… Treasury, IRS Issue Proposed Regulations Regarding the Definition of Political Subdivision Steptoe & Johnson LLP Today, Treasury and the IRS released proposed regulations (REG-129067-15) under section 103 that provide guidance regarding the definition of… DOL Releases 2015 Form 5500 Including New IRS Compliance Questions - Updated February 23, 2016 Caplin & Drysdale, Chartered In December 2015, the Department of Labor released the 2015 version of the Form 5500, the annual report which must be filed by certain employee… Form 8971 Deadline Extended: IRS Extends Deadline to File Form 8971 to March 31, 2016 Pierce Atwood LLP The February 29, 2016 deadline for filing the Form 8971 has been extended to March 31, 2016… Did you know - February 12, 2016 Shulman Rogers Gandal Pordy & Ecker PA The Foreign Investment in Real Property Tax Act (FIRPTA) requires a person who buys real property from a foreign person to withhold a portion of the… Religious-Themed Tourist Attraction Cannot Be Denied Kentucky Tax IncentivesKentuckyLitigation Stoll Keenon Ogden PLLC In a high profile case, the U.S. District Court for the Eastern District of Kentucky held a religious-themed tourist attraction, even one advancing… Ways and Means Committee Announces Witnesses for Upcoming Hearing on International Tax Issues Steptoe & Johnson LLP Today House Ways and Means Committee Chairman Kevin Brady (R-TX) announced the witnesses for the committee's February 24 hearing focusing on the… Treasury, IRS Issue Final Regulations on the Reporting of Specified Foreign Financial Assets Steptoe & Johnson LLP Today, Treasury and the IRS published final regulations (TD 9752) under section 6038D that provide guidance regarding the requirements for certain… U.S. Treasury Releases New Model Tax Treaty Osler Hoskin & Harcourt LLP The U.S. Treasury has released a revised model bilateral income tax treaty (the 2016 Model Treaty) which is a significant update to the 2006 model… The Proposed Repeal Of Section 1031 Like-Kind Exchanges and The Impact On The Economy LeClairRyan Section 1031 of the Internal Revenue Code of 1986, as amended, provides investors the ability for federal and, in some cases, state tax purposes, to… Brazil Latin America & Caribbean Energy & Natural Resources Judge Rakoff Dismisses 10(b) Claims Against PwC for Alleged Petrobras Bribery Scheme, But Allows Section 11 Claims to Proceed Despite OmnicareLitigationBlog Steptoe & Johnson LLP Last week, Judge Rakoff granted Pricewaterhouse Coopers' motion to dismiss Section 10(b) claims brought as part of the ongoing class action over an… Intellectual Property 2016: developments in intellectual property law you should know aboutLitigation Ladas & Parry LLP This year the IP world will be brimming with changes, the largest of which will take place in the European Union. Sweeping reforms in EU trademark… Tax Os processos judiciais tributários e o Novo Código de Processo Civil​PT Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados Às vésperas da entrada em vigor do Novo Código de Processo Civil - "NCPC" - a comunidade jurídica se movimenta no sentido de compreender e assimilar… Cuba Latin America & Caribbean Intellectual Property Cuba: The Risks and Rewards for U.S. Businesses Carlton Fields Last week, the Obama Administration announced that the President intends to visit Cuba next month. He will find a political mixed bag of optimism and… Mexico Latin America & Caribbean Energy & Natural Resources Actualidad Legal • Condiciones Generales para la Prestación del Suministro EléctricoES Santamarina y Steta SC El 18 de febrero de 2016, se publicó en el Diario Oficial de la Federación ("DOF") la Resolución Núm. RES/999/2015 (la "Resolución"), por la que la… Mexican Energy Reform: Opportunities and Challenges for US DevelopersBlog Husch Blackwell LLP Tom Foreman, executive director of the Gulf Coast Power Association (GCPA), joins the podcast to discuss the historic reform of Mexico's energy… Ministry of Energy publishes separation terms for Federal Electricity Commission López Velarde Heftye y Soria Further to the constitutional reform passed by Congress in December 2013 and promulgation of the Electricity Industry Law (for further details please… Belgium Europe Tax EU Tax Alert - February 2016 - edition 152Litigation Loyens & Loeff On 28 January 2016, the Commission published an Anti Tax Avoidance Package containing measures to address aggressive tax planning, increase tax… Czech Republic Europe Company & Commercial New obligation for out-of-court resolution of consumer disputes Havel, Holásek & Partners s.r.o. On 1 February 2016, the second part of the recent amendment to the Consumer Protection Act came into effect. This amendment includes an entirely new… European Union Europe Banking European Commission Publishes Secondary Implementing Decision on Third Country Equivalence for Purposes of Treatment of Exposures under CRRBlog Orrick, Herrington & Sutcliffe LLP A European Commission Implementing Decision on the lists of third countries considered equivalent for the purposes of the treatment of exposures… European Commission Implementing Regulation Lays Down ITS on Disclosure of Leverage Ratio for Institutions under CRRBlog Orrick, Herrington & Sutcliffe LLP A European Commission Implementing Regulation laying down implementing technical standards ("ITS") on disclosure of the leverage ratio for… ECON Publishes Reports Postponing Application of MiFID II, MiFIR, MAR and CSDRBlog Orrick, Herrington & Sutcliffe LLP The European Parliament’s Committee on Economic and Monetary Affairs ("ECON") has published two draft reports on the proposed directive postponing… EBA finalises guidelines for DGS cooperation agreements Dentons EBA has published its final guidelines on cooperation agreements between deposit guarantee schemes (DGS) under the revised DGS Directive. The… ECB consults on RTGS services future Dentons ECB has published a consultative report by the Eurosystem on the future provision of real-time gross settlement (RTGS) services. It focuses on… Commission publishes programme for hearing on retail services Dentons The Commission has published a draft programme for its public hearing on the Green Paper on retail financial services to be held on 2 March. The… EBA Publishes Final Report on Guidelines on Co-operation Agreements Between DGSs Under Recast DGSDBlog Orrick, Herrington & Sutcliffe LLP The European Banking Authority ("EBA") has published a final report on guidelines on cooperation agreements between deposit guarantee schemes… PRA Issues Policy Statement on Approach to Identifying O-SIIsBlog Orrick, Herrington & Sutcliffe LLP The UK’s Prudential Regulation Authority ("PRA") has issued a policy statement on its approach to identifying other systemically important… Revised Payment Services Directive Herbert Smith Freehills LLP The Revised Payment Services Directive (the Directive) came into effect on 12 January 2016. The revised Directive updates the current EU framework on… EU Political Update: 22 - 26 February 2016 Clifford Chance LLP On 19 February 2016, the European Council unanimously agreed the terms of a legally binding Decision containing a new settlement for the United… ECOFIN publishes conclusions on CTF action plan Dentons The Council's Economic and Financial Affairs Council (ECOFIN) has published its conclusions on the fight against terrorism (CTF). It welcomes the… Italy Introduces Government Guarantee to Facilitate NPL Transactions Paul Hastings LLP Italian banks are estimated to have roughly 200 billion euros of bad loans on their balance sheets that are now hampering a recovery and… Broader application yet sharper assessment cartel prohibitionLitigation Maverick Advocaten NV The Netherlands Authority for Consumers & Markets ("ACM") will soon be able to impose a fine for a cartel infringement of at most €900,000 (instead… Treasury Committee seeks answers on EU negotiations Dentons Andrew Tyrie MP, Chairman of the Treasury Committee, has written to the Chancellor setting out detailed questions arising from draft proposals for… This week at the UK regulators, 22 February 2016 Clifford Chance LLP In a relatively quiet week for the regulators without any concluded enforcement actions, the main announcement was the FCA's review of the assessment… Capital Markets UCITS - ESMA Issues Consolidated Q&A Dechert LLP ESMA issued consolidated Q&A on the application of the UCITS Directive on 1 February 2016. The consolidated Q&A include new questions on additional… Other EU Developments - ESMA Consults on Draft Guidelines on the Market Abuse Regulation and Issues Statement on Closet Index Tracking Dechert LLP ESMA launched its consultation on its draft guidelines on the Market Abuse Regulation ("MAR") on 28 January 2016. ESMA is seeking stakeholder's… EMIR - Further MoU Signed, Transitional Exemption from Clearing for UK Pension Schemes and Further EMIR Q&A Dechert LLP ESMA confirmed that it would cooperate with Mexican and South African regulators with respect to supervision of CCPs on 26 January 2016. ESMA issued… AIFMD - Deadline for Assessment of Third Country Regimes for AIFMD Passport Dechert LLP ESMA published a letter from the European Commission on the AIFMD passport on 19 January 2016. The European Commission has asked ESMA to complete its… MiFID II - Implementation Date to be Delayed to 3 January 2018 Dechert LLP As anticipated, the European Commission confirmed a one year delay to the implementation date of MiFID II on 10 February 2016. Read the associated… ALFI Podcast on the 2016 Supervisory Agenda Dechert LLP ALFI published a podcast containing CSSF comments on the regulatory agenda for 2016 for the investment funds sector on 1 February 2016, focusing on… ESMA details EMIR CCP guidance compliance Dentons ESMA has published compliance tables setting out which national regulators comply, or intend to comply, with various ESMA guidance in relation to… Competition & Antitrust Merger control: triggers and thresholds in the European UnionNavigator Cadwalader Wickersham & Taft LLP A structured guide to merger control triggers and thresholds in the EU... Employment & Labor Results Based Commissions and Holiday Pay in the UKLitigation Dechert LLP The Employment Appeal Tribunal has today issued its judgment in the case of Lock v British Gas in which it has confirmed that, in order to comply… Personal Messaging in the Workplace - Is there Any Privacy?Litigation Spratt Endicott Solicitors This latest case on the monitoring of personal messages on work related messaging accounts has been in the newspapers and on the radio. The coverage… Energy & Natural Resources The new energy security package a step forward to European natural gas security of supply WOLF THEISS On 16 February 2016 the European Commission ('EC') officially presented the new Energy Security Package. The set promotes the EC's increased role in… Intellectual Property 2016: developments in intellectual property law you should know aboutLitigation Ladas & Parry LLP This year the IP world will be brimming with changes, the largest of which will take place in the European Union. Sweeping reforms in EU trademark… IT & Data Protection WP29 Releases Its 2016 Action PlanBlog Squire Patton Boggs On February 11, the Article 29 Working Party (WP29) issued a statement setting out its 2016 action plan for the implementation of the General Data… Privacy shield: neuer sicherheitsschild für datentransfers in die usa?DE Vangard Der Europäische Gerichtshof (EuGH) hatte im Oktober 2015 das bisherige Safe Harbor-Abkommen zwischen der EU und den USA für ungültig erklärt. Dieses… Judicial Redress Act of 2015 Presented to the PresidentLitigationBlog Quarles & Brady LLP Less than a year following its introduction in Congress, the Judicial Redress Act of 2015 was presented to the President on February 12, 2016… Companies breaching data protection laws may face higher data protection fines - Undertakings will have two years to prepare for the new rules Baker & McKenzie Multinationals are now facing significant challenges due to changes in the data transfer mechanisms between the European Union and the United States… Political arrangement between the EU and the US after the invalidation of the safe harbor: "the EU-US privacy shield" August & Debouzy After months of negotiations, on February 2, 2016 the European Commission and the United States have finally reached an arrangement on a new… U.S. - EU Privacy Shield Framework Details to be Provided by End of FebruaryLitigation Nelson Mullins Riley & Scarborough LLP European Union and United States officials announced early February 2016 a political agreement to create the "Privacy Shield", an anticipated… Tax EU Tax Alert - February 2016 - edition 152Litigation Loyens & Loeff On 28 January 2016, the Commission published an Anti Tax Avoidance Package containing measures to address aggressive tax planning, increase tax… France Europe Company & Commercial Reform of contract law and of the obligations’ general and evidence rules: the ordinance is published August & Debouzy The ordinance n° 2016-131 dated February 10, 2016 on the reform of contract law and of the obligations’ general and evidence rules (the «Ordinance»)… France: Adoption of a historical reform of contract law Holman Fenwick Willan LLP On 10 February 2016, the French government enacted an Ordinance reforming the provisions of the French Civil Code relating to contracts (Ordinance n°… Employment & Labor Solidarité financière en cas de sous-traitance relevant du travail dissimulé : conditionsFR Capstan Les documents énumérés par l’article D. 8222-5 du code du travail sont les seuls dont la remise permet à la personne dont le co-contractant est… La décision de la CPAM sur la prise en charge ou non de l’accident est sans incidence sur l’action en reconnaissance de la faute inexcusableFR Capstan Ayant pour objet exclusif la prise en charge ou le refus de prise en charge, au titre de la législation professionnelle, de l’accident, de la maladie… La déduction à titre de frais professionnels des frais de notaire exposés par le salarié pour l’acquisition d’un nouveau logement dans le cadre d’une mobilité professionnelle est possibleLitigationFR Capstan Selon l’article 8, 2°, de l’arrêté interministériel du 20 décembre 2002 relatif aux frais professionnels déductibles pour le calcul des cotisations… El Khomri Bill - Impact on redundancies and dismissals Clifford Chance LLP The "El Khomri Bill", officially called "Bill aiming at introducing new liberties and new protections for companies and employees" would… Une convention collective ne peut permettre à un employeur modifier le contrat de travail sans l’accord du salariéFR Capstan Sauf disposition légale contraire, une convention collective ne peut permettre à un employeur de procéder à la modification du contrat de travail… Avant-projet de loi El Khomri - Aspects relatifs aux licenciementsFR Clifford Chance LLP L'avant-projet de Loi El Khomri, officiellement "Projet de Loi visant à instaurer de nouvelles libertés et de nouvelles protections pour les… IT & Data Protection French Data Protection Issues Decision Regarding Data Processing for Litigation Purposes Hunton & Williams LLP On February 19, 2016, the French Data Protection Authority ("CNIL") made public its new Single Authorization Decision No. 46 ("Single Authorization… Tax Trust filing duties under the French Tax CodeBlog Herbert Smith Freehills LLP Although an entity is not identified as a "trust" in its country of establishment, it could fall within the scope of the filing duty in France in… Germany Europe Employment & Labor Zugang einer Kündigung - Ein Buch mit sieben Siegeln? Teil 2DE Vangard Ist dem Arbeitgeber der Aufenthaltsort eines Arbeitnehmers unbekannt oder hat sich dieser ins Ausland „abgesetzt", kann der Arbeitgeber die Kündigung… Zugang einer Kündigung - Ein Buch mit sieben Siegeln? Teil 1DE Vangard Die Kündigung eines Arbeitsverhältnisses bedarf der Schriftform, der Unterzeichnung durch eine vertretungsberechtigte Person des - richtigen -… Einstufung als Einfirmenvertreter bei vertraglichem Tätigkeitsverbot in HandelsvertretervertragLitigationDE Mayer Brown LLP Der in einem Handelsvertretervertrag enthaltenen Bestimmung „Frau F. Ist als selbständiger Bausparkassen-/Versicherungsvertreter/-in nach § 92 i.V.m… Guernsey Europe Company & Commercial Consumer Protection Legislation GuernseyLitigation Carey Olsen The contractual landscape between consumers and traders in Guernsey will soon be changing with the introduction of the consumer protection… Hungary Europe IT & Data Protection Companies breaching data protection laws may face higher data protection fines - Undertakings will have two years to prepare for the new rules Baker & McKenzie Multinationals are now facing significant challenges due to changes in the data transfer mechanisms between the European Union and the United States… Ireland Europe Employment & Labor Ireland’s New Workplace Relations System - Lessons learned 20 weeks on Matheson As the new workplace relations system is now in operation for 20 weeks as of last Friday, we take a look at some practical lessons learned through our… IT & Data Protection DPC publishes guidance on data sharing in the public sectorBlog A&L Goodbody The Data Protection Commissioner (DPC) has published new guidance on 'Data sharing in the public sector' following the decision of the CJEU in Bara… English and Irish Courts clear the way to use technology to reduce disclosure costs in litigationLitigation A&L Goodbody Disclosure of electronic documents in litigation has become increasingly costly and complex. The exponential growth in the volume of email and other… Italy Europe Banking Italy Introduces Government Guarantee to Facilitate NPL Transactions Paul Hastings LLP Italian banks are estimated to have roughly 200 billion euros of bad loans on their balance sheets that are now hampering a recovery and… IT & Data Protection Italian Supreme Court Confirms that Consent is Required to Make Silent CallsLitigation Squire Patton Boggs The Italian Supreme Court has dismissed the appeal, filed by Enel Energia s.p.a. and Reitek s.p.a., against a decision issued by the Italian data… Netherlands Europe Banking Broader application yet sharper assessment cartel prohibitionLitigation Maverick Advocaten NV The Netherlands Authority for Consumers & Markets ("ACM") will soon be able to impose a fine for a cartel infringement of at most €900,000 (instead… Company & Commercial Towards the Netherlands Commercial Court (NCC)LitigationBlog Stibbe In September 2014 the Chairman of the Judiciary expressed its ambition to establish a Netherlands Commercial Court (NCC) to provide a special court… Shedding Light on the Dutch "Stichting": The Origins and Purpose of an Obscure but Potentially Potent Dutch Entity Jones Day During its deployment by Mylan to address Teva's $40 billion offer, more column inches have been spent on the Dutch stichting—the Dutch word for… Competition & Antitrust Tussenrapportage ACM: effectieve concurrentie op de zorgverzekeringsmarkt?NE Loyens & Loeff De Autoriteit Consument & Markt (ACM) heeft een tussenrapportage gepubliceerd over haar onderzoek naar de werking van de zorgverzekeringsmarkt. De… Corporate Finance/M&A The Dutch Defense: Flexible Anti-Takeover Mechanisms in the Netherlands Greenberg Traurig LLP Anti-takeover mechanisms aim to prevent a publicly listed company from being taken over by a hostile bidder or an activist shareholder. For many… Employment & Labor Notification obligation for foreign companies in the Netherlands Loyens & Loeff The Lower House has submitted a bill which introduces a notification obligation for foreign employers (service providers) who post workers for a… Energy & Natural Resources Real Estate Newsletter - 22 February 2016 - Edition 29Litigation Loyens & Loeff The economic crisis can now be said to lie behind us. Many project developers were negatively impacted by the crisis over the period starting in 2008… Nieuwsbrief Vastgoed- 22 februari 2016 - Editie 29LitigationNE Loyens & Loeff De economische crisis ligt vandaag de dag toch wel achter ons. Veel projectontwikkelingen hebben van de crisis in de periode vanaf 2008 hinder… Energie Update - Februari 2016 - nummer 3-2016LitigationNE Loyens & Loeff Tijdens de plenaire vergadering van 18 februari 2016 is bovengenoemd wetsvoorstel door de Tweede Kamer aangenomen bij stemming met handopsteken… Update on offshore wind energy: legislative proposal to amend the Dutch Electricity Act 1998 adopted by Dutch House of RepresentativesBlog Stibbe Within two months after the rejection of the STROOM Bill by the Dutch Senate, the Dutch House of Representatives has adopted a new legislative… Tax EU Tax Alert - February 2016 - edition 152Litigation Loyens & Loeff On 28 January 2016, the Commission published an Anti Tax Avoidance Package containing measures to address aggressive tax planning, increase tax… Romania Europe Employment & Labor Personal Messaging in the Workplace - Is there Any Privacy?Litigation Spratt Endicott Solicitors This latest case on the monitoring of personal messages on work related messaging accounts has been in the newspapers and on the radio. The coverage… Spain Europe Intellectual Property Estadísticas de la OEPM en 2015ES Cuatrecasas Gonçalves Pereira La Oficina Española de Patentes y Marcas (OEPM) ha dado a conocer las estadísticas de solicitudes, concesiones, y recursos que se han formulado… Patents The TIPO announced the statistics concerning the Patent Prosecution Highway (PPH) in the year 2015 Tsar & Tsai Under the Taiwan-U.S. PPH, there were 327 applications. There were 523 applications under the Taiwan-Japan PPH. As for the Taiwan-Spain PPH, no… La primera patente ilicitana cumple 125 añosBlogES Ibidem Law & Strategy El pasado martes 16 de febrero se cumplieron 125 años de la concesión de la primera patente a un ilicitano. Fue en 1891 cuando el empresario ilicitano… Turkey Europe Employment & Labor Turkish Constitutional Court Rules Right to Fair Trial Breached Where Decision Given Without Addressing Compensation Claims for Gender DiscriminationLitigation Moroğlu Arseven The Turkish Constitutional Court ruled that a local court breached a petitioner’s right to fair trial by giving a decision, in an employment… Ukraine Europe Company & Commercial Ukraine: refining and modernising corporate governance of state-owned companies CMS On 18 February 2016, the Ukrainian Parliament adopted the Law on Corporate Governance of State-Owned Enterprises and Municipally-Owned Companies (the… United Kingdom Europe Banking JSC BTA Bank v Ablyazov & Anor: Court considers tort of conspiracy to injure by unlawful means following breach of a freezing order/whether English court had jurisdiction/where a defendant is domiciledLitigation Clyde & Co LLP Following the breach of a worldwide freezing order made against Mr Ablyazov (for which he was found to be in contempt), the claimant bank sought to… PRA Issues Policy Statement on Approach to Identifying O-SIIsBlog Orrick, Herrington & Sutcliffe LLP The UK’s Prudential Regulation Authority ("PRA") has issued a policy statement on its approach to identifying other systemically important… Revised Payment Services Directive Herbert Smith Freehills LLP The Revised Payment Services Directive (the Directive) came into effect on 12 January 2016. The revised Directive updates the current EU framework on… EU Political Update: 22 - 26 February 2016 Clifford Chance LLP On 19 February 2016, the European Council unanimously agreed the terms of a legally binding Decision containing a new settlement for the United… Treasury Committee seeks answers on EU negotiations Dentons Andrew Tyrie MP, Chairman of the Treasury Committee, has written to the Chancellor setting out detailed questions arising from draft proposals for… This week at the UK regulators, 22 February 2016 Clifford Chance LLP In a relatively quiet week for the regulators without any concluded enforcement actions, the main announcement was the FCA's review of the assessment… Capital Markets EMIR - Further MoU Signed, Transitional Exemption from Clearing for UK Pension Schemes and Further EMIR Q&A Dechert LLP ESMA confirmed that it would cooperate with Mexican and South African regulators with respect to supervision of CCPs on 26 January 2016. ESMA issued… Company & Commercial The Rise of Innovation Partnerships Ashfords LLP When US retail giant Target announced last year that it was partnering up with a well-known start-up accelerator, it was making a claim for embracing… Enhancing UK Company Transparency: Persons with Significant Control Vedder Price PC On 26 March 2015 the Small Business, Enterprise and Employment Act 2015 (the Act) received Royal Assent. The Act covers a diverse range of topics… UK: Claiming under FSMA 2000 - when is a "private person" not a private person?Litigation Holman Fenwick Willan LLP In light of the recent PPI and other financial products mis- selling scandals, banks have been paying out billions of pounds in compensation to… Heightened Disclosure Obligations in Respect of Controllers of UK Companies and LLPs Paul Hastings LLP From April 2016, UK incorporated companies and LLPs will be required to maintain a register (a "PSC Register") and make certain public disclosures in… 5 tips for setting up a new business Boodle Hatfield Running your own business can be very rewarding but success is not always guaranteed. Businesses are most vulnerable to failure during their early… Corporate Finance/M&A M&A Weekly Update 12 - 18 February 2016 Macfarlanes LLP BIS has published non-statutory guidance on the "Register of People with Significant Control" (the "Guidance"). The Guidance summarises the new PSC… Employee Benefits & Pensions High Court overturns Pensions Ombudsman in liberation case Litigation CMS The High Court has given judgment in Hughes v The Royal London Mutual Insurance Society, the first appeal from the Pensions Ombudsman Service in… Employment & Labor Working Time Directive uncertainty at root of new casesLitigationBlog Brodies LLP The Working Time Directive gives employees the right to holiday pay but provides little clarity on how this pay should be calculated. This uncertainty… Results Based Commissions and Holiday Pay in the UKLitigation Dechert LLP The Employment Appeal Tribunal has today issued its judgment in the case of Lock v British Gas in which it has confirmed that, in order to comply… Judgment in Lock v British Gas: Holiday pay must include commissionLitigation DWF LLP The judgment of the Employment Appeal Tribunal (EAT) has been handed down today (22 February) in the case of Lock v British Gas and has been… The Sex Discrimination and Equal Pay Legislation - 40 Years On Spratt Endicott Solicitors Am I talking to you? If you have had a recent Birthday then I do wish you a many happy returns! But actually I am talking to the Sex discrimination… Personal Messaging in the Workplace - Is there Any Privacy?Litigation Spratt Endicott Solicitors This latest case on the monitoring of personal messages on work related messaging accounts has been in the newspapers and on the radio. The coverage… Lock v British Gas: Unlocking the mysteries of holiday payLitigation Clyde & Co LLP The Employment Appeal Tribunal (EAT) has confirmed that employers must take results-based commission into consideration when calculating an employee's… May the Hydraulic Force Be With You CMS The Health and Safety Executive ("HSE") has recently revealed that it is prosecuting Foodles Production (UK) Ltd ("Foodles") for four alleged health… Two bites of two cherries?Litigation Bond Dickinson LLP The recent Court of Appeal decision of (1) Andrew Brown (2) Caroline Brown v Complete Buildings Solutions Limited is a helpful reminder of how the… UK: EAT rejects appeal on inclusion of commission in holiday payLitigationBlog Herbert Smith Freehills LLP The EAT gave its judgment on the appeal in Lock v British Gas Trading yesterday. It upheld the tribunal's ruling that words can be written into the… Lock v British Gas - EAT issues further decision on holiday payLitigation CMS The eagerly-awaited decision of the Employment Appeal Tribunal in Lock v British Gas Trading Limited has been published, confirming that commission… Heneghan v Manchester Dry Docks: Court of Appeal considers whether several employers were liable in full or proportionately where exposure to asbestos caused lung cancerLitigation Clyde & Co LLP The first instance decision in this case was reported in Weekly Update 47/14. The claimant employee was exposed to asbestos over the course of his… Forms of employee ownership Fieldfisher LLP Employee ownership ('EO') is a successful business model as demonstrated by Arup, the John Lewis Partnership, Swan Morton, Wilkins & Sons (Tiptree… Energy & Natural Resources Offshore Renewable Energy Installations: New Marine Guidance Note - MGN 543 (M+F) Ashfords LLP On the 18 February 2016 the Maritime and Coastguard Agency issued a new Marine Guidance Note related to Safety of Navigation (MGN 543 (M+F)) for… Insolvency & Restructuring Court of Appeal guidance on challenging the validity of an IVA under section 262: Nirandas-Girdhar v Bradstock [2016] EWCA Civ 88Litigation Hardwicke Section 262(1) of the IA 1986 provides that a debtor, creditor or nominee may apply to the court where: (a) a voluntary arrangement approved by… To Sue or Not to Sue - Part 2 Spratt Endicott Solicitors Welcome to the second article in this amazing series which looks at what you can do to try to extract money from a stubborn business debtor. In the… IT & Data Protection You Can't Hide Behind Your EULA Cooley LLP Companies trying to shift liability for data breach by hiding catch-all exclusion clauses in End User Licence Agreements (EULAs) can learn from one… English High Court Approves the Use of Predictive CodingLitigation Ropes & Gray LLP The English High Court decision of Master Matthews (February 16, 2016) approved the use of predictive coding to satisfy the disclosure requirement… Safe Harbor: Calmer Waters on the Horizon Squire Patton Boggs The ICO has published a blog providing an update on the new Safe Harbor 2.0 - the EU-US Privacy Shield. They report that it is too early to say… English and Irish Courts clear the way to use technology to reduce disclosure costs in litigationLitigation A&L Goodbody Disclosure of electronic documents in litigation has become increasingly costly and complex. The exponential growth in the volume of email and other… Pyrrho Investments Ltd v MWB Property: English court approves the use of "predictive coding" in an e-disclosure exercise for the first timeLitigation Clyde & Co LLP "Predictive coding" (also known as technology, or computer, assisted review), is a method whereby software analyses documents and "scores" them for… Patents Of mice and patents — Kymab beats Regeneron for insufficiencyLitigation Fieldfisher LLP The Patents Court made rulings in a claim concerning transgenic mice that could be used as platforms for therapeutic antibody discovery. In… Private Client & Offshore Services Neighbour from hell? Try living next door to the French EmbassyLitigation Ashfords LLP Self-made billionaire property tycoon, Jon Hunt, founder of Foxtons estate agents, is in a ferocious legal battle with the French ambassador, Sylvie… JSC Mezhdunarodniy v Pugachev & Ors: Freezing orders and non-disclosure/proving the risk of dissipationLitigation Clyde & Co LLP The claimant obtained a worldwide freezing order over assets which are being held under discretionary trusts (on the basis that the defendant had… Professional Negligence Dental nurse struck off for performing face lift on friend Penningtons Manches LLP A dental nurse from Bradford has been struck off after being found to have performed a surgical face lift on a friend at her home despite having no… Medical negligence lawyer reacts to new statistics on 'never events'Litigation Leigh Day NHS England data shows that over 1000 patients have suffered 'never events' in the last four years. Medical negligence solicitor Stephen Jones is… Medical negligence lawyer highlights dangers of encephalitisLitigation Leigh Day We acted for Tom (not his real name) who suffered encephalitis (inflammation of the brain) caused by the herpes simplex virus - Herpes Simplex… Tax SDLT - Sub-Sales and Forward Funding Burges Salmon LLP As a general principle, stamp duty land tax ("SDLT") is charged to the buyer on the total purchase price for a land transaction, which will usually… Africa Africa & Middle East Corporate Finance/M&A African Technology Startups Gaining Attention Greenberg Traurig LLP The increasingly noticeable discussions of the tech boom taking shape across Africa were recently further bolstered by news about startup financings… Algeria Africa & Middle East Energy & Natural Resources Algeria launches drive for 4,500 MW of renewable energy capacity by 2020 Eversheds LLP Algeria's Energy Minister, Salah Khebri, has recently announced its intention to procure the development of 4,500 MW of renewable energy projects by… Israel Africa & Middle East Capital Markets תיקונים לתקנות החברותHE Shibolet & Co Advocates & Notaries כחלק מהמתווה שנועד להקל על הממשל התאגידי של חברות ציבוריות, אישרה, ביום 8 בפברואר 2016, ועדת חוקה, חוק ומשפט מספר הוראות שמטרתן לייצר "מדרג רגולציה"… Employee Benefits & Pensions תיקון 12 לחוק הפיקוח - האם נאמרה המילה האחרונה?HE Shibolet & Co Advocates & Notaries ביום 5 פברואר 2016, נכנס לתוקף תיקון מס' 12 לחוק הפיקוח על שירותים פיננסיים (קופות גמל), תשס"ה- 2005 ("תיקון 12"- ו"החוק" בהתאמה), המהווה נדבך נוסף… Amendment 12 of the Supervision Law - Has the Final Word been Spoken? Shibolet & Co Advocates & Notaries On February 5, 2016, Amendment No. 12 of the Supervision of Financial Services (Provident Funds) Law, 5765-2005 ("Amendment 12″ and the "Law"… IT & Data Protection להתראות נמל מבטחים; שלום מגן פרטיותHE Shibolet & Co Advocates & Notaries כי העברת מידע לארה"ב ממאגרי מידע בישראל לא תותר יותר מכוח תקנה 2(8)(2) לתקנות הגנת הפרטיות (העברת מידע אל מאגרי מידע שמחוץ לגבולות המדינה)… Nigeria Africa & Middle East Energy & Natural Resources Nigerian Power Sector: Opportunities and Challenges for Investment in 2016 Latham & Watkins LLP During the launch of Power Africa in 2013, President Barack Obama declared "Access to electricity is fundamental to opportunity in this age. It’s the… Qatar Africa & Middle East Employment & Labor Termination of Employment and End of Service Benefit in Qatar - A Summary Clyde & Co LLP This article aims to provide a brief summary of the key provisions regulating the termination of employment and the payment of end of service benefit… South Africa Africa & Middle East Company & Commercial Alarming new BEE Regulations Shepstone & Wylie Attorneys The draft Regulations to the Broad-Based Black Economic Empowerment ("BEE") Act, 2003, published on 17 February 2016 contain some alarming new… Broad-Based Black Empowerment Regulations, 2016: Invitation for the public to comment on the draft Shepstone & Wylie Attorneys In a Notice published on 17 February, the DTI has released for comment draft regulations to the BEE Act. These regulations pertain largely to the… Tax Taxation Laws Amendment - Update Shepstone & Wylie Attorneys Earlier this year we informed you that the legislation to give effect to the tax harmonisation of retirement funds had been signed into law by the… United Arab Emirates Africa & Middle East Employment & Labor New year, new employment laws: Your guide to the key changes Baker & McKenzie 1 January 2016 saw a new set of Ministerial Decrees issued by the UAE's Ministry of Labour come into force, following their publication on the… Other top stories Clauses requiring payment of a present debt in the future - penal? Data Breaches are on the Rise in Australia: What if it Happens to You? Online piracy: Dallas Buyers Club throws in the towel but the fight continues Virgin Australia tweet slays Kanye. When social media goes wrong (or really really right) Status update: How to have a strong and effective social media policy WARNING: Are you sure that your goods held off-site by a subcontractor doesn't constitute a PPS Lease? FIRB and Tax - Closer together Use of post- and pre-contractual conduct: what can be taken into account and for what purpose? Employer excused from liability for employee’s psychiatric injury Takeovers in Australia - Guide Event notice Guernsey Masterclass – Hong Kong office launch Guernsey FinanceHong Kong, 2 March 2016 Tapestry Webinar – Tips and trips when translating Tapestry Compliance LLPWebinar, 2 March 2016 Unsubscribe |Disclaimer |Privacy policy This email is being sent to you by Lexology on behalf of Globe Business Publishing Contact Lexology About Lexology © 2006-2016 Globe Business Publishing Ltd

New email from editorc@lexology.com

From: editorc@lexology.com
Subject: Lexology - practical know-how
Date: February 11, 2016 at 10:10AM
Lexology - practical know-how To ensure delivery to your mailbox please add domain @lexology.com to your safe senders list View in Browser My Account |About |Search Archive (526,460 articles) Asia Pacific | North America | Latin America & Caribbean | Europe | Africa & Middle East Australia Asia Pacific Banking Payday lender penalised for overcharging consumers DLA Piper LLP ASIC continues to focus on the payday lending sector with Fair Go Finance Pty Ltd (Fair Go Finance) becoming the most recent lender to be… Capital Markets ESMA’s advice on the application of the passport to non-EU alternative investment fund managersBlog Cooley LLP It might soon be possible for alternative investment fund managers (AIFMs) in the United States of America, Hong Kong, Singapore, Japan, Canada, the… Competition & Antitrust What to do if the ACCC come knocking: Practical tips for handling "dawn raids" by the ACCC DLA Piper LLP In our third and final article on the Australian Competition & Consumer Commission’s (ACCC) coercive information-gathering powers, we examine the… Employment & Labor Christmas cheer no excuse for an involuntary pool party Litigation Baker & McKenzie An employee woke up with more than a hangover when his employment was terminated following an eventful work Christmas party. The Fair Work Commission… Energy & Natural Resources Recent legislative changes in Victoria help pave the way for growth in solar distributed generationVictoria DLA Piper LLP Recent legislative changes in Victoria have given impetus to the debate about rooftop solar and the extent to which householders and businesses can… New financial provision regulations under NEMA Clyde & Co LLP Exacting requirements for the mining industry and an alert for environmental guarantee insurers: the new financial provision regulations under the… Legal Practice Trust disputes and privilege claims by trusteesLitigation Bartier Perry The case of Hancock v Rinehart (Privilege) [2016] NSWSC 12 related to a legal professional privilege claim concerning the Hope Margaret Hancock Trust… Patents 12 signposts to stop your computer implemented inventions from going down the bad road of Non-Patentable Subject Matter in AustraliaLitigationBlog Phillips Ormonde Fitzpatrick The Australian Patent Office has updated their Patent Manual of Practice and Procedure on 1 February 2016 to include the following signposts to… IP Australia trialing pre-examination notifications AJ Park IP Australia is currently trialing issuing pre-examination notifications to patent applicants two months before their patent application is due to be… Event notice Intellectual Property Considerations of the Trans-Pacific Partnership (TPP) Baker & McKenzieWebinar, 17 February 2016 Asia-Pacific Asia Pacific Energy & Natural Resources Mega-Regional Agreements Could Reshape International Trade in Chemical Products Squire Patton Boggs Major trade negotiations in two parts of the world have the potential to greatly benefit the chemicals industry in the coming years. The… Cambodia Asia Pacific Tax Cambodia: New Taxpayer Classes and Fees for Patent Tax Tilleke & Gibbins Cambodia has introduced a new law and subsequent regulations which categorize all taxpayers into one of three classes based on criteria relating to… China Asia Pacific Banking Legal flash I Shanghai Office - February 2016: People’s Bank of China’s circular on expanding the pilot program for crossborder financing in free-trade zones (中国人民银行关于扩大全口径跨境融资宏观审慎管理试点的通知) Cuatrecasas Gonçalves Pereira Following the success of the pilot program in the Shanghai Free Trade Zone, effective from January 25, 2016, the People’s Bank of China ("PBOC") has… Company & Commercial Legal flash I Shanghai Office - February 2016: State Council’s decision to improve the measures for the recognition of high and new technology entreprises’ status (国务院常务会议确定完善高新技术企业认定办法) Cuatrecasas Gonçalves Pereira The State Council has decided to amend the measures for the recognition of high and new technology enterprises’ status to ensure greater policy… Competition & Antitrust Dentons' pick of global regulatory trends to watch in 2016Litigation Dentons The Department of Justice (DOJ) continues to investigate and seek criminal charges against worldwide cartels. This enforcement activity will remain… Energy & Natural Resources China’s Current Involvement in Mining in Africa Mayer Brown LLP There is no doubt that mining in Africa has been attractive to Chinese investors. According to statistics from the Ministry of Commerce of the PRC… Intellectual Property 中国知的財産権に関する最新動向(2016年1月)——第二部分:中国IP権利行使に関する新たな状況:Louis Vuittonの淘宝店舗に対する経済賠償請求25万元の訴えLitigationJA HFG Law & Intellectual Property 2016年1月、北京市海淀区人民法院はLouis Vuitton Malletier(Louis Vuitton商標所有者)の起訴を受理し、梁○、梁○○、韓○の淘宝でのLouis Vuittonブランドのカバン、靴等の偽物の販売行為に対し、Louis… 中国知的財産権に関する最新動向(2016年1月)——第二部分:中国IP権利行使に関する新たな状況:「非誠勿扰」が「縁来非誠勿扰」と改名され、三年に渡る商標侵害案件が定着 LitigationJA HFG Law & Intellectual Property 江蘇テレビのレギュラーお見合番組「非誠勿扰」の放送してからの6年以来、中国男女若者から非常に人気を集めた。2015年12月21日、… 中国知的財産権に関する最新動向(2016年1月)——第一 部分:中国IP業界の発展における新たな動き:HFGのLanny が北京知識産権法院の裁判官と面会し、2016年知識産権審 理の新たな動きについて検討LitigationJA HFG Law & Intellectual Property 2016年1月中旬、Lannyは北京知識産権法院の裁判官と面会し、北京知識産権法院における案件審理の全体的状況について交流を行った。… 中国知的財産権に関する最新動向(2016年1月)——第二部分:中国IP権利行使に関する新たな状況:微信知識産権保護白書の発表JA HFG Law & Intellectual Property 欧米国家のwhatapp、日本のline、韓国のkakaotalkのようなアプリと同様、中国の微信は中国人に取って最も使われているSNSである。… 中国知的財産権に関する最新動向(2016年1月)——第一部分:中国IP業界の発展における新たな動き:国家知識産権局の公布によれば、2015年中国発明特許の年間出願数は初めて100万件を突破JA HFG Law & Intellectual Property 1月14日、国家知識産権局は2015年中国発明特許出願及び権利付与等相関データを発表した。それによると、2015年国家知識産権局は発明特許出願を前年比18.7%増加の110.2万件を受理し、5年連続で世界首位となった。発明特許権の付与は35.9万件、その中で国内発明特許権の付与は26… IT & Data Protection Legal flash I Shanghai Office - February 2016: China’s first anti-terrorism law (全国人民代表大会常务委员会颁布中国首部反恐怖主义法) Cuatrecasas Gonçalves Pereira After three reviews of the first draft released for public comment on November 3, 2014, China’s first anti-terrorism law ("ATL") was passed on… Tax Clients & Friends Newsletter- February 2016 Baker & McKenzie Effective 1 January 2016, the Belgian government adopted new legislation that imposes a 33% capital gains tax (referenced locally as the "speculation… Legal flash I Shanghai Office - February 2016: State Administration of Taxation’s announcement on stopping value-added tax special invoices being issued in the freight transportation industry (SAT announcement [2015] no.99) (国家税务总局关于停止使用货物运输业增值税专用发票有关问题的公告) Cuatrecasas Gonçalves Pereira When the value-added tax ("VAT") reform was implemented on January 1, 2012, the SAT approved the use of a VAT special invoice for the freight… Legal flash I Shanghai Office - February 2016: State Administration of Taxation’s announcement on matters concerning the super-deduction policy for research and development expenses (SAT announcement [2015] no.97) (国家税务总局关于企业研究开发费用税前加计扣除政策有关问题的公告) Cuatrecasas Gonçalves Pereira Following the release of Circular Caishui [2015] No. 119 ("Circular 119"), 2 on December 29, 2015, the State Administration of Taxation ("SAT")… Hong Kong Asia Pacific Capital Markets ESMA’s advice on the application of the passport to non-EU alternative investment fund managersBlog Cooley LLP It might soon be possible for alternative investment fund managers (AIFMs) in the United States of America, Hong Kong, Singapore, Japan, Canada, the… India Asia Pacific Competition & Antitrust Competition Commission of India (CCI) closes case against General Insurance Public Sector Undertakings and their association for alleged cartelization Vaish Associates Advocates The CCI, by its order dated January 4, 2016, has closed a case alleging anti-competitive agreements between the four PSU general insurance companies… Competition Appellate Tribunal (COMPAT) directs re-consideration by CCI against movie producers/ distributors for alleged cartelisation in setting unfair standards in cinema exhibitionLitigation Vaish Associates Advocates COMPAT, by its order dated December 8, 2015 reversed the order of CCI dated April 22, 2015 which closed a case without initiating investigation… CCI dismisses allegations of abuse of dominant position against Bangalore International Airport Limited (BIAL) and Airports Authority of India (AAI) Vaish Associates Advocates CCI by its order dated January 1, 2016 dismissed a case against KIAB and AAI for alleged abuse of its dominant position. The case was filed by Turbo… CCI to investigate the Chettinad International Coal Terminal Pvt. Ltd. and Kamarajar Port Ltd. for alleged abuse of dominance Vaish Associates Advocates CCI by its order dated January 4, 2016 has initiated an investigation against Kamarajar Port Ltd. (the erstwhile Ennore Port) and Chettinad… COMPAT sets-aside penalty imposed on Himachal Pradesh Chemist & Druggist Alliance (HPCDA) on account of failure to observe principles of natural justice during investigation by the DG Vaish Associates Advocates COMPAT, by its order dated January 13, 2016, has set-aside the penalty imposed by the CCI on HPCDA and ordered re-investigation into allegations of… CCI dismisses allegations of abuse of dominant position against Aura Real Estate (ARE) and Waghere Promoters Vaish Associates Advocates CCI by its order dated January 7, 2016 dismissed the allegations of violation of abuse of dominant position against "ARE" and Waghere Promoters… Corporate Finance/M&A CCI approves proposed combination notice filed by FIL Capital Investments (Mauritius) II Limited Vaish Associates Advocates The CCI, by its order dated January15, 2016 has approved the proposed combination relating to the acquisition of 26.11% shareholding of the paid-up… Tax Clients & Friends Newsletter- February 2016 Baker & McKenzie Effective 1 January 2016, the Belgian government adopted new legislation that imposes a 33% capital gains tax (referenced locally as the "speculation… Japan Asia Pacific Capital Markets ESMA’s advice on the application of the passport to non-EU alternative investment fund managersBlog Cooley LLP It might soon be possible for alternative investment fund managers (AIFMs) in the United States of America, Hong Kong, Singapore, Japan, Canada, the… New Zealand Asia Pacific Banking Attempts to de-register overseas financial service providers run into confusionLitigation Wilson Harle Two High Court decisions towards the end of 2015 delivered conflicting results on the ability of New Zealand's main financial regulator, the… Tax Inland Revenue - a duty to treat taxpayers consistentlyLitigation Chapman Tripp In a recent judgment the High Court has found it arguable that the Commissioner of Inland Revenue owes a duty to act consistently in her treatment of… Singapore Asia Pacific Banking Financial Services Regulation - Singapore - January 2016 DLA Piper LLP The Monetary Authority of Singapore (MAS) - the country’s central bank and regulator of financial institutions (FIs) - has been active in recent… Capital Markets ESMA’s advice on the application of the passport to non-EU alternative investment fund managersBlog Cooley LLP It might soon be possible for alternative investment fund managers (AIFMs) in the United States of America, Hong Kong, Singapore, Japan, Canada, the… Canada North America Capital Markets Introduction de règles de déclaration des opérations sur dérivés dans les autres ressorts canadiens FR Blake Cassels & Graydon LLP Le 22 janvier 2016, les autorités canadiennes en valeurs mobilières de l’Alberta, de la Colombie-Britannique, du Nouveau-Brunswick, de… ESMA’s advice on the application of the passport to non-EU alternative investment fund managersBlog Cooley LLP It might soon be possible for alternative investment fund managers (AIFMs) in the United States of America, Hong Kong, Singapore, Japan, Canada, the… Company & Commercial Does Being an Ontario Not-For-Profit Corporation Mandate Audited Financial Statements?Ontario Torkin Manes LLP Given that many (although certainly not all) not-for-profit corporations ("NFPs"), both charitable and non-charitable, have a December year end… It's Proxy Time! Borden Ladner Gervais LLP For many Canadian public companies, a New Year signals that a new proxy season is just around the corner. On January 12, 2016, BLG and the Toronto… Competition & Antitrust A Primer on Competition Investigations in Canada Bennett Jones LLP The Competition Bureau just telephoned. They have started an "inquiry". Your company is about to receive a "section 11 Order". What's happening, and… BC Court denies disclosure based on public interest privilege in Pro-Sys v. MicrosoftBritish ColumbiaLitigation Fasken Martineau DuMoulin LLP On January 22, 2016, Justice Myers of the Supreme Court of BC issued a decision denying the plaintiffs' request for disclosure of documents collected… Dentons' pick of global regulatory trends to watch in 2016Litigation Dentons The Department of Justice (DOJ) continues to investigate and seek criminal charges against worldwide cartels. This enforcement activity will remain… Customers of wireless communications provider Telus to receive rebates as part of Competition Bureau Agreement Smart & Biggar/Fetherstonhaugh On December 30th, 2015, the Canadian Competition Bureau, which is responsible for administration and enforcement of the Competition Act, announced… Corporate Finance/M&A The Strategic Value of Transaction Insurance Bennett Jones LLP When we provided our thoughts on representation and warranty insurance (RWI) this time last year (Getting a Deal to Closing with Transaction… Employment & Labor A Brave New World? - Probably Not But Employers Sometimes Have To Deal With 26 Months’ Notice and "Dependant Contractors"OntarioLitigationBlog McCarthy Tétrault LLP The Ontario Court of Appeal has further shattered the "24 month maximum" myth. In Keenan v. Canac Kitchens Ltd., the Court of Appeal upheld a Trial… Anatomy of An Employment LawyerBlog Rubin Thomlinson LLP "Work is one of the most fundamental aspects in a person’s life, providing the individual with a means of financial support and, as importantly, a… The Ministry of Labour’s Safe Operation of Machinery Blitz is Underway...Ontario Aird & Berlis LLP The Ontario Ministry of Labour ("MOL") launched its Safe At Work Ontario compliance strategy in June 2008. As its title suggests, its aim is to make… Energy & Natural Resources Northern Gateway: BC Supreme Court Rules that British Columbia Must Issue its Own EA Decision and Consult First NationsLitigation Bennett Jones LLP In Coastal First Nations v British Columbia (Environment), 2016 BCSC 34, the court decided British Columbia must issue its own environmental decision… Ontario Power Generation Succeeds in OEB Review MotionOntario Aird & Berlis LLP On January 28, 2016, the Ontario Energy Board issued a decision on a review motion from Ontario Power Generation (OPG) that effectively reversed part… IT & Data Protection CRTC executes its second malware investigation under Canada’s Anti-Spam Legislation (CASL) Gowling Lafleur Henderson LLP On January 27, 2016, the Canadian Radio-television and Telecommunications Commission (CRTC) announced that it executed a warrant under Canada’s… Publication de faits privés embarrassants : un tribunal de l’Ontario reconnaît un nouveau délit pour atteinte à la vie privéeOntarioLitigationFR Blake Cassels & Graydon LLP Dans l’affaire Doe 464533 v. N.D. (« Doe 464533 »), la Cour supérieure de justice de l’Ontario (la « cour ») a conclu que la publication en ligne… Holding the black bag: Personal health information and bankruptcy proceedingsOntarioLitigation Gowling Lafleur Henderson LLP A recent decision of the Ontario Information and Privacy Commissioner (OPC) highlights the potentially broad application of the Personal Health… Ontario court develops new tort of "public disclosure of embarrassing private facts" in "revenge porn" caseOntarioLitigation Gowling Lafleur Henderson LLP On January 21, 2016, Justice Stinson of Ontario’s Superior Court released his judgment in what is certain to become a significant decision in the… Canada’s Anti-Spam Legislation: Considering CASL in Business TransactionsBlog McCarthy Tétrault LLP Since coming into force on July 1st, 2014, Canada’s Anti-Spam Legislation ("CASL") has created new concerns and risks that must be addressed in… Non-profit Organizations Does Being a Federal Not-For-Profit Corporation Mandate Audited Financial Statements? Torkin Manes LLP Given that many (although certainly not all) not-for-profit corporations ("NFPs"), both charitable and non-charitable, have a December year end… Patents Patentability in CanadaLitigationNavigator Gowling Lafleur Henderson LLP A structured guide to patents law and practice in Canada... Private Client & Offshore Services Top wills and estates law cases - costsAlbertaLitigation Bennett Jones LLP The first part of this paper includes an overview of the current state of the law in Alberta as it pertains to costs in estate litigation. This… Tax Client Update — February 2016 WeirFoulds LLP On February 9, 2016, the City of Toronto’s Budget Committee will present to the City’s Executive Committee a proposal to further study the impact of… USA North America Banking Financial Services Regulation - USA - January 2016 DLA Piper LLP Citing the Dodd-Frank Act’s objective of ending "too big to fail", the Federal Reserve released a proposed rule (Proposed Rule) during the final… UPDATE re Is New York's Proposal a Harbinger of Things to Come? Certification of BSA/AML Compliance and Personal Liability for Mistaken or False CertificationNew York Manatt Phelps & Phillips LLP This announcement comes just days after New York Governor Andrew Cuomo nominated Maria Vullo, another lawyer, to replace Benjamin Lawsky, who… Can New Beneficial Owner Identification Requirement for Cash-Only Real Estate Deals in Miami and New York City Be Avoided if Virtual Currency Is Used? Manatt Phelps & Phillips LLP After years of concern about money laundering through shell corporations, repeated legislative and regulatory efforts to gain more information on… FYI: Fla App Ct (2d DCA) Holds Foreclosure Not Barred by Lack of FCCPA "Notice of Assignment," Certifies Issue to Fla Sup CtFlorida LitigationBlog Maurice Wutscher LLP The District Court of Appeal of Florida, Second District ("Second DCA"), recently held that a notice of assignment of a mortgage loan pursuant to the… CFPB Orders "Buy Here, Pay Here" Auto Dealer to Pay $800,000 for "Abusive" Financing Schemes Manatt Phelps & Phillips LLP Continuing to keep a close eye on the auto lending industry, the Consumer Financial Protection Bureau (CFPB) ordered a "Buy Here, Pay Here" car… FDIC’s Winter 2015 Supervisory Insights Focus on Cybersecurity and Marketplace Lending Concerns Locke Lord LLP On February 1, 2016, the Federal Deposit Insurance Corporation (FDIC) released its Winter 2015 Supervisory Insights publication. One of the primary… Raising the Stakes for AML Compliance Officers: Court Refuses to Rule Out Potential Liability for Role in Employer's BSA Compliance ShortcomingsMinnesotaLitigation Manatt Phelps & Phillips LLP A federal court judge in Minnesota has rejected the motion of a former chief compliance officer to dismiss the U.S. government's claim that he is… OFAC Announces Its First "50 Percent Rule" PenaltyBlog Holland & Hart LLP Yesterday, the U.S. Department of the Treasury's Office of Foreign Assets Control announced the first settlement of apparent violations based on its… Bank Executives, Board Members Hit With SEC Fraud ChargesLitigation Manatt Phelps & Phillips LLP A group of bank executives and board members were hit with fraud charges by the Securities and Exchange Commission (SEC), with the agency accusing… Banks Should Take Note of FINRA 2016 Examination Priorities Manatt Phelps & Phillips LLP The Financial Industry Regulatory Authority (FINRA), the independent self-regulatory body for the securities industry, has issued its list of… Capital Markets Dissecting the New Section 4(a)(7) Mintz Levin Cohn Ferris Glovsky and Popeo PC President Obama signed into law the Fixing America’s Surface Transportation Act (the "FAST Act") on December 4, 2015 to address the nation’s… SEC Adopts Interim Final Rules to Implement FAST Act Public Offering Provisions Cahill Gordon & Reindel LLP In January 2016, the Securities and Exchange Commission ("SEC") adopted interim final rules and forms to implement certain public offering provisions… An SEC investigation: to disclose, or not disclose?Litigation DLA Piper LLP In a recent decision, the Ninth Circuit addressed for a second time the question of whether an issuer’s disclosure of a Securities and Exchange… Regulators' Heightened Emphasis on Cybersecurity Preparedness Bass, Berry & Sims PLC Cyberthreat concerns long-raised by securities regulators were evident in testimony today before the Senate Armed Services Committee by Director of… ESMA’s advice on the application of the passport to non-EU alternative investment fund managersBlog Cooley LLP It might soon be possible for alternative investment fund managers (AIFMs) in the United States of America, Hong Kong, Singapore, Japan, Canada, the… A Conversation with Chair WhiteBlog Morrison & Foerster LLP Chair White spoke at the Annual Securities Regulation Institute in San Diego last week and participated in a Q&A session. We have highlighted below… Spotlight on Spoofing: Looking Back at 2015 and Forward to 2016Litigation Jones Day In 2014, regulators signaled that they would focus their efforts on investigating and prosecuting individuals engaged in spoofing. True to their word… Company & Commercial Writing Effective and Clear Compliance Policies Volkov Law Group In the press of compliance priorities, chief compliance officers have to prioritize what is important and what is not. In some respects, the task of… Supervisory "Concerns" with Shareholder Protection ArrangementsBlog Bryan Cave LLP In December 2015 (following years of sporadic and seemingly random criticism) of shareholder protection arrangements, the Board of Governors of the… Illinois Appellate Court Upholds Finding of Consumer Fraud Act Violation in Sales Tax Overcollection CaseIllinoisLitigationBlog McDermott Will & Emery The Illinois Appellate Court recently affirmed a finding for a plaintiff individual, upholding the circuit court’s conclusion that defendant Sears… Competition & Antitrust Antitrust and Privacy Alert | The FTC Issues Native Advertising Guidelines Hogan Lovells If you’ve ever opened your washing machine to find white socks turned a pale shade of pink, you can relate to the sentiment of Buzzfeed UK’s piece "14… Dentons' pick of global regulatory trends to watch in 2016Litigation Dentons The Department of Justice (DOJ) continues to investigate and seek criminal charges against worldwide cartels. This enforcement activity will remain… Drug Testing Company Settles FTC Case Alleging Invitation to ColludeLitigation McDermott Will & Emery The FTC has entered into a final settlement with Drug Testing Compliance Group LLC (DTC Group) by order issued January 21, 2016, resolving an… Copyrights Copyright and Social Media: A place for comment, sharing, and fair use?LitigationBlog Baker & Hostetler LLP In the coming days, a trial is set to begin in the Southern District of New York in the case of North Jersey Media Group Inc. v. Jeanine Pirro. The… Cox Communications Liable for Willful Contributory Copyright Infringement for "Turning a Blind Eye" to Music Piracy by Its SubscribersLitigation Manatt Phelps & Phillips LLP Following a two-week trial in the case of BMG Rights Management (US) LLC v. Cox Communications, Inc., on December 17, 2015, a federal jury found… To Be or Not to Be… Is Internet Streaming a "Cable System" Under the Copyright Act?Litigation Manatt Phelps & Phillips LLP On November 12, 2015, a D.C. federal judge ruled in Fox Television Stations, Inc. v. FilmOn X LLC that the FilmOnX Internet streaming service is not… Be Reasonable: The U.S. Supreme Court Agrees to Review the Standard for Awarding Attorneys' Fees to the Prevailing Party in Copyright Infringement SuitsLitigation Manatt Phelps & Phillips LLP On January 15, 2016, the U.S. Supreme Court granted certiorari in the case of Supap Kirtsaeng DBA Bluechristine99 v. John Wiley & Sons, Inc… And Then What Happened? Catching Up With Prior StoriesLitigation Manatt Phelps & Phillips LLP On January 13, 2016, numerous news outlets reported that SoundCloud had entered into a multiyear license agreement with Universal Music Group… Play Fair: Authors Guild Seeks Supreme Court Review of Second Circuit's Fair Use Decision Favoring Google BooksLitigation Manatt Phelps & Phillips LLP On December 31, 2015, The Authors Guild filed a petition for writ of certiorari with the U.S. Supreme Court seeking the Court's review of the Second… Corporate Finance/M&A New year, new acquisitionsBlog Morrison & Foerster LLP From mid-holiday to post-Snowzilla, the government contractor space has seen acquisition activity across sectors, geographies, and sizes. Here are… Delaware’s Effort to Reduce Wasteful M&A Litigation — Should Companies Adopt Delaware Forum Selection Bylaws After Trulia?DelawareLitigation Fried Frank Harris Shriver & Jacobson LLP The Delaware courts have been engaged over the past couple of years in trying to counter the "sue first, ask questions later" approach to M&A… Chancery Court Continues to Close the Door on Disclosure-Only Settlements and Fees (But Opens a Window for "Mootness Dismissals")DelawareLitigationBlog Orrick, Herrington & Sutcliffe LLP As previously discussed here, in 2015, the Delaware Court of Chancery issued a number of decisions calling for enhanced scrutiny of "disclosure-only"… Employee Benefits & Pensions Pension and Health Plans: 2015 Year-End ReviewLitigation Schulte Roth & Zabel LLP Over the past year, the U.S. Departments of Labor (the "DOL"),Treasury, and Health and Human Services ("HHS") (collectively, the "Departments"), as… Subsidizing Student Health Insurance With Stipends - New Agency Guidance and ReliefBlog Mintz Levin Cohn Ferris Glovsky and Popeo PC On February 5, 2016, the Departments of the Treasury, Labor, and Health and Human Services (the Departments) issued guidance addressing the… Good News for Safe Harbor Plan Sponsors: The IRS Will Allow Mid-Year ChangesBlog Bryan Cave LLP On January 29, 2016, the Internal Revenue Service issued guidance on mid-year changes to safe harbor plans under Internal Revenue Code Sections… 2015 in Review: ERISA Civil Enforcement Recoveries Remain Low, Criminal Investigations Continue to Rise Sutherland Asbill & Brennan LLP The United States Department of Labor (DOL) recently published its Fiscal Year 2015 "Fact Sheet" documenting civil and criminal enforcement… Florida’s Workers’ Comp System Goes Back to the Future . . . at the Expense of Your PremiumsFloridaLitigation Ogletree Deakins On April 16, 2016, the Florida Supreme Court will hear another in a long line of cases brought by plaintiffs' lawyers trying to turn the clock back… Employment & Labor Fifth Circuit Weighs In On Breadth Of The Rehabilitation ActLitigationBlog Proskauer Rose LLP Recently, a split has continued among the Circuit Courts as to whether Section 504 of the Rehabilitation Act permits employment discrimination suits… DOL Issues New Guidelines on Joint EmploymentBlog Reed Smith LLP The past few weeks have brought us a flurry of activity from federal agencies poised to re-shape the employment landscape, from upending traditional… U.S. District Court Holds that FCA’s Retaliation Provision Requires "But-for" CausationIllinoisLitigationBlog Epstein Becker Green Last month, in United States ex rel. Helfer v. Associated Anesthesiologists of Springfield, Ltd., No. 3:10-cv-03076 (N.D. Ill. Jan. 14, 2016), the U… Hospital’s Neutral Hiring Policy Sinks Nurses’ ADA ClaimsLitigationBlog Epstein Becker Green In a matter emphasizing the importance of neutral hiring policies, the U.S. Court of Appeals for the Sixth Circuit has affirmed summary judgment in… Congress Reacts to Obama Administration Moves on Joint Employer LiabilityLitigation Jackson Lewis PC The Republican leadership of a congressional oversight committee has started investigating inter-agency communications in response to the Obama… GAO requires precision for proposed labor categoriesBlog Morrison & Foerster LLP On January 29, 2016, the Government Accountability Office (GAO) released its decision sustaining AllWorld Language Consultants, Inc… NC Industrial Commission--Recent News and ChangesNorth Carolina Vernis & Bowling The IC announced ten new rule changes that went into effect February 1, 2016. A complete list of the rules in their entirety can be found on the NCIC… Employers May Soon Be Required To Report Pay Information in Their EEO-1 Reports Blog SmithAmundsen LLC Employers, including federal contractors, who are required to file annual Employer Information Reports (also known as EEO-1 reports) with the U.S… Employment Mavens: Is "Extreme Gas" A Disability"Litigation FisherBroyles This is a real lawsuit, the allegations of which have gone viral because of all of the obvious jokes that can - and have been - made. But it's no… Not Your Standard Valentine’s Day Blog Duane Morris LLP Every year, I write a blog on Valentine’s Day on the risk of infusing Valentine’s Day into the workplace. This is not the same blog, and it is not… Can Government Regulation Make It Impossible to Pay Severance?VirginiaLitigation Zuckerman Spaeder LLP When an executive has an employment agreement and his company doesn't pay, the company might offer a number of excuses based on contract law. One of… Significant Reductions in the Minnesota Department of Human Rights Backlog in 2015MinnesotaBlog Briggs and Morgan While once saddled with a significant backload of cases, in 2015 the Minnesota Department of Human Rights (MDHR) continued its pattern of increased… Illinois Legislative Changes and a State Supreme Court Decision Substantially Help Employers Challenge Unemployment ClaimsIllinoisLitigation Epstein Becker Green Two recent developments substantially affect unemployment benefits in Illinois. First, on January 3, 2016, the Illinois Unemployment Insurance Act… Effective date of Birmingham's Minimum Wage Ordinance moved up to March 1Alabama Sirote & Permutt PC Last year, the Birmingham City Council adopted a Minimum Wage Ordinance that was to take effect July 1, 2016. During the last special session of the… NJ High Court Declines to Review "Borgata Babes" Case, Effectively Doubling Down on Appellate Court’s Acceptance of Atlantic City Casino’s Stringent Rules on Grooming, Dress and Weight GainNew JerseyLitigationBlog Mintz Levin Cohn Ferris Glovsky and Popeo PC The Borgata, which when it opened in 2003, marketed itself as Atlantic City’s first Las Vegas-style resort and distinguished itself in the… OSHA Issues New Whistleblower GuidanceLitigationBlog Holland & Hart LLP OSHA recently released a new Whistleblower Investigations Manual, clarifying its relaxed investigative standard of reasonable cause rather than the… What Difference Does 120 Days Make?FloridaLitigation Vernis & Bowling An employer/carrier is faced with a decision when a Workers’ Compensation claim is reported in Florida. It can 1) pay benefits 2) deny the claim or 3)… Five Recent Developments Employers in New York State or City Should KnowNew YorkBlog Epstein Becker Green Employers of all industries should be aware of the following five recent developments under New York State and New York City employment law… Does merit pay work? Cooley LLP Most employers in North America don't think so, according to CFO.com,reporting on a new survey by the compensation consulting firm, Willis Towers… Hiring and wage & hour law in TennesseeTennesseeNavigator Bass, Berry & Sims PLC A structured guide to background checks, hiring and wage & hour law in Tennessee Judge Vacates Citations for Alleged Slack in Steering Mechanisms of Mine VehiclesLitigation Jackson Lewis PC Finding evidence presented by a mine inspector to be "too vague and conclusory," an Administrative Law Judge (ALJ) has vacated two citations against… Where Trade Secrets Sanctions Meet Watergate: "What Files Did Your Former Employee Have, and When Did S/He Stop Having Them?"LitigationBlog Venable LLP I haven’t done a statistical analysis, but I’m willing to bet it’s true: sanctions - a judicial order that one side pay the other side’s attorneys’… Workplace Violence Prevention: DHS Promotes "Active Shooter Preparedness" Programs - Is Your Company Ready?Blog Seyfarth Shaw LLP Violence, often involving firearms, is an increasingly common occurrence in the 21st century workplace. The Federal Bureau of Investigation notes… Want to increase company performance? Increase the proportion of women in corporate leadership Cooley LLP So says a new study from the Peterson Institute for International Economics. The results suggest that the presence of women in corporate leadership… One Last Time: President Seeks Huge Increase to WHD Budget, InvestigatorsBlog Seyfarth Shaw LLP The President’s FY2017 budget request seeks a nearly $50 million increase in the Wage & Hour Division’s budget. This more than 20% increase would… Restaurant Industry Alert: DOL Issues Administrator's Interpretation Impacting Joint Employer Liability in the Franchise Restaurant Industry Ford & Harrison LLP Under the Obama administration, the U.S. Department of Labor (DOL) has aggressively enforced and interpreted the federal wage and hour laws. The… Seaman Experience a Texas-Sized Controversy Under the FLSALitigation Verrill Dana LLP Hey Tex, when is a sailor not a sailor? According to the Fifth Circuit, when the sailor's primary duty is unloading cargo. When we New Englanders… Arbitration Clauses in Employment Handbooks With Contract Disclaimer Are UnenforceableNew JerseyLitigationBlog Epstein Becker Green In a decision that will affect New Jersey employers seeking to arbitrate employees' claims, the Appellate Division, earlier this month, in Morgan v… The irritation game, part 2 - let’s get physicalBlog Squire Patton Boggs I am still haunted, as I expect is he, by a job interview here a number of years ago with a chap who knew so little about the relevant law that for… Five Easy Tips for Improving Your Company’s Non-Compete and Confidentiality Agreements and Related Practices NowBlog Seyfarth Shaw LLP As January quickly passed by and new projects increase by the day, there is still a golden opportunity to capitalize on some low-hanging fruit to… Energy & Natural Resources NRC Staff Proposes to Discontinue Part 21 RulemakingBlog Winston & Strawn LLP On June 8, 2015, the Commission issued a Staff Requirements Memorandum on Project AIM 2020, directing the NRC Staff to perform a prioritization of… Energy Bill the Focus of Congressional Debate Mintz Levin Cohn Ferris Glovsky and Popeo PC Congress has spent a significant chunk of the New Year focused on a bipartisan Energy Bill, which, if passed, would be the first broad bipartisan… Mega-Regional Agreements Could Reshape International Trade in Chemical Products Squire Patton Boggs Major trade negotiations in two parts of the world have the potential to greatly benefit the chemicals industry in the coming years. The… Sidley Shale and Hydraulic Fracturing Report - February 9, 2016PennsylvaniaLitigation Sidley Austin LLP In a February 1-2 teleconference, as summarized in the agenda, a panel of the EPA SAB continued to review and discuss its draft response to EPA’s… Electrify Africa Act of 2015 Set to Become US Law: Will Your Project be Prioritized? Squire Patton Boggs Over 600 million people - 70% of the population in sub-Saharan Africa (SSA) - lack access to electricity, stifling social and economic development. A… Film Highlights National Security Need for Renewable Energy Mintz Levin Cohn Ferris Glovsky and Popeo PC When one thinks of renewable energy and the growing movement to reduce dependence on fossil fuels, the US military is not, perhaps, the first thing… DOE Issues Funding Opportunity Announcement "BENEFIT 2016" Mintz Levin Cohn Ferris Glovsky and Popeo PC Last month the Department of Energy’s Office of Energy Efficiency and Renewable Energy (EERE) issued a Funding Opportunity Announcement (FOA)… Supreme Court Affirms FERC Demand Response AuthorityLitigation Mintz Levin Cohn Ferris Glovsky and Popeo PC Last week, the Supreme Court handed down a ruling affirming that federal regulators may encourage large electricity users to reduce consumption at… Insolvency & Restructuring Delaware Bankruptcy Judge Rejects Effort to Circumvent Supreme Court’s Asarco DecisionDelawareLitigationBlog Kelley Drye & Warren LLP The Supreme Court's decision last term in Baker Botts v. Asarco, in which the Court ruled that professionals that are paid from a debtor's bankruptcy… Illinois Bankruptcy Court Articulates Low Threshold for Equitable Subordination of Insider Secured LoanIllinoisLitigationBlog Cooley LLP For a distressed company running low on capital, an investment from insiders may represent a last best hope for survival. Insiders may be willing to… The Ninth Circuit Gives Individual Chapter 11 Debtors A Double-WhammyLitigation Squire Patton Boggs Individuals may want to think twice before seeking relief under chapter 11 following a recent decision from the Ninth Circuit Court of Appeals. In… Intellectual Property Eye on the Courts: IP Cases for Retailers to NoteLitigation Manatt Phelps & Phillips LLP Retail companies have closely monitored a series of cases from the U.S. Supreme Court on down, which have focused on IP matters covering induced and… IT & Data Protection Be Wary of Certain ISV and Embedded Software Agreements Scott & Scott, LLP It is common for software solution providers to use third-party products to support the functionalities those providers have developed for their… Breaking News: EU-US Privacy Shield Baker & McKenzie After months of intense negotiations, the European Commission and the US Government announced today an agreement on the EU-US Privacy Shield (see… ALJ Affirms Penalties for HIPAA ViolationsBlog Vorys, Sater, Seymour and Pease LLP For only the second time in its history, the U.S. Department of Health and Human Services (HHS) Office for Civil Rights (OCR) has imposed civil… Cybersecurity Litigation: Consumer Data Protection and Privacy Squire Patton Boggs The liability facing companies, boards of directors and other employees responsible for cybersecurity and the recent cases applying those principles… A checklist for protecting your trade secret information Greensfelder Hemker & Gale PC The following is a non-exhaustive checklist of steps that a business might take to protect information it considers to be a trade secret. While these… New EU-US Privacy Shield Agreed Squire Patton Boggs Europe and the US have agreed, in principle, on a new framework for transatlantic data flows to replace the, now invalid, Safe Harbor. The new… Second CMP Assessed for HIPAA Violations: Do You Know Where Your Data Is? Davis Wright Tremaine LLP For only the second time in its history, the U.S. Department of Health and Human Services' (HHS) Office for Civil Rights (OCR) has imposed a civil… EU: Data protection - proposed EU-US Privacy ShieldBlog Herbert Smith Freehills LLP The EU Commission and the US have agreed on a new framework to facilitate the transfer of EU personal data to the US, the EU-US Privacy Shield… How to protect client funds from hackers Dentons "Legal representation based on breach of sale contract. I wait to hear from you if your firm take on sure case. Just click this link for more… Identity stolen? Then check out the FTC’s website identitytheft.gov!Blog Gardere FTC Chairwoman Edith Ramirez praised the new identitytheft.gov website because millions "of Americans have been victims of identity theft, and until… The future of consumer data security, privacy and the Internet of Things: guidance from FTC Commissioner Terrell McSweeny Paul Hastings LLP In an event yesterday at the U.S. Chamber of Commerce, Federal Trade Commission ("FTC") Commissioner Terrell McSweeny offered businesses the… CMS Proposal Would Expand Medicare/Private Claims Data Available for Care Improvement Reed Smith LLP CMS has issued a proposed rule that would allow organizations approved as "qualified entities" to confidentially share or sell analyses of Medicare… Computer Fraud and Abuse Act Not Violated Unless Plaintiff Shows Defendant Had Intent To DefraudLitigationBlog Seyfarth Shaw LLP In a recent Computer Fraud and Abuse Act case, the Seventh Circuit Court of Appeals affirmed the district court’s conclusion that the plaintiff had… WP29 Says to Continue Using MCs and BCRs to transfer EU Data to US DLA Piper LLP Following on from yesterday’s announcement regarding the political agreement of the EU-US Privacy Shield, to replace the Safe Harbor program… Steptoe Cyberlaw Podcast - Interview with David KrisBlog Steptoe & Johnson LLP We devote Episode 100 to "section 702" intelligence - the highly productive counterterrorism program that collects data on foreigners from data… Know Your Vendors: The Importance of Comprehensive Risk Assessment ProgramsBlog McGuireWoods LLP As companies continue to explore new outsourcing and cloud services models in search of improved cost and productivity efficiencies, service… Personal Injury Provision Provides Coverage for Suit Alleging Privacy ViolationsLitigation Manatt Phelps & Phillips LLP The provision in a professional liability policy providing coverage for personal injury encompasses a class action alleging privacy violations… EU-US Privacy Shield: Still Awaiting CertaintyLitigationBlog Sheppard Mullin Richter & Hampton LLP Privacy activists across Europe raised their data protection banner following the announcement by EU Commissioner for Justice, Consumers and Gender… President Seeks $19 Billion and Creates a Commission to Address CybersecurityBlog Jackson Lewis PC President Barack Obama requested $19 billion in his budget for 2017 to address cybersecurity in the United States, $5 billion more than was budgeted… EU political update 08 - 12 February 2016Litigation Clifford Chance LLP On 2 February 2016, President Tusk released a letter setting out the main points of a draft proposal for a deal on the UK's membership of the… Digital Health Law Update, Vol. II, Issue 1 Jones Day As new technologies and delivery models create challenges for health care providers in regard to protecting patients' personal health information… 2016’s TechBridge Challenge Focuses on Advanced Surfaces Mintz Levin Cohn Ferris Glovsky and Popeo PC Are you working on or interested in advanced surface Technologies? Look no further than the TechBridge Challenge on Advanced Industrial Surfaces! In… Privacy Shield: The New Transatlantic Agreement and How it May Impact Your CompanyBlog Kelley Drye & Warren LLP Last Tuesday, February 2, 2016, the European Commission announced that it approved the EU-U.S. Privacy Shield ("Privacy Shield"), an agreement with… SAMHSA Proposes Major Changes to Federal Substance Abuse Privacy RuleBlog Foley & Lardner LLP Almost thirty years after the last substantive change to the federal regulations governing the confidentiality of alcohol and drug abuse patient… New framework for transatlantic data transfers promised: EU-US Privacy Shield De Brauw Blackstone Westbroek Almost four months after the EU Court of Justice declared the European Commission’s Safe Harbor decision invalid, Commissioner Jourová announced its… Senator Calls on Med Device Leaders to Improve CybersecurityBlog Cooley LLP Late last week, Senator Barbara Boxer (D-CA) wrote to the leaders of Johnson & Johnson, GE Healthcare, Siemens USA, Medtronic and Philips USA, to… Legal Practice District Court Upholds Summons and Rejects Attorney-Client and Work Product PrivilegeMississippiLitigation Shearman & Sterling LLP On November 16, 2015, the United States District Court, Southern District of Mississippi, dismissed a petition to quash a third-party summons served… Patents GFIT, LLC v. Sigvaris, Inc.LitigationBlog Dickinson Wright PLLC GFIT, LLC filed suit against Sigvaris, Inc. for patent infringement of U.S. Patent No. 5,898,948, entitled "Support/Sport Sock." The patent generally… The PTAB Giveth, and the PTAB Taketh AwayLitigation Seyfarth Shaw LLP The PTAB cancelled claims of a financing patent as lacking patentable subject matter in Westlake Services LLC v. Credit Acceptance Corp… The Board’s Prerogative to Change its Mind May Doom Petition after InstitutionLitigationBlog Marshall Gerstein & Borun LLP In TriVascular, Inc. v. Samuels, Appeal No. 2015-1631 (Fed. Cir. Feb. 5, 2016), a unanimous Federal Circuit panel affirmed a PTAB final written… New Life for Vitiation as a Defense to Doctrine of Equivalents InfringementLitigation Locke Lord LLP The doctrine of claim vitiation prevents application of the doctrine of equivalents in a way that would completely eliminate a claim element -i.e… AbbVie Submits Citizen Petition on Interchangeable BiosimilarsBlog Patterson Belknap Webb & Tyler LLP AbbVie, Inc., a biopharmaceutical company, has submitted a citizen petition to the FDA regarding determinations of interchangeability under the BPCIA… Ninth Circuit Finds Policy Provides Coverage for Dispute Between CompetitorsLitigation Manatt Phelps & Phillips LLP The Ninth Circuit recently ruled that a dispute between two competitors fell within a liability policy issued by St. Paul Mercury Insurance Company… Microsoft Alleges Corel Infringes Design Patents Directed to Graphical User Interfaces (GUIs)CaliforniaLitigationBlog Oblon Microsoft Corporation ("Microsoft") filed suit against Corel Corporation and Corel Inc. ("Corel") in the Northern District Court of California… Event notice Biosimilars/Biologics Webinar Series - Part III: BPCIA Patent Litigation Mintz Levin Cohn Ferris Glovsky and Popeo PCWebinar, 25 February 2016 Biosimilars/Biologics Webinar Series - Part IV: Transactions and Patent Portfolios Mintz Levin Cohn Ferris Glovsky and Popeo PCWebinar, 17 March 2016 Biosimilars/Biologics Webinar Series - Part V: Post-Market Legal and Regulatory Issues Mintz Levin Cohn Ferris Glovsky and Popeo PCWebinar, 7 April 2016 Tax Tax Policy Update - February 9, 2016 McGuireWoods LLP The estimated price tag of President Obama’s budget request for fiscal year 2017. The White House released its budget blueprint this morning with… Clients & Friends Newsletter- February 2016 Baker & McKenzie Effective 1 January 2016, the Belgian government adopted new legislation that imposes a 33% capital gains tax (referenced locally as the "speculation… PATH Act Allows R&D Credit to Reduce FICA Taxes for Certain Small Businesses McGuireWoods LLP The Protecting Americans from Tax Hikes (PATH) Act of 2015 makes permanent the research and development (R&D) tax credit, which had expired for… The Benefits and Potential Pitfalls of Making a Tax DepositLitigation Shearman & Sterling LLP Taxpayers who anticipate owing money to the Internal Revenue Service may file a "deposit" with the government. A deposit benefits a taxpayer by… New Basis Reporting Requirements for Executors and Others Who File Estate Tax Returns Manatt Phelps & Phillips LLP Statutes imposing new reporting requirements on executors and others who file estate tax returns were tacked onto a transportation and veteran's… IRS Remains Focused on Off Shore Tax Enforcement Shearman & Sterling LLP On January 27, 2016, the US Department of Justice announced that it had signed the final non-prosecution agreement with a Category 2 Swiss bank.The… Argentina Latin America & Caribbean Energy & Natural Resources Argentina briefing update Herbert Smith Freehills LLP ON 10 DECEMBER, MAURICIO MACRI OFFICIALLY TOOK OVER AS PRESIDENT AFTER 12 YEARS UNDER THE KIRCHNER GOVERNMENT. IN HIS FIRST MONTH IN OFFICE, THE… Bermuda Latin America & Caribbean Capital Markets ESMA’s advice on the application of the passport to non-EU alternative investment fund managersBlog Cooley LLP It might soon be possible for alternative investment fund managers (AIFMs) in the United States of America, Hong Kong, Singapore, Japan, Canada, the… Cayman Islands Latin America & Caribbean Capital Markets ESMA’s advice on the application of the passport to non-EU alternative investment fund managersBlog Cooley LLP It might soon be possible for alternative investment fund managers (AIFMs) in the United States of America, Hong Kong, Singapore, Japan, Canada, the… Belgium Europe Employment & Labor Recruitment and wage & hour law in BelgiumNavigator Van Bael & Bellis A structured guide to background checks, recruitment and wage & hour law in Belgium Tax Clients & Friends Newsletter- February 2016 Baker & McKenzie Effective 1 January 2016, the Belgian government adopted new legislation that imposes a 33% capital gains tax (referenced locally as the "speculation… Bulgaria Europe Banking Bulgaria: New bill on consumer lending related to residential real estate properties CMS On 3 February 2016, a new bill on consumer lending related to residential real estate properties, which transposes Directive 2014/17/EU (the… European Union Europe Banking This week at the UK regulators - 9 February 2016 Clifford Chance LLP Enforcement action taken by the FCA this week has been dominated by joint action with the PRA against multiple individuals and firms for misconduct… International regulatory update 1 - 5 February 2016 Clifford Chance LLP The EU Commission has presented its action plan to combat the financing of terrorism. The action plan focuses on two strands of action… Italy implements the Bank Recovery and Resolution Directive White & Case LLP On January 1, 2016, two Italian legislative decrees that implement the Bank Recovery and Resolution Directive No. 2014/59/EU ("BRRD") in Italy came… The receipt of monetary and non-monetary benefits under MiFID II Charles Russell Speechlys LLP The reforms to the Markets in Financial Instruments Directive (known as MiFID II) will introduce wide ranging changes applicable across the financial… Financial Services Regulation - Europeon Union - January 2016 DLA Piper LLP In the last issue of Exchange - International, we reported that the European Commission had adopted rules on central clearing for interest rate… Capital Markets Financial Services Regulation - In Focus - January 2016 DLA Piper LLP In our May 2015 issue of Exchange - International we reported on the European Commission’s 18 February 2015 green paper titled Building a Capital… ESMA’s advice on the application of the passport to non-EU alternative investment fund managersBlog Cooley LLP It might soon be possible for alternative investment fund managers (AIFMs) in the United States of America, Hong Kong, Singapore, Japan, Canada, the… Company & Commercial Director Liability in an International ContextLitigation DLA Piper LLP The European Court of Justice ("ECJ") on 10 December 2015 issued a decision (case no. C-594/14, Simona Kornhaas v. Thomas Dithmar, available here)… Competition & Antitrust Dentons' pick of global regulatory trends to watch in 2016Litigation Dentons The Department of Justice (DOJ) continues to investigate and seek criminal charges against worldwide cartels. This enforcement activity will remain… European Union (EU): Cell phone chip maker blamed for abuse of dominance Vaish Associates Advocates The European Commission (EC), on the December 08, 2015 sent two statements of objection to Qualcomm, the world's biggest supplier of cell phone… European Court Provides Guidance on Application of Antitrust Rules to IT PlatformsLitigation Cooley LLP On 21 January, the European Court of Justice (ECJ) issued an interesting judgment on the extent to which existing antitrust price-fixing principles… EU: EC approves acquisition of diminutive package distribution accommodations provider TNT Express by FedEx Vaish Associates Advocates The EC has on January 08, 2016 announced an approval to the merger of TNT express by FedEx Corporation. FedEx and TNT are two out of four so-called… EU: Italian consumer organizations file complaint against McDonalds’ franchise systemLitigation Vaish Associates Advocates Three Italian buyer associations have encouraged EC to examine McDonald's franchise system in the Europe Union, a month after the opening of an EU… Copyrights The European Commission's December 2015 communication on copyright - the aptly named "appetiser" to 2016's "main course" RPC As part of its Digital Single Market Strategy the European Commission released a Communication entitled "Towards a modern, more European copyright… Does copyright protect data file formats?LitigationBlog Berwin Leighton Paisner LLP Generally speaking, copyright protects the expression of an idea but it does not protect the underlying idea itself. Applying that rationale to… Media - Top 5 predictions for 2016!Litigation DLA Piper LLP Great news are expected in EU and Italian media landscape, as 2016 will be crucial for the implementation of the Digital Single Market Strategy of… Employment & Labor EU: ECJ privacy ruling not a green light for employer snooping despite media headlinesLitigationBlog Herbert Smith Freehills LLP A recent ruling of the European Court of Human Rights should be viewed as a reminder to employers to exercise caution before monitoring their… Employers do not have green light to monitor employee emails, despite ECHR judgmentLitigation DLA Piper LLP A recent case before the European Court of Human Rights has set the cat amongst the pigeons on the perennial hot topic of employees’ entitlement to… Energy & Natural Resources Mega-Regional Agreements Could Reshape International Trade in Chemical Products Squire Patton Boggs Major trade negotiations in two parts of the world have the potential to greatly benefit the chemicals industry in the coming years. The… Intellectual Property The SLALOM project: Intellectual Property/Liability Bird & Bird This point raises various legal and commercial issues. The relevant clause provided by cloud service agreements concerns: the intellectual property… IT & Data Protection Finding a data compromise: what the EU Data Protection Regulation compromise saysLitigationBlog Herbert Smith Freehills LLP After almost four years of debate, the European Commission, Parliament and Council finally reached political agreement on the proposed General Data… Breaking News: EU-US Privacy Shield Baker & McKenzie After months of intense negotiations, the European Commission and the US Government announced today an agreement on the EU-US Privacy Shield (see… Regulation (EU) 2015/2283: Novel Foods' Brave New World? Bird & Bird On 25 November 2015, the new European Regulation on novel foods (Regulation (EU) 2015/2283) was adopted. The text was published in the Official… Top 10 EU Privacy Regulation issues - #1 Which companies shall care about it? DLA Piper LLP The upcoming EU privacy regulation created an atmosphere of tension as to what shall be done NOW to be ready for the GDPR. And here I cover the… New EU-US Privacy Shield Agreed Squire Patton Boggs Europe and the US have agreed, in principle, on a new framework for transatlantic data flows to replace the, now invalid, Safe Harbor. The new… EU: Data protection - proposed EU-US Privacy Shield Blog Herbert Smith Freehills LLP The EU Commission and the US have agreed on a new framework to facilitate the transfer of EU personal data to the US, the EU-US Privacy Shield… The standardisation of cloud computing SLA and contractual terms: the SLALOM project Bird & Bird SLALOM is a project funded by the European Union's Horizon 2020 research and innovation programme under grant agreement no. 644270. The project aims… WP29 Says to Continue Using MCs and BCRs to transfer EU Data to US DLA Piper LLP Following on from yesterday’s announcement regarding the political agreement of the EU-US Privacy Shield, to replace the Safe Harbor program… Commercial Law Update: Review 2015Litigation Mason Hayes & Curran There were some ground-breaking developments in the technology and Commercial Law spheres in 2015. The standout European development has been the… EU-US Privacy Shield: Still Awaiting CertaintyLitigationBlog Sheppard Mullin Richter & Hampton LLP Privacy activists across Europe raised their data protection banner following the announcement by EU Commissioner for Justice, Consumers and Gender… The EDPS’ priorities for 2016 Baker & McKenzie The European Data Protection Supervisor ("EDPS) has issued its 2016 priorities. While the primary responsibility of the EDPS is to monitor the… EU political update 08 - 12 February 2016Litigation Clifford Chance LLP On 2 February 2016, President Tusk released a letter setting out the main points of a draft proposal for a deal on the UK's membership of the… Will free apps soon be dead in Europe?Blog Mintz Levin Cohn Ferris Glovsky and Popeo PC As we’ve discussed previously, the GDPR significantly limits user consent as a basis for processing personal data. One interesting question is… Privacy Shield: The New Transatlantic Agreement and How it May Impact Your CompanyBlog Kelley Drye & Warren LLP Last Tuesday, February 2, 2016, the European Commission announced that it approved the EU-U.S. Privacy Shield ("Privacy Shield"), an agreement with… New framework for transatlantic data transfers promised: EU-US Privacy Shield De Brauw Blackstone Westbroek Almost four months after the EU Court of Justice declared the European Commission’s Safe Harbor decision invalid, Commissioner Jourová announced its… The SLALOM project: Service levels - Service credits/Variation of the services Bird & Bird In cloud computing agreements, this clause requires the Provider to supply the services in accordance with certain service levels agreed between the… Article 29 Working Party updates its Opinion on applicable lawLitigation Reed Smith LLP The Article 29 Working Party (WP29) has updated its Opinion on applicable law and has introduced a new ‘inextricable link’ test representing a new… Tax Clients & Friends Newsletter- February 2016 Baker & McKenzie Effective 1 January 2016, the Belgian government adopted new legislation that imposes a 33% capital gains tax (referenced locally as the "speculation… Finland Europe Employment & Labor Changes to employment legislation or a social contract? Bird & Bird Unless a social contract concerning working life reforms is promptly made between the parties involved in collective bargaining, there will be… France Europe Competition & Antitrust French Competition Authority (FCA) fines 20 delivery service industries, for anti-competitive agreements, for a total amount of 672.3 million Euros Vaish Associates Advocates The FCA, by its decision dated December 15, 2015, has fined 20 distribution service companies for coordinating on annual price increases that they… Online selling: is it still possible to prohibit sales via online marketplaces in France? Bird & Bird The French Competition Authority (FCA) has recently ruled that although qualitative criteria may be applied to online marketplaces, their use may not… French Class Action Law Has Less Impact Than ExpectedLitigation McDermott Will & Emery Since the entry into force on 1 October 2014 of the provisions of the "Hamon" law of 17 March 2014, which introduced class actions into French law in… Tax Raise of the tax rate for the financing of the support fund for Local Communities Baker & McKenzie The tax rate is increased from 0.026% to 0.0642% for the years 2016 to 2025 and then reduced to 0.0505% for the years 2026 to 2028. For the record… Dematerialization of the audited taxpayer's Charter of rights and obligations Baker & McKenzie Article 86 of the 2016 Finance Act replaces the general requirement to provide the audited taxpayer with a charter (that summarizes its rights during… Transfer pricing French filing requirement Baker & McKenzie The law against tax fraud and serious economic and financial crime dated December 6, 2013 provided for a requirement to file an annual transfer… The Stéria case law consequences: 1% of a dividend eligible to the French parent subsidiary regime will be taxable when paid to a French tax group member Baker & McKenzie Parliament has decided to transpose the Stéria case law (September 2, 2015 Aff.C-386/14, Group Steria SCA) into French law in a minimal manner. It… TASCOM liability in case of discontinuance of business in the course of the year Baker & McKenzie In order to address the issue of budget losses recorded by local authorities in the event of a change of business operator in the course of the year… Modification of the tax on television services Litigation Baker & McKenzie Article 115 of the 2016 Finance Act draws the consequences of cases n° 2013-684 DC dated 29 December 2013 and n° 2013-362 QPC dated 6 February 2014… Collective investment fund vehicle for real estate ("Organisme Professionnel de Placement Collectif Immobilier"): tax consequences relating to the extension of the corporate purpose to the furnished rental activity Baker & McKenzie As a reminder, the tax treatment applicable to OPPCIs differs depending on its corporate form: open-ended corporate-status vehicle investing… Germany Europe Competition & Antitrust German Federal Cartel Office (FCO) prohibits the "best value" provisions of Booking.com Vaish Associates Advocates In December 2015 the Bundeskartellamt (FCO) prohibited booking.Com Deutschland GmbH from making use of its "best price" clauses and ordered the inn… Employment & Labor Ordinary termination of employment due to sicknessLitigation DLA Piper LLP A decision of the German Federal Labour Court (Bundesarbeitsgericht) on 13 May 2015 considered an employer’s termination of an employment contract… IT & Data Protection New Berlin Data Protection Officer Appointed Squire Patton Boggs Lawyer Maja Smoltczyk has been elected as the new Berlin Data Protection Officer. She is the successor of Alexander Dix, who has been Officer since… Baden-Württemberg Data Protection Officer Presents Activity Report for 2014/2015 Squire Patton Boggs The Baden-Württemberg Data Protection Officer, Jörg Klingbeil, has presented his activity report for 2014/15, dealing with issues such as the General… Germany’s Step to Enhance the Data Protection Rights of its Citizens "Act to Improve the Civil Enforcement of Consumer Protection Provisions of Data Protection Law" Squire Patton Boggs Following the European Court of Justice's Schrems decision invalidating the Safe Harbor data transfer mechanism, much attention has focused on the… Peter Schaar Becomes President of "Gematik" Conciliation Board Squire Patton Boggs Peter Schaar, the predecessor of Andrea Voßhoff at the German Data Protection Office, has been elected president of the "Gematik" conciliation board… Greece Europe Competition & Antitrust Greece: Parliament introduces changes to Competition Law to impose stricter ministerial oversight of Hellenic Competition Commission (HCC) Vaish Associates Advocates The Greek Parliament has introduced changes to the existing competition law. Under a new bill, the maximum age limit of demitting office from the HCC… IT & Data Protection EU political update 08 - 12 February 2016Litigation Clifford Chance LLP On 2 February 2016, President Tusk released a letter setting out the main points of a draft proposal for a deal on the UK's membership of the… Ireland Europe Capital Markets Securities Financing - New Reporting, Disclosure, and Reuse Obligations Arthur Cox The Securities Financing Regulation (Regulation (EU) 2015/2365) (the SFT Regulation) came into force on 12 January 2016 Energy & Natural Resources Energy Law Update: 2015 Review Mason Hayes & Curran 2015 was another busy year for the Irish energy sector, as the industry works toward delivering the Government’s target of 40% of electricity… IT & Data Protection Big Brother is Watching - But is he Listening Too? Mason Hayes & Curran Two years on from the controversy surrounding the recording of telephone calls in Garda stations, the secret recording of calls in Ireland remains a… Commercial Law Update: Review 2015Litigation Mason Hayes & Curran There were some ground-breaking developments in the technology and Commercial Law spheres in 2015. The standout European development has been the… Isle of Man Europe Capital Markets ESMA’s advice on the application of the passport to non-EU alternative investment fund managersBlog Cooley LLP It might soon be possible for alternative investment fund managers (AIFMs) in the United States of America, Hong Kong, Singapore, Japan, Canada, the… Italy Europe Banking Italy implements the Bank Recovery and Resolution Directive White & Case LLP On January 1, 2016, two Italian legislative decrees that implement the Bank Recovery and Resolution Directive No. 2014/59/EU ("BRRD") in Italy came… Competition & Antitrust EU: Italian consumer organizations file complaint against McDonalds’ franchise systemLitigation Vaish Associates Advocates Three Italian buyer associations have encouraged EC to examine McDonald's franchise system in the Europe Union, a month after the opening of an EU… Copyrights Media - Top 5 predictions for 2016!Litigation DLA Piper LLP Great news are expected in EU and Italian media landscape, as 2016 will be crucial for the implementation of the Digital Single Market Strategy of… Luxembourg Europe Capital Markets Luxembourg Stock Exchange publishes new rules and regulations NautaDutilh The rules and regulations of the Luxembourg Stock Exchange (LuxSE) govern the listing and admission of securities to trading on the LuxSE securities… Netherlands Europe IT & Data Protection Four developments that will further shape the Dutch cybersecurity landscape DLA Piper LLP January 2016 could be characterized as an interesting month for cybersecurity from a Dutch legal perspective. I will briefly discuss four… Poland Europe Company & Commercial What’s new in the Polish law? An overview of selected changes in regulations and their impact on businessLitigation Eversheds LLP The General Data Protection Regulation will force businesses to make numerous changes in their data protection policies. Failure to comply with the… IT & Data Protection Legal alert | Compliance February 2016 Domański Zakrzewski Palinka The Act on Amendment to the Police Act and Some Other Acts took effect on 7 February 2016. It thoroughly changes the laws applicable to non-public… Romania Europe Tax Clients & Friends Newsletter- February 2016 Baker & McKenzie Effective 1 January 2016, the Belgian government adopted new legislation that imposes a 33% capital gains tax (referenced locally as the "speculation… Russia Europe Company & Commercial New Rules for Transfer of Title to Participation Interests in LLCs and Other Changes Baker & McKenzie In January 2016, Russian corporate laws were amended to: modify the procedures for the transfer of title and pledge of participation interests in… Insolvency & Restructuring Litigation. Major Russian legislation changes for 2015Litigation Dentons The Russian Federation Code of Administrative Procedure (the Administrative Procedure Code) entered into force on September 15, 2015. It is important… Tax Russian Transfer Pricing in 2016 Dentons Dentons' Tax practice would like to remind you that, for transactions completed in 2015, the notice of controlled transactions must be filed with the… Spain Europe Banking UK investors in Bankia stand to benefit from Spanish Supreme Court judgmentLitigation Collyer Bristow LLP UK investors in Bankia SA, Spain's fourth largest bank, may benefit from a decision of the Tribunal Supremo de España ordering the bank to compensate… Corporate Finance/M&A Jurisprudencia - Febrero 2016LitigationES Gómez-Acebo & Pombo Abogados Asunto T-255/13: Sentencia del Tribunal General de 12 de noviembre de 2015 — Italia/Comisión («FEOGA — Sección "Garantía" — FEAGA y FEADER — Gastos… Deducción en el impuesto sobre sociedades de la target de los gastos de asesoramiento relativos a la oferta pública de adquisiciónLitigationES Gómez-Acebo & Pombo Abogados La Audiencia Nacional, en su Sentencia de 3 de noviembre del 2015, (rec. N.º 478/2012), aborda una interesante cuestión relativa a la posibilidad de… Insolvency & Restructuring Supreme court ruling of December 21,2015, No. 708/2015: application of the general privilege of article 91.7 of the Insolvency Act (lC) in the event of multiple creditors requesting insolvencyLitigation Cuatrecasas Gonçalves Pereira A company's insolvency is requested by three of its creditors whose credits originated from a syndicated financing agreement signed with other credit… Grupo Empresarial Alco: approval of the early composition agreement Cuatrecasas Gonçalves Pereira Cuatrecasas, Gonrcalves Pereira has advised GRUPO EMPRESARIAL ALCO on submitting and processing the early composition agreement with the company's… NATRA: debt restructuring and refinancing Cuatrecasas Gonçalves Pereira Cuatrecasas, Gonrcalves Pereira has advised one of the coordinating institutions on the process for the acquisition of NATRA debt and on the design… Madrid Commercial Court No.11 order of October 20, 2015, proceeding No. 760/2015: approved refinancing agreement in substitution of the will of dissenting institutions with respect to the cancellation and establishment of guaranteesLitigation Cuatrecasas Gonçalves Pereira First, the court analyses whether the refinancing agreement seeking approval complies with the legal requirements envisaged in Additional Provision 4… Bilbao Commercial Court No.1 ruling of October 7, 2015, No. 216/2015: decrease of the applicable margin as a result of the approved refinancing agreement does not entail any debt relief that prevents extension to dissenting creditorsLitigation Cuatrecasas Gonçalves Pereira This ruling resolves the financial creditors' challenge to the approval of a refinancing agreement extending the deferral stipulated and the… Barcelona Provincial Court (Division 15) ruling of October 7, 2015, No. 233/2015: non-subordination of a credit from a specially - related person because it is not a loan or similar transactionLitigation Cuatrecasas Gonçalves Pereira A credit institution appealed the ruling that approved the agreement claiming that the creditors meeting had allowed the presence and vote by a city… Ruling of the High Court of Justice (Queen's Bench division), November 30, 2015, Case No. Cl-2015-000 143: the discharge of guarantees in favour of creditors specially related to the insolvent party does not affect the personal guarantees granted by a third partyLitigation Cuatrecasas Gonçalves Pereira This ruling resolved an issue originating from a personal and joint and several guarantee granted by two companies to secure the obligations assumed… Tax Clients & Friends Newsletter- February 2016 Baker & McKenzie Effective 1 January 2016, the Belgian government adopted new legislation that imposes a 33% capital gains tax (referenced locally as the "speculation… Enbridge case: lack of "substance" of Danish holding company leads to denial of 0% dividend withholding tax under the EU Parent-Subsidiary DirectiveLitigation Gómez-Acebo & Pombo Abogados The Spanish National Appellate Court (the "Court") has recently given a judgment1 denying the application of the 0% dividend withholding tax under… Supreme Court rulings (contentious-administrative chamber) of November 13 and 18,2015, appeals of cassation Nos. 1372/2014 and 3068/2013: stamp tax on mortgages subject to a condition precedent accrues on the execution of the deedLitigation Cuatrecasas Gonçalves Pereira In these two rulings, the SC addresses whether the conditions precedent that affect the mortgaged credit and are contained in the notarial deed… Sweden Europe Employment & Labor Franchisee or employee? Sagell and Co When the franchising business model began to expand in Sweden during the 1970s, the trade unions expressed concern that employers could use it as a… Switzerland Europe Energy & Natural Resources Iransanktionen: Freipass im internationalen Handel?DE PwC Switzerland In den letzten Tagen waren die Iransanktionen Gegenstand der Berichterstattung in verschiedenen Medien. Zwar ist die Schweiz nicht Partei des… Tax IRS Remains Focused on Off Shore Tax Enforcement Shearman & Sterling LLP On January 27, 2016, the US Department of Justice announced that it had signed the final non-prosecution agreement with a Category 2 Swiss bank.The… Turkey Europe Capital Markets Turkish CMB's Consent Requirements for IPOs of Foreign Parent Companies CMS Indirect transfers of shares in Turkish intermediary companies are currently regulated by the Communique on the Principles regarding the… IT & Data Protection Turkey Data Protection Bill Aimed to be Enacted in the First Quarter of 2016 Squire Patton Boggs On 18 January, the Prime Minister of Turkey submitted a revised draft Data Protection Bill to the Grand National General Assembly of Turkey. The… Ukraine Europe Company & Commercial Business entities to be inspected only once a year in 2016 CMS On 30 November 2015, the Ministry of Economic Development and Trade of Ukraine adopted a plan of state inspections to be carried in 2016 (Order No… United Kingdom Europe Banking Word of the day® - make wholeVideo Latham & Watkins LLP Is the whole greater than the sum of its parts? Partner Tad Freese explains the term Make Whole from the Book of Jargon® - US Corporate and Bank… This week at the UK regulators - 9 February 2016 Clifford Chance LLP Enforcement action taken by the FCA this week has been dominated by joint action with the PRA against multiple individuals and firms for misconduct… The receipt of monetary and non-monetary benefits under MiFID II Charles Russell Speechlys LLP The reforms to the Markets in Financial Instruments Directive (known as MiFID II) will introduce wide ranging changes applicable across the financial… Politically Exposed Persons - House of Commons debates money laundering rulesBlog Kingsley Napley Whether money laundering rules relating to Politically Exposed Persons (PEPs) were being applied in a "heavy-handed" way by banks was an issue of… Financial Services Regulation - United Kingdom - January 2016 DLA Piper LLP On 2 December 2015, the Payment Services Regulator (PSR) published a consultation paper (CP15/3: the application of the Interchange Fee Regulation in… New Fraud Taskforce - A step in the fight against fraud or political posturing? Kingsley Napley Today saw the announcement by Theresa May, the Home Secretary, and Mark Carney, Governor of the Bank of England, of a new Joint Fraud Taskforce… Update on the Bank of England and Financial Services Bill Eversheds LLP The House of Commons has released two briefing papers on the Bank of England and Financial Services Bill. These papers highlight the progress of the… Capital Markets The UK’s National Private Placement Regime for non-EU PE / VC Fund Managers - "financial promotions"Blog Cooley LLP If you're planning to raise a non-EU PE / VC fund, and some of your investors will be in the UK when you talk or write to them, the UK's financial… Company & Commercial In a bind - Non-party costs orders against DirectorsLitigation DAC Beachcroft LLP Sebastian Holdings Inc ("SHI") executed numerous transactions involving foreign exchange, equities and other financial products through Deutsche Bank… Drafting contracts - key lessons from 2015Litigation Herbert Smith Freehills LLP In this briefing we look at the lessons to be learnt from some of the key English contract law cases reported in 2015. We have given a brief summary… The UK’s Modern Slavery Act 2015 - 5 steps toward compliance for the fashion sectorBlog DLA Piper LLP The enactment in the UK of the Modern Slavery Act 2015, which aims to tackle the worryingly pervasive issues surrounding forced labor and human… The PSC Regime - Persons with Significant Control Reed Smith LLP This is the third in a series of client alerts published about the Small Business, Enterprise and Employment Act 2015 (SBEEA) - the impetus for a… Bad AGMs and how to avoid them Charles Russell Speechlys LLP Charles Russell Speechlys were pleased to team up with the Quoted Companies Alliance and ICSA for an evening of essential tips to help avoid those… Implied terms: when can a term be implied into a contract?Litigation RPC The Supreme Court has clarified the law on implied terms: to be implied it must be necessary for business efficacy or alternatively be so obvious as… Competition & Antitrust Antitrust and Privacy Alert | The FTC Issues Native Advertising Guidelines Hogan Lovells If you’ve ever opened your washing machine to find white socks turned a pale shade of pink, you can relate to the sentiment of Buzzfeed UK’s piece "14… CAT fast track competition remedies procedure used for first timeLitigationBlog Bryan Cave LLP In January 2016 the Competition Appeal Tribunal (CAT) dealt with the first case to be brought under the new and recently introduced "fast track"… Copyrights Does copyright protect data file formats?LitigationBlog Berwin Leighton Paisner LLP Generally speaking, copyright protects the expression of an idea but it does not protect the underlying idea itself. Applying that rationale to… Employee Benefits & Pensions Resolving mistakes in trust deeds and wills - a new, cheaper and quicker approach?Litigation RPC Claims are often made against professionals arising out of errors in trust deeds and wills. This is particularly the case in relation to pension… Seafarers ‘ordinarily working in the UK’Litigation Clyde & Co LLP The Administrative Court has recently had to grapple with the issue of whether seafarers, who work on vessels which spend all or most of their time… Court of Session rules that EBT contributions were taxable as redirected earnings in Rangers FC caseLitigation RPC On 4 November 2015, the Scottish Court of Session overturned the earlier decision of the Upper Tribunal in Advocate General for Scotland v Murray… Employment & Labor Zero hour workers: Exclusivity Terms in Zero Contract Hours Contracts (Redress) Regulations 2015 (Regulations) to come into force on 11 January 2016 RPC On 11 January 2016 the Regulations will come into force. These Regulations provide a remedy for zero hours workers against employers who include… Stop start - temporary cessation of work did not mean no TUPE transferLitigation Hogan Lovells Transport for London (TfL) contracted out highway maintenance work to Amey, which in turn subcontracted traffic management services to Trek Highway… Case summary: Are disciplinary panels, in their quasi-judicial functions, immune from legal action?LitigationBlog Kingsley Napley The Claimant was a serving Police Officer. She was assaulted in 2010 and as a consequence suffered Post Traumatic Stress Disorder (PTSD). On 12… Back breaking - lifting heavy packages was normal day to day activityLitigation Hogan Lovells Under the Equality Act, an employee is disabled if they have a physical or mental impairment that has a substantial and long-term adverse effect on… UK: Bonus decisions: Wednesbury unreasonableness test is relevantLitigationBlog Herbert Smith Freehills LLP Last year's Supreme Court ruling (see here) that employers may be required to consider all relevant factors and discount irrelevant ones (the public… UK: proposals for reform to tribunal and court processLitigationBlog Herbert Smith Freehills LLP The way in which employment claims are processed is likely to be the subject of some upheaval in the coming years. An interim report on the Civil… Piggy in the middle - failure to protect employee was trade union detrimentLitigation Hogan Lovells Workers are protected against being subjected to a detriment if the sole or main purpose of an employer's act (or failure to act) is to prevent or… UK: Voluntary redundancy: excluding employee eligible for early retirement is prima facie age discriminationLitigationBlog Herbert Smith Freehills LLP The EAT has confirmed that excluding an employee who is eligible for early retirement from voluntary redundancy, due to the higher severance costs… Disability discrimination: is the duty to make reasonable adjustments engaged where an employer takes action against a disabled employee under its attendance management policy?Litigation RPC The Court of Appeal has dismissed a claim that an employer failed to make reasonable adjustments for an employee’s disability under section 20 of the… UK: Zero hours workers: remedies now availableBlog Herbert Smith Freehills LLP On 11 January 2016 individuals on zero hours contracts were finally given a legal remedy where their employer penalises them for breaching an… TUPE: does a relevant transfer include insourcing of rail freight management?Litigation RPC The ECJ has held that the Acquired Rights Directive (the Directive) covers the situation where a public railway authority takes back in-house the… UK: Race discrimination: care needed over instructions on language to be used in the workplaceLitigationBlog Herbert Smith Freehills LLP The recent EAT ruling in Kelly v Covance Laboratories serves as a reminder of the discrimination risks inherent in prohibiting employees from… TUPE: are subsequent events relevant to whether a task was intended to be of "shortterm duration"?Litigation RPC The Employment Appeals Tribunal (EAT) has held that when considering whether a transferor "intends" that services will be carried out by a transferee… UK: New resources from Acas and governmentBlog Herbert Smith Freehills LLP Acas have published a guide on 'legal highs' and analysis of key workplace trends for 2016. The Department for Work and Pensions have produced a new… Energy & Natural Resources JV Dispute relating to Kenya Oil Interests - Commercial Court resolves dispute over contractual interpretation of "drill or drop" termsLitigation DAC Beachcroft LLP In May 2012, Adamantine entered into a Production Sharing Contract ("PSC") with the Kenyan Government relating to largely unexplored land in Northern… Ofwat's Cost Benefit Analysis of Household Water Competition Addleshaw Goddard LLP After the Chancellor's shock announcement at the end of November that retail competition in the water industry should be extended to households… Trump v WindLitigation Brodies LLP Trump took his legal challenge to the consent for the Aberdeen Offshore Wind Farm all the way to the UK Supreme Court. Insolvency & Restructuring Privy Council finds implied jurisdiction agreement sufficient for enforcement of foreign judgment under common lawLitigationBlog Herbert Smith Freehills LLP The Privy Council has held that a foreign default judgment can be enforced under the common law where a jurisdiction agreement in favour of that… Ruling of the High Court of Justice (Queen's Bench division), November 30, 2015, Case No. Cl-2015-000 143: the discharge of guarantees in favour of creditors specially related to the insolvent party does not affect the personal guarantees granted by a third partyLitigation Cuatrecasas Gonçalves Pereira This ruling resolved an issue originating from a personal and joint and several guarantee granted by two companies to secure the obligations assumed… Section 236, extra-territorial effect and a way forward following Re MF Global UK Ltd and Re Omni Trustees LtdLitigationBlog Weil Gotshal & Manges LLP The recent decisions in Re MF Global UK Ltd and Re Omni Trustees Ltd give conflicting views as to whether section 236 of the Insolvency Act 1986 has… Intellectual Property Government gives positive response to Law Commission's IP Threats Bill Herbert Smith Freehills LLP The Government has now issued its response to the Law Commission's draft Intellectual Property (Unjustified Threats) Bill, endorsing the approach… IT & Data Protection Retention of highly sensitive information: How long is too long?Litigation Clyde & Co LLP Public bodies are subject to clear obligations to treat personal information with the appropriate sensitivity and security, but there is also an… The SLALOM project: Consequences of expiration or termination of the agreement, Data Protection and Conclusion Bird & Bird It is very important to establish the obligations of the parties relating to the exit process. For the Adopter it is important to establish whether… EU political update 08 - 12 February 2016Litigation Clifford Chance LLP On 2 February 2016, President Tusk released a letter setting out the main points of a draft proposal for a deal on the UK's membership of the… ICO: Draft New Privacy Notices Code Squire Patton Boggs The Information Commissioner's Office (ICO) has drafted a new Privacy Notices Code, providing guidance to businesses on a range of other issues… Professional Negligence Darnley v. Croydon Health Services and NHS Trust [2-15] EWHC 2301 (QB)Litigation Clyde & Co LLP A recent High Court judgment has provided clarification on the duties owed by non- medically trained personnel in a Hospital setting. The judgement… Confidentiality and the sharing of genetic informationLitigation Clyde & Co LLP ABC v (1) St George's Healthcare NHS Trust (2) South West London and St George's Mental Health NHS Trust (3) Sussex Partnership NHS Foundation Trust… Another nail in the coffin for secondary victim claimsLitigation Clyde & Co LLP Timothy Owers (as administrator of the Estate of Karen Owers) & Anor v Medway NHS Foundation Trust and the Secretary of State for Health (Formerly… Case update: Dishonesty removes another doctor from the medical registerLitigationBlog Kingsley Napley Dr Ariyanayagam (the Appellant) appeared before a Fitness to Practise Panel (the Panel) of the General Medical Council (GMC) in July 2015. The Panel… Tax Consultation on corporation tax interest deduction rules RPC On 22 October 2015, the government launched a consultation in light of the OECD's recommendations as part of the Base Erosion and Profit Shifting… Upper Tribunal holds that salary sacrifice schemes failedLitigation RPC On 5 October 2015, the Upper Tribunal held that certain tax avoidance schemes, designed to avoid income tax and national insurance contributions… HMRC announces change of approach for dual resident companies under 16 UK double tax treaties RPC On 30 November 2015, HMRC announced that it had changed its reading of the residence articles in 16 of the UK's double tax treaties (DTTs) including… First-tier Tribunal confirms VAT refund (and interest) are subject to corporation taxLitigation RPC On 6 October 2015, the First-tier Tribunal held that overpaid VAT repayments (and related interest) are brought within the charge to corporation tax… UK: Tax on termination payments: injury to feelings payments are taxableLitigationBlog Herbert Smith Freehills LLP The Upper Tribunal has ruled that a payment in respect of injury to feelings due to a discriminatory dismissal is taxable in the same way as other… R&D tax relief for SMEs: HMRC launches voluntary advance assurance service RPC On 30 November 2015, following a consultation, HMRC launched a voluntary, non-statutory advance assurance service available to small and medium-sized… Africa Africa & Middle East Energy & Natural Resources Electrify Africa Act of 2015 Set to Become US Law: Will Your Project be Prioritized? Squire Patton Boggs Over 600 million people - 70% of the population in sub-Saharan Africa (SSA) - lack access to electricity, stifling social and economic development. A… New Legislation and Roadmap Ensure Bright Future for Power Africa Hogan Lovells On June 30, 2013, the Obama Administration introduced "Power Africa", an inter-agency initiative designed to increase access to electricity across… China’s Current Involvement in Mining in Africa Mayer Brown LLP There is no doubt that mining in Africa has been attractive to Chinese investors. According to statistics from the Ministry of Commerce of the PRC… Changes to Mining Codes in Africa Mayer Brown LLP Mining codes change frequently. A recent World Bank publication estimated that over a period of 20 years governments in 110 different countries had… Algeria Africa & Middle East Company & Commercial Algerie : vers la constitutionnalisation des libertes economiques?FR Eversheds LLP L’avant-projet de révision de la Constitution a été présenté à la presse le 05 janvier 2016 et approuvé par le conseil des ministres le 11 janvier… Algeria: Towards the constitutionalisation of economic freedoms Eversheds LLP The draft Constitution review was presented to the press on 5 January 2016 and was approved by the Council of Ministers on 11 January 201. At the… Algeria: What impact will the new Finance Act have on investment Eversheds LLP The Finance Act No 15-18 for 2016 (LF), published on 31 December 2015, was promulgated at the beginning of a crisis caused by the fall in the price… Iran Africa & Middle East Energy & Natural Resources Iransanktionen: Freipass im internationalen Handel?DE PwC Switzerland In den letzten Tagen waren die Iransanktionen Gegenstand der Berichterstattung in verschiedenen Medien. Zwar ist die Schweiz nicht Partei des… Israel Africa & Middle East Competition & Antitrust Increased Antitrust and Competition Enforcement in Israel: Criminal Convictions, Consent Decrees and Administrative FinesLitigation Herzog Fox & Neeman Since its establishment in 1994, the Israeli Antitrust Authority ("IAA") has had strong enforcement powers, including extensive investigatory powers… Kenya Africa & Middle East Energy & Natural Resources JV Dispute relating to Kenya Oil Interests - Commercial Court resolves dispute over contractual interpretation of "drill or drop" termsLitigation DAC Beachcroft LLP In May 2012, Adamantine entered into a Production Sharing Contract ("PSC") with the Kenyan Government relating to largely unexplored land in Northern… Morocco Africa & Middle East Tax Clients & Friends Newsletter- February 2016 Baker & McKenzie Effective 1 January 2016, the Belgian government adopted new legislation that imposes a 33% capital gains tax (referenced locally as the "speculation… Mozambique Africa & Middle East Energy & Natural Resources O Novo Regulamento da Lei de Minas, o Decreto Nº. 31/2015, de 31 de DezembroPT SAL & Caldeira Advogados Servimo-Nos deste meio para informar à comunidade empresarial e demais interessados, que entrou recentemente em vigor o Decreto nº. 31/2015, de 31 de… The Mining Legal Regime In Mozambique Mayer Brown LLP Mozambique recently enacted Law No 20/2014 (Mining Law), followed by Law No 28/2014 (Specific Regime of Taxation and Benefits of Mining Activities)… Nigeria Africa & Middle East Legal Practice Implications of the recent supreme court decisions on non-compliance with rule 10 of the rules of professional conduct on use of authenticating stamps and seals.Litigation SPA Ajibade & Co In a judgment delivered today in Appeal No. SC/722/15 All Progressives Congress (APC) V. General Bello Sarkin Yaki, the Supreme Court upheld the 2nd… Qatar Africa & Middle East Company & Commercial Qatar legal update - education sector Clyde & Co LLP It has been an interesting time recently in Qatar with regards to the introduction of new laws and the further development of draft laws. Of… Saudi Arabia Africa & Middle East Corporate Finance/M&A Investment in education in the Kingdom of Saudi Arabia Clyde & Co LLP This article describes the regulation of foreign investment and participation in nurseries and primarysecondary schools (Education Institutions) in… Tax Clients & Friends Newsletter- February 2016 Baker & McKenzie Effective 1 January 2016, the Belgian government adopted new legislation that imposes a 33% capital gains tax (referenced locally as the "speculation… South Africa Africa & Middle East Tax Clients & Friends Newsletter- February 2016 Baker & McKenzie Effective 1 January 2016, the Belgian government adopted new legislation that imposes a 33% capital gains tax (referenced locally as the "speculation… United Arab Emirates Africa & Middle East Company & Commercial How does the new UAE Companies Law impact Education Institutions? Clyde & Co LLP Many schools, nurseries, colleges and universities in the UAE are structured using an "onshore" limited liability company (LLC) as an operating… Employment & Labor Limited term contracts in the UAE Clyde & Co LLP Under Federal Law No. 8 of 1980 Regarding the Organisation of Labour Relations, as amended (UAE Labour Law), employers may issue employees with… Other top stories Harvey Norman franchisee at fault for repairs again!Blog Mental illness exclusion held to be discriminatory Decisions of clinical reviewers and health service investigators may be subject to judicial review Time is running out to comply with the new unfair contract terms legislation Trans-Pacific Partnership: The monster out of the cupboard Worker entitled to compensation for injuries when assaulted by a stranger (not a co-worker) Cross-Border Copyright Guide 2016 Privacy concerns over Westfield’s ticketless parking system Does this bug you? When your food crawls... Mandatory injunctions - Clive Palmer’s cautionary tale Unsubscribe |Disclaimer |Privacy policy This email is being sent to you by Lexology on behalf of Globe Business Publishing Contact Lexology About Lexology © 2006-2016 Globe Business Publishing Ltd

New email from 5minwrapup@equitymaster.com

From: 5minwrapup@equitymaster.com
Subject: BEWARE: 'The Uber Syndrome'
Date: February 09, 2016 at 09:33PM
5min Responsive Mailer Not able to view this mailer properly? See here: Desktop | Mobile BEWARE: 'The Uber Syndrome' Tue, 9 Feb 2016 In this issue: » GDP growth numbers - The real challenge » Government mulls share buybacks in state run companies » ...and more! Technology is changing fast. And the companies leading the change are in the spotlight. A new term - 'The Uber Syndrome' - refers to a scenario where a company with a distinct business model changes the dynamics of an industry. Taxi-aggregator Uber is changing the face of commuting. By offering the convenience of comfort and price, its popularity has surged in recent times. So much so that global car manufacturers like General Motors and Ford are beginning to feel the heat. Similarly, other ecommerce companies are challenging traditional business models. No doubt these new-age tech companies are simplifying people's lives. But unfortunately, they are often perceived as invincible. Consider the FANG (Facebook, Amazon, Netflix, and Google) stocks that are presently riding high on the digital wave. These stocks are touted as the most resilient on Wall Street. Back home, the Flipkarts and the Snapdeals are grabbing a lot of investor interest. But herein lies the honey trap: Many of these 'disruptive' companies are yet to turn profitable. The allure of rich returns has stretched these stocks too far. When valuations aren't in line with the underlying fundamentals, the result is the destruction of shareholder wealth. History proves that the herd mentality leads investors astray. Millions of investors were crushed in the 1920 auto bubble, the 1960 semiconductor bubble, and the 2000 dot-com bubble. So how can one profit from game-changers without falling into the value trap? The key is not to get carried away by the frenzy. Instead, take a hard look at fundamentals and viability before putting in your money in these companies. Since FY15, a number of companies with niche business models have tapped the capital markets with IPOs. Many of them are pioneers in their respective segments with virtually no competition from existing players. Quite a few of them also have an impressive profit track record. Naturally, investors are keen to invest in these companies to benefit from their future growth. But we at Equitymaster have been very conservative in evaluating companies with distinct business models. Instead of banking on past financials, we focus on future potential, performance consistency, and management quality. We usually advise investors to avoid the issue if the company is inadequate in one or more of these parameters. We agree with Warren Buffett when he says IPOs are not a good investment as they favour the seller. Do you think that technological disruptions provide huge investment opportunities? Let us know your comments or share your views in the Equitymaster Club. Advertisement Missed The Conference? Let The Conference Come To You... The Equitymaster Conference 2016 was a grand success! This year, we had some of most valued members join us from more than 20 cities across India and from international destinations like United Kingdom, UAE, Singapore, and Saudi Arabia too. However, if due to any reason you missed out on joining us at The Taj... Allow us to bring The Complete Equitymaster Conference 2016 to you! Yes, here's your opportunity to get online-access to the complete Equitymaster Conference 2016 - The Modi-fied India Story. Right from the welcome address to the concluding remarks...and everything in between. Watch Ajit Dayal and Bill Bonner deliver their keynote addresses...Vivek Kaul reveal the true Modi-fied India Story...Asad & Apurva reveal the future of trading...Rahul Shah & Tanushree decode the Indian Consumption Story... and more. All from the comfort of your home! Click here to reserve your online access... Chart of the day We are approaching that time of the year when one takes stock of one's performance and sets the targets ahead - the end of financial year 2016, and the beginning of FY17. The year began with a lot of hopes. However, reality struck, though with a lag. Be it markets, investment data, order books, trade data, different surveys indicating the mood and economic atmosphere, all suggest pessimism, but for one data - the new GDP. One seriously needs to think how the whole can be better when the parts are deteriorating. As per the revised formula, India is expected to grow by 7.6%. This is better than the initial estimate of 7% to 7.5% growth, and implies that the growth in the quarter ended March 2016 should be 7.8% YoY. One must also note that this is much higher than the growth of 7.3% in the third quarter, which happens to be the festive season. What makes the target significant is that at this rate, India will be the fastest growing economy in the world, surpassing even China. While we have our reservations about this new GDP, even if we take it at the face value, there are reasons to be concerned. As an article in Business Standard suggests, in nominal terms, the revised GDP growth is much lower than 11.5% estimated in the Budget. To achieve the Budget target, the Government will need to reduce its expenses. This could be a daunting task, keeping in mind the burden due to implementation of One Rank One Pension for retired Army personnel and the Seventh Pay Commission recommendations. All in all, just looking at the GDP numbers to assess India's economic health and prospects does not seem like a good idea. Should You Take GDP Data at Face Value? Despite the poor market sentiments, it is raining IPOs. Most of these, even the ones yet to turn profitable, have been oversubscribed. An interesting parallel development that is happening is Government mulling over share buybacks in state run companies. Despite the poor governance, a lot of these companies are cash rich. As per an article in Business Standard, around 50 listed state run companies have cash and liquid investments worth Rs 2 trillion. In times when the global economic environment and concerns of the same have led to massive correction in stock prices, it could be a good opportunity for these firms to use cash to consolidate ownership. While it is hard to predict when things will turn around for these firms earning them investors' favour, effective use of cash is likely to improve valuations and per share earnings for them. Indian stock markets opened the day in the red and continued to trade on a negative note. At the time of writing, the BSE-Sensex was trading lower by about 290 points (down 1.2%), while the NSE-Nifty was trading down by 85 points ( down 1.2%). Barring oil & gas, major sectoral indices are trading in the red with stocks from the information technology and metal space facing the maximum brunt. Today's Investing mantra "Only buy something that you'd be perfectly happy to hold if the market shut down for 10 years." - Warren Buffett Comments on this edition of The 5 Minute WrapUp: Post a comment | Read comments This edition of The 5 Minute WrapUp is authored by Madhu Gupta (Research Analyst) and Richa Agarwal (Research Analyst). The Premium edition is authored by Bhavita Nagrani (Research Analyst) Today's Premium Edition. What Makes Divis the Most Successful CRAMS Player? This company has demonstrated strong financial growth over last many years in the Contract Research and Manufacturing Services space. Get Instant Access to this and all future editions of The 5 Minute Premium. Click here for details... Recent Articles The Three-Step Guide to Be as Successful as Buffett... February 08, 2016 Warren Buffett has amassed wealth in his lifetime on account of these three reasons... Risks That Do Not Yield Higher Returns February 06, 2016 Avoid the biggest risk in investing. Are You on The Highway to Wealth Creation? Be Careful... February 05, 2016 The mantra to safely get to your destination of wealth creation. How Making Money Can Lead to Losing Money February 04, 2016 This is how the stock market's deceptive ways can lead unsuspecting investors to lose their hard earned money. DISCLOSURES UNDER SEBI (RESEARCH ANALYSTS) REGULATIONS, 2014 INTRODUCTION: Equitymaster Agora Research Private Limited (hereinafter referred to as "Equitymaster"/"Company") was incorporated on October 25, 2007. Equitymaster is a joint venture between Quantum Information Services Private Limited (QIS) and Agora group. Equitymaster is a SEBI registered Research Analyst under the SEBI (Research Analysts) Regulations, 2014 with registration number INH000000537. BUSINESS ACTIVITY: An independent research initiative, Equitymaster is committed to providing honest and unbiased views, opinions and recommendations on various investment opportunities across asset classes. DISCIPLINARY HISTORY: There are no outstanding litigations against the Company, it subsidiaries and its Directors. GENERAL TERMS AND CONDITIONS FOR RESEARCH REPORT: For the terms and conditions for research reports click here. DETAILS OF ASSOCIATES: Details of Associates are available here. DISCLOSURE WITH REGARDS TO OWNERSHIP AND MATERIAL CONFLICTS OF INTEREST: 'subject company' is a company on which a buy/sell/hold view or target price is given/changed in this Research Report Neither Equitymaster, it's Associates, Research Analyst or his/her relative have any financial interest in the subject company. Neither Equitymaster, it's Associates, Research Analyst or his/her relative have actual/beneficial ownership of one percent or more securities of the subject company at the end of the month immediately preceding the date of publication of the research report. Neither Equitymaster, it's Associates, Research Analyst or his/her relative have any other material conflict of interest at the time of publication of the research report. DISCLOSURE WITH REGARDS TO RECEIPT OF COMPENSATION: Neither Equitymaster nor it's Associates have received any compensation from the subject company in the past twelve months. Neither Equitymaster nor it's Associates have managed or co-managed public offering of securities for the subject company in the past twelve months. Neither Equitymaster nor it's Associates have received any compensation for investment banking or merchant banking or brokerage services from the subject company in the past twelve months. Neither Equitymaster nor it's Associates have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past twelve months. Neither Equitymaster nor it's Associates have received any compensation or other benefits from the subject company or third party in connection with the research report. GENERAL DISCLOSURES: The Research Analyst has not served as an officer, director or employee of the subject company. Equitymaster or the Research Analyst has not been engaged in market making activity for the subject company. Definitions of Terms Used: Buy recommendation: This means that the investor could consider buying the concerned stock at current market price keeping in mind the tenure and objective of the recommendation service. Hold recommendation: This means that the investor could consider holding on to the shares of the company until further update and not buy more of the stock at current market price. Buy at lower price: This means that the investor should wait for some correction in the market price so that the stock can be bought at more attractive valuations keeping in mind the tenure and the objective of the service. Sell recommendation: This means that the investor could consider selling the stock at current market price keeping in mind the objective of the recommendation service. Feedback: If you have any feedback or query or wish to report a matter, please do not hesitate to write to us. All rights reserved. Any act of copying, reproducing or distributing this newsletter whether wholly or in part, for any purpose without the permission of Equitymaster is strictly prohibited and shall be deemed to be copyright infringement. LEGAL DISCLAIMER: Equitymaster Agora Research Private Limited (hereinafter referred as 'Equitymaster') is an independent equity research Company. Use of the information herein is at one's own risk. This is not an offer to sell or solicitation to buy any securities and Equitymaster will not be liable for any losses incurred or investment(s) made or decisions taken/or not taken based on the information provided herein. Information contained herein does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual investors. Before acting on any recommendation, investors should consider whether it is suitable for their particular circumstances and, if necessary, seek an independent professional advice. This is not directed for access or use by anyone in a country, especially, USA or Canada, where such use or access is unlawful or which may subject Equitymaster or its affiliates to any registration or licensing requirement. All content and information is provided on an "As Is" basis by Equitymaster. Information herein is believed to be reliable but Equitymaster does not warrant its completeness or accuracy and expressly disclaims all warranties and conditions of any kind, whether express or implied. Equitymaster may hold shares in the company/ies discussed herein. As a condition to accessing Equitymaster content and website, you agree to our Terms and Conditions of Use, available here. The performance data quoted represents past performance and does not guarantee future results. Equitymaster may hold shares in the company/ies discussed in this document under any of its other services. Please read our detailed Share Trading Guidelines here. You're receiving this email at RH@ignition.bz. If you have any questions about your subscription, or would like to change your email settings, please contact Equitymaster at +91 22 61434055, Mon-Fri 10.00 AM to 6.00 PM (IST) and Sat 10.00 AM to 3.00 PM (IST). If you wish to contact us, please click here. To unsubscribe from The 5 Minute WrapUp, click here. If you would like to report any mail delivery problems, click here. SEBI (Research Analysts) Regulations 2014, Registration No. INH000000537. Equitymaster Agora Research Private Limited. 103, Regent Chambers, Above Status Restaurant, Nariman Point, Mumbai - 400 021. India. | Telephone: +91-22-6143 4055. Fax: +91-22-2202 8550. Email: info@equitymaster.com. Website: www.equitymaster.com. CIN:U74999MH2007PTC175407

New email from wa@governanceinstitute.com.au

From: wa@governanceinstitute.com.au
Subject: 3 ways to maximise your time
Date: February 08, 2016 at 02:40PM
3 ways to maximise your time If this email does not display properly, please view our online version. To ensure receipt of our email, please add 'wa@governanceinstitute.com.au' to your address book. Use your precious time wisely - by enhancing your governance knowledge with Governance Institute. Here are three ways to do it;1. Enrol in an on-line Short course Our short courses and Certificates provide essential knowledge and skills (along with an industry qualification) for those in a governance role who are responsible for the corporate accountability functions of an organisation. This can be in a public (listed or unlisted) or proprietary company, a not-for-profit, public sector or other organisation. Also, the Certificate provides a Governance Institute qualification for directors, officers and other senior managers who require a broad understanding of their governance responsibilities and the skills required to carry them out. 2. Enrol in an on-line Postgraduate courseWork towards an industry-standard postgraduate qualification. All postgraduate courses with Governance Institute of Australia are accredited by the Tertiary Education Quality and Standards Agency (TEQSA), the national body that regulates Australian tertiary education standards. This means that you receive university quality education from the industry thought leaders on governance and risk management practices. 3. Get the Governance Institute App Members and subscribers can get the latest edition of Governance Directions by downloading Governance Institute’s app. Governance Institute’s app is available from the App Store and can be downloaded for free. 4. Brush up on your knowledge with our Good Governance Guides As a service to our members and the wider community, Governance Institute of Australia has prepared governance guidance for listed companies, non-listed companies, the public sector and not-for-profit organisations. Dates for your diaryCertificate in Governance and Risk Management (Intensive) - Wednesday, 10 February to Friday, 12 FebruaryCertificate in Governance for Not-for-Profits (Intensive) - Monday, 29 February to Wednesday, 2 MarchAccidental Company Secretary® - Thursday, 2 MarchGood Governance Toolkit Workshop - Thursday, 10 MarchEffective Minute Taking - Wednesday, 16 MarchMentor Program - Thursday, 14 April Regards Leigh Grant State Director, Western Australia Governance Institute of Australia Ground Floor, 8 Victoria Avenue Perth WA 6000T (08) 9321 8777F (08) 9321 8555W governanceinstitute.com.au Privacy We value your privacy. View a copy of our Privacy PolicyUnsubscribe If you do not wish to receive further emails from Governance Institute of Australia regarding upcoming events and services, please click here. Visit Governance Institute of Australia

New email from 5minwrapup@equitymaster.com

From: 5minwrapup@equitymaster.com
Subject: Why Are Stock Markets Worried about Low Oil Prices?
Date: February 03, 2016 at 09:43PM
5min Responsive Mailer Not able to view this mailer properly? See here: Desktop | Mobile Why Are Stock Markets Worried about Low Oil Prices? Wed, 3 Feb 2016 In this issue: » How markets react to changes in Monetary Policy? » Mammoth outlay under the Food Security Act » ...and more! My aunt asked me a smart question the other day: Why are stocks falling because of plunging oil prices? Aren't low oil prices actually a good thing? Probably. But as always with oil, things are a bit more complicated than they seem. For the last 75 years, the culprit behind 'oil shocks' has usually been high - not low - oil prices. The series of oil shocks in the 1970s is a classic case in point. In 1973, Arab oil producers imposed an embargo, which caused crude prices to spike from US$3 to US$12 per barrel in 1974. That high oil prices cause shocks to the economy is understandable. Pressure on government finances mounts (especially for oil importing countries). The high prices eat into disposable income. Consumption takes a big hit. So when the reverse happens, as it is now, why do markets react negatively? An article in Newsmax tries to explain this. In the last several years, more so since the 2008 global crisis, the emerging countries have come into the spotlight because of their high-growth potential compared to the developed world. As growth in the rich Western countries has slowed, many global companies have relied on emerging markets to shore up overall performance. Barring India and China, many of these countries are oil and commodity exporters. So the rout in oil as well as other commodities has wreaked havoc on the emerging countries, thereby denting the earnings growth of major corporations. Indeed, the world's economy relies far more today on emerging countries than it did 15 or 25 years ago. These economies now account for nearly 40% of global GDP, about double their share in 1990, according to the International Monetary Fund. The plunge in oil prices, therefore, has severely restricted growth in these emerging countries. And now we have a situation where the rich world is not growing and the emerging world is slowing. The other big change in the oil landscape is the US. The boom in shale oil production in the country has the US vying with the Middle East and Russia as the top oil producer. This was not the case a few years ago. Now, the major argument in favour of low oil prices is the boost in global consumption. So far that has not been happening at the pace envisaged. For instance, in the US at least, so scarred is the average American by the global credit crisis, that any savings from low oil prices are being used to retire debt rather than go on a consumption spree. India and China, the two biggest oil guzzlers, are not seeing a drastic pickup in consumption just yet. China's economy is in fact slowing and demand has waned. The Indian economy is also yet to pickup in a big way. What does all of this mean? Only that there are too many factors that influence the movement of oil prices. And that's why we never claim to be experts on where oil prices are headed next. Our broader view is that oil prices are not sustainable at such low levels for a long time because it doesn't encourage the kind of investment the industry needs. The long-term trend suggests that oil prices will average somewhere around US$60-65 a barrel with many spikes and plunges along the way. We believe this is the best approach for a commodity as complex and vital as oil. Do you think that low oil prices are a good thing for the global economy? Let us know your comments or share your views in the Equitymaster Club. Advertisement Missed The Conference? Let The Conference Come To You... The Equitymaster Conference 2016 was a grand success! This year, we had some of most valued members join us from more than 20 cities across India and from international destinations like United Kingdom, UAE, Singapore, and Saudi Arabia too. However, if due to any reason you missed out on joining us at The Taj... Allow us to bring The Complete Equitymaster Conference 2016 to you! Yes, here's your opportunity to get online-access to the complete Equitymaster Conference 2016 - The Modi-fied India Story. Right from the welcome address to the concluding remarks...and everything in between. Watch Ajit Dayal and Bill Bonner deliver their keynote addresses...Vivek Kaul reveal the true Modi-fied India Story...Asad & Apurva reveal the future of trading...Rahul Shah & Tanushree decode the Indian Consumption Story... and more. All from the comfort of your home! Click here to reserve your online access... Chart of the day Stock markets tend to react to every bit of information either on the micro or the macro front. And most of the time, such swings hardly make sense. One such economic event, which influences market movements is the announcement of Monetary Policy. Markets reaction to change in Monetary Policy As seen in today's chart, when the RBI announced a rate cut, the Sensex gained. But when the RBI maintained status quo, the Sensex did not always react positively. But as a serious long term investor, such market movements should not bother you. As we have discussed many times in the past, such policy decisions should not impact the way you go about investing. Investors should bear in mind; monetary policy is nothing more than a liquidity management tool for the central bank. And should be perceived as a signal of the broader macro trends. When it comes to investing in stocks, the focus has to be on the soundness of the business model, management quality and reasonable valuations. As reported in today's Economic Times, the Indian government is in the process of announcing a mammoth outlay of Rs 1,300 billion, under the National Food Security Act (NFSA). This is double the number allocated in current year's budget. Reportedly, Food Security Act is expected to come into force from April 1 and will cover more than 70 crore beneficiaries across 27 states and union territories. Two issues are often discussed when such big bang announcements are made. One, will the actual beneficiaries get what is intended for them? And two, will the government be able to fund the planned allocation? Let's take the first issue. The government has been taking various steps to ensure the policy is implemented and the beneficiaries gain from the Act. So far, programs such as these have been the hotbed for corruption. So it will be interesting to see how the government chooses to tackle this issue. Coming to the second aspect, in our view the plunge in oil prices seems to have given some leeway to the government when it comes to its finances. This is despite the poor agricultural production caused by erratic rainfall. But is that enough to fund the allocated expenditure without putting excess pressure on the Budget bill? That is the big question. After opening on a weak note, Indian markets have continued to languish in the red. At the time of writing, BSE Sensex was trading lower by around 200 points. All the sectoral indices were witnessing selling pressure, with stocks from power and realty facing the maximum brunt. Stocks from both the smallcap and midcap spaces were not spared either. The BSE Midcap and BSE Smallcap were trading lower by 1.3% and 2% respectively. Editor's Note: Noted economist Mr Savak Sohrab Tarapore, who wrote the column Common Voice for Equitymaster, passed away today. May his soul rest in peace. Today's investment mantra "What we learn from history is that people don't learn from history." - Warren Buffett Comments on this edition of The 5 Minute WrapUp: Post a comment | Read comments This edition of The 5 Minute WrapUp is authored by Radhika Pandit (Research Analyst) and Bhavita Nagrani (Research Analyst) Today's Premium Edition. 'Are Smartwatches a Threat or Opportunity for Titan?' A discussion about the company's recent foray into the smartwatch segment. Get Instant Access to this and all future editions of The 5 Minute Premium. Click here for details... Recent Articles Is Your Stock 'Priced for Perfection'? February 02, 2016 A discussion on risk-reward ratio while investing in highly valued businesses. Investing Lessons from Test Cricket February 01, 2016 The strategy to long term success in the markets. A Little-Known Strategy for Great Returns January 30, 2016 The secret behind Warren Buffett's outperformance not many are aware of. India's Own FANG Stocks January 29, 2016 Why the stock market darlings cannot always be the Last Stocks Standing... DISCLOSURES UNDER SEBI (RESEARCH ANALYSTS) REGULATIONS, 2014 INTRODUCTION: Equitymaster Agora Research Private Limited (hereinafter referred to as "Equitymaster"/"Company") was incorporated on October 25, 2007. Equitymaster is a joint venture between Quantum Information Services Private Limited (QIS) and Agora group. Equitymaster is a SEBI registered Research Analyst under the SEBI (Research Analysts) Regulations, 2014 with registration number INH000000537. BUSINESS ACTIVITY: An independent research initiative, Equitymaster is committed to providing honest and unbiased views, opinions and recommendations on various investment opportunities across asset classes. DISCIPLINARY HISTORY: There are no outstanding litigations against the Company, it subsidiaries and its Directors. GENERAL TERMS AND CONDITIONS FOR RESEARCH REPORT: For the terms and conditions for research reports click here. DETAILS OF ASSOCIATES: Details of Associates are available here. DISCLOSURE WITH REGARDS TO OWNERSHIP AND MATERIAL CONFLICTS OF INTEREST: 'subject company' is a company on which a buy/sell/hold view or target price is given/changed in this Research Report Neither Equitymaster, it's Associates, Research Analyst or his/her relative have any financial interest in the subject company. Neither Equitymaster, it's Associates, Research Analyst or his/her relative have actual/beneficial ownership of one percent or more securities of the subject company at the end of the month immediately preceding the date of publication of the research report. Neither Equitymaster, it's Associates, Research Analyst or his/her relative have any other material conflict of interest at the time of publication of the research report. DISCLOSURE WITH REGARDS TO RECEIPT OF COMPENSATION: Neither Equitymaster nor it's Associates have received any compensation from the subject company in the past twelve months. Neither Equitymaster nor it's Associates have managed or co-managed public offering of securities for the subject company in the past twelve months. Neither Equitymaster nor it's Associates have received any compensation for investment banking or merchant banking or brokerage services from the subject company in the past twelve months. Neither Equitymaster nor it's Associates have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past twelve months. Neither Equitymaster nor it's Associates have received any compensation or other benefits from the subject company or third party in connection with the research report. GENERAL DISCLOSURES: The Research Analyst has not served as an officer, director or employee of the subject company. Equitymaster or the Research Analyst has not been engaged in market making activity for the subject company. Definitions of Terms Used: Buy recommendation: This means that the investor could consider buying the concerned stock at current market price keeping in mind the tenure and objective of the recommendation service. Hold recommendation: This means that the investor could consider holding on to the shares of the company until further update and not buy more of the stock at current market price. Buy at lower price: This means that the investor should wait for some correction in the market price so that the stock can be bought at more attractive valuations keeping in mind the tenure and the objective of the service. Sell recommendation: This means that the investor could consider selling the stock at current market price keeping in mind the objective of the recommendation service. Feedback: If you have any feedback or query or wish to report a matter, please do not hesitate to write to us. All rights reserved. Any act of copying, reproducing or distributing this newsletter whether wholly or in part, for any purpose without the permission of Equitymaster is strictly prohibited and shall be deemed to be copyright infringement. LEGAL DISCLAIMER: Equitymaster Agora Research Private Limited (hereinafter referred as 'Equitymaster') is an independent equity research Company. Use of the information herein is at one's own risk. This is not an offer to sell or solicitation to buy any securities and Equitymaster will not be liable for any losses incurred or investment(s) made or decisions taken/or not taken based on the information provided herein. Information contained herein does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual investors. Before acting on any recommendation, investors should consider whether it is suitable for their particular circumstances and, if necessary, seek an independent professional advice. This is not directed for access or use by anyone in a country, especially, USA or Canada, where such use or access is unlawful or which may subject Equitymaster or its affiliates to any registration or licensing requirement. All content and information is provided on an "As Is" basis by Equitymaster. Information herein is believed to be reliable but Equitymaster does not warrant its completeness or accuracy and expressly disclaims all warranties and conditions of any kind, whether express or implied. Equitymaster may hold shares in the company/ies discussed herein. As a condition to accessing Equitymaster content and website, you agree to our Terms and Conditions of Use, available here. The performance data quoted represents past performance and does not guarantee future results. Equitymaster may hold shares in the company/ies discussed in this document under any of its other services. Please read our detailed Share Trading Guidelines here. You're receiving this email at RH@ignition.bz. If you have any questions about your subscription, or would like to change your email settings, please contact Equitymaster at +91 22 61434055, Mon-Fri 10.00 AM to 6.00 PM (IST) and Sat 10.00 AM to 3.00 PM (IST). If you wish to contact us, please click here. To unsubscribe from The 5 Minute WrapUp, click here. If you would like to report any mail delivery problems, click here. SEBI (Research Analysts) Regulations 2014, Registration No. INH000000537. Equitymaster Agora Research Private Limited. 103, Regent Chambers, Above Status Restaurant, Nariman Point, Mumbai - 400 021. India. | Telephone: +91-22-6143 4055. Fax: +91-22-2202 8550. Email: info@equitymaster.com. Website: www.equitymaster.com. CIN:U74999MH2007PTC175407

New email from 5minwrapup@equitymaster.com

From: 5minwrapup@equitymaster.com
Subject: One Key Takeaway from the Modi-fied India Story
Date: January 25, 2016 at 11:18PM
5min Responsive Mailer Not able to view this mailer properly? See here: Desktop | Mobile One Key Takeaway from the Modi-fied India Story Mon, 25 Jan 2016 In this issue: » Has India's Pied Piper Lost His Mojo? » Indian stock markets shed initial gains » ...and more! Mondays tend be a bit slow for me after a relaxed weekend. But today is different. My mind is bubbling with ideas and inspiration. If you attended the Equitymaster Conference on Saturday, I'm sure you can relate. By the way, if you missed the big event, here is your chance to get online access to the video recordings of the Equitymaster Conference 2016. We all have questions about the state of the global and domestic economy... What's really happening out there? Where is the Sensex headed? Has the Modi magic disappeared? How should one go about investing in the context of changing economic dynamics? Well, these are the very questions some of the most respected experts in the industry tried to answer on Saturday at the Taj Mahal Palace Hotel in Mumbai. I was inspired. I could fill pages with all the ideas and insights that occurred to at the conference. But today, I want to focus on my one key takeaway from the Equitymaster Conference 2016. And it comes from Ajit Dayal's (Founder, Equitymaster) keynote address. Narendra Modi has become synonymous with the India story over the past couple years. So it makes sense to evaluate the Indian economy and stock markets in that context. Then, in September 2013, the BJP announced that Narendra Modi would be their candidate for prime minister in the 2014 Lok Sabha election. Mr Market was enthralled by the idea of Modi as PM...and the end of the lame duck UPA-II government. By the end of October 2013, the Sensex was above 21k. As the general elections drew closer, and the Modi magic story gained popularity, the markets inched higher and higher. Then, as we all know, the BJP had a historic win in May 2014, and Narendra Modi was anointed India's Prime Minister. Here are some market statistics after the Modi victory... 24 May 2014: The Sensex stood at 24,693, and oil prices were still above the century mark at US$ 104 per barrel. But the Modi magic wand strengthened the rupee to Rs 58.4 per US dollar. A year later, on 23 May 2015, the Sensex was close to 28,000, and the rupee had weakened to Rs 63.5 per US dollar. But oil prices had crashed more than 40% since Modi became PM. Has India's Pied Piper Lost His Mojo? The markets set high expectations from the Modi-led BJP government. Expectations of big bang reforms...'minimum government and maximum governance'...a friendlier business environment...accelerated GDP growth. But what really happened? The economic growth rate is nowhere close to the anticipated 8%+ growth rates (as per the old data series). Capital expenditure is sluggish at 1.7% of GDP, meaning government investments have yet to pick up pace. Passage of many key reform bills are in a state of limbo. And the markets are reacting accordingly. Of course, there have been lots of big plans...lots of slogans...Make in India, Clean India, Digital India, Skill India, Start-up India, among others. The globetrotting PM has visited 28 countries, aggressively selling the India growth story to the world. And we give full marks to him for that: He has certainly tried to lure foreign investment into the country. But whether you are marketing soaps or a country, you need to have a solid product in place. So, while Modi has done a great job of selling the India growth story to a global audience, the reality on the ground back home leaves a lot to be desired. The government may take all the credit and say that the Indian economy is in a much better shape now than before it came to power. But there is an important piece of information missing there. And here is the key takeaway: It is not because of Modi, but because of the crash of commodity prices, particularly crude oil. As a big importer of crude oil and gold, lower commodity prices have been a big boon to India. The credit for lower interest rates and the improving current account and fiscal deficit is due to the oil price crash. Of course, we are not writing off the Modi government just yet. We are still hopeful that the big plans and reforms do materialise and revive the India growth story. But as investors, we need make sure our expectations are in line with reality. Stay focused on facts and on-the-ground economic realities. Don't fall for media propaganda. Have you modified your expectations for the India growth story? Let us know your comments or share your views in the Equitymaster Club. Advertisement Modi 2016: An Agenda For Revival The landslide victory of 2014 handed Modi more than just a clear mandate...It handed him immense responsibility of a nation dreaming of great progress.From the euphoria of Achche Din the mood in India has swung to cautious disappointment and now we are in 2016...Who will answer the question how Modi can turn this ship around and get India back on track?Vivek Kaul has the answer and he has put it all down, along with his deepest thoughts on the challenges India faces, in our latest special report titled - Modi 2016 - An Agenda For Revival.And the best part is that he wants to give you this special report for free!So, don't delay...Click here to download this special report right away! After opening the day on a firm note, the Indian stock markets have shed most of their initial gains and are trading marginally above the previous closing level. At the time of writing, the BSE-Sensex was trading higher by about 58 points (0.24%), while the NSE-Nifty is trading higher by about 18 points (0.25). Most sectoral indices are trading on a positive note with metal and consumer durables leading the gains. However, auto and capital goods indices were trading in the red. The S&P BSE Midcap and S&P BSE Smallcap indices are trading higher by about 0.22% and 0.99% respectively. Today's Investing mantra "Successful Investing takes time, discipline and patience. No matter how great the talent or effort, some things just take time: You can't produce a baby in one month by getting nine women pregnant." - Warren Buffett Editor's note: There will be no issue of The 5 Minute Wrapup on 26 January 2016 on account of Republic Day. Comments on this edition of The 5 Minute WrapUp: Post a comment | Read comments This edition of The 5 Minute WrapUp is authored by Ankit Shah (Research Analyst). The Premium edition is authored by Radhika Pandit (Research Analyst) Today's Premium Edition. The Impact of China on India's Tyre Industry Indian tyre industry wants higher duties imposed on cheap radials dumped by China into the country. Get Instant Access to this and all future editions of The 5 Minute Premium. Click here for details... Recent Articles How to Move Beyond Good Companies and Spot the Great January 22, 2016 This is one parameter that will help you separate the best companies from the good ones. How to Win Your Fight against the Stock Market January 21, 2016 There are certain strategies investors can use to be successful in the stock market. We lay them out for you... Where Is the Sensex Headed Next? January 20, 2016 Is predicting the next Sensex level relevant? Are We in a Bear Market? January 19, 2016 Have Indian stocks already entered a bear market in 2016? DISCLOSURES UNDER SEBI (RESEARCH ANALYSTS) REGULATIONS, 2014 INTRODUCTION: Equitymaster Agora Research Private Limited (hereinafter referred to as "Equitymaster"/"Company") was incorporated on October 25, 2007. Equitymaster is a joint venture between Quantum Information Services Private Limited (QIS) and Agora group. Equitymaster is a SEBI registered Research Analyst under the SEBI (Research Analysts) Regulations, 2014 with registration number INH000000537. BUSINESS ACTIVITY: An independent research initiative, Equitymaster is committed to providing honest and unbiased views, opinions and recommendations on various investment opportunities across asset classes. DISCIPLINARY HISTORY: There are no outstanding litigations against the Company, it subsidiaries and its Directors. GENERAL TERMS AND CONDITIONS FOR RESEARCH REPORT: For the terms and conditions for research reports click here. DETAILS OF ASSOCIATES: Details of Associates are available here. DISCLOSURE WITH REGARDS TO OWNERSHIP AND MATERIAL CONFLICTS OF INTEREST: 'subject company' is a company on which a buy/sell/hold view or target price is given/changed in this Research Report Neither Equitymaster, it's Associates, Research Analyst or his/her relative have any financial interest in the subject company. Neither Equitymaster, it's Associates, Research Analyst or his/her relative have actual/beneficial ownership of one percent or more securities of the subject company at the end of the month immediately preceding the date of publication of the research report. Neither Equitymaster, it's Associates, Research Analyst or his/her relative have any other material conflict of interest at the time of publication of the research report. DISCLOSURE WITH REGARDS TO RECEIPT OF COMPENSATION: Neither Equitymaster nor it's Associates have received any compensation from the subject company in the past twelve months. Neither Equitymaster nor it's Associates have managed or co-managed public offering of securities for the subject company in the past twelve months. Neither Equitymaster nor it's Associates have received any compensation for investment banking or merchant banking or brokerage services from the subject company in the past twelve months. Neither Equitymaster nor it's Associates have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past twelve months. Neither Equitymaster nor it's Associates have received any compensation or other benefits from the subject company or third party in connection with the research report. GENERAL DISCLOSURES: The Research Analyst has not served as an officer, director or employee of the subject company. Equitymaster or the Research Analyst has not been engaged in market making activity for the subject company. Definitions of Terms Used: Buy recommendation: This means that the investor could consider buying the concerned stock at current market price keeping in mind the tenure and objective of the recommendation service. Hold recommendation: This means that the investor could consider holding on to the shares of the company until further update and not buy more of the stock at current market price. Buy at lower price: This means that the investor should wait for some correction in the market price so that the stock can be bought at more attractive valuations keeping in mind the tenure and the objective of the service. Sell recommendation: This means that the investor could consider selling the stock at current market price keeping in mind the objective of the recommendation service. Feedback: If you have any feedback or query or wish to report a matter, please do not hesitate to write to us. All rights reserved. Any act of copying, reproducing or distributing this newsletter whether wholly or in part, for any purpose without the permission of Equitymaster is strictly prohibited and shall be deemed to be copyright infringement. LEGAL DISCLAIMER: Equitymaster Agora Research Private Limited (hereinafter referred as 'Equitymaster') is an independent equity research Company. Use of the information herein is at one's own risk. This is not an offer to sell or solicitation to buy any securities and Equitymaster will not be liable for any losses incurred or investment(s) made or decisions taken/or not taken based on the information provided herein. Information contained herein does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual investors. Before acting on any recommendation, investors should consider whether it is suitable for their particular circumstances and, if necessary, seek an independent professional advice. This is not directed for access or use by anyone in a country, especially, USA or Canada, where such use or access is unlawful or which may subject Equitymaster or its affiliates to any registration or licensing requirement. All content and information is provided on an "As Is" basis by Equitymaster. Information herein is believed to be reliable but Equitymaster does not warrant its completeness or accuracy and expressly disclaims all warranties and conditions of any kind, whether express or implied. Equitymaster may hold shares in the company/ies discussed herein. As a condition to accessing Equitymaster content and website, you agree to our Terms and Conditions of Use, available here. The performance data quoted represents past performance and does not guarantee future results. Equitymaster may hold shares in the company/ies discussed in this document under any of its other services. Please read our detailed Share Trading Guidelines here. You're receiving this email at RH@ignition.bz. If you have any questions about your subscription, or would like to change your email settings, please contact Equitymaster at +91 22 61434055, Mon-Fri 10.00 AM to 6.00 PM (IST) and Sat 10.00 AM to 3.00 PM (IST). If you wish to contact us, please click here. To unsubscribe from The 5 Minute WrapUp, click here. If you would like to report any mail delivery problems, click here. SEBI (Research Analysts) Regulations 2014, Registration No. INH000000537. Equitymaster Agora Research Private Limited. 103, Regent Chambers, Above Status Restaurant, Nariman Point, Mumbai - 400 021. India. | Telephone: +91-22-6143 4055. Fax: +91-22-2202 8550. Email: info@equitymaster.com. Website: www.equitymaster.com. CIN:U74999MH2007PTC175407

Mission to NYSEY




(3) Mae Lim - Mission To NYSEY✌✌✌
Source URL: https://www.facebook.com/photo.php?fbid=472746766266759&set=pcb.472747082933394&type=3&theater


Maxim Team Australia

Source URL: https://www.instagram.com/mus_a_daniel/

maria_vantage


I-am Oscar

Source URL: https://www.facebook.com/oscar.king.50159/media_set?set=a.1406402826252148.1073741839.100006473329527&type=3


I-am Oscar
.


倒数一天,一场被受世界瞩目的盛大新加玻游艇展【Yacht Show Singapore 2014】
在我们长颈引盼下终于拉开序幕!!
这次首席赞助商马胜金融集团
【MAXIM Trader】不惜重金赞助百万新币协助打造一场高贵奢华的游艇展,必定震撼你的视觉感官。马胜金融也派出五架私人转机载送来自世界各地的VVIP投资商。同时,马胜也细心地出动数量百万名车和一群训练有素的保镖护送富豪们。更不容错过的是,马胜也安排一艘豪华游艇让重量级投资商上船体验非一般的奢侈生活!非常荣幸的我们马胜新山团队的努力征服了老板们,并且发出VVIP门票让我们有机会参与并且亲身感受这场意义非凡的盛典!


Countdown one day, a world attention was affected by the grand new plus bosons yacht exhibition (Bicycle Show Singapore 2014)
In our long neck forward pin under finally opened!!
The principal sponsors horse wins financial group
(Maxim Trader) at costly sponsored a million new credits help build a noble luxury yacht, the exhibition will shock your visual aesthetics. Ma wins financial also sent five private transfer transfers from around the world vvip investors. At the same time, horse wins too careful in the number of moving cars mn and a bunch of trained bodyguard escort regal us. Certainly not miss the chance of winning horse, is also arranged a luxury yacht let heavyweight investors aboard experience non-General of the luxury life! We are very honoured to have the new horse wins the efforts of team hill conquered the bosses, and issued a VVIP tickets for giving us the opportunity to participate in the excitement and this means a lot of the ceremony!

FAMILY MEMBERS



  • Qomariah Maria
    Sister

I-am Oscar's photo.

.






I-am Oscar

Source URL: https://www.facebook.com/oscar.king.50159