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Global employment briefing: China, October 2015

A digital age of evidence in employment disputes In China, when an employer wishes to terminate an employee’s employment, the burden of proof falls on the employer to show that the statutory grounds for justifying the termination have been met...




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Global employment briefing: Italy, December 2015

Reform of section 2103 of the Italian civil code, concerning modification of work duties Section. 3 of law decree no. 81 of 2015 significantly amended section 2103 of Italian civil code. In its original form the rule set out that “an employee ...




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Global employment briefing: Netherlands, February 2016

Working after pensionable age – new legislation takes effect Over the coming years the Dutch pensionable age (currently 65) is set to increase gradually, in order to offset the costs associated with an ageing population. By 2021 the pension ag...




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Global employment briefing: Poland - February 2016

Changes to fixed term (definite term) employment contracts On 22 February 2016, an amendment to the Labour Code on definite period employment contracts will come into force. This amendment will introduce new rules allowing an employer to conclude no...




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Global employment briefing: Spain - February 2016

Court extends flexible working rights under the Spanish Constitution?In a recent case involving a request for flexible working, the court found in favor of the employee by granting his request for a flexible starting time, relying on Article 39 of t...




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Global employment briefing: Czech Republic, February 2016

Amendment to the Labour Code and the Employment Act On 1 October 2015, amendments to the Czech Labour Code and the Employment Act came into effect and brought about substantial changes to Czech labour law, affecting most employers in the Czech Repub...




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Global employment briefing: Switzerland - February 2016

Swiss working time regulations simplified for higher ranked employees On 1 January 2016, new articles 73a and 73b of the Swiss Ordinance relating to the Labour Law Act (OLLA1) entered into force. Reflecting the reality of today’s work life, th...




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Global employment briefing: United Kingdom - February 2016

Major new anti-slavery law affecting global organisations doing business in the UK in force The Modern Slavery Act 2015 requires commercial organisations with a turnover of £36 million and above and supplying goods or services to publicly repo...




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Global employment briefing: European Union - February 2016

Important EU data protection changes are a step nearerAfter years in the offing, the EU Parliament, Council and Commission representatives have reached political agreement on the drafting of the new EU data protection framework. Although minor modif...




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Global employment briefing: United Arab Emirates - February 2016

UAE employers be aware - new UAE employment requirementsThree new Ministerial Decrees came into effect on 1 January 2016. These Decrees, issued by the Ministry of Labour (“MOL”), impact upon the way job offers are made and have implicati...




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Global employment briefing: Saudi Arabia - February 2016

Ministry of Labour makes numerous labour law changes The Ministry of Labour made a number of changes to labour law with effect from 18 October 2015. Amongst other things, the amendments cover disciplinary procedures, training, Saudization privileges...




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Global employment briefing: Singapore - February 2016

New requirement to issue itemised payslips and key employment terms With effect from 1 April 2016, all Singapore employers will be required to issue itemised payslips and key employment terms to employees covered under the Singapore Employment Act. ...




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Global employment briefing: Germany - February 2016

Latest developments in temporary employment (agency or leased workers) In Germany, the provision of temporary personnel is strictly regulated by the German Law on Labour Leasing Act (AÜG). The principle is straightforward: the agency is the emp...




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Global employment briefing: Ireland, February 2016

2016 – A new year and a new employment claims system in Ireland 2015 brought a number of changes to the Irish employment law landscape. The most significant change was the introduction of the Workplace Relations Act 2015 (the “Act”...




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Global employment briefing: Sweden, February 2016

Increase in parental leave days Swedish parents are entitled to 480 days of paid parental leave when a child is born or adopted. In principle, each parent is entitled to 240 days’ leave, some of which is available exclusively for that parent&...




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Global employment briefing: Tunisia - February 2016

Private sector wage increasesAn increase of 6% has been agreed for private sector pay, following a negotiation between the UGTT and UTICA. This agreement provides for an increase of 6% on basic salary, plus an increase in the transport allowance by ...




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Global employment briefing: Austria - February 2016

A number of employment law changes have taken effect at the start of 2016… Increased fines for unfulfilled employment quotas Employers with more than 25 employees must employ at least one employee with a disability for every 25 employees in t...




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Global employment briefing: Estonia - February 2016

Supreme Court rulings on fixed term and overtime work In its recent rulings, the Supreme Court of Estonia has clarified appropriate compensation for the early termination of a fixed term employment contract and also how to determine overtime work wh...




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Global employment briefing: South Africa, February 2016

Prescription (the lapse of arbitration awards) in employment  There have been a number of conflicting judgments dealing with the prescription of arbitration awards and how the term “debt” should be defined in the employment arena. ...




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Global employment briefing: Finland - February 2016

New legislation on occupational accidents and diseasesThe Act on occupational accidents and occupational diseases (459/2015) came into force on 1 January 2016. By combining the earlier three Acts on occupational accidents and diseases into one, the ...




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Global employment briefing: France - February 2016

Compulsory provision of health insurance by employers in FranceThe safeguarding of employees’ wellbeing is a key focus of French employment legislation. From biannual consultations with employees to evaluate the psychological impacts of their ...




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Global employment briefing: Hong Kong - February 2016

More flexibility for group companies to enforce proprietary rights and restrictions against employees? The Contracts (Rights of Third Parties) Ordinance (Cap. 623) (the “Ordinance”) came into force in Hong Kong on 1 January 2016. The Ord...




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Global labour law update: February 2016

Global unions renew pressure on labour conditions in supply chainsGlobal trade unions are continuing to work with pressure groups and human rights activists to hold companies to account for labour conditions in their supply chains. Their activities ...




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Compulsory reinstatement and re-engagement is on the horizon

On 12 February 2016, the Government gazetted the Employment (Amendment) Bill 2016 (the “Bill”). The Bill will be introduced into the Legislative Council for first and second readings on 2 March 2016 but it is not clear when it may come i...




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Private Equity Fund Practice: ILPA Principles 3.0 – Evolution or Revolution?

Introduction The Institutional Limited Partners Association (“ILPA”) has released Version 3.0 of its Principles aimed at fostering transparency, governance and alignment of interests for general partners (“GPs”) and limited p...




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Commission proposal paving the way for UCITS IV

 16 July 2008  

Full Article



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Investor Directors - will you be in breach of your duties on 1 October 2008?

From 1 October 2008, all directors of UK companies have a duty under the Companies Act 2006 to avoid actual or potential conflicts of interest. The new law places a positive onus on the director to avoid these conflict situations; it is not sufficie...




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Lehman Brothers bankruptcy: ISDA - right to terminate OTC transactions

Lehman Brothers, the fourth largest investment bank in the US, filed for bankruptcy this morning.   If you have funds which have entered into OTC derivatives contracts with Lehmans under an ISDA Master Agreement you may be considering your posi...




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MiFID - FSA highlights implementation failures

In late 2008, the Financial Services Authority (FSA) reviewed how firms had implemented key aspects of the Markets in Financial Instruments Directive (MiFID). It has now published the results of that review. Generally the FSA has been encouraged by ...




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Financial Institutions e-briefing: AIFMD update

FSA survey on AIFMD – aiming to provide support to AIFMs On 11 March 2013, the Financial Services Authority (“FSA”) published new web-pages on the Alternative Investment Fund Managers Directive (“AIFMD”), including an o...




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Financial Institutions E-briefing: AIFMD update: FSA and the Treasury publish further consultations on implementation of AIFMD

On 19 March, the Financial Services Authority published its much anticipated second consultation on AIFMD: “Implementation of the Alternative Investment Fund Managers Directive” – CP 13/9. The FSA paper came hot on the heels of HM ...




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Financial Institutions E-briefing: Asset Management Update: Taxation of rebates of trail commission on investment products

On 25 March, HMRC published a briefing on the tax treatment of payments of trail commission which is rebated to investors in collective investment schemes and other investment products such as life insurance policies. The briefing relates to any reb...




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Financial Institutions E-briefing: Asset Management Update: Taxation of rebates of trail commission on investment products - update

In our previous briefing we reported on HMRC’s recent briefing on the tax treatment of payments of trail commission rebated to...




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MiFID II and Insurance Products

The European Commission (Commission), Parliament and the Council have now reached agreement on the texts for the Recast Markets in Financial Instruments Directive (...




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MiFID II and Structured Deposits: New Duties for Banks

The European Commission (Commission) has contacted the European Securities and Markets Authority (ESMA) and, more recently, the European Banking Authority...




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Publication of the EU Market Abuse Regulation: Particular Considerations for Asset Managers

In the same week that the Recast Markets in Financial Instruments Directive (MiFID 2) and its companion Regulation (MiFIR) were ...




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Business environmnet should become open and safe

Interview with Maris VainovskisBilances Juridiskie Padomi No.8 (14) August 2014Foreign capital is more and more active in acquisition of Latvian companies. Will there be any large local companies left in the future at all?There is such a tendency in...




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Changes to the ISA Regulations

Changes to The Child Trust Fund Regulations and ISA Regulations have been proposed. Both sets of amended regulations, which are currently in draft form, are expected to be finalised later this month and come into force on 6 April 2015. The changes ...




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Morocco - New opportunities for investments of companies based in Morocco

Morocco - New opportunities for investments of companies based in Morocco By Jawad Fassi-Fehri In Morocco, measures aiming to make Casa Finance City (CFC) a financial continental platform are progressing. After the announcement by the African Develo...




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AIFMD update: ESMA updates AIFMD Q&As and delays opinion on the extension of the AIFMD passport to non-EU entities

Updated AIFMD Q&As The European Securities and Markets Authority (ESMA) has published an updated version of its Q&A paper on the application of the Alternative Investment Fund Managers Directive (AIFMD). This publication was released on...




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AIFMD update: CSSF provides clarification on marketing and reverse solicitation

The Luxembourg regulator, the Commission de Surveillance du Secteur Financier (CSSF) has provided guidance on the meaning of marketing and reverse solicitation under AIFMD. This guidance is to be welcomed, as there is no European-wide guidance on th...




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New EU laws for marketing AIFs and UCITS: One step forward, one step back?

On 12 March 2018, the European Commission (the “Commission”) published legislative proposals for new rules on marketing AIFs and UCITS comprising: a Directive on the cross-border distribution of collective investment funds (COM(2018) 92...




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Leverage under the AIFMD: some rare guidance

On 7 August 2018, ESMA published a letter from Steven Maijoor, ESMA Chair, to Gabriel Bernardino, EIOPA Chair. The letter addressed the question of whether ESMA would consider borrowing arrangements and derivative arrangements entered into by an Alt...




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Authorised funds for hedge strategies

  When it comes to hedge strategies, onshore FCA-authorised fund vehicles may offer some unique advantages with fewer drawbacks than you might think. When it comes to authorised funds - as in a fund authorised as a product, by a regulator &ndas...




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Show me the Money! - The SFC Moves to Regulate Depositaries of SFC-authorised Collective Investment Schemes

The SFC Moves to Regulate Depositaries of SFC-authorised Collective Investment Schemes In September 2019, the Securities and Futures Commission of Hong Kong (the “SFC”) issued a Consultation Paper (available here) setting out its proposa...




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2020 - The year to get licensed - A new start for PE firms and family offices

The Securities and Futures Commission of Hong Kong (“SFC”) issued two circulars on 7 January 2020 providing guidance on its approach to licensing private equity (“PE”) firms and family offices to carry out regulated activitie...




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Hedge funds and UK management vehicles: a cheat-sheet for first-time managers

  The path to establishing a UK management entity for an offshore fund branches off in all manner of directions. One of the first crossroads faced by the first-time manager is the choice of UK management vehicle. Their decision has significan...




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Lawbite: Faraday – magnet for concerned developers?

Faraday Development Ltd v West Berkshire Council [2018] EWCA Civ 2532 Relevant background: The Court of Appeal has issued a decision that has rendered a development contract between a Council and a private developer for the regeneration of an indust...




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Lawbite: Highly prized possession

Farakh Rashid v Teyub Nasrullah (Acting as Executor of the Estate of the late Mohammed Rashid) [2018] EWCA Civ 2685 The Court of Appeal has decided that a registered owner of land can also be in adverse possession of the same land. The late Mohammed...




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Lawbite: Can Brexit frustrate a lease?

Canary Wharf (BP4) T1 Ltd v European Medicines Agency   The impact of Brexit upon property disputes has not been wide ranging thus far.  However, a case which is set for trial in the early part of 2019 may alter that position and potential...