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In Tax

European Union: New EU rules on mandatory disclosure of cross-border tax arrangements by EU intermediaries

by and 7 Mins Read

On 25 May 2018, the Council of the European Union adopted a directive on the mandatory disclosure and exchange of cross-border tax arrangements. This is the sixth update of the Directive on Administrative Cooperation, therefore referred to as ‘DAC6’ and the disclosure regime is now live.
Under the new rules, intermediaries such as lawyers, tax advisors, and accountants that design, promote or implement certain ‘arrangements’, or that provide advice in relation to such arrangements, are required to report them to tax authorities.

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In Corporate Compliance

Australia: Overview of the Australian Insolvent Trading Prohibition and the Safe Harbour Protections

by , and 1 Min Read

Directors of Australian companies face significant personal monetary – and potential criminal and adverse professional – consequences if they allow the company to trade whilst insolvent.
Australian insolvent trading laws are harsher, and more frequently utilized to prosecute directors personally, than in many other jurisdictions including in the US and the UK.

In ESG

European Union: European Commission proposes Forced Labor Ban

by , , and 5 Mins Read

On 14 September 2022, the EU Commission published its proposal for a regulation introducing a ban on the placing and making available on the EU market or export from the EU market of products made using forced labor. Following on from Commission President von der Leyen’s announcement of the proposed ban in her State of the Union Address last year, under the proposed regulation, products found to have been made using forced labor cannot be sold in, exported from or imported into the EU.

In Corporate Compliance

United Kingdom: Supreme Court confirms existence of directors’ “creditor duty”

by , and 8 Mins Read

The UK Supreme Court has handed down its long-awaited judgment in relation to the case of BTI 2014 LLC (Appellant) v. Sequana SA and others (Respondents) [2022] UKSC 25, concerning the duty of directors of a company registered under the Companies Act 2006 to consider (and act in accordance with) the interests of the company’s creditors.

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In Trade and Foreign Investment

Algeria: A new set of laws in Algeria to attract foreign investors

by and 1 Min Read

Current global geopolitical changes have opened up new prospects for Algeria. On the one hand, Algeria is being courted by Europe and redoubling its efforts to increase its energy offering to reap record profit amid high gas prices. On the other hand, additional gas revenues offer opportunities for Algeria to develop the local industry in order to reduce its dependence on imports and fossil energy in the long term, and create jobs and technological partnerships. But can Algeria effectively create a competitive and business-friendly climate to attract foreign investors?

In Data Privacy

United States: Offer online products to California minors? Prepare for the Age-Appropriate Design Code Act

by 6 Mins Read

California recently enacted the California Age-Appropriate Design Code Act (“Act”) with the stated intention of requiring businesses to consider the best interests of minors under the age of 18 when designing, developing and providing online services. If your business currently offers online services that are likely to be accessed by minors in California, you should consider starting to prepare Data Protection Impact Assessments in accordance with the Act as soon as possible because the law will require covered businesses to undertake such assessments before offering these services to the public, and it will take time to address the risks identified by the assessments before the Act fully takes effect on 1 July 2024.

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In Product Regulation & Liability

Poland: Amendment to the new Reimbursement Act

by 2 Mins Read

Since late 2020 a reimbursement fast-track program for the most innovative oncology and rare disease treatments (defined as highly innovative medicinal technologies (HIMT)). For example, the first ever HIMT has become reimbursed for this new procedure in less than two years since its authorization. We also observe an increasing number of rare disease therapies being reimbursed in a standard procedure and the Minister of Health has recently reported progress in the implementation of the Plan for Rare Disease for 2021-2023.

In Corporate Compliance

Switzerland: Insurance supervision laws revised

by 3 Mins Read

Switzerland is substantially revising and modernizing its insurance supervision laws, i.e., the federal law on the supervision of insurance carriers (Versicherungsaufsichtsgesetz) and the respective ordinance (Versicherungsaufsichtsverordnung). The new law is expected to come into effect on 1 July 2023 or 1 January 2024. It will introduce a new, risk-based supervision regime that allows for more tailor-made supervision.

In Corporate Compliance

Switzerland: Autumn Seminar 2022: The New Company Law – What Does it Mean for You

by , , , , , , , and 1 Min Read

This event will take place at the Zürich Marriott Hotel on 31 October 2022 from 1:30pm to 5:00pm. Please note that this event will be held in German only.

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