March 2019 – Bulgaria has introduced a set of specific requirements relating to the processing of personal data in addition to the requirements under the EU General Data Protection Regulation (the “GDPR”). Such specific requirements (commonly known as “derogations”) are allowed by the GDPR in certain areas, such as employment, the role of data protection […]
Two proposed amendments to Bulgaria’s Bank Insolvency Act have been introduced to harmonise local law with EU rules and to further refine the legislation March 2019 – On 22 February 2019 and 26 February 2019: two bills were introduced in the Bulgarian parliament to amend the existing Bank Insolvency Act (“Bills”). The purpose of the […]
Recently approved amendments to the Slovak Labour Code and Employment Services Act impose new obligations on employers in Slovakia as of January 2019. Among the newly introduced changes, employers can no longer bind their employees with the obligation to keep their work conditions confidential, including information about their salaries.
By Andriy Nikiforov The Law of Ukraine on Foreign Exchange and Exchange Transactions (the “FX Law”) is in effect. Adopted by the Ukrainian parliament on 21 June 2018, the FX Law overhauls the existing exchange control regime, introduces the principle of freedom of foreign exchange transactions and vests the National Bank of Ukraine (the “NBU”) with […]
OIL & GAS: Second International Licencing Round to take place in May 2019 On 29 January 2019, Ukraine’s State Geology and Subsoil Service (the “Derzhgeonadra”) announced plans to hold the Second International Licensing Round of e-auctions for exploitation rights to seven onshore fields of hydrocarbons in the Chernihiv, Ivano-Frankivsk, Kharkiv, Lviv and Sumy regions.
On 12 March 2019, the Guernsey Financial Services Commission (GFSC) published the final version of the revised Handbook on Countering Financial Crime and Terrorist Financing(the Handbook). The revisions to the rules and guidance in the Handbook, together with the revised legislation (the new Schedule 3 to the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, […]
The Ogier team continues to be at the forefront of industry developments. Our lead story is from Brian Lacy and Grant Carroll who successfully represented the applicants in the first ever “soft touch” provisional liquidation in the BVI.
By Anne-Gaëlle Delabye, Bertrand Géradin, Tara Kapur The Luxembourg National Data Protection Commission (Commission nationale pour la protection des données, CNPD) has published a list of processing operations which require a mandatory data protection impact assessment in accordance with article 35 of the General Data Protection Regulation (GDPR). What is a data protection impact assessment […]
By Branimir Rajšić As of 1 January 2019, a new Property Transfer Tax Law is applicable for the transfer of property in the capital of Bosnia and Herzegovina, Sarajevo, and the entire Sarajevo Canton (published in the Official Gazette of the Sarajevo Canton no. 28/18). The new law regulates tax issues on real estate transfers, as well […]
By Branimir Rajšić Under the new Contributions Act, mandatory insurance now covers management board members, executive directors and liquidators in companies, unless they have mandatory insurance on another basis. When appointed to those functions (even when not employed), they are obliged to pay contributions on a monthly basis. This obligation includes contributions for pension insurance […]
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The revenue of Simmons & Simmons’ flexible resourcing unit has grown 230 per cent to £10m in the space of one financial year, The Lawyer has learned. The Adaptive service, which was launched in 2014 following an uptick in work in London and growing demand for secondees and specialist lawyers involved in one-off projects, grossed […]
Litigation funder Therium has secured $1.07bn (£816.6m) in its latest round of investment, making it the largest fund raised by the business in its 11-year history. The sum is five times higher than the amount it raised in February 2018 and includes investment from an unnamed sovereign wealth fund which is thought to make it […]
Axiom Managed Solutions (AMS), one of two new companies spun out of locum lawyer business Axiom prior to its pending IPO, has appointed a financial adviser to help source potential investors and, ultimately, a significant injection of capital. AMS, which is understood to have a turnover of between $50m and $100m, has appointed Livingstone Partners, […]
Senior management at Clifford Chance will have to set out their diversity and inclusion targets to the firm, as it continues its push to reduce its gender pay gap. Members of the firm’s executive leadership group, including managing partner Matthew Layton and new senior partner Jeroen Ouwehand, are among those who have committed to publicly […]