Beginning of a New Age: The Commitment Mechanism Introduced in Turkish Competition Law Enforcement
The Turkish Competition Authority (“Authority“) has recently published its Draft Communiqué on Commitments Offered During Preliminary Investigations and Investigations on Restrictive Agreements, Concerted Practices, Decisions and Abuse of Dominance (“Draft Communiqué“) which has introduced a new commitment mechanism to Turkish competition law enforcement.
EU Whistleblower Directive
The Directive (EU) 2019/1937 on the Protection of Persons Who Report Breaches of Union Law (EU Whistleblower Directive), hereinafter “the Directive”, was adopted on 23 October 2019 and has a transposition deadline of 17 December 2021 (with the exception of the obligation to establish internal reporting channels with a further two-year extended deadline), with the …
Rejection of Applications and Revocation of Cyprus Citizenship
The Cyprus Investment Program seemed problematic from the beginning and even the amendments could not save and protect the abuse of the Program. The Cyprus Government decided to terminate the Program with final submission date the 30th of October 2020 after amending the Law regulating the Citizenship by Investment Program. The new policy of the …
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An Update on the Central Register of UBO(s) in Cyprus
Globally, it has been highlighted the importance and the need for extended transparency, in business and corporate entities, to combat money laundering, terrorist financing and more generally, the abuse of the financial systems by criminals.
The “Khai Fah”– Updates Regarding the Sale with Right of Redemption in Thailand
Thai law provides a means of real security and an alternative to the mortgage, the so-called Sale with Right of Redemption (Thai: “Khai Fah”). It is governed by Sections 491 ff. of the Thai Civil and Commercial Code (“CCC”), and it involves a conditional transfer of ownership that can be redeemed under certain circumstances.
Beneficial Owners Registry: Important updates requiring consideration
Pursuant to the Prevention and Suppression of Money Laundering Activities Law (the “AML Law”), which transposes into national legislation the 4th EU AML Directive ((EU) 2015/849), companies and other legal entities must maintain and register, in a central public register to be created for this purpose, information on their beneficial owners.The AML Law provides that the …
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Say halloumi – the battle of cheeses before the European Court
The long running battle between HALLOUMI and BBQloumi started in 2014, when a Bulgarian dairy company filed an application for the registration of a figurative mark containing the verbal element BBQloumi as a European trademark. This application was opposed by the Foundation for the Protection of the Traditional Cheese of Cyprus named Halloumi (hereafter the …
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“Horizon Europe”: A chance for innovation projects
In the new budget perspective of the European Union for 2021-2027, “Horizon Europe” will be a flagship programme under which funds for development of the innovation economy and research and development (R&D) programmes will be transferred.
Transitional regime applicable to the provision of financial services by United Kingdom based entities
On 23 December 2020, the Portuguese Government enacted Decree-Law no. 106-/2020, approving the transitional regime applicable to the provision of financial services by United Kingdom based entities. The regime enters into force on 1 January 2021 if, on that date, no agreement (or equivalent decision) has been reached between the European Union and the United Kingdom …
Typical security for corporate financing in Poland
When providing financing to corporate clients, banks require that the borrower, and frequently also companies from its group, offer security in case the liabilities are not repaid on time. This article presents instruments under Polish law that are most commonly used by Polish and foreign financing entities to secure their claims against corporate borrowers.